5 Side Hustles That Can Turn Into a Full Time Income (Part 4)

Speaker A: On this episode of the personal finance podcast, five side Hustles that could turn into a Full Time business. Part four. What's up everybody and welcome to the Personal Finance podcast. I'm um, your host, Andrew, founder of MasterMoney Co and today on the personal finance podcast we're going to be talking about side hustles that can turn into a full, full time business. If you're getting value out of this podcast, consider leaving a five star rating and review. And 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, make sure you join the Master Money newsletter by going to MasterMoney Co 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 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 gonna allow you 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. But also just imagine having an extra 10, 20, 30, 100, $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 Uber or delivering, you know, 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, $200,000. I mean that would be a really, really cool outcome for building something up. On the side. And so there. These can turn into very large businesses, I believe. And 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 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 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 another 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 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 or organization is something that is not new. This is not something that is going to be groundbreaking for a lot of folks out. But let me just tell you something, okay? I have a three car garage night, uh, right now. And one of the bays is my home gym. The other two bays are just filled with kids crap. 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, to get some storage bins 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 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, 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 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. And when I would show up, I would put this into three different piles. When you start to work on some of these garages, I would put into keep, which keep is just the stuff that the homeowner wants to keep. I would put into stuff that means organize so the stuff you need to organize for them and then sell. Because there are going to be three income streams that we'll talk about here in a second. And then once you do this, you can deep clean the space. You can install, 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 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 where you can share 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. 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. Here are the three income streams that I would look at. Okay? Number one is obviously the initial clean out itself. So the initial cleanout, if you charge by garage size, you can charge anywhere from 150 to 400 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 could 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. 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 clean out and what the part of the package I would put together is. Okay, we're going to do the initial clean out and then number two is the maintenance subscription. 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 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. 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. 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 build neighborhoods where a lot of young families are there and they have toys and ride ons and ATVs and all this just, just junk inside of their garage that need to have it organized over and over again. This can be really, really important. I, my kids throw stuff on the 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 watch that Gary Vee was talking about, which we will link it up down the 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 clean out, 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 haul away 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 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 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, uh, grease. You may need a big enough car to be able to do this to haul the stuff away. But how would figure this out? Well, first, obviously I would do tons of uh, before and after content and in fact I would try to get as many customers upfront 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 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 review. Now uh, you can set this up on systems, you can set this up on automations, you can have Claude cowork 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 uh, 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, 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 three, five, seven 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 clean outs 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 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 ah, 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 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, uh, 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. 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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, 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 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 sauna. 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 it further, it can reduce heart disease, 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 setup 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. 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, 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 saunas. These are saunas that are typically wood. And then you have to put them together. And when you put them together, it can take anywhere from an hour to four hours to put, uh, us on it 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 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 licensed electrician for some of this stuff so that you have the right stuff in place. And then water and drainage for the, the plunge is going to be also important. And like, for me, I put it on my backyard pool deck is where my plunge is. 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 showpiece to install. So you can build a piece in your backyard and, 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, 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, you know, package the, the sauna and the cold plunge, I think it's 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, 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. 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, the materials for 8 to 10,000 bucks and then you charge 15, 20, $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 and a water care plan, and 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 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. Uh, 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. 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, uh, 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 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, uh, image generator that looks real, that's another thing you could be doing, uh, 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 could even go to people's backyards. And every single time you go to their backyard, you could do renderings of, you know, what the Sauna and the cold 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 job a month 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. We had a member in there who, uh, 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, uh, when it comes to this list. So this is probably the easiest one in place. But you got to have a little capital on hand to make this work, because this is literally a business that you could start with just under supplied 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, and you could 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, 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 you 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. 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 ball game 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, you know, each step that you need to put this in place. 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. And then open outdoor lots, uh, are usually the cheapest spaces 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 underused 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. So I think a lot of times something, sometimes not owning the land and just doing splits or revenue, revenue deals, 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, um, 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. 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, you know, your acreage and your gravel and your fencing within the first year. 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, this, and then make sure you own boater search engines. So things like boat storage near me seasonally can be really, really powerful. 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 the lot, and all of a sudden you want to invest in some covered structures. Well, then that, that is going to get you some higher rent. And it's going to be helpful in terms of, you know, helping you scale a real asset here. Because if this starts to produce real income, you, 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 and 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 could do on the side, especially when you set it up online. Okay. And so you have this online portal where people can book and, you know, maybe they, 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, 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. 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Use code pfp@uh monarch.com to get your first year of monarch core half off at just $50. That's 50% off your first year@uh 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 Podcasts, 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. 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 talk about this in the podcast about buying a boat 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, uh, depending on the size. You can get a pontoon boat for like, 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. 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 uh, 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 platform. So there's things, 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 captain 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 M. You know, and you set it up that way. So what, what would I do to start this? Well, first I would list your existing boat, if you have one on boat setter 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, how expensive should it be, how cheap should it be, how do I get it running, those types of things? So 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. Some really good listing photos. And I would build reviews with my first few rentals. And so, 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 couple of reviews, and then you can raise your rates over that time frame. So maybe the first couple are 100 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 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, 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 bass fishing charter, you can package it as a wakeboard and ski day. And when you package this, you can, you can even do a bachelorette party boat if you're in an area where there's a lot of bachelorette parties or bachelor parties you can set up. Maybe, maybe you paint it pink and you do a bachelorette party boat. 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, uh, cool in 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. 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 on, uh, you know, one weekend day a week or something. And that can absolutely be a great way to do this 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, 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 that they can do with their guests. And then you can grow from one boat to a, ah, 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 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. Uh, but I think this is a really interesting business 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, uh, having a boat or an 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 that could be something you're an expert in. And this idea came from Master, uh, Money Academy as well, where we had a member in there who's 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, of, uh, exhausted parents, they will pay literally anything to learn how to get their baby to fall asleep. Because, you know, after the first couple of weeks, you realize 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. You have to know how to make adjustments and how to 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. There's a couple of them out there. Uh, 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. 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 uh, 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. Uh, supports when parents really need it because this is gonna 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 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, 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 of people out. First of all, all you're going to be helping people with 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 business is taking Cara 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, uh, courses, they do all kinds of stuff on sleep training and they charge a lot of money to do it. She makes a, 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, are pretty young. But then also there are sleep regressions and you can do sleep regression training where maybe a toddler starts to regress. Or what do you do if your toddler wants to jump in the 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 could 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, 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 in 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 8 to 10 comprehensive clients a month means you're making over a thousand dollars per month. You can turn this into 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 and what you talk to clients about and how you work through this with clients. I would have a, you know, 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 a top hundred 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 3:00am um, 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 somewhere something you could do. You could partner with pediatricians, you could partner with doulas or daycares 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 point one 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 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 gonna be really helpful to so many different people. Well, listen, those are the five side hustles that could turn into a full time income. If you guys have any questions, make sure you go to MasterMoney Co 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 apps 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 uh, 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 to check it out. If you haven't done so 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.