Uber doesn’t always have an easy time doing business. But instead of just relying on its rideshare platform, it’s diversifying its services to provide a lot more earning opportunities for the company and for its drivers. One of these initiatives is the new Uber Works, which the company is testing right now.
What’s Uber Works?
This is an on-demand staffing business, much like the original Uber template is an on-demand rideshare business. This service enables its client businesses to hire various workers for short-term duties. If there’s a special event or a corporate function then Uber Works allows these companies to hire waiters and security guards for the duration.
It’s still a new initiative that Uber is exploring, and it may not turn into a business at all. But it has been tested in LA, and now trials are being held for Uber Works in Chicago.
Other Uber Ideas
Uber Works isn’t the only new way for the company to earn income.
- Uber Eats is perhaps the most notable new service offered by the company, as it provides its drivers with a new food-delivery service. It’s a service that’s now available in 250 cities all over the world, and it has managed to generate $6 billion in total bookings for the last year.
- Uber has a trucking division called Uber Freight, which matches available truckers to companies that need its goods to be transported. This division now has a new service called Powerloop. This time, it rents out physical equipment like tractor trailers to the drivers who need them.
- They’ve added bikes and electric scooters to the Uber apt this year.
- They’re planning to add the option for all-electric short-range aircraft in the future.
- Uber is also working on self-driving technology.
Uber as the Phoenix Rising from the Ashes
It’s no secret that Uber has been facing a lot of criticism for the last few years. Critics have long harped on how it denies its drivers benefits like a minimum wage and health benefits. Its global expansion has slowed down, and it has been disastrous in Russia and China. Even its research on self-driving technology has taken a beating in the public eye when one of their test cars had an accident that killed a pedestrian.
Yet the valuation for Uber has now grown to $70 billion. Some even think that it can reach a total value of $120 billion when it’s time for the company to go public. Those $120 billion valuations would be more than the combined company value total of the Big 3 automakers. To see just how Uber has grown, note that its supposed rival Lyft is also planning an initial public offering but experts believe that it will end up with just a valuation of $15 billion.
Much of the Uber renaissance is due to the diversification of its efforts. Uber Eats in itself is already worth $20 billion. It’s trying to do another Amazon path to success, and Amazon started with just books. Will Uber achieve the same level of success? Stay tuned!