🧠 Turo Car Rental Management Service
Find out Who’s Sponsoring Things on the Internet + Why Justin Bieber Sold the Rights to His Music (& how you can buy them)
What’s up my people! Welcome to 3 ideas on Sunday!
Before we dive into today’s idea, let’s connect on Twitter!
And if you have any ideas for this newsletter, check out our suggestion box!
1. Business idea of the Week: Turo Car Rental Management Service
The sharing economy is creating brand new ways for people to make money with new business models.
Car rental agencies are nothing new, but apps like Turo make it possible for anyone to make extra cash from renting out their car.
But instead of renting out just one car for some extra cash, let’s turn this opportunity into a cash-flowing machine.
The idea: Create a Turo car rental management service.
There’s two ways you can scale a Turo business:
With your own cars: Start with your own car, and buy more cars with profit. Save up enough profit to buy new cars in cash or finance them and pay for them with monthly payments.
With other people’s cars: This model is similar to a property management company. Instead of buying your own fleet of cars, charge car owners a flat fee or % of monthly revenue to manage their cars on Turo.
If you choose to list your own cars, you can get started today! Simply list your car directly on Turo.com, and wait for the reservations to roll in.
But if you create a Turo car management service, you’ll need to generate leads and find your customers.
While listing your own cars can be started immediately, it will be easier to scale with other people’s cars since it won’t require the capital needed to buy more cars.
Turo covers insurance and demand generation, meaning you just have to focus on taking care of the cars and getting them to your customer.
So how much can this make? Let’s take a look at Turo’s estimates:
It’s important to note that this is revenue (not profit).
Cars require maintenance, insurance, and other miscellaneous expenses that can quickly eat into your profits.
This can easily start as a side hustle and grow into a full-time income. But in order to turn this side hustle into a full-time income, you’ll need to scale your service to at least 10+ cars.
If you decided to take the leap and get started in this business, you can learn from others that are already doing it. Like this Turo management service in Tampa, FL → suncoastautomotivellc.com
Their gold tier management service is $275/month + a one-time $200 onboarding fee.
With 5 cars under management, you’d make ~$1,375/month, but with 20 cars under management, you’d pull in $5,500/month.
Lastly, it’s important to consider the demand for this service in your specific location. Use this Turo calculator to see the estimated revenue cars in your area.
And that’s a wrap!
2. Find out Who’s Sponsoring Things on the Internet
Companies are dishing out billions of dollars every year to sponsor newsletters, blogs, and videos on the internet.
But finding the companies that are willing to pay the big bucks can be a job in itself.
But here’s a hack.
Sign up for the Who Sponsors Stuff newsletter, and every week they’ll send you 10 companies that are buying ads right now.
That’s it. It’s really that easy.
3. Why Justin Bieber Sold the Rights to His Music (& How You Can Buy Them)
This week it was reported that Justin Bieber sold his portion of the rights to his music catalog, for $200 million.
So what does this mean?
The new owner of his music rights will receive all of the cash generated from Bieber music recorded before December 2021. This includes money from streaming platforms, licensing deals, and record sales.
So why would the Biebs want to sell his classics? Here’s 2 theories.
It’s a lotta friggen cash. I mean… it’s $200 million. That’s a hard one to say “no” to.
Tax benefits. By taking a one-time lump sum, the Biebs will pay a 20% capital gains tax instead of a 37% income tax.
So… who’s the new owner you ask? Hipgnosis - a UK music-focused venture fund.
They're backed by Black Rock, so you know they’ve got deep pockets.
And since Hipgnosis is a publicly traded company (ticker: HPGSF), you can own a piece of the company that owns Justin Beiber’s music catalog.