Driving for profit
Driving for profit with Uber or driving a taxi cab can be an excellent source of income.
Driving for profit is the simplest way to earn an income from driving is as a taxi driver, as you can do a basic training course and be driving fairly quickly. As a taxi driver your receive a share of each fare you take. There are several payment methods available to taxi drivers depending on your situation.
You may drive for a straight commission like 50% of each fare and no running costs. Or you may want to rent a taxi for a shift and then you’ll usually have to cover the fuel used for the shift. But not the other running costs. Another method is to lease a taxi licence. Where you are responsible for buying a car and all the running costs, but you receive 100% of the fare you take.
With Uber you have to have your own car and you are responsible for all the costs associated with running a car for profit. However it is a simple process to get setup for driving for Uber. You need to have your car checked it is road worthy and fairly new, I think the car has to be 8 years or newer for Uber. Once you have been vetted (criminal check etc) and your car is suitable, you require a smart phone for the app, you are set to go.
Why you need multiple sources of income, check out my post HERE.
Some of the benefits of driving for profit is it is very flexible. You start and finish when it suits you. You decide who you will drive, this works the other way as well with the passengers be able to pick and choose who they drive with. It can be a very interesting occupation as you do not know where you may end up or who you will meet. I have met people from all over the world from the poor to celebrities. I could write a book on the funny things that have occurred while driving passengers around or the people I have met over the years.
Cons of driving for an income are the costs involved, fuel, insurance, car payments and the net income. Also the paperwork associated with running a business is part of this type of income. Income can be sporadic, as you never know where or when you will have a fare. There are certain times it can be very profitable such as New Years eve. But the these are times people like to party not work. Some people you meet can be unpleasant or have poor personal hygiene (stink), or can be sick in your car.
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Would I do it
I can recommend driving for profit as a source of income. I drove a taxi full time for over 10 years. It will not make you rich. But it will deliver another source of income and is flexible to fit into your lifestyle situation. Maybe I will write that book about my experiences while driving, it’ll be another source of income.