5 Side-Hustles That Can Turn into a Full time Income! (Part 2)

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2:52what's up everybody and welcome to the personal finance podcast i'm your host andrew founder of mastermoney.co and today on the personal finance podcast we're going to be talking about five side hustles that can turn into a full-time income part two. If you guys have any questions, make sure you join the Master Money newsletter by going to mastermoney.co slash newsletter. And don't forget to follow us on Spotify, Apple Podcasts, YouTube, or whatever podcast player you love listening to this podcast on. And if you want to help out the show, consider leaving a five-star rating and review on Apple Podcasts, Spotify, or your favorite podcast player.

3:31Now today we're going to be diving into part two of the five side hustles that you could turn into a full-time income. This is going to become a series that we do every month or maybe every couple of months to generate ideas for you. The entire point of these episodes is to generate ideas. Now a lot of times I will get a ton of emails, actually a flood of emails after we air these episodes because seemingly a lot of you it sparks ideas for things that you can do. Sometimes you want to go after the businesses that we are talking about. Sometimes you will say, ooh, I love that business and I have an idea iteration for that business that I want to test out.

4:05So a lot of you are starting businesses based on these episodes, which I absolutely love, which is why we want to continue to do them because we want to give you ideas so that you can earn more money because your income is the most important part of building wealth. And if you can raise that income over time, it'll absolutely change the way that you see your dollars going forward. Now, here's what we're going to do is I'm going to give you a couple different criteria of how we kind of think about this. This is not side hustles like driving for Uber Eats or going out there and doing task rabbits.

4:32This is stuff where it's going to make you real money, where you can scale it into a full-time business. If you wanted that full-time income doing something else, it solves a real repeatable problem. It has a clear path to premium pricing because we want to make sure that we can price these high enough so that you can earn that full-time income. It can generate consistent cashflow, or there's a real way that it can generate cash flow by starting either some sort of pipeline of marketing or being able to see something consistent. Also, you can start this part-time, you can do it on evenings, you can do it on weekends, but then you can carry it into full-time going forward.

5:06It can be systematized and delegated, meaning that you can have employees come into play and help you with this process. It has clear room to scale beyond you, and it's a broad enough market. It's not super hyper niche. If they are hyper niche, I want you to kind of compile a couple of those put together in all of that. Now, we also talked through some of them on this one with low startup costs, a flexible delivery model, and fast launch to get you your first paying customer. That is really important. Is time to first paying customer is one of the most important things that we want you to be able to figure out.

5:38So we are looking for things that have demand. And we are always looking for things that have demand when we do these episodes if we can. But I'm going to start generating some ideas for you. And typically, the way we want to try to do these is sometimes if you are handy, we're going to have side hustles for that. If you are really technically inclined, we're going to have side hustles for that. If you are really good with AI, AI is going to be a big part of this going forward because there are so many different AI business that you can start, then we're going to have some ideas based on that.

6:05And if you are someone who is just really willing to put in some of the sweat equity, then we're willing to do that as well. And we're going to talk through all of those. So this episode is action-packed with stuff where you can start it with AI. Some of these are going to be able to start it with just, hey, being a little bit handy and knowing how to put things together. So this is a really good episode. It has a little bit of mix of both, and we are really excited to go through this one with you. So without further ado, let's get into the first side hustle. All right, so number one, this idea is stemming from a real problem that I have.

6:35So I live in a neighborhood where if you want a basketball hoop in your driveway, you cannot have a portable basketball hoop. This is an HOA neighborhood, and I know some of you probably absolutely hate HOAs. To be honest, I actually kind of like HOAs. Why? Because everybody in the neighborhood keeps their house looking good. And so that, to me, I care about that because I've lived in neighborhoods before where there are no HOAs, and then people just absolutely destroy their yard, or they leave cars in the middle of their yard, or it's just absolutely terrible what their house looks like. And so for me specifically, I don't mind an HOA.

7:07Some of you probably absolutely hate HOAs. You would never live there, and I get that too. I completely understand that. But for me, that's how it is. And so because I live in a neighborhood where you must have your basketball hoop in ground, and it must be a specific type of hoop for you to have that basketball hoop, then this is something where it developed a need for me, okay? Because putting together an in-ground basketball hoop takes a ton of time, and it takes a ton of energy, and you got to be a little bit handy to be able to do it. Now, I have done one in the past. When I was a kid, my dad and I put together an in-ground basketball hoop, and we had that there.

