The Personal Finance Podcast - 5 Side Hustles That Can Turn Into a Full Time Income (Part 4)

Starting point is 00:00:00 On this episode of the Personal Finance Podcast, five side hustles that can turn into a full-time business, part four. What's up, everybody, and welcome to the personal finance podcast. I'm your host, Andrew, founder of MasterMoney.com. And today on the Personal Finance Podcast, we're going to be talking about side hustles that can turn into a full-time business. If you're getting value out of this podcast, consider leaving a five-star rating and review. Don't forget to follow us on Apple Podcasts, Spotify, YouTube, or whatever your favorite podcast player is. And if you guys have any questions,

Starting point is 00:00:47 make sure you join the Master Money Newsletter by going to mastermoney.com slash newsletter. Now today, we're going to be diving into five side hustles that can turn into a full-time business. Now, this is part four. If you have not heard the first three parts of us talking about this, we will link those up down below in the show notes so that you can check those out. because this is a series where my entire goal is to start to spark ideas. My entire goal is to give you business ideas that I think you could start on the side

Starting point is 00:01:17 and they can turn into full-time businesses. And for many people out there who want to focus on building wealth, they want to focus on financial freedom. One of the best ways to do that is to increase your income. And one cool thing about this is a lot of these businesses are going to allow you to have freedom. They're going to allow you to have flexibility. and if you master some of this stuff, even if you just get part of your income covered with some of these businesses, it is a really great way to increase the amount that you're investing or putting towards wealth building activities.

Starting point is 00:01:49 But also, just imagine having an extra $10, $20, $100,000, $200,000 per year by starting some of these businesses. And so this is a very powerful way to start to get your mind moving on what you should do. Because for us specifically, I don't love side hustles where you are driving for Uber. or delivering for Uber eats or doing temporary things that you're not going to do for the long term. No, instead, I want you to build something, something that you could build up and potentially either turn into a full-time business or possibly even sell. Imagine if you built up a business that was doing $50,000 per year and you sold it for a multiple of maybe two or three and you sold it for $150,000, $200,000.

Starting point is 00:02:29 I mean, that would be a really, really cool outcome for building something up on the side. And so these can turn into very large businesses, I believe, and I will talk through each and every single one of these. I'm going to talk through the step by step on how I would think about this business or how I would get started. I would talk about the different income streams and I would talk about ways to market this and grow each business and the path to full time. How I would think about this if I wanted to go full time with a business like this. Now, a lot of times with these businesses, we talk about all different things. And if you remember, if you go back to some of the early ones we did, we talked about AI way before people were making it, popular to talk about AI and talking through some of these AI businesses. And so a lot of them

Starting point is 00:03:08 that we have talked about in the past have become very large businesses for some folks out there. In addition, a lot of other people have taken some action on some of these, which I think is really, really cool. We get emails all the time from you guys saying that you took action on some of these and that they're working out, which I absolutely love. So I'm really, really excited to dive into this. So without further ado, let's get into it. All right, so number one, and this is a business that I have actually talked about in a previous one, but I want to bring this one back up because I would strongly consider this one

Starting point is 00:03:41 if I had enough time to do so. I think this is a really, really powerful business that I think a lot of people can start. In fact, I went on any other podcast, a business podcast, in fact, and started to talk through this a little bit, and they were like, I might start that today. And so this is one of those businesses

Starting point is 00:03:56 that I truly believe can be very profitable long term. And it's a business that does garage cleanouts and organization. Now, you may be saying, to yourself, okay, well, you know, a garage clean out of organization is something that is not new. This is not something that is going to be groundbreaking for a lot of folks out there. But let me just tell you something, okay? I have a three-car garage right now, and one of the bays is my home gym. The other two bays are just filled with kids crap.

Starting point is 00:04:22 They're filled with stuff that I absolutely can't stand. And every single time I clean out my garage, it feels as though it gets messy within seven, eight, nine, ten days. and I am back to square one every single time. And so I think this business could be super interesting for a number of different things. One, it's cheap to start. There's zero barrier to entry. Really what you need is a truck and you need the ability to get some storage bins

Starting point is 00:04:47 and maybe a couple of other storage items put into place. But outside of that, I think there are some really great ways that you can acquire customers and you can acquire them cheaply. But I also just believe that this business is something that with a little elbow grease and a little grit, you can make a lot of money because I'm, have an idea where you can do a recurring or subscription model with this. And I think this is where the real money lies. So let me give you a couple of ways that I would start this business, some of the things that I would start off doing. And then we'll dive into some of the income streams and the way that

Starting point is 00:05:16 we can make this thing work. Okay. So first, if you were going to start this today, this weekend, I would say, hey, I'm going to post in neighborhood Facebook groups or next door and say, hey, I clean out and organize garages. And I would put up some before and afters. So what I would do is maybe even clean up some garages for free, maybe your own garage for free and show before, make it nice and messy, and then show an after of how you cleaned it out and how you organized this. The before and after pictures are really, really powerful, especially when it comes to service-based businesses. And so I would go into these Facebook groups and I would say, hey, you could do your first couple of these at a discount if you want to so that you can get more before and after pictures. Then I would show up,

