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So, you want to make a little money — or maybe a lot of extra money — working for a rideshare company, do you? Well, for starters: you’re unlikely to find yourself scrambling for work for the next, oh, 20 years or so (if not much longer). That’s because Goldman Sachs expects the global rideshare industry to reach a whopping $285 billion by 2030. And Energias Market Research echoes this bullish forecast by projecting that the rideshare industry will enjoy a CAGR of 16.4% between 2018-2024.
However, before you slap that Uber or Lyft
sticker to the back of your car and start raking in the cash, there are five
things you need to know before you start working for a rideshare company:
Not all rideshare companies are the same.
Many customers may not know — or care —
about the difference between various rideshare companies, but you definitely
need to do your homework before you sign-up. Each has its own rules and
regulations, and the compensation also varies.
You’re not going to get benefits or perks.
The rideshare company (or companies) that you work for may refer to you as a partner, a team member, and a critical part of the business collaboration and customer service puzzle. Those are nice designations. However, none of this means that you’re going to be an employee — which means, among other things, you aren’t going to get benefits and perks, and you won’t have the same legal protections offered to employees, and you’ll be responsible for paying tax on your income.
You need to change your insurance.
Your current car insurance policy won’t cover
your rideshare activities, which means that you need to upgrade your policy now
— not later. Failure to do so could make you personally liable for any
accidents or injuries incurred by your passengers or anyone else. The good … Read More
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