If you are a Lyft driver looking to make your wallet heavier (and happier), you’ve come to the right place!
Being a Lyft driver is a great way to earn money while being your own boss. You get the flexibility to set your work timings. But you also have to manage the expenses of driving for Lyft from your own pocket.
What will help is if you know the strategies to maximize your income.
In this blog, we have listed down 10 ways to make more money with Lyft. We also have 3 bonus tips for you at the end to increase your profits!
Let’s dive right in!
- Choose locations strategically
Choosing the right locations can majorly impact your earnings. You cannot expect to get back-to-back rides in areas with low footfall. However, if you are strategic about the locations, you will be able to boost your income.
Park your car near airports, train stations, and shopping areas. Being around the bars will also get you rides as people want to reach home safely after a night of drinking.
- Drive during peak hours for prime-time rates
Take advantage of surge pricing or prime-time rates by driving during rush hours. Prime-time rates become effective when there’s a higher demand for drivers vs the supply.
On weekdays, you can drive in the morning when riders are in a rush to reach their offices on time or in the evening when they are coming back home. On weekends, look out for prime-time rates later in the night.
- Leverage local events
Be aware of the events happening in your city. People don’t want to drive to the events to save themselves the hassle of looking for a parking spot. They rather prefer Lyft or Uber. Look out for any sporting events, concerts, conventions, or fairs being organized.
- Lyft promotions
To keep the drivers motivated and to help them supplement their earnings Lyft offers bonuses. Bonus zones will appear pink and purple on the driver app. If you drive into a bonus zone you unlock the bonus for the next ride. You earn a bonus on completing the ride.
You can also earn a bonus by completing a certain number of rides called a Ride Streak. Ride challenges are also available in the app. With ride challenges, you earn a bonus when you complete a certain number of rides in a fixed time frame.
- Cancel rides with long wait times
As a Lyft driver, it’s important that you make good use of your time. If a rider wants you to wait, you should wait for 5 minutes. However, if they keep you waiting for long, then you can respectfully inform them that you can no longer wait and cancel the ride.
The time you spend waiting can be used productively towards completing a ride.
- Maintain a higher driver rating
Drivers with a higher rating are more likely to get ride requests and bonuses leading to higher earnings. More rides will also translate into more tips. Politely remind the passengers to rate you at the end of the trip.
You must go through the feedback provided by the passengers and work on the areas that need improvement to get a higher rating.
- Earn more tips
Tips are a great way to bump your earnings. Customers happily leave some tips when they receive a good experience. We’ve listed below small steps that you can take to create a positive experience for your customers and to earn more tips:
- Always reach on time. Don’t keep the customer waiting too long. Inform the customer if you are getting late.
- Maintain a polite and friendly tone with your riders.
- Keep your car clean and smelling fresh. No one wants to ride in a dirty car that stinks. Vacuum your car regularly.
- Keep a charger in your car. A customer whose phone battery is dying will be super thankful to you because no one can live without their phones now!
- Keep bottled water and snacks like gum, mints or chocolates for passengers.
- Help the riders with their luggage if needed.
- Don’t use your cell phone except for navigation. Texting or taking a call while driving is extremely unsafe and can lead to lower ratings.
- End the ride with pleasantries.
- Get new drivers to sign up with your referral code
Share your referral code with your friends or acquaintances looking to become a Lyft driver. This way you get a bonus when they complete a certain number of rides with Lyft within a specified period.
- Use route optimization
You can use in-app navigation, however, you can reach the locations faster with route optimization apps. When you input a stop, a route planner like Zeo gives you an optimized route. Completing the trips faster will enable you to take more trips in a day and earn more. Check out the Zeo Route Planner review by James Garmin (driver).
- Provide premium services
You can also consider providing premium Lyft services like Lyft Lux or Lyft XL services. For Lyft Lux, you’ll need a luxury car though. You can rent it via Lyft Express Drive. By offering premium services you’ll earn higher for each ride as compared to a standard ride.
Bonus tips to maximize your income
- Having insurance will help in case you meet with an accident while on the job. Though the cost of insurance eats into your profits, the cost of not having one can end up being much higher. You can look to get rideshare insurance at rates that suit you best.
- Maintain your vehicle to avoid unnecessary repair costs. Check the breaks, tires, batteries, transmission fluids, coolants, etc. regularly. Get the vehicle serviced at regular intervals.
- As a Lyft driver, you are not a Lyft employee. When filing for taxes you can deduct all the business expenses you incurred. This can include fuel expenses, maintenance charges, the cost of amenities, insurance, etc. This will ensure maximum income in your pocket.
We’ve armed you with all the tips and tricks to earn more money with Lyft. All the points are simple, easy to implement, and just require a bit of strategic planning from your side. Start following them right away to see your income soar!