Sponsor Voice (0:01)

This episode is brought to you by Lifelock. Not everyone is careful with your personal information, which might explain why there's a victim of identity theft every five seconds in the U.S. fortunately, there's LifeLock. LifeLock monitors hundreds of millions of data points a second for threats to your identity. If your identity is stolen, a US based restoration specialist will fix it, guaranteed or your money back. Save up to 40% your first year by visiting lifelock.com podcast terms apply.

Sponsor Voice (0:30)

Memorial Day savings are here at the Home Depot, so take your kitchen to the next level with up to 35% off plus up to an extra $450 off select appliances like LG. Plan your get togethers with an LG refrigerator you can count on for years to come at the Home Depot. And with the connected ThinQ app, you'll know if the door is left open and when to change the filter. Spend less time worrying this Memorial Day with savings on lg, America's most reliable appliance brand at the Home Depot offer valid May 15 through June 4 US only C store or for details on.

Andrew (1:00)

This episode of the personal finance podcast 5 side Hustles that Could Turn into a Full time Business what'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 talk about five side hustles that could turn into a full time business. If you guys have any questions, make sure you join the Master Money newsletter by going to MasterMoney Co newsletter and follow us on Spotify, Apple Podcasts, YouTube or whatever your favorite podcast player is. 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. Now today these are one of my favorite episodes to do and we have done a couple of them in the past where we've done nine side hustles and seven side hustles that can turn into a full time business. But we're going to turn this into a series because you guys absolutely love these episodes. And so each time I am going to do five side Hustles that could turn into a full time business for each of these episodes and we're going to turn this into a series that we do a little more frequently. I love talking about this. I own multiple businesses and so what we're going to do with each of these episodes is I'm going to show you a how I would start it and some of the startup costs I would think through on some of these side hustles, how I would try to scale it and how I would turn it into my full time income at some point in time, if you wanted to. So the goal with side hustles for us is always, always, always to make sure that, you know, we're not talking about driving for Uber, we're not talking about doing doordash. We're talking about starting something that could build into a cash flow machine for you and your family. And if you want that financial freedom, if you want to chase or pursue entrepreneurship, and you want to do something that you love, we're going to talk through each and every single one of these. Now, the goal with these episodes is not an end all, be all. This is what you need to do. These are just throwing out ideas and generating ideas. And so once I generate these ideas, I love thinking through, well, how would I build this business out and how would I think about this and create processes that allow me to spend less time inside of this business? And so this is going to be something for a lot of you that I think is going to be really, really fun. Because most of the time when we do these episodes, we get tons of feedback on them. People ask for more and more and more and. And so we will do them more frequently as time goes on here. So I have five really fun ideas for this episode. So without further ado, let's get into it. All right, so number one is an indoor golf simulator business. Now, this is something I think that you can actually start for pretty low cost and it is something that is pretty doable. So I'm going to explain how I would set this up and some of the things that I would think through. So first we're going to do the MVP setup. So the minimum viable product setup is how I want you to think about this. On how to start, you can launch really lean, I think. I don't think you have to spend a lot of money when you do this. You can validate demand and see if the demand is actually there. And then you can start to build recurring revenue quickly. Now, there's a very specific way that I would do this. When I started to build these out, I would not make them big whatsoever. Instead, I would find small spaces somewhere between 1200 square feet to 2000 square feet that would allow you to put in two, maybe at max, three golf simulators inside of some of these places. And they obviously have to have 10 foot high ceilings at a minimum. So the best places to look for would be something like a garage Or a small warehouse or retail shell, something along those lines that would actually fit the space. For example, the podcast studio that I'm recording in currently right now would actually be a perfect space. This is a 1200 square foot space. The ceilings are about 15ft high. And really it's not that expensive to rent out a space like this. And so depending on where you live, you can find spaces that work really, really well. Now, folks who are listening to me right now, who live up north, you know, the golf season for people up north is a much smaller window than for folks who are down south. I'm in Florida. This is one of the golf capitals of the country. There are people who can golf pretty much every single day year round. There is not a day of the year that you really can't golf. We don't ever really, in Tampa, where I live, get below 32 degrees. And so for us you can golf year round. So it may be less of a demand for someone in