7:39But it took us hours and hours and hours. And honestly, I don't even think we fully did it right, to be honest. And so this drew a need where I started to look for someone to help me put in an in-ground basketball hoop so I did not have to do it. And so this need became something where I started to call around and started to get prices from people to put in an in-ground basketball hoop. And let me tell you, my friends, this is not a cheap endeavor because first you got to buy the hoop and then you have to go out and get that basketball hoop installed. And so I want you to think about different things that would kind of fall into this criteria.

8:11Maybe there's other sports things that you could be installing, but a basketball hoop is a very easy one because there are a lot of neighborhoods now, specifically in my area, where you have to have an in-ground basketball hoop. And so I started to call around and all of these folks were answering the phone and they do a ton of these installations. Meaning if you're willing to put in a little sweat equity and you start to get good at this, you can really make some good money, especially if you get a good team put together. How much does this cost? Well, in my area specifically, It costs around$400 to$500 to get an in-ground basketball hoop installed.

8:42And so when you want to go do this, it's a two-step process, okay? So what you have to do first is you have to put the base in. So you have to go get some bags of concrete, which are pretty cheap, and you have to put the base in. So you have to dig the hole, put the concrete in, and so you can have the anchor point set to let that concrete settle. And then a couple of days later, if not a week later, you're going to come back and actually assemble the hoop and put the hoop up, okay? So it's a two-step process. And this specific guy who came and did this, it took him about two to three hours to do this.

9:12We paid him about$465 to install this hoop. And he was done and moved on. And so I got to talking with him and I said, hey, how many hoops have you done over the course of just the last year or so? And he said, I've done over 50. This is my side hustle, but he's done over 50. So he's generated$25 ,000 just doing nights and weekends of installing basketball hoops in one neighborhood. It's only in that neighborhood that I live in because he also lives in that neighborhood, but he has not even carried out or advertised or anything else. This has all just been word of mouth from him to be able to install 50 different hoops in just one year alone.

9:47So that's$25 ,000 of revenue that he has generated directly to him just from doing this work. He didn't need any equipment. All he needed was a couple of tools to be able to assemble the hoop and then know how to kind of put in the concrete base and make sure that you buy a couple of bags of concrete. Concrete bags are really cheap. If you didn't know, they're a three to five bucks bag and you can get them really cheap at Lowe's and Home Depot. And so this is something where the supplies are really cheap. And if you start to actually market this, that you are the person that does this, you can do some really cool stuff.

10:15Now, there's a couple of things I wanna talk about here. One is you can assemble the portable ones. If somebody's allowed to have a portable hoop within their neighborhood, which most people are, then you can be the person who goes out and assembles portable hoops. Secondarily though, you can do that for 250 bucks, somewhere in that range. Secondly, in-ground hoops. You can charge anywhere from$500 to$1 ,000, to be honest, in some different areas where you can really make some good money there. Also, if you want to be interested in court line painting or anything like that, you can also do that.

10:43Now, how are you going to get customers? There's a bunch of different ways to get customers. One of which, though, is I'd create an SEO-friendly website, meaning that I would create a website that you are the in-ground basketball hoop person of whatever county you're in or whatever city you are in. And you have this website set up and you become the best SEO friendly person to be able to do this. Okay. Because if people are starting to Google and search, what I would find is like a big brand, for example, that with big expensive basketball hoops is Gorilla. Okay. Gorilla has distributors that will help them kind of put in hoops.

11:15And another one is going to be ProSlam. ProSlam, then you go look and it has, Hey, here's my, our assembly folks. And it has a list of people who will assemble hoops. So you can get on both those websites and make sure that you can also help them assemble hoops. So that is a couple of places that you can start, but also going into neighborhood Facebook groups. That is going to be a great way for you to be able to meet people and to do some guerrilla marketing where it's absolutely free. You don't have to spend any money. You just tell people, hey, if somebody starts to post about a basketball hoop, you set up some alerts, it comes into you, and then you are able to go out there and start talking to them and say, hey, I will do it for this price or I will do it for this price.

