Uber is a quick, inexpensive taxi service. You can hire a private driver to pick you up and take you to your destination with the tap of a button on your phone - and they'll be there within a few minutes. Not only is it an on-demand car service, but you can see exactly where the driver is when they're coming to pick you up. We personally love the rideshare service!
For drivers, Uber provides exceptional pay while allowing you to be your own boss and pick your own hours. You can take on fares whenever you wish (so you can work as little or as much as you want) while meeting people in your city from all walks of life. That's Uber in a nutshell!.
However, most people that enter into a partnership with Uber would love to know how to capitalize income. In other words, how do I make more money or at least retain most of what I earn? We're glad you asked because we've compiled a list of things you can do right now to hold on to most of your hard earned dollars.
1. Tracking your income!
Uber makes this process fairly simple by providing its drivers access to an app. The app is ultimatley how you'll get your customers and make your money. However you shouldn't stop there. Most of us in the business world know that income is only income after expenses have been paid(aka revenue). Before tackiling expenses you must have a clear depiction of what your income looks like and the Uber app handles this perfectly.
2.Cost = Expense!
Although Uber does a great job reimbursing their drivers on miles driven, mileage isn't the only cost factor. In fact if you drive enough you'll find this to be true. Gas, tune-ups, parking meters, and tolls are all examples of additional expenses you can incur. This is where you'll want to do your do-dilligence in making sure that all your expenses are being properly calculated. For most you'll also find that tracking these expenses can mean greater deductions during tax season, and who doesn't love that...?
3. Adjusting
Now that you've made your money and calculated the expenses associated with making that money, you're now better aligned to make better decisions for the future. As a driver, once you've equipped yourself with this knowledge you can now make better choices such the location, determine the area of greater need, identify better priced vendors when it comes to car maintennce, and much more. Although many Uber drivers tend to use a spreadsheet to track expenses, we suggest finding a simple accounting app that can track your income and expenses and provide you the necessary details you'll need to make better decisions.