TRASH has made one entrepreneur loads of cash.
Side hustles are just another way to add extra income for folks looking to score some quick cash.
The TikToker says the dumpster can business can be scaled within 6 months[/caption]
Getting started will likely cost you as you will need the trailer or dumpster can to start[/caption]
Entrepreneur and TikToker, Go Trailer, recently posted his lucrative hustle that brings in $20,000 a month – dumpster rentals.
While it may be a dirty business, it’s a fast way to make tons of cash and an easy business to scale.
“We originally started out with only three dumpsters and now we’re on our way to nine potentially 11,” the hustler said on TikTok.
The side hustle has been so profitable partly because he was able to create his entire business model.
He charges by the dumpster can’s size and how long it’s being rented.
The hustler revealed that he rents about 10 to 13 dumpster cans per week which puts him at nearly $20,000.
However, he said the best part is the profit margin.
“Currently rocking about a 72% profit margin.”
MONEY MOVES
Getting started will likely cost you as you must either have the dumpster can or purchase one.
The hustler revealed in another TikTok that he found a trailer for $800, however, you may be able to score one at a cheaper price if you do some digging.
To get the cash flowing, he suggests renting the trailers out multiple times a week for $40 up to $55 per day.
While that may be a fine business for you as is, the expert suggests reinvesting that money into another trailer.
He goes on to say that if you keep up with the process of reinvesting, you should be able to buy the actual dumpster can – which is where the big money happens.
This is because each time you rent one of these larger cans, you can charge a much higher price.
Side hustles and tax implications
Extra income you make from side hustles may need to be reported to the IRS.
If you receive more than $600 in gross payouts from a selling platform like eBay, the site will issue you a Form 1099-K to use in your tax return.
Individuals should calculate their adjusted gross income, taxable earnings, and deductions for the year.
Once they have that, they can use the 1040-ES form to calculate estimated taxes.
The hustler said you could charge anywhere from $400 to $500 for each use.
For example, a 15-yard dumpster rental for seven days costs $495 on his Go Trailer website.
Another way to make money is by charging a small fee for an extra day of renting.
The TikToker only charges a $15 fee per extra day.
Remember, any extra income you make must be reported to the Internal Revenue Service or you risk a massive tax bill.