11:52Hey, if you leave me a review, I will even do it for 50 bucks less. These are all the types of things that I'd be doing early on. And all you really have to spend is about three hours to be able to assemble that hoop in that two-step process. Okay. Another way is you can hand out flyers at Costco or Dick's or Academy. If they will have you become one of their installers, then you can install stuff like that. You could do a Google local search business and you could do some referrals or seasonal promos as well. and you can do this in a number of different ways. Now, here's a second part of the business that I haven't discussed yet, is you can sell the hoops, meaning you can either get in-ground hoops overseas so you can go to overseas distributors who make these in-ground hoops, the same quality as the big ones here, Gorilla or ProDunk, and maybe you can even sell them for less, but have a markup where you make some money on that.

12:42So now you're selling the hoops and now you're installing the hoops and it takes you from maybe$500 per transaction all the way up to closer to 1 ,000 or maybe even$1 ,500 per transaction in net profit. This is gonna be a huge difference maker for a lot of people. And maybe you can even white label your own brand going forward and try to grow that from there. A lot of opportunities here, and it's not just basketball hoops. You can start to put in different things that would maybe interest other people. If you got good at putting in turf or something like that, you could put in backyard putting greens and you can start to do more sports equipment.

13:12But I think there's a lot of opportunity here for maybe you to first be putting in the hoops and you be doing the sales. But then eventually you take yourself out of that situation and you have a team that goes and installs the hoop. Maybe one group installs the concrete. The second group installs the hoops and they just put those up. Boom, boom, boom. And you are knocking a bunch of these out every single day and you are doing all the sales. This is how you start to scale up a business like this and build a reputable business like this. And I think if you are willing to put in a little sweat equity, put in a little elbow grease, you can really, really do well by doing this.

13:47And so if you want to scale, I think you can have a team in place. I think you could really actually make a great full-time income just by installing basketball hoops within a specific area. And then you can start to expand it out more and more and more to larger areas as you have a team in place. So that is the first one. It is assembling and putting together basketball hoops. Again, I think you can make six figures doing this. And if you're really good at scaling a business, you could probably even do a lot more than that. You just got to find the right avenues in order to be able to do this.

14:13So if you're handy, putting together basketball hoops is the first one. All right. The second one is another need that I have had over time. And if you're willing to put in some sweat equity, this is another great sweat equity subscriptions of something that I would truly be interested in going forward. So this is something where I'm calling it the garage organization subscription. So if you have a garage at your house, you know that if you go out and organize your garage and if you have a family or if you have kids within a couple of weeks, that garage that was completely nice and neatly organized is all of a sudden chaos once again.

14:47For me specifically, I have all these different kids' toys like ride-along toys. I have their bikes. I have their sports equipment. And everything just starts to get thrown around in the middle of my garage. In addition, I have my home gym in one of the bays of the garage. I have vehicles inside the garage. And so there's a lot of different things going on in my garage. It just, it gets messy. And for me, it is so much more peaceful when I start to organize my garage again. Now, I don't mind organizing my garage. I go in there and I'll start to put things together, but I have too much junk and I have too much clutter in my garage to really make it really organized.

15:21And so what I think you could do is start something like a garage organization subscription. And so here's how it would work. First, you would get your initial consultation, okay? And you would give somebody an initial consultation and what's your big, this is gonna be your big ticket item to get it kickstarted, is you are going to put together a garage organization plan. And so what you're going to do is you're going to figure out, hey, how much are these materials going to cost for us to install this garage organization plan? And you're going to figure out, okay, I'm going to put together some cabinets or some shelving.

15:48I'm going to put it inside of the garage and I'm going to hang up the bikes here. I'm going to hang up the garden tools here. I'm going to make sure the toys are organized here. And if you have an eye for organization, and if you have an eye to be able to put in some sweat equity, this is going to be a great thing for you. So this is also a great business for a couple. where maybe the husband or the wife is handy and the other person is really good at organization, then this would be a great tandem where you can both kind of work together on this business and be able to scale it. So initially, you're gonna help organize their garage.

16:17And there's different tiers and different budgets that you can put in place. You can put in, you know, the really fancy cabinets can be the top tier, or you can just put in some very simple shelving or maybe even some wall hangers that are just gonna help them get things off the floor. Once you have that in place and you have the initial garage organization, you can start to then put together packages where, hey, we will come once a month and we will reorganize your garage again. If your garage goes into chaos, we will come here and we will make sure that everything is organized. So you have a nice, clean, neat garage that is organized once again.