Starting point is 00:05:58 and when I would show up, I would put this into three different piles, you start to work on some of these garages, okay? I would put into keep, which keep is just the stuff that the homeowner wants to keep. I would put into stuff that means organized, so the stuff you need to organize for them, and then sell, because there are going to be three income streams

Starting point is 00:06:14 that we'll talk about here in a second. And then once you do this, you can deep clean the space, you can install shelving, you can start to organize some of this stuff. If you are a, maybe you're a couple and you're a husband and wife duo, and maybe one of you is really handy

Starting point is 00:06:25 and one of you is really good at organization. That'd be a wonderful duo to go in and organize these garages. and then I would take a ton. And I mean a ton of before and after photos. I would take before and after videos if you can and do this over and over and over again. Get as many jobs as you can early on

Starting point is 00:06:42 where you can show the before and after and tell people to recommend you, okay? And so here is the income stream for this business because I think this business is absolutely fascinating and there's a lot of stuff that you can do with this business, okay? In fact, I just saw this on Gary Vee. I saw a guy talking about this.

Starting point is 00:06:58 He was making $600,000 per year doing this exact business part time. Part time. And Gary Vee was like, why are you not going full time on this? This is one of those businesses that you absolutely need to make sure that you are doing. So here are the three income streams that I would look at, okay? Number one is obviously the initial cleanout itself. So the initial clean out, if you charge by garage size, you can charge anywhere from $150 to $400

Starting point is 00:07:22 for something like a one car garage. A two car garage would be anywhere from $250 to $600. And then a three car garage, you can charge. anywhere from $350 to $800. And if you had organizing on top, you can add on an additional $250 to all the way up to potentially even $800 depending on how much work needs to be done.

Starting point is 00:07:41 And so billing for this is pretty valuable because you can make $50, $100, $200 per hour just by organizing some of these garages and getting them all put together. So this is just the initial cleanout. And the part of the package I would put together is, okay, we're going to do the initial cleanout. And then number two is the maintenance subscription.

Starting point is 00:07:58 Now here's the portion that drives me nuts. I wish I had somebody come to my garage and maintain organizing it, maintain keeping it clean. Maybe every single year you charge a little extra to clean the floors. Maybe you mop the floors for them

Starting point is 00:08:12 if they have the coating on the floors. This is going to be one of those things where the maintenance subscription can become very, very valuable. Maybe you call it the garage reset and it costs $100. Maybe $99 every single quarter is when you come out if they don't want to pay for the monthly reset.

Starting point is 00:08:28 But this is going to be one of those things where you can either do it monthly or quarterly, and you charge a little bit more for quarterly because it's going to be a little dirtier, and it's going to be one of those things where you're going to be coming back to the homeowner over and over and over again. This is one of those service-based businesses that has a need, and if you go to either wealthier neighborhoods or if you go into some of those new-billed neighborhoods where a lot of young families are there, and they have toys and ride-ons and ATVs and all this stuff just junk inside of their garage that they need to have it organize over and over again, this can be really, really important. My kids throw stuff on the

Starting point is 00:09:01 floor in the garage all the time, and they just make it messy. But then there's a third portion of this. And in that video that I watched that Gary V was talking about, which we will link it up down below in the show notes. But in this video that I watched, they talked about a third component, which is reselling some of the items that the homeowner doesn't want anymore. So when you do this initial cleanout, you're going to get a bunch of items that the homeowner may potentially not want. And so you want to haul it away and you can you know you could charge a haulaway fee but also you could take some of these items and resell them on facebook marketplace and so people make hundreds of dollars just by reselling the items that people don't want anymore one man's trash is another man's treasure or one woman's trash

Starting point is 00:09:42 is another woman's treasure and because of this this is a third income stream within this business where you could be making tens of thousands of dollars per year just reselling stuff on fake it Facebook marketplace for cash because you are cleaning out these garages and taking some of these items. And so how would I market this? How would I grow this? Because really, this just takes some elbow grease. You may need a big enough car to be able to do this to haul the stuff away. But how would I figure this out? Well, first, obviously I would do tons of before and after content. And in fact, I would try to get as many customers up front as I could. Maybe you do a three month sprint where you do as many customers as you can at a cheaper price so that you can get as much before and after

Starting point is 00:10:23 content as possible. Because the more you do this and the more content you have in place, the more people can recommend you and they can see exactly what your work is. A lot of people have to visually see this before they can really, really commit. And so this category is oddly satisfying to watch. And I think for a lot of people out there, you can even post these videos and make money off posting the videos as well. Anybody in a service-based business, I want you to be making content on top of your business. Why? Because you're already doing the work anyway. Just film it. Just film the content. Why? Because you can make more money by that content, but you can also expand this into other areas. Two, I would ask every single happy customer for a referral and a Google

