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BUYING a dump trailer for $8,000 and renting it out as a dumpster for $300 per day is a profitable venture for one entrepreneur.
Elite Equipment Rentals says that they now earns over $50,000 a year in gross profit from this side hustle — and it’s easier than many might think.
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Dump trailers are highly versatile and in demand.
Homeowners, contractors, and businesses often need temporary dumpsters for various projects, including construction cleanouts and renovations.
By investing in one dump trailer, the entrepreneur offers short-term rentals at $300 per day.
Elite Equipment Rentals shared on TikTok that an average of just 15 customers per month earns them $4,500 in gross profit each month.
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Over the course of a year, that translates to more than $50,000 in gross profit from a single trailer.
SCALING THE BUSINESS
After establishing demand in the local market, the entrepreneur decided to scale up the operation.
Rather than stopping at one trailer, they reinvested the profits into purchasing additional trailers.
For instance, acquiring five more trailers significantly increases revenue potential.
With six trailers consistently rented out, the business could potentially generate $27,000 in gross profit each month.
WHY IT WORKS
The beauty of this side hustle lies in its simplicity and relatively low overhead.
Beyond the initial investment in trailers, the main expenses are maintenance, marketing, and insurance.
Given the high daily rental rates, these costs can be quickly covered, allowing for profitability within just a few months.
GETTING STARTED
For those interested in starting a similar venture, here are key steps:
- Research the Local Market: Understanding the demand for dump trailers in the area is crucial. Checking competitors’ prices and identifying opportunities for a competitive or value-added service can set a new entrepreneur apart.
- Purchase a Quality Dump Trailer: Investing in a durable trailer that can handle various debris types will enhance reliability and customer satisfaction.
- Advertise Locally: Utilizing social media platforms, local directories, and word-of-mouth referrals will help reach potential customers. Targeting homeowners, contractors, and event organizers looking for affordable dumpster services is essential.
- Keep It Simple: Starting with one trailer allows for testing the waters. As demand increases, profits can be reinvested to grow the fleet.
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.
SO… IS IT WORTH IT?
In this entrepreneur’s experience, the answer is a resounding yes.
While the initial cost of $8,000 might seem steep, the potential for rapid returns on investment, even with a few rentals each month, makes it worthwhile.
They have tested this side hustle and found there’s serious money to be made.
If this side hustle isn’t ideal, there are plenty of others to try out for size.
The U.S. Sun has covered several side hustles, including one that makes $20,000 a month from just flipping vehicles.
Someone else said they make around $1,000 with a laundry gig.
