If I were starting over I would look at founding one of these 3 businesses

[man_in_pain]

Not every industry is created equally. Below are 3 businesses that can be started for under $20,000 that can become million dollar enterprises. Below you will see an explanation of why these businesses are great and creative ideas on how to market them.

Along with each section is a corresponding time stamp for those who would like to watch/listen instead of read or gather more context.

Mobile Mechanic Business 1:00:

This is a service where a trained mechanic repairs personal or commercial vehicles on site. The combination of the convenience of this service and the skill required allows the potential to charge a high hourly rate for simple repairs.

Why We Love the Mobile Mechanic Business:

1. The potential for re-occurring commercial clients. I own a moving company and trucks break down. Anyone reliable who charges a fair price would get our business every single time.
2. The industry players are extremely unreliable. I have never had a mobile mechanic personally who offered good service for more than 3 visits. Someone who can answer the phone and show up on time will be leaps and bounds better than the competition.
3. Even the business' with poor service are charging high rates. This means if a company can come in, be reliable, and know what they're doing it wouldn't be unfeasible to charge $150+/hr per tech per hour plus parts (because charging this much is still cheaper than paying for a tow and dealership rates
4. This could be a real estate play. After enough time and building up re-occurring clients a mobile mechanic could eventually purchase a brick and mortar shop for larger jobs.

Marketing Ideas For Mobile Mechanics 3:59:

1. Stop by at every moving company, delivery company, freight company you can find and say "Hi", introduce yourself, and drop a business cards. Stop by more than once showing your reliable. This kind of marketing: https://youtu.be/jYwiK6uBsZo
2. For commercial clients you could advertise free truck jump-starts for dead batteries. This costs nothing but time and will result in thousands of dollars in repair work due to the trust you build with them.
3. Leave air fresheners with your company name and logo in the vehicles that you work on so your name is right in the front of their mind next time work is needed.

AirBNB Property Management Company 10:13: As AirBNB and other vacation rentals are getting more and more popular so is the need for people to manage these listings.

Why We Love AirBNB Management as a Business 11:00:

1. Very low capital is needed as you don't own any real estate you are just helping ease the burden of rentals in other people's real estate.
2. People with multiple properties or space to rent don't generally want to deal with renters.
3. Most of your work can be automated. my friend Dan outlined that with his home that he rents out he made a short video on how to get in the building and answers other basic questions. After making this video he get nearly zero messages from renters.
4. You can do the cleanings yourself and earn even more money per transaction if you wish to do so.

Marketing Ideas for an AirBNB Management Company:

1. In "hot" areas where rentals are netting large amounts for short term rentals seek out home owners who are renting their place to long term renters, tell them how much more they can earn, and how you can do it all for them. It's very low risk for the home owner.
2. Search listings of homes for sale or rent, contact the home owner and tell them about the AirBNB rental prospects.

Starting an Electrical Contractor Business 17:00:

Why We Love an Electrical Contractor Business:

1. Electrical contracting is one of the easiest on your body. This service doesn't beat you up nearly as much as a plumper or drywall guy.
2. This industry is extremely behind the times. With a little bit of customer service and sales skills it is possible to be leaps and bounds better than the competition.
3. The prospects of how large this business can get are nearly endless.

At the end of the day no business is perfect and no business is easy to start but we believe that with some modern approaches many of these legacy industries and yield some amazing businesses.

 

[613jono]

@man_in_pain I’ve had the worst experiences of my life dealing with AirBNB management groups so I guarantee that almost anyone with a pulse could out compete them.

 

[kasy]

@613jono Good morning!

Would you mind outlining some of the crap you've had to deal with from AirBnB management companies? This opportunity is something I've been looking at for quite some time. Thank you!

 

[caxyxn]

@kasy Same here, I am already managing some apartments but from my personal acc since I am the super host and thinking about getting in professionally. I have a few questions and would like to hear other people's experiences.

 

[warriorprincess02]

@kasy Seconded! Would love to learn more about this.

 

[fanytong3]

@613jono I fyou could (I know someone else has aleady asked) but if you could kind of VENT, RANT, RAGE, and list out every single ting those bad AirBnb management groups have done. It'd be like a list of things for me to make sure I do right if I ever did this

 

[kenzo0]

@613jono I spent about 5 years working for a STR (short term rental) company doing vacation rentals and ski leases through our website, VRBO, and AirBnB. It's the furthest job from passive income that you'll find. A few points to keep in mind:

1. You're dealing with a lot of wealthy people who expect to be catered to, and everything to be 100% perfect. They are on vacation. If something goes wrong, you will hear about it.
2. You have to find EXCELLENT cleaners, handymen, pool/spa servicers, etc. If they don't do a good job, you'll hear about it... from either the renters or homeowners.
3. It's typically a seasonal profession. Don't plan on traveling for any holidays until you have enough staff hired to handle all the issues that will arise.
4. Dealing with homeowners is also incredibly hard. They expect their home to be rented every week that they aren't using it. They also expect to use their home whenever they want... because after all, it's their home. They expect their home to sustain no damage while it's being rented.
5. You will get the inevitable double-booking, or you will get the situation where the renters show up and the homeowner is there and hasn't told you. This happened to us a number of times.
6. You're dealing with homes. There are a million possible problems that could occur, and they'll happen when you're busy and when the home is occupied with renters - internet down, pipes busting, TV not working, washer/dryer breaking, etc.

I'm not telling anyone that this isn't a good business to get into. You can build the systems and hire the staff to make it completely self-sustaining. I do think that there are a lot of other Sweaty Startups that can be scaled faster with less potential for high stress levels along the way.

 

[thunderbolt1990]

@613jono I'd like to know the problems. My wife and I have several condo's in the Philippines, and are discussing the options of a management company.

 

[archangel_michael]

@613jono If you don’t mind, can you elaborate on such issues?

 

[notyouraverage]

@man_in_pain I'm starting a mobile mechanic business in a couple months. Like you said, I think it will do pretty well so long as I am reliable and personable. I also think that the air fresheners is a great idea.

 

[gingerattack]

@notyouraverage Putting an air freshener in someone's personal vehicle without asking is bad idea IMO.

 

[notyouraverage]

@gingerattack You are right, I plan to have a question in the scheduling survey that asks if they want one or not.

 

[613jono]

@gingerattack Yeah, ew, gross.