“Turo, The Modern Side Hustle” by Jaziah Mallet and Michael Johnson is a topic that I am very interested in studying. I have written about renting out your personal vehicle in many articles previously, so I am eager to dig deeper.
Luckily, this book performs a deep dive into a short book, my favorite types of books. I learned that Turo could be a fantastic side hustle, but it takes business acumen. You need to bring a business mindset to the endeavor or lose money quickly.
1) Some things you must factor into your business plans are cost to acquire vehicles, location of renters, personal insurance, Turo insurance, and how you will clean your cars.
2) Time is also a vital factor in your Tuto business decisions. How will you drop off your vehicles, and who/how will you clean your cars after each use?
3) How long will you use your vehicles in your fleet. If you deem 60,000 miles as the service life of each car, how much will you receive if you sell your vehicle? Will you make a profit?
4) Great customer reviews are essential to ranking well on the Turo website; however, you can’t let your customers walk all over you to receive a good rating.
5) Do you have enough money to pay for your car loan if the car is out of service? Using leverage to buy vehicles can speed up your growth but put you in a riskier position.
Turo is a great side hustle if you rent one or two vehicles. If you decide to build a fleet, it will become a full-blown business.
I like the idea of Turo and renting out vehicles. It is a math and numbers game, and I love both aspects of the business. However, with a full-time job, I may have to wait before giving it a try.
The business model is more time-intensive than I previously thought, but that is why we read books—to learn from people living the life. This book is a great quick read on Kindle Unlimited. If you need money to beat inflation, Turo could be part of the answer.
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