Starting point is 00:11:02 review. Now, you can set this up on systems. You can set this up on automations. You can have Claude co-work do this for you where it's going to set up these automations to help you through this. But I would ask every single person to do that, to leave you a Google review and to refer you to somebody else. And then once you start to begin to grow, you hire a second crew. And then you're just going out there and doing the estimations. You're going out there maybe with an iPad. Then you send the crew out to do some of the cleanups. And if you can find someone who is really good at this stuff, who enjoys this stuff, who really just likes cleaning this stuff out, you can really get a good crew going. And then you just start to, you know, do a couple garages every single day. Maybe you're doing three a day, four a day,

Starting point is 00:11:40 five a day. And all of a sudden, this business is growing really, really fast. If you run three crews and you're doing 15 garages a day, man, oh man, could that be a huge business? And that's why I'm saying at 15 garages a day, you could be doing anywhere from $3,5, 7 to even $15,000 a day just from cleaning out garages. So, four to six cleanouts per week. If you do them on nights and you do them on weekends, you could average around $500 to $10,000 depending on what type of garage cleanouts you're doing. And if these are just, you know, recurring business models, I think there's a lot, there's a really easy path to full time because this is always going to exist. This is always going to be needed. People are always going to have messy garages and they're going to want them cleaned up so that they can

Starting point is 00:12:24 have an organized life. And this is where if you get really good at this stuff and you become the best in the industry at cleaning out garages, it is a boring job. It is a dirty job that I think can really, really crush it. So I love this stuff when it comes to thinking through how can I really provide a service that people are going to love that they're going to be willing to spend monthly. I mean, people will spend hundreds of dollars per month maintaining their home, and you could be one of the folks that helps in the garage area. A lot of people really want their garages to be taken care of, and they are meticulous about some of this stuff, and you can charge for that service. So I truly believe that for many of you out there, you know, you could own your

Starting point is 00:13:04 local area, you can own neighborhoods, and really all you need is one neighborhood, just continuing to refer you and getting them on subscriptions. If you find one of those new build neighborhoods with, you know, 500, 1,000, 3,000 homes, you can really clean up in some of those areas. So that is the first one is the garage clean out. I know I've talked about this one in the past, but I wanted to kind of dive further into it because I think it is a huge primal opportunity right now for a lot of you out there. If you've been listening to this show for a while, you know it's not just me anymore. It takes a great team behind the scenes to make everything happen. And if I had to hire someone tomorrow, I'd want someone who could jump right in and make an impact. That's why I'd use Indeed Sponsored Jobs. When Workplace Chaos hits, Indeed Sponsored Jobs helps you reach qualified candidates faster. Your job gets boosted in search results, so you're spending less time searching and more time interviewing the right people. Plus, you only pay for results, which I absolutely love. Sponsored jobs posted directly on Indeed are 95%, more likely to report a higher than non-sponsored posts.

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Starting point is 00:14:48 sponsored jobs. If you've watched the video version of this podcast lately, you've probably noticed the wood slat wall behind me here. Now that's actually one of my favorite upgrades we've made and we got it from Wayfair. I wanted something that looked clean, professional without spending a fortune or making the project overly complicated. And the slat wall completely changed the look of the studio and it's now the backdrop for every single episode we record. You're probably looking at it right now if you're watching on video. And one thing I appreciated was how easy Wayfair made it to compare options. Between the customer reviews, real photos, and Wayfair verified products that are hand-vetted for quality and durability, I felt confident I was getting something that would

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Starting point is 00:16:13 is backyard wellness retreats. What does that mean? What is a backyard wellness retreat? This is sauna and cold plunges. This is putting them in people's backyards or putting them in places where they have saunas and cold plunges there so that they can utilize them for recovery and all kinds of different things. Now this is a trend that if you haven't seen this before is a really, really popular trend. I, for example, have a plunge, cold plunge that they sent me that is awesome. I use it all the time. And one of the things I really want to get is a sauna. What's been holding me back from a sauna? is I don't want to build it. I don't want to go through and get one of the saunas at Costco,

Starting point is 00:16:48 which by the way, you can get a sauna at Costco right now for like $4,000. So even if you don't have a distributor up front, you just want to test this out, you can go buy one and put it together for people and then sell it back to them after it's put together for double that if you want to. And so this is one of those things that people just want this in their back door. They don't want to go to the gym anymore where the guy's stretching in the middle of the sauna in the gym

Starting point is 00:17:08 or the girl stretching in the sauna at the gym. Or they don't want to go to, you know, random places where everybody's just sweating on stuff. No, instead, they want to go to their own spot that they know they're the only person that goes in there and they want to have a cold plunge where they know they're the only person getting in that small body of water there. And I think it's one of those things where there's the cleanliness factor. There's a convenience factor. You're not just going to drive to the gym just to go this on. I mean, some people do. And there's the health benefit factor where there are so many health benefits to sauna specifically that if you look into

Starting point is 00:17:38 it further, it can reduce heart disease. It can increase longevity. It can increase longevity. It can reduce stress and anxiety, it can help you sleep better. There's so many health benefits out there that if you educate people on those benefits as you start to create content, but again, every service-based business should be creating content, then you will be able to really, really do well with this. There's a genuine trend behind this and a lot of wealthy people want this. There's money behind this industry. And so if you can make sure that you do this in a way where you do a set-up fee and you charge a good chunk of money, you can really, really do well. because there is very low price sensitivity to some of these things.

