The Lucrative Ride Sharing Market and Turning the Opportunity into a Business

Posted: 25th November 2016 14:57

Take a look at 10 of the most successful startups in the past few years and you’ll see a few of them are ride sharing startups. Uber and Lyft are the two most notable names in the industry, but there are plenty of other players on the market. It’s the same with other markets across the globe. Go-Jek, the first unicorn startup in the South East Asian market, is also based on the sharing economy.
There are a lot of opportunities to tap into in this industry. The best part about it is that you don’t need to start your own ride sharing startup. You can actually turn existing ride sharing services into opportunities to start a business of your own.

Opportunity for Entrepreneurs

A lot of entrepreneurs are already taking advantage of the market boom. Individual drivers are driving full time and part-time for services like Uber and Lyft. They are making a lot of money and can make a good living driving for 4 to 5 hours a day.

There are even those with fulltime jobs who choose to drive for ride sharing apps at night or over the weekend. There is a lot of extra money to be made from offering ride sharing services through popular apps. There are a lot of passengers to service too, so there is no shortage of opportunities to make money in this industry.

Stimulus and Bonuses for Drivers

You can tell that the market is competitive and that services are trying to keep up with the exploding demand from the many ads looking for drivers. Top companies in the industry are actively recruiting new drivers and attracting more players to the market. There are still standards and requirements to meet, but you can easily enter the market as long as you have a qualified car, a valid driving license and a good attitude towards customer service.
There are also a lot of bonuses to attract drivers into joining the sharing economy. Uber, for example, has a lot of bonuses for drivers, from a sign-up bonus to daily rewards for drivers who complete a certain number of rides. You can sign up using a driver promo code for Uber and get instant bonuses once your account is confirmed. These rewards are among the many reasons why the business opportunity is lucrative.

A Fleet of Cars

It doesn’t stop there either. A lot of entrepreneurs are taking the opportunity to the next level, hiring drivers and equipping them with well-maintained cars to capitalize on the opportunity. Drivers can then sign up to Uber or Lyft and earn revenue on a daily basis. Entrepreneurs who own their cars can either pay the driver a fixed salary – and pocket all of the revenue – or arrange a profit sharing scheme.
It is an investment opportunity worth considering. The market will only continue to grow in 2017 and there are plenty of opportunities to benefit from, both as a single driver for the ride sharing service or as a businessman, facilitating others to drive for companies like Uber and Lyft.