I was chatting online with a gentlemen the other day who was thinking of starting a side hustle and couldn't decide between whether to start a power washing business ie a service business, or an Amazon FBA business which is an internet business.
The guy is currently working at a bank making $70,000 to $75,000 per year, and was thinking about starting one of these businesses as a side hustle.
In this video we talk about and break down the pro's and con's of each one of these types of businesses as well as the potential earnings he could expect to make working either one of these businesses.
A couple things I wanted to touch on in this video are...
1. This guy is already making a pretty good buck with his day job. For his age bracket he's well in the higher percentiles of earners. The percent of Amazon FBA businesses or power washing businesses earning that kind of money is not the norm. Not that it's not possible but it's not the norm.
2. I see many people in the Entrepreneur space all flocking to the same types of businesses, the same handful of 4 or 5 businesses which tend to be power washing or window washing, and/or Amazon FBA, and Shopify dropshipping. While there's nothing wrong with these businesses and while these can be very profitable, there are so many different ways to make money out there don't handcuff yourself inot thinking these handful of businesses are the only way. Watch some of our Side Hustle Tuesday episodes for ideas and inspiration and to see what kind of outside the box stuff people are doing to earn a living.
3. There's way more middle class Entrepreneurs than rich Entrepreneurs. In this Youtube and Internet Entrepreneur age I feel like we get jaded to money seeing guys trying to sell courses throwing out insane numbers about how in their first two weeks they make 100K or whatever it may be. Most are lying and the few who aren't are outliiers, that's not the norm. To me, Entrepreneurship isn't about money so much as having the ability to do something you enjoy, work for yourself, build something for yourself, and live a lifestyle that is more condusive to what you want. If you can earn 50K doing something you enjoy and being your own boss that's a success story. You don't need to make a million Dollars a year and drive a lambo to be successful and very few people are going to make it to that level, that's just statistics and that's just the facts.
4. I break down how much a landscaping business could expect to make and how much my partner and I made. Granted power washing is different than lawn mowing, however at the end of the day both are one man solo operation service businesses so in effect there's only so many jobs you can do in a day and in a week and in a sense that caps how much you can earn.
5. Lastly we talk about an internet business vs a service business. One benefit to an internet business is that you can work it on your own time and your own schedule. If you want to work on a blog or a website or an Amazon FBA business you can do that at midnight after you get home from work and put your kids to bed. With a power washing business you to an extent have to work on other peoples schedules. Your working Monday through Friday 9 to 5 that only leaves nights and weekends to do power washing. You can't go power wash someone's house at 2am like you could work on an internet business at 2am.
Lastly, have any of you guys run a business outside of your 9 to 5 job? What were the challenges? Would you steer this gentlement towards a service based business like power washing or to an internet business like Amazon FBA based on his schedule and the info he provided? Drop a comment below and share your thoughts and/or experiences.