Starting point is 00:18:14 When someone is looking for someone to install these items, they know they're going to be paying for some of those items. So what would I do to start this? Well, first, I would partner with a sauna or cold plunge brand as a dealer or installer. And so if you are an installer or dealer, there's tons of sauna brands out there, you know, the backyard barrel sonnas. These are sonnas that are typically wood-based, and then you have to put them together.

Starting point is 00:18:35 And when you put them together, it can take anywhere from an hour to four hours to put a sauna together. And then the cold plunge typically is already there and ready to go. You just have to connect all the items and make sure they have electricity, those types of things. And so there's places like the plunge, for example, which are the higher end of these two items that you can go and chat with. There are a bunch of other sauna brands out there that now have added in cold plunges. So a lot of these companies have both available. And so you can have a couple different options available for people. You know, maybe you have a low tier option of Sonnet and Cold Plunge. You have a mid tier and you have a high tier. And then you can also. You can also charge for maintenance. Secondly, is then learning to install. So you have to understand, hey, if you're going to do this, you may want to figure out how to do a leveling pad, maybe some electrical coordination, because you want to bring in a license electrician for some of this stuff, so that you have the right stuff in place. And then water and drainage for the plunge is going to be also important. And like for me, I put it on my backyard pool deck is where my

Starting point is 00:19:32 plunges. And so this is one of those areas where you just want to make sure you have that coordination in place. So it's a little more complicated than maybe like a garage clean out, for example. And then you want to build one show piece to install. So you can build a piece in your backyard and show it off and show what you have available. Or you can just find AI images of some of those items and put them into backyard so that they can see what it would look like for each of the different packages that you put together. And then you would package it as a backyard wellness retreat. I would say, hey, put them both together. So you can increase that revenue based on that. If they package the sauna and the cold plunge, I think it's a lot. I think it's

Starting point is 00:20:07 a really, really great way to look at this. You can even partner up with folks like turf companies who install turf because many times they can help you with some of these things like, you know, putting in the pad or some things like that, where, you know, a lot of people when they have some of these backyard retreats, they want them to be pristine in terms of like what's around it. And so turf is a great option for that, especially in some of these hotter areas where you start to think about this. So what do you charge for this and what are the numbers? Well, outdoor saunas right now run anywhere from $3,000 to $6,000, and custom builds can go anywhere north of $10,000. And there are a lot of units out there where you have a big, big markup because of your labor.

Starting point is 00:20:48 So you can charge a good chunk of money for this. In fact, I priced out a couple of different places and I got anywhere from $15,000 to $30,000 tickets just to install some of this stuff. Well, imagine if you got the materials for $8,000 to $10,000, and then you charge $15,000, $25,000. where you're making thousands of dollars in a single day. The harder part is finding people and finding the clients so that you can get this stuff installed. And if you add in a maintenance care plan

Starting point is 00:21:15 and a water care plan, then all of a sudden you have a subscription model that goes along with these installations and you can do this as recurring revenue over time. And I think the same subscription logic works for any service-based business. So you try to set that up within the package. Now, you can set up a more expensive package. Let's say, for example, you try to charge $30,000,

Starting point is 00:21:34 bucks but maintenance is free for a year. Well, you'll go out there for an entire year and maintain their items for them. Well, then all of a sudden you have $15,000 worth of profit that you can keep and you're just maintaining their sauna and their cold plunge throughout the year. Now, how would you market and grow this? Now, this is a referral game and this is going to be a status game. So you have them try to refer, you know, people in wealthy neighborhoods, for example. People in wealthy neighborhoods, they get jealous. They try to keep up with the Joneses. They see somebody else has a wellness retreat in their backyard. Now they want a wellness retreat. as well. And so they ask, hey, who installed yours? Hey, here's their number, that type of thing.

Starting point is 00:22:08 So you really want to get into the referral business and find ways to get referrals if you start to do this. You can also partner with things like high-end landscapers. I think they are someone who can really help you with this. Pool builders are a great one. A lot of pool builders, people will talk about stuff like this. You can even talk to custom home builders and see if you can partner with them to get referrals. They already have the clients and they already have the folks in place that can help you find more clients. And then the transformation with content, I think is a big deal. So every single time you install one of these, show the before, show the after, try to film it, try to get pictures, and try to have content in place where you're

Starting point is 00:22:44 showing what this looks like and what this is going to be. And so people can envision what you would do if you installed some of these things. If you can use an AI image generator that looks real, that's another thing you could be doing just to show renderings and just say, hey, this isn't real, but this is renderings of what this could look like in different backyards. You can even go to people's backyards and every single time you go to their backyard, you could do renderings of, you know, what the son and the coal plunge would look like when you're trying to sell them on some of these installations. And so you only need a handful of jobs every single month to make this extremely profitable. In fact, if you're doing this as a side business, you could do one job a month

Starting point is 00:23:17 and make this profitable enough where it's a wonderful side hustle. And so if you're handy, if you have the ability to coordinate with other folks and get all of this stuff in place, I think a backyard wellness retreat service could be wonderful, wonderful for long-term growth in terms of building out a side hustle that makes sense. Let's get into the next one. All right. Number three is turning land into trailer and boat storage. Okay. So this is one that came up actually inside Master Money Academy.

