Lyft Driving in 2021

Depending on your location, Lyft may be the most profitable method of ride-delivery. With their Earnings Guarantee promotions, new and existing drivers are safeguarded to earn at least $500 for 50 rides. Be warned though, during their Earnings Guarantee promotions, if you make, let’s say $580 for those 50 rides, Lyft will still only pay you $500 for the 50 rides (or $10 per ride). 

An example of when this works in your favor (and is more common) would be a $100 Earnings Guarantee for completing 5 rides on a certain day. If for instance a driver only made $85 to $90, Lyft would bump them up to $100. 

Be aware of the active Lyft promotions to maximize your earning potential. 

Lyft Investing

Given the pace at which the global ride-sharing market is expanding, it comes to little surprise how much Lyft (LYFT) stock has risen lately. Over the past 6 months, Lyft went from $27.63 to $64.64 per share (a +234% gain). Had you bought $5,000 worth of Lyft stock at $27.63, your portfolio would have more than two-folded (~$11,520). 

The Recap

Lyft drivers are protected and somewhat constrained through the Earnings Guarantee promotions. Still, it provides drivers with a chance to scrape up no less than $2,000 every month, making it perfect for saving and covering everyday expenses. Every Tuesday LYFT processes driver’s payments, making it one of the fastest ways to earn a side income in 2021.

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This truth isn’t meant as a deterrent but rather a humble reminder that the food delivery industry has come a long way to adding convenience to our everyday lives. Don’t believe us? Consider how the global revenue for the online food delivery industry has almost doubled since 2017. 

What’s the Best Food Delivery Company?

Given the rapid expanse and acceptance of food delivery services worldwide, the number of earning opportunities have increased exponentially. Below are some quick stats regarding the best food delivery companies you can join to get your hustle on:

• GrubHub (37.8%) – GrubHub is the most used multi-restaurant delivery app worldwide. 
• Uber Eats (36.0%) – Grew from 21 million to 66 millions users from 2019 to 2020. 
• DoorDash (19.9%) – DoorDash acquired Caviar (below) for additional market share.
• Postmates (9.8%) – Fluctuating market share percentages reflect uncertain outlook. 
• Amazon Restaurants (9.0%)  – Projected to expand as Amazon and WholeFoods rises.
• Delivery (8.7%) – A mobile app is required to take this web platform to the next level.
• Others (20.6%) – Eat24, OrderUp, Seamless, Caviar, Beyond Menu, and Foodie Call.

Which Reigns Supreme?

When getting started with the food delivery industry, you want to associate yourself with the big three (GrubHub, DoorDash, and Uber Eats). They have the most competitive rates, offer access to a broader market, and are more known worldwide (meaning that since they are well-known that consumers will download those applications opposed to competitors more freely). 

The Recap

If you’re looking to make a good side income and get one step closer to financial freedom then food delivery is a great opportunity. A pro tip when starting out would be to offer delivery services around common meal times, while an in-depth understanding of your local market will only supplement your efforts.

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Quick Facts 

• Uber Eats is available in 6,000 countries (5,000 more than 2020)
• More than 600,000 restaurants support Uber Eats (380,000 more than 2020)
• In 2021, Uber Eats compromises about 30% of the food delivery market share
• $4.8 billion in revenue was generated in 2020 (a 152% year-on-year increase)
• Over $30 billion in gross Uber Eats bookings
• Uber Eats users increased to 66 million from 21 million in 2020

Note: These stats are available at Uber.com. 

What do these Uber Eats statistics reveal to us?

They reveal that Uber Eats has surged in demand, popularity, and opportunity. As a delivery driver, you now have the ability for more deliveries than in years past. In contrast, UBER stock investors could have made exceptional returns with a 110.31% stock increase over the last calendar year. The point we are essentially trying to share with you is that Uber Eats is a great income opportunity for investors and delivery drivers. 

Best Uber Eat Delivery Hours

This section isn’t a recommendation but rather the basis upon which Uber Eat drivers need to figure out themselves to figure out which hours are the most lucrative to drive. Honestly, it is more a trial-and-error process, but a good rule of thumb to use would be to sacrifice some of your late weekend hours (6 p.m. to 1 a.m.) to hustle with food delivery. 

The Recap

Thousands of drivers across the world are empowering themselves by hustling through Uber Eats. This isn’t a proclamation but rather a fact revealed through the statistics shared above and the enormous market demand. If you believe in the culture, investing in Uber (UBER) stock can supplement your driving income. 

Who is the biggest market competitor of Uber Eats? Is it PostMates, GrubHub, or DoorDash? 

If you’ve guessed DoorDash, you’re right! DoorDash comprises over 45% of the U.S. delivery food market share. Learn more in our DoorDash Financial Freedom Guide!

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1. Local Market Understanding – One of the most significant separating factors from successful and unsuccessful Uber drivers would be an understanding of the local market. If you reside in a small town, it will be far less lucrative than it would be Ubering in a large city maybe 10 to 20 miles away. For those already in highly populated cities, then understanding the hot spots (local bars and restaurants mostly) and the hours when rides are most requested will set you up for success.
2. Car Presentation – It should go without saying that your vehicle should be presentable upon pickoff. No one likes riding around in a dirty car that may have a hidden odor. 
3. Surge Fare Ubering – To take advantage of surge fares with Uber, which occurs when there is a high demand for rides with low availability of drivers, it circles back to knowing your market. As you know, Uber sends a text alerting us to when there is surge pricing, which if you know the hotspots and the best times (such as Friday and Saturday night when a big downtown bar is about to close), you can earn as much as four times more your hourly average. 
4. Back to Back Rides Feature – This feature is a blessing for Uber drivers who are genuinely trying to maximize every hour, minute, and second of their driving. With the Back to Back Rides feature, drivers can accept new pickups in-route for current dropoffs. 
5. Find a Good Waiting Spot – Instead of driving around in countless circles, unnecessarily consuming your gas, find a highly populated waiting spot (preferrable a free parking spot) and wait for the ride requests to come in. 

Gaining financial freedom with Uber is not only possible but thousands of drivers from all walks of life, from all financial situations, and with different definitions of financial freedom have already gained that freedom so there is no reason why you cannot too. Just stay consistent with it, work as many hours and weeks as you can while employing the steps above, and see for yourself how much your hard work will pay off.

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