those southern areas, but it might be a much more of a demand in the northern areas. Now, would I go to a golf simulator place? Sure, I would be happy to go to a golf simulator place, especially during the summer when it is extremely hot here in Florida. So I still think you can make it another place basis, especially the way that we're going to structure this and how we are going to do this. So what I would do is I would first just start with two really high quality, you know, mid tier simulators. And you can use things like Skytrack, you could use a bunch of other things that will kind of help you build these out. But here's some of the things that you need for those simulators because you can set them up for right around, from my research, about $7,000 each. And if you want to go a little bit higher end, you can go set them up for 15,000 each. But you would need the turf, you would need nets, and you would need screens is the first part of it. You need, you know, the proper lighting to make sure you have that lighting set up correctly. If you want lounge seating and TVs for people who are waiting in between, you can also have that available. Because we're going to make this a private club. This is going to be a club that is going to be only available to a certain amount of memberships, which we'll talk about in a second. You'll need the software and making sure you have that software and then digital keyless entry and a camera system. So this is the portion of, of the build out that might be a little more expensive. So I have two mini pickleball facilities in Atlanta. So we have larger pickleball facilities across the country. But I have two mini concepts that we are testing out in Atlanta. So if anybody out there is interested, you live in the Atlanta area. We own Smyrna Pickleball Academy and Peachtree Pickleball Academy. These are little two court pickleball academies. And they're just court rentals that you can go and rent these courts. And they have keyless entry for you to be able to access and get in to those specific locations. Now in those locations, a lot of stuff that we're going to be doing are like leagues and tournaments, those types of things. And so I think you can follow something similar with this golf simulator business. Now I know how much these keyless entries cost. They could be anywhere from 3,500 to about $7,000 in a complex like this. And the way that it works is you book your time, then it sends you a message or an email with the passcode. That passcode expires after every single use and it will kind of reissue those passcodes automatically. So that's how the keyless entry works. And then you just put in a camera system. Obviously camera systems aren't that expensive. You could hire someone to put it in, or if you are tech savvy, you could put it in. And so having both of those available would be really, really cool. Now, membership pricing, because this is going to be a private, membership structured business, this is the way I would think about this. This is not a walk in business because you would always have to be constantly acquiring customers. Instead, I would structure this as a membership. And at the beginning, for the first members, I would make it $100 per month. $100 per month, depending on where you are located, will allow you to become very profitable from the beginning. So in my area, for example, I could rent out 1200-2000 square feet for about a dollar per square foot per month. In your area might be $2 per square foot per month. And you can adjust these numbers slightly based on what you're looking at there. And so when we look at this membership pricing, I would have $100 a month for 24, 7. Keep up access. And then I would just have a reservation system online where you can reserve your slots into. Those slots will be available. Now you can use a bunch of different booking systems. You can use calendly, you can use a stripe integration, you can use acuity scheduling. There's a bunch of different booking systems out there that can help you do this process that will allow you to create those booking systems. So here's the core strategy is you're not selling golf practice. This is not something where you are going to have, you know, people doing lessons in there. Instead, I would, you know, be selling this as a private way to access, you know, almost like a tech driven man cave or tech driven place where folks can go to spend time, kind of get away and be able to hang out with other members if they want to. And so this is something that I would have that scarcity model in place where I would cap it at 100 members. I would have 24. 7 access. So that 24. 7 access you could have. You know, it's self serve, it's secure, there's low overhead, but high perceived value. Meaning there's, you can go there at any point in time and go work on your game and, or just spend time with friends in there if you want to. Now you can have a different couple of different vibes here. You can have a fun, bright vibe. You can make it feel like a golf speak. Easy. There's a bunch of cool things that you could do there. But just having some extra comfy seating, some Bluetooth speakers, listen, I found just really comfortable couches, for example, on Walmart that were on sale recently. Brand new couches for 150 on Walmart.com I mean, you could find some really cool stuff and you don't have to do this in an expensive way. And so I think there's a lot of cool things that you can really do to set that up. Now let's talk about the growth plan here. So first of all, since there's only 100 members allowed, here's what I would budget to do. This is I would start to run Facebook ads to folks who have golf interests. And