Starting point is 00:23:48 We had a member in there who has a business like this and they had some property and they were thinking about turning it into trailer and boat storage. And I think this is one of the laziest and one most wonderful ways to cash flow when it comes to this list. So this is probably the easiest one in place, but you've got to have a little capital on hand to make this work. Because this is literally a business that you could start with just undersupplied dirt. Now, most people buy RVs and boats before they actually have places to put these specific items. And especially if you're near lakes or you're near the coastline, this can be a really, really good thing to do. and you don't even need the land to start, you can lease it or find a landowner

Starting point is 00:24:27 and you can do a revenue split with this. So if you have a little grit and a little hustle, you could talk to landowners in specific areas, maybe near lakes, or you could talk to landowners in areas that are near bodies of water, or people where, you know, you just need people to park RVs and boats

Starting point is 00:24:41 and you just need a spot in the middle of your town or your city to do this, and you can do a revenue split with someone. Maybe they charge your rent, or maybe you just do a split of revenue where, hey, we're going to try this out. If it doesn't work, no worries, but I will split this revenue with you in a certain way to see if this does work.

Starting point is 00:24:57 Now, if I was going to start doing this, I would find land near either waterways or highways or growing suburbs and zoning is the whole ballgame when it comes to this. You got to make sure that it's zoned correctly before anything. So I would confirm that your parcel allows vehicle and outdoor storage. And so you can figure out what that zoning would be in your specific area. But that's your first phone call to the county. And you got to figure out, okay, what do we need here? and when you call the county, then you can figure out each step that you need to put this in a place.

Starting point is 00:25:26 Then you can start simple. Perimeter fencing is obviously number one. You got to have fencing in place. If it doesn't have fencing, you're going to have to install it or you're going to have to come up with a deal with the landowner to install that. Gravel is another piece. If it's not paved whatsoever, then you could put gravel down so that people can, you know, move this in and out. And then having some cameras in place is also a really good idea because if something happens, you don't want to be liable. and if you have no idea what actually happened, you want to make sure that you have that in place.

Starting point is 00:25:53 And then open outdoor lots are usually the cheapest space as possible for this setup. And then you want to figure out how many spaces you can fit in there because if you set up a simple online booking and payment system, then you're open for business. You are good to go and you can get this ball rolling. Now, if you don't own land, then what you can do is you can lease an underuse lot or just approach the landowner and offer to run it off a percentage. Maybe it's 20%, maybe 30%, maybe you split it 50, 50 for the first one. And if you do this really well, you could do this across the country and get really, really good at this.

Starting point is 00:26:22 So I think a lot of times sometimes not owning the land and just doing splits or revenue deals and just finding more land where you can do this over and over again can be really, really powerful. And especially if you can find someone who is like a fencing company or someone who can install fencing and gravel really cheap, oh man, you could just clean up doing this stuff. So what can you charge for this kind of stuff? Well, you can fit roughly 60 spaces per acre. And so when you look at this, if you have 60 spaces per acre, outdoor uncovered spaces are typically going to go for anywhere from $55 per month to $120 per month, depending on where you live.

Starting point is 00:26:57 The national average is about $155 for coastal and lake adjacent lots because they command about 30 to 50% more. So the closer you can get to lake adjacent or coastal areas, the better off you will be and the more money that you can earn. But obviously, that land is usually more expensive. Now, 60 spaces on a conservative $100 per month is about $6,000 per month if you have a full acre, or about $72,000 per year. So you can see that there may be some give and take. This is not totally passive whatsoever, but it is something that once these are in place and you have everything set up, that could pay off your acreage and your gravel and your fencing within the first year.

Starting point is 00:27:36 And then after that, you still have to market this. And it's going to be really, really important to make sure you have the marketing in place so that you have enough of these on hand to make this work. So you can list this on places like storage marketplaces. You could do this on Google business, and I think you should have a Google page for something like this, and then make sure you own voter search engines. So things like boat storage near me seasonally can be really, really powerful.

Starting point is 00:27:56 Even places like chat GPT now, you can run ads for specific keywords in your area. And so that's another one that you can look at. And then you can grow by adding, you know, covered structures. So let's say, for example, you produce some pretty good revenue. You own a lot. And all of a sudden you want to invest in some covered structures. Well, then that is going to get you. some higher rent, and it's going to be helpful in terms of helping you scale a real asset here,

Starting point is 00:28:20 because if this starts to produce real income, you can sell these for really, really great multiples. People want these because they're a little more passive than maybe some other things. And they are recurring by design, meaning most people, they don't have somewhere else to put those items unless they sell them. And so they leave them there for a very long period of time, then they come and get them when they need them. And so storage is recurring, and it is basically a subscription model that happens to look like real estate. And so I, think this is something that many, many people can make some good money off of. Let's say, for example, that you get one. And you do this on the side, because this is definitely something you