16:50This is something that a lot of people would pay for. And I promise you, because most people, if you walk into their garage at any given time, it may be a little organized or it may be just absolutely chaos. And in both situations, those folks are willing to pay someone a monthly subscription to come back in and just help get it organized and cleaned up again. And so you can start with this initial consultation, whatever the overhaul is, maybe it's$500 to$1 ,500 to get the whole garage completely organized with all the materials and all those different things. And then you do the monthly or quarterly upkeep, and you can do it for$50 a month, or you can do it for$200 a quarter, or whatever you're thinking about doing there, where you have this subscription model that you are helping people stay organized.

17:30Now, some upsells that you have is you can put in some new shelving. Each time you do some organization, you can do junk removal, meaning you show up with some sort of truck and you can remove some of the junk that they don't want. You could do seasonal swaps, meaning if there are things that they want out and they just want put in a storage unit, you could do that kind of stuff for them and charge them a lot for that. So this is something where I think there's a lot of cool upsells that you can figure out here just by having some garage organization. Now, how are you going to sell this thing?

17:56How are you going to get customers? First, you're going to start taking before and after pictures. So maybe you offer to help people organize their garage for free for the first three or four folks that start here. And you're going to take before pictures and you're going to take after pictures. And you're going to start to post those on Facebook groups. Or you could take your own garage, for example, and do before pictures. Make it all messy. Throw stuff all over the place. Make it all messy. And then do an after picture of how organized your garage is. Then you could also partner with realtors or you can partner with moving companies and tell them, hey, here is my information of this garage organization subscription.

18:30We will help people in their new home, make sure that their garage is organized. And so that is something where you could target with folks like that. You could target new homeowners. So you can start to send out flyers to new homeowners or mailers to new homeowners or Facebook ads to new homeowners, which is probably the best way that I would go, where you can do before and after pictures. And then you can do a free garage audit as a lead magnet. So one big lead magnet you could do is, hey, I'll look at your garage. I'll tell you how we can organize this. I'll give you some free quotes. And you're going to be running around doing a lot of free quotes at the beginning, but this is going to help you get some of your initial customers.

19:04We're going to have to put in a little sweat early. But then once you start to get those customers, and if you do a really, really good job, word of mouth is going to spread so fast because I'm telling you, people want this. People want to have garage organization. Now, some people like doing it on their own, but if you're someone who does not like to do it on your own because you value your time to do something else first, you know, then this is something I think a lot of people would want. Now, how do you scale? You can build neighborhood routes, whereas now you have the garage organization team kind of moving around and doing some cool stuff there.

19:33You can hire assistants. You can hire people to help you with some of the intake forms, with some of the sales, and you can bundle maybe attic or basement or even shed organizing as well. Because in Florida, we don't have basements because they would flood all the time every time there was a hurricane. And what we do have attics. And so there are things like that that you can start to bundle together to help people just get organized. And so this is something where if you got that organization skill and you also are willing to put in some sweat equity, you can really do some cool stuff with this.

20:01I think you can make good money. I mean, I think you can make really good money. Those initial consultations are gonna be big bulk revenues for you. And the recurring revenue is just going back to people's places and making sure you organize those garages. Now, if somebody's garage, when you walk in every single time, it's just completely trashed, what you can do is like what car detailers do. They will charge you extra if your car is completely trashed and there's just stuff everywhere. Same thing for garage organizers. You can do the same exact thing and be able to really scale this. This can be a national company.

20:29I'm not joking here. This is something you could do nationally if you really scale it well and you do a very good job. This is something that I think if you charge a decent amount, you're not trying to overcharge people. This just isn't only for the rich, but this is something that you could do where a lot of people are able to be able to pay what the subscription cost is. You can really, really crush this over time. You just got to think through some of the logistics, some of the costs, Some of the big costs are going to be travel time. Some of the bigger costs are going to be, you know, just some fuel costs and obviously materials.

20:57But if you price those right, you can really crush it when it comes to this business. It's kind of amazing how much can change in just a single year. Every summer, the kids are a little bigger, a little more independent, and life looks a little different than it did the year before. And it reminds me that while we can't predict the future, we can prepare for it. That's one of the reasons I like Policy Genius. See, Policy Genius isn't an insurance company. They're an online marketplace that lets you compare life insurance quotes from some of America's top insurers side by side for free. And their licensed team helps you compare coverage, prices, and terms, answers your questions, and even handles the paperwork so you can get the right policy without the hassle.

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