I would spend somewhere between 10 to 25,000 on Facebook ads. Now, if you don't have a lot of money starting off and you know, people in the golf industry, you can do this by word of mouth and you can hit the boots on the ground running and try to, you know, speak to people who, you know, may be interested in this, maybe give them a deal for the first couple of days or the first couple of months. But if you have more cash on hand, I would spend a good amount of money on Facebook ads to try to acquire new members. Again, this is why the cap is important, because you only need 100 members to be able to make this work. And so in your area, I would Try to get those hundred members allowed and say, you know, your city's first private golf simulator club. So if you are in Cincinnati, Cincinnati's private golf simulator Club, or if you are in Minneapolis, Minneapolis Golf Simulator Club, or if you're in, you know, Naples, Florida, Naples Golf Simulator Club. And I would target people who like golf country clubs topgolf those types of things. And so going in there and trying to have this structure set up. And then I would have a funnel ad so that they let land on this landing page. You set up the website, they give either a deposit to be on the wait list and or you make it to where there's a scarcity mindset, only 100 people will be allowed in. If you want to join the wait list, join it right here. And I really do kind of like the speakeasy idea because it makes it feel exclusive and it makes it feel like something that they really need to have in place. And then you want to build urgency. So giving founding member status, only 17 spots left or etc, where you're having this kind of set up in a way that really creates urgency for people to sign up. Now, one other thing you could do is you could host a VIP preview weekend where people can kind of come and tour the space before it opens. That could be another option for you. And then you can sell them to package this and put this together. So once you have these folks in place, that's the goal, is to try to get people in first. Trying to find 100 people who want to pay you $100 per month, that is the big goal. I think Facebook ads is the best way to start doing that. That will help you kind of get that ball rolling. And if you spend right around 15 to $25,000, that can help you through that process. Now, charging $100 per month is going to mean that you have $10,000 per month of revenue coming in. And so when you have $10,000 of revenue per month coming in, you can start to add some tiered pricing. Maybe it's $100 a month for solo. If you have a family plan because they're renting the same amount of bays anyway, it's $150 per month. Or maybe you can structure some other things that will matter there. Now you can also have member events, maybe monthly where they pay extra for these member events. You can have monthly tourneys contest or bring a friend days where they can come in, they can bring a friend and be able to do some extra events. And those would be added perks. Maybe for members, but if you bring more people in, they would each specifically pay to be involved in that. So you can do some cool events that would be fun, add some energy to the. The whole entire thing if you wanted to. And so as you start to think about this, while you're saying to yourself, well, what are the expenses? Well, really, your big expenses are your monthly rent, whatever software costs that you have, any maintenance on the equipment and the items that you have within the simulator facility. And then outside of that, it would be having someone come in and clean, you know, every couple of days. So maybe every two or three days, you have someone clean the facility. Having it smaller makes it much, much easier because that's going to be, let's just say, $200 every single week where you have somebody come in. So if your rent is. Let's just. For an example, let's just say Your rent is $2,000 for some of these smaller spaces. And then you have somebody come in and start cleaning for about 800. And then you just do another thousand dollars worth of maintenance every single month. That's $12,000 worth year. I think that's more than enough. Then when you have that in place, you're thinking through right now, well, hey, I'm spending about 3,800 bucks a month on this. And so you have a $6,200 profit in one location. Okay. Now that's without adding different things. I mean, you could start to sell, you know, clothing or T shirts in there. You have a little merch corner for founding members. You could start to sell vending machines and add other revenue sources that are inside of that facility. But that's how I would initially think about it now when we start to expand. So you have this one location, let's just say call it even, six grand a month that you're making. If you're making this even six grand per month every single month in net profit, then what you can do is start to look at, well, do I want to expand? Because getting to two locations will probably fund most of your lifestyle. One location may fund some of your lifestyles, and then two locations will definitely fund most of your lifestyle. So you can look for a second location in another part of town, and you can start to slowly raise rates. So the initial members, they were $100 per month. You're just trying to get them in. You're starting to get that first $10,000 within per month and get that ARR going. They have to sign for an entire year, and then you're going to raise rates for these new locations. So new locations may be 125 to 150. And you can start things like corporate memberships or partnerships with real estate agents or partnerships with private