From Uber to Lyft, driving for money can be a lucrative side gig or a full-time job. However, it can take some effort to make your rideshare business successful. Note that Uber personal injury attorneys have pointed out that rideshare drivers may be more distracted than other drivers since they are looking for their next rider and using their app, so make safety a priority and keep distractions to a minimum. Consider these tips and implement the best ones for you.
Get Insured
Many people who drive for Uber or Lyft make the mistake of assuming that their regular car insurance covers them. However, this is not correct because your car insurance only provides coverage for personal use of the vehicle. Since you are a considered an independent contractor and in business, you will need to get rideshare insurance.
Rideshare insurance is specifically designed to protect you when you are driving for Uber or Lyft. One of the most important reasons to get it is because your car insurance company can cancel your coverage if it finds out you have been using the vehicle for commercial purposes. In general, rideshare insurance covers both personal and commercial use of your car.
Get a Good Navigation App
You could rely on Google maps or the car’s GPS, but most rideshare drivers have found that they need more information than they provide. Consider trying the Waze navigation app while you are driving. It is free, easy to figure out and provides both traffic and navigation information. The community-edited maps make it more up to date because drivers can change routes easier.
In addition, Waze includes data on the cheapest gas prices. As a rideshare driver, you will be filling up often, so saving money at the pump becomes essential. Moreover, the app includes a feature that lets you pin your parking spot. You will never forget where you parked and wander around a lot again.
Get a Finance App
When you become a rideshare driver, you are responsible for keeping track of your expenses and paying taxes. As an independent contractor, it is crucial to keep track of your finances from the start. Although you could use the paper and pen method or a simple spreadsheet, most drivers find that these methods are not versatile or robust enough.
Consider trying the QuickBooks Self-Employed accounting software for ridesharing. For a reasonably low monthly fee, you will be able to track everything you need in one place. You can separate business and personal expenses, track mileage automatically, find all the necessary deductions and get your quarterly tax payments done faster.
Stay Organized
One of the biggest reasons why some people are more successful with ridesharing is because they are organized. Do not wait until you have been driving for months to start tracking your expenses or thinking about the tax obligations. It will be hard to catch up, and you may miss important tax information or tracking data.
Instead, download the right apps and get insurance right away. Stick to a few trusted app companies that are recommended by other rideshare drivers, but do not be afraid to test out new ridesharing ideas. You can have a successful ridesharing business that brings in consistent money.
