Pedal your way to thousands a month

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 👊

Happy Friday Eve! Here’s the docket for today:

• 🚴 The pedicab business

• 😂 Meme of the day

Before the heat: This Saturday I’m sending an email with 3 big businesses you can build off the rising popularity of animal yoga! If you want it to pop up in your email + get access to over 150 other million dollar ideas that no one is talking about upgrade here!

I think we can all agree the worst part about paying in cash is having to deal with the change you get back…

What if I said there was an app that used your spare change to make you more money? Well, I recently came across this app called “Acorns” - they take your spare change and invest it for you (Think spending $5.50 on coffee but it’ll automatically round it up to $6 and invest the other 50¢ for you)

• Everything is automatic you don’t have to do anything

• They have experts that invest your spare change for you

• You can track everything on their app

It might not sound like a lot but - let's say you get $50 worth of change invested every month, you’d have close to $40,000 in 20 years (10% return)... not bad for doing nothing 🤷‍♂️

AND if you sign up using this special link you’ll get $20 as a bonus (for free!)

PEDALING TO SUCCESS

You know what’s just around the corner? Baseball season!

The time when millions of people a year get off their couch to go drink and turn baseball stadiums into karaoke bars for the 7th inning stretch.

Last year when I was on my way to a Chicago Cubs game, we had a long walk from where we parked to the stadium. Luckily, 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 go so I asked “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). Take 2 events every week and times it by 26 weeks (half the year) and you get $15,600 in the first 6 months of this business.

I did some digging, and apparently, these rides are called “pedicabs”. Previously known as “rickshaws” when manpower was the way. Good thing it’s now done with bikes 😅 

So here's how to start your own “pedicab” business, all while staying fit!

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 anyway though, just in case someone falls out of your bike or 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 to $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 bluetooth speaker to get it jammin! 💃 

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.

And that’s all I had today. Happy hustling! 💪 

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That's a wrap! Enjoy the weekend :)

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.