Why do some partners fail in UBER?

In the past few weeks we have seen partners who seem to sell their cars and regreting that they even tried venturing the rideshare business....

In the past few weeks we have seen partners who seem to sell their cars and regreting that they even tried venturing the rideshare business.

We've seen them increase dramatically and we want to help, we want to point out why some of us can't continue and we asked the pioneers who succeed in the venture to compare what the others did wrong.

This article would help the aspiring partners who want to venture the ridesharing business or those new partners who's already in the business but straggling at the moment. 

Now let's us point the difference why did others succeed and the others fail on the business.

Just like in any other businesses, you won't earn big in an instant. There's no such thing as big money over night. You must have a business plan to compete with the others. There are few in the business that got lucky but that was only %2 in the data and that was before (on the pioneering stage) where only few had started to venture. But in the long run some of them did also fail without a proper business plan and those who's only after is the big income. Most of them transitioned on another company who offers bigger income.

What did the new partners have done wrong? 

Over expectation is one of the mistakes. The pioneers didn't expect to earn big, but did try the new business and keeping in mind what could they do to earn big and almost all of them have a business plan. The pioneers ventured the business with a plan in mind.

The new partners probably invested in the business because of what they have heard, and that is a big paycheck. Again, don't expect that you'll earn big overnight. You must have a plan A and plan B to recieve thay big pay check.

Operational expenses. Majority of the new partners who have joined are mis informed. Mostly they thought that starting up and will rely on UBER for everything. What went wrong? They didn't even considered the extra expenses on this venture.

Pioneers on the other hand, thought about the expenses like amortization, gasoline and etc. Pioneers didn't rely on UBER as their primary income but just an extra income.

Some of the pioneers already owned the vehicles so they don't even need to pay for the amortization, Pioneers who have bought their new vehicle for UBER on the other hand already have atleast 3 mos to 6 mos emergency expenses equivalent to 4-5 extra monthly amortization so that if the income flactuate they already have something to fuel up the business.

Stability of the business. Majority have thought that pioneers are lucky for starting up as early as the business had opened. The probability of high incentives are there but the pioneers didn't rely on the incentives itself, as all the pioneers have thought sooner or later the incentives will non existent as for the stability of the company. There's a saying that not everyday is christmas.

While the new partners are relying on the incentives just to survive. If you remembered a year ago, the pioneers experienced a tragic moment in the business and that was almost 3 months without the incentives, but since they don't rely on the incentives, the business continued as usual. 

More on competition than a community. It is true that all of us here are competition in the business, but the pioneers have created a different way for a healthy competition. The pioneers have built a community, while the new partners have built a more unhealthy competition.

If you can recall, the pioneers have built facebook groups and community in order to help, but at the moment those groups who's been infested by the new partners engage in a more philosopic way or movement, rather than to help, it is now being infested by negativity.

How can you succeed in this business?

We asked the pioneers and here's a tip for those who's starting out.

If you are going to invest a new car for this business, make sure that you have atleasy 6 months of emergency funds. You wouldn't know what will happen as this business is a roller coaster ride.

Build a business plan than is enough for at least 5 years to survive. Improve it while reaching your 5 years mark, we still do build and refine ours.

Create a community not a competition. Instead help those who need help. As they too have been in your foot when you are starting up.

Don't forget the quality of service. It is true that we are here to earn, but remember that providing quality service will ensure that our business will grow. It is not by one, but by a community in order to move forward.

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