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"How Much can a RideShare Driver Make?"

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Ride-sharing services like Uber, Lyft, and many local variants around the globe is rapidly growing to be the leader of the transportation industry. Being an Uber driver is no longer an embarrassing venture, but rather a very viable way to earn a decent amount of money. It's not the way for a billion Dollar business, for sure, but ride-sharing services provide a very decent opportunity and earning potential otherwise unavailable for many people.

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But how much does driving for Uber really make? Will there be any issues and complications? We'll try to answer these questions with a few notable considerations below.

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1. Startup Investment
The selling point of this business is how you can start with zero, provided you already got a reliable, proper vehicle. You will also need an additional cost for insurance, as the one provided to you will only cover basic protection. We'll discuss insurance in more detail below, but it should cost you on average $1,000 annually.

2. Location
The key to this business is finding the right spot that should guarantee you more rides per day. Many guides and resources for rideshare driving strategies are available, so make sure to research one that correlates with your locations.

3. Business Model
You can, of course, be the driver and drive your car to make some money. But for the more ambitious, you can buy more cars and hire more drivers, sharing the earning between you and the drivers. This way, your earning potential can rise exponentially.

4. Insurance
Most rideshare services will provide insurance that covers accidents and damages during your log-in period. The terms and conditions vary when you are log-in and waiting for orders, on the way for picking up a customer, and en route to a destination. Make sure you read the terms of the insurance carefully before deciding to be a driver. Optional third party insurance is now available for rideshare drivers in some, but not all locations, and can be a necessary protection from accidents and car damages.

5. Licenses and Permits
Nowadays, some countries and locations evoke a regulation for rideshare services and drivers. Make sure you consult your local authorities whether such regulation applies to your location, and get information about other necessary permit and license. Driver's license is, of course, a mandatory for this business.

Earning Potential

How much does an Uber, Lyft, or Sidecar driver make? This will greatly vary with your locations, as demands and traffic conditions will greatly affect your earning. However, the U.S. national average earning for rideshare services are as follows:

- The average fare for Uber nationwide is $15.97 per trip

- The average fare for Lyft nationwide is $11.48 per trip

- The average fare for Sidecar nationwide is $13.35 per trip

Uber clearly has the advantage of earning potential. By driving for Uber 60.2 times a week, you can make $50,000 annual earning. Whether you can make 60 trips a week will greatly dependent on your diligence and location strategy.

With other business model mentioned above where you act as a car owner and split your earning with a driver, if you 60:40 split earning with the driver, owning three cars, you can make $90,000 annually provided all three drivers can reach the 60 trips a week target.