Starting point is 00:28:52 can do on the side, especially when you set it up online. Okay. And so you have this online partner where people can book and, you know, maybe they call you, ask you some questions. You answer those questions for each new renter. And you try to get five new renters, let's say every 10 days. You get 15 renters a month. And then you finally fill in a full acre over the course of the next four to six months. Well, if you fill up that acre, then all of a sudden, you know you've got a real business going on here. And if you scale that and do it again and again, and again, you could have a million dollar business just by having, you know, 20 of these different things set up across the country. Now, it's going to take you some time. And that may sound like something that is ambitious,

Starting point is 00:29:30 but you can definitely do it. And people have done this before. And I think this is one of those businesses where this is not going to go away. AI is not going to take this away. People are always going to be boating. They're always going to have RVs. is going to have big things that they need to store trailers and whatever else. And so you need to have this on hand and this is not something that's going away any time soon. Most of us picked a bank years ago and never really thought about it again. But when you stop and look at what you're actually getting, it makes you wonder if there's a better option. That's where Chime comes in because Chime is changing the way people bank.

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Starting point is 00:32:13 more money. Now, I know it's really about having clarity. When you know exactly where your money is going and whether you're on track, you make better decisions. That's one of the reasons I love Monarch. It's the personal finance app that tracks everything from your accounts and investments to your savings, goals, and spending so you can see your entire financial picture in one place. One habit that's made a huge difference for me is my five-minute drill, single morning. I open Monarch, check my spending, investments, cash flow, and net worth, and I'm done in just a few minutes. It gives me confidence that nothing is slipping through the cracks. I also love the AI weekly recap because it'll flag spending changes, upcoming expenses, or shifts in my net worth before they become a problem. Instead of reacting after the fact, I can make adjustments early. It really feels like having it a financial advisor in your pocket.

Starting point is 00:33:04 Write your own money story with Monarch. Use code PFP. at monarch.com to get your first year of monarch core half off at just $50. That's 50% off your first year at monarch.com with code PFP. And by the way, as we're going through these, I'm curious. If anybody is going to try any of these, let me know down in the comments below. Or if you think there's a business idea that you want me to analyze, you're going to dive into on a future one of these, let me know down in the comments. If you're listening on Spotify, if you're listening on YouTube or even on Apple Podcast,

Starting point is 00:33:37 let me know or send me an email. I would love to analyze some of the side hustles that you think could turn into a full-time business. Or if you have one that you're doing right now, let us know as well. I would love to hear from each and every single one of you. Now, number four is very similar to the last one. And this is going to be boat rentals. So my family and I, we have debated back and forth. And I've talked about this in the podcast about buying a boat.

Starting point is 00:34:00 And I'm like, I just don't know. I started a boat fund just to be safe. But I typically just go out and rent boats. And the place that we go to, we live in Florida. and the place that we go to, you can go rent a boat, depending on the size. You can get a pontoon boat for like $400 for the day. You can get a smaller hurricane boat for like $350 per day. You can go out and get, you know, like a fishing style boat for about $450 per day.

Starting point is 00:34:24 And so there are just different boats that you can go and get and test out, see which ones you like. And it's similar to the boat club, but you don't have to commit to the monthly subscription. And so renting boats, I started to realize when you do the math and you see how much a boat rents out for and how many are in a fleet, these people are doing really, really well. In fact, I talked to the owner of one of these locations and he said we were doing hundreds of thousand dollars in profit every single year on a small fleet of boats. And so this is something where I think you could do really, really well. Now, if you just have one boat, you can start with one boat. And if you are in a body of water where you feel as though you would use this boat anyway, you could do things like peer-to-peer

Starting point is 00:35:01 platform. So there's websites like boat setter or get my boat. And you can use those sites. And they remove the hard part. Things like booking and insurance and payments, they actually will take care of some of that stuff for you and you list and hand over the keys or cap in it and you get paid. That's the way these websites work. And so they do make it a little easier than maybe just doing it on your own. I've also seen people listing their boat on Facebook marketplace to use. I went and searched on there and found a bunch of different ones that you could go out and rent out. They live on the water. You just go to their house. You go to them and you set it up that way. So what would I do to start this? Well, first, I would list your existing boat, if you have one, on boat setter,

Starting point is 00:35:38 or get my boat. If you don't have a boat, then I would consider and figure out, okay, well, if I did get one, you know, which one would I get? How expensive should it be? How cheap should it be? How do I get it running? Those types of things. You got to kind of know what you're doing a little bit here when you're thinking about this. Now, if you listed on one of those sites, the owners keep roughly 65 to 85% of the rental fee, depending on the insurance coverage that they have in place. Then I would nail the listing photos and make sure you have some really good listing photos. And I would build reviews with my first few rentals. And so with your first couple of rentals, maybe you make sure that you have some people who do it for a lower rate so you can get your first

