Have You Thought About Making Money Driving for Uber or Lyft?

Does gig economy interest you? People always want to know how much money you can make driving Uber, Lyft, DoorDash, and other famous gig platforms like Fiverr.

Let’s take a look —

Does Gig Economy Offer Great Money?

Yes, but given that you are working smart enough. If you wish to maximize your overall earnings through gig platforms, then you should search for the most profitable order, delivery, or ride routes. Then you should aim at optimizing your taxes with the help of tax deductions.

What is the Gig Economy?

Apps like Uber and Lyft give you an easy way to be picked up and driven to desired destinations without much hassle. Other leading gig platforms rent places or accommodations for you conveniently for vacation. Other apps provide gigs for freelancing such as fixing things such as runny toilets or leaky faucets in your home. Many of the leading food delivery apps provides you with each access to your favorite food and grocery items directly to your house or office. All of these apps are part of the gig economy. These are playing an increasingly important role in our day-to-day lives.

Another name for the Gig Economy is the “Shared Economy”, which started to become more common after the 2008 financial crisis for describing platforms known for employing temporary workers across a wide range of services. Companies like Uber, Lyft, Airbnb, DoorDash, and TaskRabbit offer a wide range of services including ride sharing, food delivery, grocery delivery, and several on-demand odd jobs to clients.

So, which service provider is making the most money in the gig economy? How much do these service providers make on an average? What are the best gig platforms out there for maximizing your earning potential?

Gig Economy – How Much Are People Making?

85 percent of employees in the gig economy earn around $500 per month on the given platform. This figure might surprise you as it is not a sufficient value for daily wage. However, you should note that most temporary employers are making use of the given platforms for supporting supplemental income, and not as the primary source of revenue.

How Much do Uber & Lyft Drivers Make?

With leading ride sharing companies like Uber & Lyft, you can set your own hours for working and be your own boss. There is no need to worry about marketing your services, as the platform takes care of that for you (for a cut of the earnings, of course).

The amount that the ride sharing driver will get paid on a per trip basis can vary significantly based on a number of factors including:

• surcharges
• tips
• promotions
• route
• specific products being used

For most drivers, the pay per hour can range between $8.55 & $11.77 depending on your city. The pay per month can be a median of around $155 and the average of around $364 monthly. On an annual basis, the pay could be an average of around $36,525 for drivers who work full-time. Check out what the rates are around your city to decide if you want to give it a try.

Bottom Line

We barely scratched the service of talking about the opportunities within the gig economy. As noted in the begining of the article, Uber and Lyft are just some of the more common ones. Unsurprisingly, the amount of money you can make varies on the “gig” that you get, which depends highly on the type of customers available in your area. Before diving straight in, learn a little more about the gig economy specifically around your local area, and see whether it’s worth your time to explore further.