Your Auto As Your Business: What Ride-Sharers Need To Know

In today’s gig economy many workers have multiple jobs. For some people what is driving their success is driving their car. In fact, ride-sharing companies like Uber and Lyft are major disruptors to the transportation industry. Currently more than half of U.S. residents use ride-sharing services. Last year, just over a third of 16-24-year-olds say they “actively use,” Uber, especially when returning from dinner or a party.

Your Auto As Your Business

You may want a part of this multi-billion-dollar industry. However, there are unique issues you should take into consideration when your automobile is your business.

Vehicle Features

Certain features may be in demand in your area. Places with frequent snowfall may require four-wheel drive vehicles if you are going to operate year-round. Clients in certain regions prefer more eco-friendly autos such as hybrids and electric cars. Airport customers may need bigger vehicles for large parties or lots of luggage. Any car that meets company guidelines will do, but certain features may allow you to maximize your income.

Operating Costs

Potential ride-sharing entrepreneurs often focus on fuel costs, but that is just the tip of the operating expense iceberg. Also, think about routine maintenance such as oil changes and tune-ups. Car insurance is a must for any driver, but you must also think about commercial insurance lodi ca. Explore available coverage options with a knowledgeable agency that knows your area well.

Regulations and Competition

Laws vary widely from one community to the next regarding ride-sharing programs, so be sure you comply with all applicable regulations. In some heavy-use cities like Chicago and New York City, Uber and Lyft face competition from well-established, tax-supported public transit systems and from traditional taxis. Fledgling start-ups such as carpool program Via also present some threat to Uber and Lyft. Still, as long as people want convenience, love drinking and hate finding parking spots, there will be plenty of business to go around for years to come.

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