Unless you’ve been living under a rock, you already know that Uber is on the prowl right now for Lyft drivers. They are currently offering $500 to current Lyft drivers who sign up with Uber and give only one ride. Even for the staunchest Uber haters that seems like a pretty sweet deal. If you’re a Lyft mentor, the deal gets even better since you’ll get an additional $500 for a cool $1,000!
Just to show you how much money Uber has these days, in addition to the $500 bonus Lyft drivers get for switching, they are also offering referral bonuses to their own drivers for going out and converting Lyft drivers in the amount of $500. Convert a Lyft mentor to Uber and you get $1,000. So if you’ve been getting a ton of requests in your e-mail or facebook inbox to switch to Uber now you know why.
My Thoughts on Grabbing the Money
Rideshare drivers are independent contractors, so whether you drive for Lyft, Uber or Sidecar you aren’t going to get any health and 401(k) benefits. And you sure as hell shouldn’t expect any loyalty from these companies either. And although unlikely, these rideshare companies could go out of business at any time, they could decide they have too many drivers and let go of half of us, etc. The list of what they could do goes on and on.
What you need to remember is that as a rideshare driver, you are your own business. It’s not a smart business practice to rely on only one source of income, you need to diversify. If you only drive for Lyft, this is the perfect opportunity to switch because Uber will pay you $500 to take one ride. You don’t even have to ever do another ride for them, but it’s nice to have that option.
Be Loyal But on Your Own Terms
Being loyal is an admirable characteristic but when it comes to business, there is no loyalty if you want to get to the top. There are lots of good reasons to sign up with a competing service but in my opinion the best reason is to benefit yourself. Just the other day, I had a friend message me and tell me how pissed he was that Lyft has a 12 hour per day driving rule. He wanted to drive more but he couldn’t because he was maxed out. I told him, “Dude, go sign up for Uber and we’ll both make $500!”.
It’s pretty clear that ridesharing is a booming business right now and it seems like Uber and Lyft have so much money they don’t know what to do with it. So they’re basically just giving it away for free right now. Trust me, it won’t be like this forever. As more and more drivers sign up, it’s going to get more and more competitive for drivers. If you think you can keep doing what you’re doing and make the same amount, you’re crazy. You’re going to have to evolve with the times and innovate new ways to find passengers and make money. It’s simple supply and demand.
The RSG Podcast Ep. 1: Explanations, Tips and Strategies for Passenger Pick-Ups
When the dust settles and we reach an equilibrium between passengers and drivers, there is going to be a lot more drivers than riders. But if you’re reading this post right now, you have a huge head start on everyone else. It’s up to you to take advantage of being on the ground floor and sign up for Uber, Lyft and Sidecar. Nobody cares more about your well being than you do so take the money and do what’s best for you.
Readers, what do you think about the $500 bonus’ Uber is offering to Lyft drivers right now? Is there any reason not to do the one ride for $500 and make the switch? If you’re interested in switching from Lyft to Uber feel free to use my referral link or shoot me an e-mail and I’ll get you set right up. Ride on!
-The Rideshare Guy