A young Aussie has shared how he quit his job and is now on track to earn more than $160,000 as his own boss. Many Aussies are turning to side hustles to earn a bit of extra cash and they can sometimes prove more lucrative than their regular 9 to 5.
Alex Munao started renting out his car, a Holden Barina, on Turo in November last year after seeing it sit idle for most of the week. The 24-year-old told Yahoo Finance the side hustle was initially a way to help offset some of his car costs.
“It was just very difficult to own a car in Chippendale in the city and also manage parking, rego, maintenance and all that sort of stuff with that scope of only being able to use the car maybe once or twice a week,” he said.
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After listing it on the car-sharing platform, Munao said his car ended up being booked out “basically every day” in November and December.
He said it was earning about $1,000 per month in terms of revenue, with a 60 per cent profit.
This demand led him and his partner to buy a second car a few weeks later. From there, his fleet kept on growing.
“We just kept adding other vehicles on. The maths made sense,” Munao said.
“If you buy a car that was $6,000 and you pay a car off in six months, then effectively you can just continue to grow your fleet across that period and the profitability for it would be pretty stable after that first six months.”
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Munao quit his full-time job in sales earlier this year to focus on growing his car-sharing business.
“I had four or five cars at that time and that was when I decided, ‘What am I doing here? There’s definitely more income available from car sharing’,” he told Yahoo Finance.
“Essentially I quit that and then focused on growing the fleet and that’s where we are at now.”
Munao now owns 18 vehicles in total, two of which are owned with his partner.
The fleet includes Holden Cruze’s which are popular with overseas US travellers, Holden Barina’s, a Mitsubishi Mirage, Suzuki Alto and few MG3’s. They are kept in parking spots and garages in Chippendale.
Munao said he was earning a profit of between $150,000 and $160,000 across his fleet, with each vehicle earning between $800 and $1,110 per month.
He is spending at least 40 hours a week on the Turo business, while working a part-time retail job at a high-end furniture store.
Source: Aussie quits job as side hustle anyone can do explodes into $160,000 business