clubs that are going to allow you to kind of build out some of these second and third locations. Because as you start to scale some of these locations, I think they are going to be fairly easy to run in comparison to what the cash flow will be. And so this is why I love a business like this more so than some other things. Because if you can start to cash flow some of these, you can start to sell some of them if you want to, or you can hang on to them and let them cash flow. So here's some other monetization levers is obviously the merch that we talked about. You can partner with private golf pros and they can start to rent simulator time to help people with their golf game. You can start to offer some limited one off events like bachelor parties or company events. That's going to be another 200 to 500 that you can make off those specific events. And you can upsell like data analysis packages so you could do swing breakdown videos where maybe someone is getting a video of their swing in your facility. And then you have coaches breaking that down, you know, online and being able to tell them, you know, hey, this is what's going on here and having people help you. So key tools and resources. Again, you need to understand Facebook ads. Booking access is going to be really important. We use key with our facilities, but there's SmartEntry, IO. I think is one another one, there's Nexus, a bunch of different one. You also want to have email and text CRM. You know, you can use ConvertKit or Podium or Mailchimp, all those and then making sure you're set up in an llc, all that kind of stuff. And so you have options here because if you start to scale these things and you have a couple of them, maybe 2, 3, 4, you can start to either sell. If you don't want to run them anymore, you could sell them. Or if you want to keep them, you can replace your income and your lifestyle and have cash flow coming in with something like this. So this is how I would structure the first one and this is how I would think through the first one. I probably went a little too long on this one, but the indoor golf simulator one I think is a really, really fun business and it's similar to some of the other businesses that I run. And so it's an easy one for me to kind of talk through. I could go for days on that one. But if you're interested in that one or any of these, I really would love to hear your thoughts on some of these. Leave a comment down below on YouTube or on Spotify and let me know if you're interested in any of these as we go through them. So that's the first one. Let's get into the second one. All right. The next one that we're going to be talking through is an idea for a need that I actually currently have right now, and it is to set up an AI agent agency. So if you are new to AI or artificial intelligence, there is a massive wave and a massive influx and a massive opportunity right in front of all of us right now of something called AI agents. And what AI agents are is you can personalize specific AI agents to help you with different things. Maybe you personalize an AI agent to help you with studying, or maybe you personalize one to help you with customer service within your business, or you have one personalized to help you with generating ideas, or you have one personalized to help you write code. There's a bunch of different ways that you can utilize AI agents. And they are very powerful in some of the things that they can do. In fact, some AI agents are able to even accept phone calls. They can actually answer those phone calls. And there's some really, really cool advanced things that happen. But the thing about AI agents is it's so new and it's something that not everyone understands how to do. And this is something where I'm looking for someone right now. So if you know anybody out there, please reach out to me, shoot me an email. But I'm looking for somebody out there to help me build an AI agent. And so this is something that I think there can be an AI agent agency that helps personalize and build custom AI agents. And so this can help people with sales, it can help people with support, they can help people with admins, social media writing, training bots, and they could do a lot of different integrations. So you can use this for Slack bots or Discord bots, or you can do website embeds that help other people. And then you can also charge for ongoing monthly support or hosting, which is recurring revenue. So you set it up once you're getting paid a lump sum to set up these AI agents. And then you could also have this online or monthly recurring revenue. So what tools would I use to do this? Well, first I would look at ChatGPT or GPT Builder. You can also use custom GPT AI or bot press or Voice Flow or LangChain and Then Zapier or Make.com for automation integration and then Webflow or Framer for basic site embeds. Those are all the ones that I would kind of think through. So the key here though is I would specialize in different niches and so I would go and market to specific industries. Say something like real estate agents for example. If you want to create AI agents for real estate agents, you can create a real estate agent assistant. That's going to help them with a number of different things. Help them negotiate contracts, it's going to help them write emails, it's going to help them with marketing plans, it's going to help them with all these different things that they could utilize in their day to day business. Or maybe it's a Shopify store support and you are looking for people who own Shopify stores out there and you want to help them integrate AI within their support channels. Or maybe it's an assistant for accounting firms and it