Many Americans who want to start their own businesses find themselves held back by lack of startup capital. Sixty-two percent of Millennials say they’ve thought of starting their own businesses, but 42 percent complain they don’t have the financial means to do so, an EY and Economic Innovation Group survey found.
Fortunately, the good news is that if you own a minivan, pickup truck or other vehicle, you’ve already got most of the equipment you need to start earning some money on the side. Here are four ways you can earn money by using your vehicle.
Become a Rideshare Driver
Between 2014 and 2015, the number of Uber drivers in the United States grew from 160,000 to 327,000. Ridesharing for companies such as Uber and Lyft is one of the easiest ways to earn money by using your vehicle. All you need to get started with a ridesharing service such as Uber are an eligible four-door vehicle, a valid driver’s license, a year of driving experience in the United States, and documentation proving that you’re at least 21 years of age, you own your vehicle and you have valid insurance. You’ll also need your smartphone so you can use your rideshare company’s app to get alerts when riders are requesting drives.
Uber also allows drivers to earn money by delivering food, another way to make extra income by using your vehicle. Elderly people, college students, office workers, and others are willing to pay money to have you drive food to them so they don’t have to go to the grocery store or restaurant. Meal delivery services you can work for include UberEATS, DoorDash, Postmates, Munchery, Favor Delivery and others. As with ridesharing, you’ll need a smartphone and an app to receive orders for deliveries.
Unlike Uber’s ridesharing service, which requires a four-door vehicle, you can deliver food using a motorcycle, a scooter or a two-door muscle car, like a Chevrolet Camaro. Not only will you look cool making deliveries in a muscle car, the Camaro is also fun to drive and modestly-priced for such a stylish ride. It’s the perfect vehicle to drive around for work and leisure.
You can also earn money with your vehicle by delivering packages. AmazonFlex, currently available in over 50 cities around the U.S., allows you to choose your own hours when you’ll be available to pick up packages and make deliveries for $18 to $25 an hour. You can work as few or as many hours as you prefer. You’ll need a four-door car or sedan that passes Amazon Prime Now criteria to deliver for AmazonFlex. You’ll also need a smartphone where you can install the Amazon Flex app.
Become a Car Wrap Advertiser
Another way to earn money with your car is by renting out your vehicle for advertising, known as car wrapping. Advertising agencies will pay you an average of $400 a month to drive around with a vinyl decal on your car that promotes products designed to appeal to consumers on your typical driving route. For example, Apple targets college students for iPhones, so if you drive past a college every day on your way to work, an ad agency promoting Apple might see you as a good car wrap candidate. To qualify, you typically must have a suitable type of vehicle, along with a good driving record and insurance, and drive through a typical commuter route that reaches the target demographic of the ad agency you’re signed up with. You may have to meet minimum mileage requirements, tracked by GPS. Some car wrapping offers are scams, so make sure you sign up with a reputable company.
Rideshare services, food delivery, package delivery and car wrapping are four ways you can earn money using your vehicle. The sooner you get started exploring these opportunities, the sooner you can start earning extra money every time you drive.
And remember, you can sell your car online and easily get the car of your dreams with this ways to make money. If you are using your car in your business or as a business – you get the benefit of tax deductions.