No boundaries For privacy and slowly losing your rights, Big brother society is getting bigger and bigger. They are watching you, following you and listening to you. .
It ain't going to get better. Accept it, we are all muppets and suckers to the higher powers.
Realistically profit made will depend on how efficient you're running your business.
I'd say about 50% to 60% of takings, gross of tax.
Remember you're also benefiting from the fact that you've already got car you use as your own personal transport (unless you got another), and if you want to compare to a normal PAYE job, commuting costs and times are included, though the usual sick pay, pension, holiday benefits aren't included.
Uber fares are calculated by base + distance +time
On UberX the base fare (which is charged the moment you enter the car) is £2.50. Then the fare is £1.25 per mile travelled, and £0.15 per minute for the journey.
So a 10 mile journey which takes 30 minutes would be £2.50 + 10 x £1.25 + 30 x £0.15 = £19.50 (which averages out at £1.95 per mile).
Surge prices occur when the supply of drivers is low, and/or demand is high. This is usually temporary, often when there's a burst of customers coming out of an event, or a tube strike, inclement weather etc. The passengers pay a multiple of the basic fare from 1.2x to 5.0x or higher as seen on New Years Eve. Obviously the driver is going to benefit as they'll be getting paid more.
So one of the most talked about questions that we see on the forums, is from new prospective drivers asking if they should drive for Uber.
I'm sure most of you would say everything I need to know is on Uber's web site. Well that's actually not the case. Uber will tell you their requirements, but that's no way to make a decision. You need to take many more items into consideration before you make the plunge.
Here are a few items to consider that will prepare you for life as an Uber driver.
1. Take a look at your car
That's right, take a good look at the car you drive, ask yourself would you have a problem getting into it and paying for a ride. Are you prepared for your car to have it's doors slammed, garbage left on the floor, people dropping stuff on the seats. Or better still that 3AM burger making an encore appearance all over your car because the owner couldn't hold it down after a night of tequila shots.
Then there is the wear and tear you will put on it. You will see noticeable increases in your mileage for sure. This could have your car's value drop like a rock.
2. Take a look at yourself
Ask yourself are you of the right mindset to deal with customers. There will be times when you will deal with difficult and annoying people. You will be dealing with drunks, people with flirtatious behavior, and demanding people. Individuals who couldn't give directions to save their life, and in some cases don't even know where they are in their own city. You will need to deal with people who give directions that will expect you to be psychic.
If that kind of thing frustrates you just don't do this job. There is a high degree of fake smiles and ass kissing to keep your customer happy to some degree. This is not to say that this is the norm. Most passengers you meet will be genuinely happy. But for the 5% who will drive you crazy you need to exercise a level of cool you may not be accustomed to.
3. Look at your Location
You probably are saying "I'm in a big city, this will be easy"
Well you need to take a few factors before going into this.
a) What are your rates - Look at the current rates in the city for rideshare and do a real life cost breakdown of what you will make for every mile driven. Ask if you will be making money.
Do you know your City - Knowing your city is important. If you don't, learn first by driving it before taking passengers. Also know the street rules and restrictions inside the city. they could be different than what you are used to during busy times like rush hour.
c) Know the laws - Just because Uber says you can do it you need to do your own research on the by-laws in your area. Be sure to ensure you are not doing anything illegal. (There is a difference though between being no laws to support and not being legal)
4. Weigh in on the Risks
Be sure you know the risks with driving. You have many things you need to consider.
The biggest and most talked about is insurance. Know what you are covered and what you are not covered for.
There is also the income risks to consider. Rideshares control your income flow, not you. If you have expenses that you are incurring to drive, and the rates are slashed in your area, you may find it hard to make enough to earn a living. We have seen that this happened in many markets. The margins can get very tight in any market, and without a clear understanding or exit strategy you can find yourself in a financial mess.
There are many more risks I'm sure that are not covered here but this is some of the more common ones. And they are big enough that if any apply to you and are not willing to accept the risks the other points won't matter.
There is a silver lining
So for all the concerns out there and things to consider there are some benefits to rideshares. They are new and the cool thing for many customers. Being popular and well liked by the masses is never a bad thing.
One of the big draws is you can make your own hours. Turn on the app anytime you feel like it. Got an hour to kill, make some quick money on the side. Want to work only the busy rush times, go for it. There is no commitment.
The other thing that you will find is you can make a difference in your community. If people have been slaves to the Taxi industry in your area, your contribution could help make change.
And the one thing everyone can agree on is you make some money on your vehicle that does nothing but suck all the money you can throw at it. I. Also you can write off those expenses on your taxes at the end of the year. Something you may not be able to do in your current role.
With all that said everyone needs to do their research. The forum is full of some great information by many members. Most who have been doing this a long time. Take the advice to heart as this will work for some, for others there may be better alternatives
You too can find driving others out there rewarding and profitable.
Depends on how you want to work it out. Insurance is a fixed cost. As you rightly say, it's a cost which you have to pay, whether you drive 1 mile or a 100,000 miles. (you could say it could be a variable cost, as you may have to tell your insurance company your annual mileage, but usually, it's unlimited). Same with MOTs, and PH driver's, and PH vehicle licences.
Also consider whether you use your car personally, or you just use it solely for Uber, and have a personal vehicle for your own use.
Well, depends on how much money u make on the specfic week
If you make £1000/week you have to cut the weekly expenses like insurance , petrol, tax man , car depreciation .
Some will say you real income will be around £600 from those £1000 but i think its unreal, looking at my histroy in the last 2 weeks.
Mr. Wolf got a reaction from readean in New dodgy update for Uber partner!!!
Mr. Wolf got a reaction from LUED in How much profit do you make?