December 5th 2024.
According to recent research, it appears that younger Australians are feeling the weight of the ongoing cost of living crisis more than any other age group. As a result, many are searching for ways to supplement their income. One such individual is a 24-year-old resident of Sydney, Alex Munao, who has turned his side hustle into a six-figure income.
Munao became involved in the car-sharing movement a few years ago when his grandmother, who could no longer drive, gifted him her 2006 Toyota Corolla. This was the start of something bigger for Munao. Last year, in November, he took a leap of faith and dived deeper into the industry as a means to earn extra cash. In less than a year, his fleet has grown to 16 cars, which he rents out through the Turo app. And he has no intentions of slowing down.
Munao shared, "The demand has been exceptionally high. I never expected this level of success." In fact, he has projected an income of $160,000 for this year alone. This has allowed him to leave his full-time job in sales and take on a part-time position selling furniture. He described this realization as a "lightning-strike moment" while analyzing spreadsheets and recognizing the potential to turn his small car rental business into a full-time career.
His ambitious goals don't stop there. Munao plans to expand his fleet to at least 40 cars by the end of 2025. Like any successful entrepreneur, Munao's ability to identify trends and capitalize on them has been a key factor in his success. He noticed a growing trend in Sydney, where many people prefer to use car-sharing services rather than owning a vehicle. This is especially true for his target market, as Turo primarily appeals to out-of-town tourists or locals looking for longer road trips, such as to the Blue Mountains or Hunter Valley.
Munao also noticed a shift in the demographics of car-sharing users. While the app tends to attract younger individuals, he has seen an increase in middle-aged people expanding their own fleets. He shared, "It's inspiring to see." However, he also emphasizes the hard work and dedication required to run a successful car-sharing business. It takes careful planning and thorough research, such as examining spreadsheets and conducting due diligence when purchasing new vehicles.
For those interested in getting started in the car-sharing industry, Munao suggests purchasing a reliable car for $10,000 or less, preferably with cash. As the business grows, he advises investing in similar makes and models of vehicles to make management easier and create a pool of interchangeable parts. Munao's next step is to upgrade his storage facility. Currently, he stores his fleet in a carpark in Chippendale, but it is reaching its capacity. He plans to rent a warehouse near the airport and even offer space to other car-sharing vendors to offset the cost.
It is important to note that the information on this website is general in nature and should not be considered personal financial advice. It is crucial to evaluate your own objectives, financial situation, and needs before making any decisions based on the information provided.
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