Ride sharing is a booming industry. In fact, the market for ride share services could be worth $285 billion within the next decade. But that doesn’t mean every entrepreneur should pursue this opportunity. You have to be a visionary to see how ride sharing will impact your community and make sure you’re ready with an app that matches people who need rides with people who are willing to drive them. If you’re considering starting your own ride-sharing company, here are some of the top opportunities in this growing space:
Build an app that matches people who need rides with people who are willing to drive them.
- Build an app that matches people who need rides with people who are willing to drive them.
- Have a website that allows users to sign up, schedule their rides and pay for them. You can use the same app for both purposes (the mobile app is ideal), but make sure it’s easy to use, has great customer ratings and reviews, and handles scheduling and payments smoothly.
Avoid using a messaging system.
- Avoid using a messaging system.
Messaging is not a good way to communicate with customers, drivers or your team. It’s one of the most underused features on ride-sharing apps (and most other platforms).
Incorporate a scheduling tool.
So you’ve decided to start your own ride-sharing business. You’ve got the car, you’ve got the insurance, and now it’s time to get out there and make some money! But before you drive off into the sunset, there are a few things that will help ensure a smooth launch:
- Incorporate a scheduling tool into your app or website so riders can schedule rides in advance according to their needs. Riders may want rides at certain times of day or night (e.g., morning commute) or when they know they’ll have something going on during which they won’t need transportation (e.g., concerts). In addition to making sure drivers aren’t sitting around waiting for requests all day long–which could lead them away from other opportunities like picking up passengers at bus stops–this will also allow riders who live far from public transportation options access them more easily by taking advantage of their own cars instead of relying solely on buses/trains/etc..
Allow customers to pay using their existing credit card information, if possible.
If you can, allow customers to pay using their existing credit card information.
This will make it easier for them to book rides and for drivers to accept payments. This can also help reduce friction between the customer and the company, as well as between the driver and the company.
Use a “social currency” like ratings and reviews as a marketing tool.
Social currency is a way to build trust and credibility. It’s what makes you stand out from your competitors, giving customers an incentive to choose your business over others’.
Reviews and ratings are an example of social currency–people can see how other customers felt about their experience with you, which gives them more information about whether they should do business with you or not.
You can use reviews as part of your marketing strategy by encouraging people to rate or review your services online (and then linking back to those reviews on your website).
Provide incentives to encourage repeat business, such as frequent-rider programs or loyalty rewards.
In order to encourage repeat business, provide incentives to your customers. These can be anything from free rides to discounts and loyalty rewards.
For example, if you have an app that allows people to order taxis and other transportation services, offer a discount for the first 10 rides booked by new users. This gives you an opportunity to get their contact information so that when they do need another car service in the future (or even today), they’ll think of your company first.
You can also offer loyalty rewards based on how many times someone has used your service in a year or over several years. For instance: “For every 50 rides taken through our app this year (2019), we’ll give you $10 off next time.”
Ride sharing services can be profitable businesses, but you have to offer the right features for your customers
The ride-sharing industry is booming, and it’s easy to see why. Ride-sharing services offer a lot of benefits for both drivers and riders. Drivers get paid when they’re not driving by driving, while customers get access to affordable transportation with just a few taps on their smartphone screens.
But before you go out and start your own ride-sharing business, there are several things you need to consider first:
- You must offer something that people want–and will continue wanting–to use in order to succeed in this competitive industry.
- You must be able to scale up your business as demand increases over time by hiring more drivers or expanding into new markets (e.g., if an area doesn’t have enough drivers yet). This means having enough capital available from day one so that any unexpected costs don’t derail your plans before they even begin!
Ride sharing is a growing industry and one that offers many opportunities for entrepreneurs. If you’re looking to get into this business, it’s important to make sure your app has all the features necessary for success. You should also consider offering incentives such as loyalty programs or frequent-rider rewards so customers return again and again–which means more money for you!