Uber business: How to Make Extra Money with Uber

How to make extra money with uber business

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Going into the Uber business in Nigeria can be tasking at first, but here is what you need to know about how much you can earn & how to make the most money.

We encourage you to read this article to the end to learn how to make extra money with Uber business in Nigeria.

Transportation is a basic necessity for humans today. This is probably why a lot of car-hailing services keep springing up from every city in the country. One of the pioneers of this kind of business in Nigeria is Uber which proved fruitful. Uber business in Nigeria is obviously thriving, leading to hundreds applying constantly to be registered as Uber drivers. 

Uber is an online taxi service that allows you to request a cab online via the Uber app. As a customer, all you need to do is download the app and sign up. When you wish to take a ride to a destination within your city, you simply place a request and the closest driver to your location will take up the request and pick you up. You need to note that you will need a smartphone to be able to access and enjoy 100% of this service. 

Also, note that Uber is not the sole ride-hailing service in the country. Other companies or services such as Bolt also provide the same services, especially in major cities nationwide. However, I think it’s fairly obvious to conclude that Uber is king.

You can, of course, use Uber as a passenger, but also there is the use of Uber as a business person, either as owner/driver, or just driver or owner. Instead of signing up as a customer, sign up as a driver. Using the service as a driver requires a whole lot of different rules. Some verification will be demanded and once you fulfill them, you’re good to go. Some of the requirements you will need to include a car with several features available, a valid means of identification, and a driver’s license. Keep in mind that this list is not exhaustive.

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How lucrative is the Uber business in Nigeria?

Uber is obviously going to be considered as one of the most lucrative businesses in Nigeria as it pretty much gets new drivers signing up on a weekly basis. There’s a rough estimate from not fully verified statistics, stating that Uber drivers make at least ₦300,000 a month. That means about ₦10,000 a day if they work daily or ₦14,000 naira if they work five days a week.

The good part about being a driver on Uber is that you have full ownership of your vehicle. You must not even drive your vehicle by yourself. You can purchase a fleet of sedans or SUVs and put all of them on the Uber platform, hire some drivers, and pay them monthly. The app is easy to use so you can see how many hours or how much you have made within a period of time. No need to argue with drivers you hired or passengers about fares – as everything is calculated via an algorithm on the software.

After the time, distance, and other factors have been calculated by the app, Uber takes 20% of what you make as the commission, while the rest of the money is credited to the bank account details you provided on opening the Uber profile. These payments can happen either monthly or weekly, depending on your preference.

How to make the most money from Uber

There are quite a number of ways to make much money from Uber. If you decide to take your business as a full-time job, you can make much more than the estimated ₦70,000 a week. Many drivers in Lagos and Abuja, where the service is mainly available in Nigeria, say they get as many as 13 – 16 requests per day. Each trip costs an average of ₦1,500. This means in a day, they can make ₦23,000 or ₦110,000 in a week! Mind-blowing, right? This is the gross income. Let’s do a quick analysis. If Uber takes 20% of that (₦22,000), the driver is left with ₦98,000 for that week.

If he spends a quarter of that on petrol and car maintenance, what is left should be about ₦74,000. Also note that most Uber drivers use very fuel-efficient cars like the Toyota Camry, the Toyota Corolla, the Honda Accord, or the Honda Civic.

From the estimation above, an Uber driver can make as much as ₦280,000 per month net income (after basic expenses). If you decide to use your car for Uber on a part-time basis (after regular work hours and weekends), you’ll likely make half of that amount or even a bit more. There have been cases of drivers trying to tweak the software to boost income. The Uber management soon finds out, and you’ll not only be banned from the platform for life, but also make quite a bad name for yourself.

Another way of making extra money is by improving your customer service. There are some customers who have mentioned boarding Uber rides where they were offered snacks and drinks. You might think this will reduce your profit, but in some cases, you get extra tips that are not charged on the app. Other great customer services include having a variety of songs in your car, ensuring your air conditioning works perfectly and talking a lot less while driving. This also gets riders to give you more stars on the app.

Conclusion

That said, how much you can earn and how to make the most money with the Uber business in Nigeria also will depend on what areas you drive in. Also, the routes you know well help you. So, if you’re in Lagos, go through Ikeja, Lekki Phase one, and Ajah frequently. If you’re in Abuja, Maitaama, Garki, and Central area should be your go-to areas.

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