Starting point is 00:36:11 couple of reviews and then you can raise your rates over that time frame. So maybe the first couple are a hundred bucks, 200 bucks somewhere along those lines. And then you can scale in the future by adding boats to this or you can manage other people's boats on the platform for a specific cut. So some people do that as well. They manage the boat booking system for other people. And so they are the middle person when it comes to this, which I think can be a really, really cool thing that you also do, especially when you have friends or family members who have boats and you're like, hey, you can rent this out and you can make some money off this. And in reality, not everybody wants someone to just, you know, take their boat or ride their boat. Obviously, they've worked really hard. And having

Starting point is 00:36:46 someone else in your boat means it's probably going to get some scuff. It's going to get some scrapes. You know, you take some risk when it comes to the motor or the engine. And so there's a lot of different things that you can really look into. Now, another thing that you can do is instead of renting boats, if you are someone who loves to be on the water, is you can rent out the experience, meaning that you can package it as a sunset cruise to an island. You can package it as a vast fishing charter. You can package it as a wakeboard and ski day. And when you package this, you can even do a bachelor's party boat. If you're in an area where there's a lot of bachelorette parties or bachelor parties, you can set up maybe you paint it pink and you do a bachelorette party boat.

Starting point is 00:37:22 There's so many different cool things that I think you could do here. And this packaging it as the activity is a lot better than packaging it as, hey, there's a pontoon boat for rent. You know, it's going to be one of those things that I think could be really, really cool and a big differentiator for a lot of folks. Now, what can you charge? Well, I found someone, for example, who had five boats in Miami and they make about $20,000 every single month. Whereas I've also seen people renting a boat for a handful of days a month to just cover the entire cost of ownership. Maybe you're like, hey, this is a depreciating asset. This is a big liability. I just want to cover the cost of ownership and rent this out, you know, one weekend day a week or something. And that can

Starting point is 00:38:02 absolutely be a great way to do this to just to offset some of that cost, just knowing that it's going to have more wear and tear. It's going to have more depreciation. There might be some dings, some scuffs, those types of things. And so those are the different things that you could do. But I would first look at the platforms. And I would learn those platforms, see who's doing really well on those platforms and who's not doing really well. And then you could partner even with local hotels. You could talk to local Airbnbs. You could talk to event planners or travel agents. of folks who are coming into the specific area and offer this as something

Starting point is 00:38:30 that they can do with their guests. And then you can grow from one boat to a small fleet if you want to scale this bigger, but there is a lot of money in this. There's a lot of money in renting this stuff out. It's just there's also some risk in place when it comes to A, you got to cover the cost of owning the boat, B, you got to cover the cost of insurance.

Starting point is 00:38:47 If somebody gets hurt on the boat or whatever else, there's those risks. But in addition, there's the risk of the actual boat itself and someone crashing it or totaling a motor or whatever else. And if you don't know, boat motors are very, very expensive. So let's say somebody bottoms them out or whatever else. You just got to think about all of those different things when you do this. And so I think this is a really interesting business. This is obviously off of number three as well. But I think this is a

Starting point is 00:39:11 really interesting business as, you know, the ability to be able to rent this stuff out and do some cool stuff with it. So if you are looking at having a boat or appreciating asset and you don't care if it gets dinged up a little bit, then I think this is something that you could definitely do to build wealth over time as well. All right, the last one is one of my favorite ones. I think this business can be very big. And I think for a lot of folks out there, if you know how to do this, and this is really to get your mind moving because there could be things that are adjacent to this.

Starting point is 00:39:42 That could be something you're an expert in. And this idea came from Master Money Academy as well, where we had a member in there who was about to have a baby. And they were talking about, you know, one of the things that I said was, hey, a big portion of thinking through, you know, having a baby is making sure they get some sleep. And so the fifth business that I want to talk about is sleep consulting. So this is coaching parents on baby sleep. And for a lot of exhausted parents, they will pay literally anything to learn how to get their baby to fall asleep. Because after the first couple of weeks, you realize

Starting point is 00:40:14 pretty quickly, oh, shoot, we're not sleeping. And this can really, really impact our ability to even function daily. And so people will pay a lot of money to be able to start functioning daily again and get their baby to sleep. Now, I have three kids. My wife, I would consider probably to be a sleep expert. She gets our kids to sleep through the night very quickly every single time. She's read all these different books. She's gone through all these different coaches and sleep consultants that taught her exactly how to do this. Like this is one of those things where there are methodologies to making sure that your child falls asleep. And she went through all these different classes. And each kid was very different. Did you have to know how to make adjustments and how to

Starting point is 00:40:52 make changes based on some of this stuff? And so many of these parents, they're desperate, They're motivated buyers, and this is a service that you can deliver entirely by video and or by text if you wanted to. And there is zero inventory. There is nearly 100% margins outside of maybe some subscription costs for a website and things like that. And you are fully location independent when it comes to doing a business like this. Okay. So step by step. Here's exactly how I would start. One is you can get certified to be a sleep consultant through a sleep consultant training program. couple of them out there. But this builds your method and it as importantly builds your credibility, especially with anxious parents who don't know if you actually know what you're talking about.

