How I Make $20,000 a Month with My Dumpster Side Hustle: Three Easy Steps
According to The Sun, Side hustles have become a popular avenue for individuals seeking to supplement their income, and one entrepreneur is making a substantial profit from an unexpected source: dumpster rentals. TikToker Go Trailer recently shared how this unique business has generated an impressive $20,000 a month.
A Dirty Business with Big Returns
While dumpster rentals might seem like a dirty job, it’s proving to be a fast way to earn significant cash and an easily scalable business model. “We originally started out with only three dumpsters, and now we’re on our way to potentially nine or even eleven,” the entrepreneur shared on TikTok.
The key to his success lies in a well-structured business model. He charges customers based on the size of the dumpster and the rental duration, making it an attractive option for those in need of waste removal.
Profitable Rental Strategy
The TikTok entrepreneur revealed that he rents about 10 to 13 dumpsters each week, contributing to his nearly $20,000 monthly income. One of the most impressive aspects of this hustle is the profit margin. “Currently rocking about a 72% profit margin,” he stated, highlighting the financial potential of the business.
Getting Started
For those interested in starting a dumpster rental side hustle, initial costs can vary, as you will need to acquire at least one dumpster. The entrepreneur mentioned finding a trailer for $800, but with some research, it’s possible to find cheaper options.
To kickstart the income flow, he recommends renting out trailers multiple times a week for rates ranging from $40 to $55 per day. This foundational income can then be reinvested into acquiring additional trailers.
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Scaling Up with Larger Dumpsters
As the business grows, the next step is to invest in actual dumpster cans, which can significantly boost profits. Each rental of a larger dumpster allows for higher pricing, with the entrepreneur noting that he charges between $400 and $500 per rental.
For instance, on his Go Trailer website, a 15-yard dumpster rental for seven days costs $495. Additionally, he offers the option for customers to extend their rental period for a small fee of $15 per extra day.
Important Tax Considerations
It’s crucial for aspiring entrepreneurs to remember that any additional income generated from this side hustle must be reported to the Internal Revenue Service (IRS). Failing to do so can lead to hefty tax liabilities.
Conclusion
With a well-planned business model and a focus on reinvesting profits, dumpster rentals can be a lucrative side hustle. Whether you’re looking for a way to earn extra cash or considering a new venture, this unconventional business might be worth exploring.