💸 $15,000 in 6 months with this unique side hustle

your step-by-step guide to creating your own pedicab business

GM. This is Work "After" Work, the newsletter that gives you the 1-2 punch to increasing your income. We're like the Rocky Balboa of side hustles 👊

It’s Friday, let’s boogie:

  • 🚴 The pedicab business

  • 🤖 Techy Tech

  • 😂 Meme of the day

PEDALING TO SUCCESS

A few days ago I was at a Chicago Cubs game, and on our long walk to the stadium, I saw all these bicycles with big carriers on the back.

“Need a ride, need a ride?” each of the drivers 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 “How much to the stadium?”

“30 bucks” 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 (similar to what Redditors say they’re making). 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 in case 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 into 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 creating an LLC would cost you around $500…😬 but if you want to create your LLC for free, don’t worry I gotchu covered.

Incfile sent me over a special link where you can get one for free and judging by the fact you’re reading this, you’re interested in starting a side hustle - so it’s best to have an LLC setup regardless. *in some states there may be set-up fees*

🚨 Don't skip this part or you'll be pedaling your way into fines and trouble

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 a speaker to entice people and give them a great experience while riding.

You could also go down the rented pedicabs path but these companies (like this one) 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 and the parking lot is too small causing people to park far away and walk long distances to the venue - this is the jackpot event!

A Chicago Bears game is 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 “events in [your city]” You could do this for any big events in your city - professional sports games, concerts, festivals, etc.

TECHY TECH

In today’s section of Techy Tech I have a near-perfect human interaction an interested Tesla buyer had with a computer. It even scheduled a test drive and I doubt the guy knew he was actually talking to a computer.

Lessen the lag a bit and I don’t think I’d ever be able to tell either.

This AI sh*t is getting crazy! Check out the video 🤖

MEME OF THE DAY

😂😂 what a throwback

That's a wrap! Enjoy the weekend :)

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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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