How to Earn More Money with Lyft or Uber Bonuses
By: Tommy Andrews
It’s hard to deny that the gig economy is changing the way people think about employment in the States. In fact, more than 57 million people in the U.S. actively work flexible gig-based jobs.
Though there are dozens of options out there, driving for Lyft or Uber is one of the best ways to make a reliable income and have fun doing it. But let’s be honest…making ends meet isn’t your goal. You want to make as much money as you can.
Understanding the bonuses offered by both Uber and Lyft will help you maximize your earnings every single day. Here are a few simple ways to increase your earnings no matter which company you drive for.
Tailor Your Lyft or Uber Schedule to Prime Time Surges
If you’ve been driving with either Lyft or Uber for a while, you know that there are some times when drivers are more in-demand. These peak times often lead to price surges that can put extra money in your pocket.
Tailor your driving schedule so you work during those prime times.
If you can, work the morning and evening rush hours. Work on the weekend during the prime bar-hopping time and watch for those rate increases throughout the week.
The more prime time surges you can work through, the more you’ll increase your hourly earnings.
That said, prime time surges are incredibly popular. This means more drivers will be on the road with both platforms. If you’re also willing to drive during the perceived slow times, you’ll be one of a very few drivers on the road.
You’ll find it easier to snag rides and can further increase your earnings. Regardless of when you’re working, make sure you stay hydrated and pack snacks to keep your energy up between passengers. Remember, when you feel great, you’ll be able to focus on making sure your passengers enjoy every ride.
Take Advantage of Hourly Guarantees
There will always be times when your hourly rate just doesn’t cut it. Luckily, both rideshare companies often offer hourly guarantees to their drivers. These guarantees ensure that you make a set amount of money minus the company’s service charge as long as you meet the requirements.
Start looking for these guarantees in the app every week and opt-in when you see them. Each hourly guarantee will have different requirements and they can vary from company to company.
Once you opt-in, make sure you meet the minimum trips per hour and acceptance rates as long as the guarantees run. This way, you’ll maximize the amount of money you earn, even when trips are short and passengers are few and far between.
Make Sure You Drive with Both Platforms
Uber and Lyft are competitors and though they may not like sharing their drivers with other platforms, that doesn’t mean you can’t work for both companies at the same time. In fact, doing so helps you make more money each day and reduces the amount of downtime you experience during off-peak hours.
As an independent contractor, neither company can forbid you from working for the other. They can’t threaten to cut your pay or terminate your contract because you work for another company.
If you’ve worked for one company for a while, sign up for the other. You’ll likely qualify for a sign-on bonus during your first month as an active driver.
Even better, you’ll be able to monitor both apps for surge pricing and pick up more customers each day. The more passengers you take on, the more money you make.
Recruit Other Drivers
Chances are, passengers will ask you all about your job if they’re even remotely considering working as a rideshare driver. Use this to your advantage!
Both companies give current drivers a referral code to help recruit new drivers. When people sign up using your referral code and start driving with the app, you’ll earn a referral bonus.
Do what you can to answer their questions honestly. If you love what you do, share your enthusiasm. Explain what the job is like as accurately as possible.
When prospective drivers know what to expect, they’re more likely to stick it out. This means you’ll increase your chances of earning those referral bonuses.
Keep in mind that this is a one-time bonus, but the more actively you recruit new drivers, the more money you stand to make.
Pay Attention to Local Events
Surge pricing is effectively a bonus rate that can happen anytime there are tons of passengers looking for rides. That means you could find surges even during off-peak hours, especially during local events and celebrations.
Start paying attention to the events in your area. Concerts, craft markets, parades, and even school graduations are all great ways to increase your likelihood of higher fares.
Not sure where to look?
Check your city government’s calendar of events. Look at the calendars for local schools and universities. Once you find the dates and times of those events, make a note and drive during those times.
Win Over Passengers and Earn Better Tips
Just because passengers can tip doesn’t mean they will. When they do, they’re effectively giving you a bonus that the company can’t keep.
The best way to get those tips is to make sure they enjoy their rides as completely as possible.
Consider providing phone chargers for passengers to use on their rides. Be friendly, but read your customers.
If they feel like talking, strike up a conversation. If they’re having a rough day or need to get work done, let them.
When passengers feel that you made an effort, they’ll be more likely to leave a tip and a great rating.
You can even go the extra mile by offering small water bottles for free or letting them pick the music you play while driving. To earn even more money, you can set up an in-car vending machine that gives customers the chance to buy snacks, electronic accessories, and other goodies.
Driving for Lyft or Uber is a great way to make money, whether you do it part-time or full-time. The only catch is that you need to be smart about the way you maximize the Lyft and Uber bonus structure. Use these tips to help you make more money every day.
Not a driver yet, but want to get started on the right foot? Request a consultation with one of our experienced drivers today. You can do that right from this page!