Why Are You A Rideshare Driver?

In metropolitan areas, many people, whether residents or visitors, have experienced the convenience of rideshares or traditional cabs. Therefore, during my encounters with rideshare drivers, predominantly from Uber and Lyft, a recurring trend emerges. A surprising number of retirees, ranging from former executives to professors and seasoned entrepreneurs, have chosen to re-enter the workforce. How? By taking on the role of a rideshare driver, often driven by financial considerations or retirement boredom.

Curiosity compels me to ask about their choice of Uber/Lyft over starting a business. Maybe even becoming a consultant. Most express a reluctance to go through the challenges of starting a new business “at this point” in their lives. One former business professor succinctly encapsulated the sentiment, expressing a desire to consult for businesses without the burdens of startup hardships. What distinguishes these retirees is their financial stability; endowed with pensions or substantial retirements. Their concern lies in ensuring the longevity of their money rather than financial insufficiency. Uber/Lyft becomes a pragmatic solution, yet what if there existed a more fulfilling alternative. Entrepreneurship through acquiring a business. Allow me to elaborate!

What is Entrepreneurship Through Acquisition?

Entrepreneurship through acquisition involves “seasoned” individuals, often with a background in business or management, strategically acquiring existing companies instead of embarking on a new venture. Leveraging their expertise, these entrepreneurs identify, purchase, and lead established businesses, aiming to optimize operational efficiency, implement growth strategies, and ultimately drive success under their ownership.

Beyond The Steering Wheel

Beyond the steering wheel of a rideshare vehicle, an unconventional path awaits retirees with a wealth of experience – entrepreneurship through acquisition. While it may seem daunting, retirees have a choice. Most never even thought of this as a choice for them. If you’re in a similar situation, I encourage you to contemplate channeling your business acumen into ownership, presenting two distinct approaches: the owner-only approach and owner/operator perspectives.

Owner-Only Perspective

For those desiring a strategic role without daily operational involvement, the owner-only approach is highlighted. This allows retirees to make impactful decisions without being intricately involved in day-to-day operations, offering potential for passive income and lifestyle benefits. If being a rideshare driver is something you absolutely enjoy, this may still be an option. You can be an owner and driver simultaneously. There’s nothing wrong with diversify your portfolio and revenue at the same time.

Owner/Operator Dynamics

Conversely, the owner/operator role is explored for those preferring a hands-on approach. This involves active participation in the daily operations of the business, providing a sense of direct control and immediate impact. If you’re concerned about going into the office every day, don’t worry. Some businesses for sale are completely virtual. There are others with offices and staff if you like going into a workspace. As the owner/operator, you have this type of autonomy.

Acknowledging the pros and cons of both paths – continuing as a rideshare driver and venturing into entrepreneurship through acquisition – I challenge retirees to reconsider their post-career choices. Beyond the roads of ridesharing, they can discover fulfillment, control, and potentially more significant financial returns in the realm of business ownership. For those intrigued by this alternative, resources and next steps are provided to guide them on the transformative journey from Uber Driver to esteemed business owner.