Starting point is 00:41:37 So that's number one. Two is to build two to three different packages. So you can build packages based on a couple of different options. And you can have more pricing when it comes to some of these options. And then deliver it virtually. So you can have an intake questionnaire and then a custom sleep plan. And then one to two weeks of either daily texts or daily calls supports when parents really need it because this is going to be very, very helpful for them because a lot of times things will change or things will shift. You can also do this as weekly calls to coach them through this. My wife did one of them. I remember where the lady would have group coaching calls and they would do those coaching calls three times a week and, you know, the group would come in and they would

Starting point is 00:42:14 ask their questions, they would get their questions answered and they would move on to the next time. And so this is something you could definitely do in there and you could do it, you know, even like a community where someone gets a one-year access to your community where they can ask you group coaching call questions, things like that. And then once you have your first couple of clients, collect some wins, collect some testimonials. And this niche obviously runs entirely on those testimonials and before and afters. And so you want to make sure that you collect a couple of those as well. If you have friends who have kids or babies, help them through the process for free so that you can get some testimonials going and you can really, really help a lot

Starting point is 00:42:44 of people out. First of all, you're going to be helping people with this. This is going to be a very rewarding system. And two, you can really, really do some amazing stuff. Then you can raise your prices once you get some of that stuff. An example of this. And one that has scaled this to a massive of business is taking Kara babies. Her name is Kara. And so it's called taking C-A-R-A, taking care of babies where they do coaching, they do courses, they do all kinds of stuff on sleep training, and they charge a lot of money to do it. She makes, she just crushes it doing this kind of stuff. But you can do all kinds of packages. So newborns and infants, you could do sleep training for, you know, young kids when they are pretty young. But then also there's sleep regressions.

Starting point is 00:43:23 And you could do sleep regression training where maybe a toddler, starts to regress or what do you do if your toddler wants to jump into bed with you? Or what do you do if once you put your toddler, you know, in their first big boy or big girl bed? What do you do about that? And there is all these different packages that you can put together where you have these parents with you for four plus years, depending on how many kids they have and what's going on. So I think there's some really, really cool stuff here. And you could do hourly rates that run usually from $75 to I think taking care of babies. Coaches were like $200 or $250 an hour. And you can sell these.

Starting point is 00:43:56 and packages so that it's packaged together where you get these basic packages for three to six hundred bucks if you know what you're talking about then you can really really get you know the extended support for even more and then eight to 10 comprehensive clients a month means you're making over a thousand dollars per month you can totally just in a full-time income if you get a bunch of different clients or you do group coaching or things like that so how do you market and grow this well i would market and grow this with content content is going to be the big key i would have a podcast just like this one about you know just different tactics and things that you'd be doing what you talk to clients about and how you work through this with clients. I would have a, you know,

Starting point is 00:44:30 social media channels that are going to help you through this. And even if your social media channels, you don't know what to post on there, just come up with the top 100 questions and make 100 videos answering those top 100 questions. Each video shouldn't take you that long to make. And it's just, you know, questions that terrified parents ask Google at 3 a.m. You can build trust and you can start to bring in introduced leads just by doing this. You can also go to local mom Facebook groups and start to talk to them and say, hey, I'm starting up this business. I would love for anybody who is struggling through this. Or if they know anybody who is struggling here, that could be something you could do. You could partner with pediatricians. You could partner with doulas or daycares

Starting point is 00:45:08 or all these different places to really, really help you through with these referrals. And then grow by adding group programs or digital programs so that you can help parents who can't afford one-on-one, but you can put them together in groups. I think the group ones are really great because you can charge less per person, but a lot of people can get help all at the same time. And this can scale your income really fast because you're helping 10 people at once instead of just one. So this is really all about reputation. It's about helping some people up front early and then having your reputation getting spread across, I think is really, really important. These testimonials are going to compound. And then you can raise your prices. You can add in courses. You can add in community so that people

Starting point is 00:45:45 can work through all of this together. And I think this is going to be one of those areas where if you help people do this, it's going to provide so much relief and they're going to be so thankful for all the help that you provided them. I know when we went through this, we were so thankful for once we got our kids to figure it out to fall asleep. Each one again was different. And so it's going to be really helpful to so many different people. Well, listen, those are the five side hustles that can turn into a full-time income. If you guys have any questions, make sure you go to mastermoney.com slash newsletter, join the newsletter there and you can ask any questions whatsoever. We have some Q&As coming up. We have some fun episodes coming up. So really, really excited for those

Starting point is 00:46:21 as well. Also, if you want to dive deeper with me, I highly encourage you to join Master Money Academy. We have a seven-day free trial down below. You can ask me questions on a weekly basis. As you can see, two of these side hustles came from folks inside Master Money Academy. I'm talking to folks every single week inside there. We have all of our courses. We have a committee of people who is working together to build wealth. So I am really excited for each and every single one of you to check it out if you haven't done. already. We'd love to invite you to join Master Money Academy and can't wait to see you inside. Again, thank you so much for listening to this episode and we will see you on the next episode.

The Personal Finance Podcast - 5 Side Hustles That Can Turn Into a Full Time Income (Part 4)

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