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FHV business tips to make more money

FHV business tips to make more money

How Can an FHV Driver Make More Money?

 Operating inefficiencies harm micro-businesses.
 IRS says it costs 54 cents a mile to run a US passenger car.
 Earn rewards buying fuel, food and car washing.
 Bulk of US micro-businesses still use pen and paper for accounting.
 Use programmes like QuickBooks and Ecoslips for PHV book-keeping.
 Pay recurring bills using direct debit.
 Renew FHV Insurance with the INSHUR App.

How Can an FHV Driver Make More Money?

You drive FHV to run your own business and for the independence and freedom it provides. But let’s
face it, you mainly drive to make money. Earning a decent living is key, and if that means you must
put in many hours and miles, so be it, you’re prepared to do that to make the extra.

However, while you’re busy driving to make more money, what about business inefficiencies that
are costing you money? Sometimes, the losses you’re racking up outweigh the added cash you’re
making. Fortunately, there are simple changes you can make to change this situation. Follow the tips
below to run your business right and earn more without ever driving an extra yard.

Reward yourself: One of an FHV driver’s biggest expenses is fuel. The IRS calculates that is costs
$0.54 cents per mile to run a passenger care. A big chunk of that is gas. Over the year that’s a lot of
money. It’s also a lot of lost opportunities if you’re not collecting something more at the same time.
Using just one credit card to buy all your fuel adds up to an awful lot of points by year-end.
Depending on which card you’re using and what their rewards programme offers, this could go
towards air travel, hotel stays, goods, services, even car related goodies like discount tyres and wiper
blades. Use the same card to buy all your gas. Collect your rewards in one big pot.

Go by the book: A survey by accounting software firm Sage, found that large numbers of US micro-
businesses still use pen and paper to do their accounts. For FHV drivers, this snowballs into time
consumed doing the books when they should be driving, and more costs with the accountant to
prepare the annual tax return. Move your book-keeping over to an easy-to-use digital programme
like QuickBooks, turn your paper receipts into digital copies with an app like Ecoslips. Save a few
trees and make money doing so.

Squeaky free: As with buying fuel, keeping your car clean is a business requirement. If you want to
earn tips and five-star ratings, you can’t put passengers in a dirty vehicle. Car washing costs also add
up. It’s tempting to get this done on the fly when you’re quiet, but that’s inefficient. Find a good
service and stick with them if they offer a loyalty programme – one free wash with every ten type-of-thing.
Stay clean, save money.

Be direct: According to business services firm SHRM, it costs a small business $2 to cut and process a
hard copy check, against just 35 cents for a direct debit. Put all your recurring bills by direct debit
payment from your business bank account. It’s cheaper, saves you time and cuts out those trips to
the Post Office.

Go with the App: Lastly, if you’re reading this, you may already use INSHUR for your FHV insurance.
If not, then check it out when it’s time to renew. Use the INSHUR app to get a quote and buy your
policy direct from your mobile phone. No office visits, no paperwork, no hanging on the line. It’s
usually done in minutes, making it easier for you to get on the road and keep taking rides. Get
covered quicker, be back in business faster.

Sources:
IRS running costs: Marketwatch
Sage survey: HuffPost
Cost of checks: SHRM