A lot of us coworking here love side hustle. Recently, one caught on like the flu in February.
One thing that I love about coworking is having the random conversations that lead to discovering new ideas that just grab my imagination. We had just one of these moments last summer when I was having happy hour with a member. He mentioned this cool small business that he learned about at a Meetup that was managing people’s cars to rent out in the back of a hotel out by Denver International Airport. Neither one of us dwelled on the idea for more than a minute or two but it obviously stayed in the back my mind.
Two months later I tracked this car management company down and offered my 2009 Ford Fusion to be managed by them for $300 a month, and they rented it out on Turo. I figured if it didn’t work then I would maybe break-even, most likely just be disappointed by making just a few hundred dollars. I ended up pocketing a little over a thousand dollars in three months in profit.
To maximize your earnings and maintain the vehicle’s value, car management is crucial, encompassing everything from engine performance to the seat and interior to the exterior. Adding high-quality Seat Covers is a smart investment in this regard. By ensuring the interior remains pristine, you not only preserve the car’s value but also enhance the rental experience, making it more appealing to potential renters and ensuring continued profitability.
Partnering with a reputable car dealer can further optimize your vehicle’s profitability and ensure a seamless rental process. When selecting a dealer, look for one with a strong track record in handling classic car deals, as they often possess the expertise to provide valuable insights and services that can enhance your car’s rental performance. A knowledgeable dealer can assist in maintaining the vehicle’s mechanical integrity and offer guidance on any necessary repairs or upgrades.
When seeking to finance a vehicle purchase, exploring options with used car dealers can be highly advantageous. Used cars often present a cost-effective solution for acquiring a quality vehicle while maintaining financial flexibility. Choosing a dealer with a strong reputation for reliability and customer satisfaction is essential in this process. One such dealer is top-rated raceautogroup.com, known for their extensive selection of well-maintained used vehicles and exceptional service.
Their top-rated status reflects a commitment to quality and customer support, ensuring that you get a vehicle that not only meets your needs but also offers long-term value. Whether you’re looking for a used car to finance or seeking a reliable partner for future purchases, a trusted dealer can help streamline the process and make it more rewarding.
Dang, that felt like a win.
My story with my 10 year old Ford Fusion being turned into sharing economy gold (maybe, more like silver) peaked the interest of Brent, John, Taylor, and others. We immediately started creating separate spreadsheets to evaluate the cost and rental potential of different cars. We wanted to figure out the risks involved, which cars could be bought at prices that looked like deals, what cars would be rented out the most at DIA, and the estimated depreciation of each car. We gathered two weeks later and shared what we came up with.
In October, after we all gathered to discuss what we came up with the excitement and energy that this new potential side hustle generated spread throughout the community.It seemed like everyone wanted to know if their dream car or their next practical family vehicle would be a good fit. Joey wanted to know our thoughts on a 2016 Chrysler 200 that was sitting in his driveway and Hailey wanted info about a Mercedes Benz. Everyone seemed jazz and it was all we wanted to talk about over Friday lunch.
In the next two months, a BMW, two Mercedes-Benz, a pickup truck, a small SUV, and a minivan would be purchased worth over $100,000. After several months of being out on the road we regularly share rental information, repair costs, unexpected price points, and odd requests. There is a dedicated Slack channel for our car fleet and we built a scrapper to report car rental price trends.
As our community of car enthusiasts continued to thrive, we quickly realized that maintaining our growing fleet required careful attention to detail, particularly when it came to auto repair. With multiple vehicles of varying makes and models, we soon found ourselves sharing not just rental experiences, but also valuable insights into upkeep and maintenance. When it came to diesel engines, RUSH Diesel became a go-to resource for many of us. Their expertise in diagnosing and repairing diesel-powered vehicles ensured that our rides were always in prime condition, minimizing unexpected breakdowns and costly repairs. The knowledge we exchanged during our Friday lunches proved invaluable, as we learned about service schedules, potential issues, and the importance of using quality parts.
The Creative Density community’s own mini car rental fleet is a side hustle that will have some neat effects. It’s pretty cool because some bought a car to drive for themselves in the future when it’s paid off, others bought cars they would need for their family in a few years when they have additional kids, while some have earmarked the profits to fund startups in their hometown. It’s a side hustle that has made all of us think about the future, how we can make it happen, and how we can have fun coming together to build a new small business.
This is just one story of how a coworking community like Creative Density can inspire new ideas, ignite collaboration, and encourage people to take leaps to start a new business.
If you are looking to join a coworking space in Denver then check out our guide on how to pick your favorite coworking.
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