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- ๐ธ Make over $30k/yr with this unique side hustle
๐ธ Make over $30k/yr with this unique side hustle
Your step-by-step guide on how to do it
GM. This is Work "After" Work, the newsletter that gives you that 1-2 punch combination to increasing your income. We're like the Rocky Balboa of side hustles ๐
What we got for ya today:
๐ด The pedicab business
๐ Meme of the day
Time to get goin: 1-2 weeksEst. start-up cost: $4,500Potential return in 6 months: $15,600
PEDALING TO SUCCESS
A few days ago I was at the Chicago Bears game, and on our long walk to the stadium, I saw all these bicycles with big carriers on the back.
โNeed a ride, need a ride?โ each one of them said. They were decked out with lights and blasting music - they honestly looked super fun.
We still had 1 mile to the game so I asked the guy, โHow much to the stadium?โ
โ30 bucksโ he responded.
I was shook... and that's when I realized these people were making a killing.
He was barely pedaling - the bike was part electric.
He was easily doing 10 rides a night, if not more. 5 before the game, and 5 after.
That means in one night he did at the very least $300. Multiply this out for 2 events every week times 26 weeks (half the year) and you have $15,600 in the first 6 months of this business.
I did some digging, and apparently, these rides are called pedicabs or rickshaws...so here's how to start your own pedicab business, all while staying fit.
Your Guide to Pedicabbing
1. Start an LLC and get your business license
In every state you're required to have a business license. In Chicago, a business license costs $250 per year, and in some states and cities, insurance, is required too.
You'll most likely want to buy insurance anyways though, just incase someone falls out or your bike gets hit by a car.
Who knows, it's a wild world out there and you want to be covered. Just $450 - $1,000 a year will cover $1 million in coverage insurance.
This is also where an LLC comes in to play. If something bad does happen, we only want the person suing to be able to go after your business, none of your personal assets.
That new Audi you just got...they can't touch it. Having an LLC gives you this protection.
Now normally to create an LLC it would cost you around $500โฆ๐ฌ but if you want to create your LLC for free, donโt worry I gotchu covered.
Incfile sent me over a special link where you can get one for free and judging by the fact youโre reading this, youโre interested in starting a side hustle - so itโs best to have an LLC setup regardless. *in some states there may be a set up fee*
๐จ Don't skip this part or you'll be pedaling your way into fines and trouble ๐จ
2. Build, buy, or rent your bike
You can either build, buy, or rent your bike.
Personally, I'd look for a used one that I could fix up a bit. Something that just needs a little elbow grease.
New pedicabs go for anywhere between $3,500 - $9,000 for the super fancy ones. I think you could make yours super fancy at half the cost.
Go to Google and search "used pedicabs for sale" and you'll find a bunch you can choose from.
From there, you'll want to buy a canopy (if it doesn't come with one), cool neon lights to go around the frame and canopy, and speaker to entice people and give them a great experience while riding.
You could also go down the rented pedicabs path but these companies do take anywhere between 20% - 50% of your profits.
3. Look into events in your area
If there's a huge event in your area, the parking is bad, and people are going to have to walk long distances to the venue - this is a jackpot event.
A Chicago Bears game if a perfect example, the stadium holds 61,500 people and there's not even close to that many parking spots. The streets are flooded with people looking for rides, you'll get business.
I'd look for events with Eventbrite or simply google โevents in [your city]โ You could do this for any big events in your city - professional sports games, concerts, etc.
MEME OF THE DAY
Costco lures me in with $1.50 hot dogs so that they can upsell me on the $37,000 scotch.
โ Chris Bakke (@ChrisJBakke)
7:54 PM โข Oct 16, 2022
Yeah, this is a real thing. I never knew Costco even had this. Who's buying this?? ๐๐
That's all I got for ya today folks!
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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