helps accounting firms go through their workflow structures and you know, help them through that process. Or maybe it is a customer service banking AI agent or it's a customer service. You can niche these down further and further and further as you go through time. Maybe you create an AI agent for website development agencies, or maybe you create an AI agent for grocery store chains, or maybe you do it for dentists or doctors or lawyers. There are so many different opportunities where you can look at different niches and be able to help people through some of these processes. Now you're not just building bots, you're helping give people a digital team member is the way I would position this. And so you can focus on specific outcomes. So this agent books leads, this one handles support, this one saves you 10 hours per week and helps you with your productivity. So what you're selling is the value of time and that gives you the edge over other competitors as you are giving people their time back. And that's the number one asset for business owners of what they want is they want their time back. And so that's a big, big thing that you can position here as you go through this. And so you can also say, hey, I'm the AI integrator for your average business owner. So here's what I would do is first I would do some case studies. So I would build agents for free or cheap for local business owners and online creators and I would record the before and after results with those folks. So if you do it for cheap. You can get before and afters pretty quickly and easily. And you can look at the save time, the book leads, the reduced emails, whatever your agents do. And then I would use this as a portfolio and also utilize the testimonials to show what you are capable of. Then phase two I would start to monetize this. So I would start to think through, well here's one time setup fees where you get charged anywhere from 500 to $2,500 depending on the complexity. And you can offer monthly hosting support pack so between 100 to $500 per month in recurring revenue. So you got the setup fees up front, then you got the recurring revenue in the back end. And you can also create something like a five day AI launch service for busy pros where they can get a working agent in under a week. That's a big thing for me. Like I'm thinking through, well I would love to have a working agent right now in under a week because I don't want to spend a ton of time doing this. And if I could do that, that'd be absolutely amazing. Now phase three is once you start to make some money, I would start to run Facebook and Instagram ads on some of the things that you can do targeting either creators or real estate agents or creators or if you are niching down to say dentists or doctors or lawyers, you can actually run those for those specific folks. And you can create an AI agency with calendly plus demo videos online that will help you kind of, you know, they click the Facebook ad and they click and have a call with you, they book a call with you and then you show them what you can actually do. And you can also offer white labeled products where they're labeled for their actual business. You can actually charge a lot more for for white label products, products and then build recurring packages as well. So you could do three custom agents per quarter plus ongoing support for a thousand dollars a month or something like that where you can really have some recurring revenue coming in and you can start to hire out staff that can help you build these agents out for those recurring customers. I think that's a really cool way to do this. So here's the monetization levers that I want you to think through. You can do one off builds which would be about a thousand to $2,000 per AI agent. You can do ongoing support which would be about $200 per month, month per bot. You could do courses and templates where hey build your own AI agents. You can do kits for 49 to 149 if you want to sell additional things online. And you could do upsells, you know, Google sheets training or data trading or website installs. All those different things can be upsold for your monetization levers and you can have some of those key tools there. So custom builds. Let's say for example, you do two custom builds per month. At $2,000 a month, that's $4,000 in monthly revenue. Plus if you have 10 clients that you've already serviced and you have $250 a month in support plans, that's $2,500 per month. And then product templates. Let's say you sell $99 product templates and you sell 25 of a month, that's $2,475 per month, which gets your total monthly revenue potential to about $9000. I think this is definitely scalable to 250000 a year solo or a million dollars a year with the team. That's where I think you could really land with this, this. And so I think it's a really profitable opportunity and you can go way beyond that too if you become really good at it. But I think it's a very profitable opportunity for most people. All right, so that is the AI agent agency. Let's get to the next one. Are you trying to make progress with your finances? I've been there. Overdraft fees, missed payments and wishing I had better tools. That's why I switched to Chime. When you set up direct deposit, you get paid up to two days early. Access fee free overdraft with spotmen and there are no monthly fees or maintenance charges. I also love how Chime sends real time balance alerts and has 24. 7 customer support. And with access to over 50,000 fee free ATMs it's made managing money way easier. So work on your financial goals through Chime today. Open an account in two minutes at chime.compfp that's chime.compfp Chime feels like progress.