1. Low start-up costs – With the right platform, you can create a ridesharing business with low upfront costs. All you need is a reliable vehicle and access to an app or website where customers can book your services.
2. Flexible work schedule – You can set your own hours and availability, so you can decide when it’s best for you to work.
3. No need to take ownership – When you run a ridesharing business, you don’t need to commit the capital necessary to purchase cars or employ staff.
4. Cashless payments – Rideshare apps allow customers to pay for their services without the need to handle cash.
5. Fair compensation – Many ridesharing platforms have implemented various strategies to ensure that drivers are fairly compensated and have opportunities for career advancement.
1. Intense competition – The ridesharing business is becoming more and more competitive, with new players entering the market almost daily.
2. Driver liability – As a rideshare driver, you are liable for any incidents that may occur while on the job. This can include collisions, property damage, or other types of claims filed by passengers.
3. Low wages – Many drivers have complained about low wages and long hours without proper compensation.
4. Difficult to control customer behavior – You can’t always predict how customers will behave, so you may find yourself dealing with rude or difficult passengers on a regular basis.
5. Unpredictable earnings – Since rideshare drivers don’t have a set wage, their income can fluctuate depending on factors such as weather, distance traveled, and customer demand.