Description

In this episode of The Successful Side Gig I interview David Fox who shares his experiences as an independent contractor with Lyft and Uber. David has a great depth of knowledge and expertise having a masters in accounting and offers a great perspective for people looking to do ride sharing as a side gig. He shares how to get started, as well as, tips on how to maximize your time.

Key Lessons and take aways from this weeks episode:

• Lyft and Uber are a great way to make extra cash and also have flexibility!
• The business has changed a little bit as the companies have grown but still might be a great option depending on your situation
• Make sure you look into details regarding your car insurance if you participate in ride sharing
• Driving for Lyft and Uber can be a great way to profit from everyday drives you are already doing and eliminating those everyday costs.
• You may take the standard mileage deduction on your mileage which is around $.54 a mile
• Taxes can be handled several different ways when you are driving for a ride sharing company
• Being empathetic and professional is the best way to give a great experience
• You can get extra perks for having specific things (ski racks, car wraps, etc.)
• You may want to invest in seat covers. It is a deductible expense but I have learned that car seats do get dirty with people getting in an out all the time.
• Don't keep Dorito's for Stoners as an amenity or you will be vacuuming for weeks :)

Quotes:

"You can literally turn the apps on if you want to drive and off if you don't , that was really appealing."

"Your goal is to keep your cost as low as possible."

"You are a 1099 independent contractor not a paid employee, you should engage a tax advisor if you have questions about that."

"Your side gig doesn't have to be an ultra profitable $100 an hour consulting job but you are really just leveraging your costs that you already have and now it's not just a personal expense it is a business asset."

Helpful Links:

David's Ride Sharing Links: (If you complete rides he will split his bonus with you)

https://www.lyft.com/drive-with-lyft

Promo Code: DAVID17057

https://www.uber.com

Invite Code: 27or2

For More info on David you can reach out on Twitter:

https://twitter.com/DavidFoxHR

For more episodes please visit www.thesuccessfulsidegig.com

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