How to Make More Money with Lyft
If you’re on the lookout for another way to earn extra income, driving with Lyft is a terrific option. There has never been a better time to start driving.
This guide will show you how to make money driving for Lyft. We’ll go through everything, from the factors that influence your earning capacity to the benefits and challenges you’ll face while on the job.
So, whether you’re a seasoned driver or just starting, keep reading to find out how to maximize Lyft earnings and get the most out of your driving experience!
What Factors Influence your Earnings as a Lyft Driver?
Before going into the top tips on how to make more money with Lyft, let’s first learn about some of the factors that influence your earnings. They are as follows:
Location
Your location is the first and foremost factor influencing your earning potential as a Lyft driver. As it stands, Lyft drivers in Los Angeles make more money than Lyft drivers in other areas, such as Montana. This is due to the high demand for rides in cities and the low supply of Lyft drivers.
Rating
Another factor that influences a Lyft driver’s earnings is their rating. Lyft drivers with a high rating will be able to command higher prices for their rides and will be more likely to get ride requests.
Time of the Day
One other factor to consider is the time of day. Lyft drivers who drive during peak hours, such as during rush hour or on weekends, will be able to earn more money than Lyft drivers who drive during off-peak hours.
Trip Duration and Distance
When driving for Lyft, you get paid based on the duration and distance of your trips. The longer ones will typically earn you more money since you’ll accumulate more miles and minutes.
Type of Lyft Driver
Finally, the fifth and last factor is the type of Lyft driver you are. There are two types of Lyft drivers: those who drive their own cars and those who use a Lyft rental car.
Lyft drivers who use their own cars will typically earn more money than Lyft drivers who use rental cars. This is because Lyft drivers who use their own cars can set their own prices and are not subject to the price cap set by Lyft.
Top Tips to Make More Money with Lyft
Now that we know more about the factors influencing your earning potential as a Lyft driver, let’s check out these tips on how you can make more money out of this freelance venture.
Check Demand Forecasts
In the event that you need to organize your day ahead of time, you can check demand forecasts to see which locations will be available and in high demand tomorrow.
Utilize Real-Time Demand Maps
On top of the demand forecasts, you may also utilize in-app resources such as real-time demand maps to discover which areas have a high number of passengers searching for rides to determine when people in your city are most likely to need them.
More popularly known as a hot spots map, this feature is embedded into the Lyft driver app and displays hotspots on the map, i.e., places where demand is currently high.
The map is updated in real-time, so you always know which areas are worth working in.
Make Sure Your Vehicle is in Tip-Top Shape
A car that is safe, clean, and well-maintained is essential. In your line of work, it’s important that you don’t put off getting your oil changed or forget to fill your tires.
There are a few routine things you should do to keep your vehicle in good condition:
- Perform a change-oil at least every 3,000 miles.
- Regularly inspect your brakes.
- Maintain clean battery connections and ensure that your battery is fully charged.
- Check and replenish air pressure in your tires.
- Check and make sure transmission fluids, brake fluids, and coolant are at their ideal levels
Also, have your vehicle serviced regularly and inform your mechanic that you drive for a living. That’s the best way to avoid getting stranded on the road or ending up without a car.
Get More Tips
Tips are a terrific way to boost your regular earnings. Most customers are inclined to leave tips when they receive good service.
All you need to do is to drive safely and communicate with them politely and pleasantly. Some drivers boost their chances of receiving tips by providing water, chewing gum, chocolate, or other complementary items.
Stay on Top of Opportunities for the Week
Lyft provides customized weekly ride challenges. For instance, you may be required to complete a certain number of rides within a specific period. Managing to stay on top of these weekly opportunities will get you additional income in the form of a bonus.
Since the offers are personalized, Lyft only offers weekly challenges to your email.
How to Earn More Tips as a Lyft Driver?
As we mentioned previously, being a Lyft driver presents the opportunity to earn extra money, and one of the best ways to do that is by earning more tips.
So, how can you earn more tips? First, it’s important to be friendly and professional with passengers. Greeting them with a smile and engaging in a meaningful conversation can go a long way in winning over riders. Secondly, it’s helpful to be punctual and efficient. Lyft riders are typically looking for a quick, hassle-free ride, so if you can get them to their destination quickly and without any issues, they’re more likely to receive a tip. Finally, it never hurts to go the extra mile. If you go above and beyond expectations, your passengers will be more inclined to show their appreciation with a tip.
Following these simple guidelines can go a long way in helping you earn more tips and boost your overall earnings.
What are the Challenges and Benefits of Being a Lyft Driver?
Working as a Lyft driver classifies you as an independent contractor. This means you can work on your own time and get clients as much or as little as you want. It’s one of the most notable benefits of the job.
But there are more. As a Lyft driver, you also have the opportunity to meet new people and learn about new places. In addition, Lyft drivers can earn additional income through referrals and bonus programs.
Meanwhile, the job also has its share of drawbacks. The challenges of being a Lyft driver include dealing with traffic, bad weather, and difficult passengers. You are expected to be capable of using GPS and reading a map or should be able to find convenient shortcuts to avoid traffic congestion. Finally, you should also know how to defuse situations involving difficult passengers, which may be drunk, uncooperative, or unruly at times.
Despite the possible drawbacks, many people are interested to know how to make money with Lyft because of the flexible hours and opportunity to earn extra money. Overall, it can be a rewarding experience for those willing to deal with the challenges that come with the job.
Bottomline
Being a Lyft driver can be an extremely beneficial and flexible way to make money. By following our top tips, you can maximize your earnings and take home more money at the end of each ride.
Remember, the best way to increase your tips is by providing excellent service and being friendly to your passengers. We hope this post has helped you learn more about how to be a successful Lyft driver. Happy driving!