Profiting With Sign-Up Bonuses

Okay, signup bonuses. This is an exciting video because this is an aspect of rideshare that is not directly driving but is another source where you can make some really, really helpful income, okay?

So Lyft, Uber, and all the other small companies have different referral programs and that also goes with delivery and so forth. And they have these referral programs to bring in more drivers and as, I’ve said before, instead of training people well they have opted to turn out tons of new drivers and hoping that the strong will stick and the weak will be deactivated or be weeded out, or just quit.

And so, personally business from a business standpoint I don’t think that’s ideal but that’s what they’ve chosen do and until then, we want to utilize that as much as we can.

Now, back in the heyday when it first came out Lyft and Uber had some insane rewards. So, like Uber would give you $1,000 if you took just one ride. Now, they have become more fiscally responsible and realized that that is not a good idea and so they have different things.

So, let’s talk about Uber first. Uber, right now, Uber, depending on your market, mine right now as of August 2017 I think it’s going to go up come the fall and winter time when it gets busier.

Summers typically are a little slower from not all markets but most markets probably. $50 right now for anyone who drives about 30 rides.

Now, I just told you 30 rides and you don’t see 30 rides anyway here. And because Uber is victoriously ambiguous about their details and you have to contact them. They vary from city to city.

So, when I first got brought on I got something called a guarantee, which means if I drove X amount of rides within a certain amount of time, actually no time period, they guaranteed a certain amount. So, let’s say I got a ton of minimum fares and they were really, really bad rides and I got, you know, let’s say all $300 and their guarantee was $400.

So then Uber will pay the difference and give you $100. So, that’s what a guarantee is and that’s what Uber is doing right now, which I think is a pretty fiscally responsible one.

It’s not as advantageous for us as drivers, new drivers especially but it’s good for them because they have very little to lose and they just make up the difference if you don’t have really good fares.

And so, I want to make a mention for Uber and Lyft. These requirements vary from city to city. So, for example, right now I know that in Charlotte they…not Charlottesville but Charlotte they have a $200 invite for those who are new.

Atlanta was $75 just a month or two ago now it’s $50. And these prices will fluctuate and they’ll play around with different numbers depending on how much you need there are for drivers, okay? So, keep that in mind. They always fluctuating so you always have to ask.

And so, sometimes people will go online and look up Uber promo codes and they’ll see $1000 it’s really random, like $1,053 if you sign up for Uber and then you sign up and later on you find out that it was only guaranteed for $100.

And so, it varies. For me, it was just $200 and so it’s gone quite a bit down. And so, depending on supply and demand…supply they will raise or lower the price.

Related Content From  

Related: 17 Creative Ways to Make More Money with Uber

Now let’s talk about Lyft. Lyft has done guarantees and they’ve done historically might, from my experience in what I remember, they have done a lot of lump sums.

So, let’s say this is what I had. I had $500 so I had to drive 150 rides within 90 days or something like that, 45 days, something challenging like that. And at the end of it if I complete them all within the time period they would give me $500 lump sum.

Now what they’re doing is something really cool that I love. It’s a drip bonus. Now a drip bonus, so let’s say I refer someone in St. Paul, again, referring many of us St. Paul drivers, this is specific to this market. It may be different in your market.

If I refer them $440, they will earn an extra up to $440. So, what a drip bonus says every time they do a ride they’ll get an additional $1.36. And you know what? I’ll get additional $1.36.

This is a really advantageous thing. Get your friends on this because if they don’t end up liking it, usually for most people it was a very low barrier entry and they got a little bonus.

They didn’t have to do 150 rides before they got any bonus and they already got a little boost. It’s like a little mini tip from Lyft every time and they can do it all the way up to 440 rides and they have 60 days to do that. And after that, it’s expired and it’s over, okay?

So, that’s how the bonuses work for Lyft and Uber. Now, one more thing. I’m just showing you on the website because on the app you can see all the people I’ve referred and I want to protect their privacy with their names.

But, you have a referral code here and with Lyft, I’m not sure about Uber, Lyft you can make your own referral code too. So, my other referral code is Sam Choi.

So, look, create your customer referral code by clicking here. So, mine is this one and Sam Choi. What you do is when you have people sign up you can either do it manually right here, you can sign them up right here, or you can send them your code and then when they sign up on the app or online they can put your code right in and you’ll get credited to that. And, what it’s really important to do is encourage them along the way, be there as a mentor.

We want people to succeed, we want people to flourish, and we want this industry to do well. So, it’s bad if they don’t do well. So, that’s a really cool thing about this drip bonus.

And the lump sum bonus is that you don’t get paid and actually the guarantee too. You don’t get paid unless they do well and they go out there, and so you want to mentor them and help them out.

So, that’s my guarantee for if any of you guys who use my code to sign up, that’s an obviously a huge financial blessing for myself. I will give you my contact information and you will be able to get personal mentorship by me and I’ll do whatever I can to help you succeed.

And so, that’s bonuses and referrals, and I hope you utilize this and share this with people who you think will do well as Lyft and Uber drivers and this would be a great help for you financially. All right, hopefully, you enjoy this video. Thanks.


Related Content From  

Leave a Comment