Side business

[waveflyer]

From what I've seen car washes, vending machines and real estate are actual side businesses and still require WORK.
Lots of work and time to get it to pay off.
Thing about the term "side business" is how lazy many pilots let the job make them, and how disruptive an airline schedule can be to said business. Most businesses it's better to look at your flying gig (if you're lucky enough to have that kind of flexibility) as your side job and the business as your more than full time career-

Otherwise it's just too competitive out there- you will fail and be better off just investing more. I'm a big fan of the concept "do what you love, the money will follow"
It's so much easier to attract clientele and do the work necessary if you have a PASSION for what you do.

 

[dalad]

From what I've seen car washes, vending machines and real estate are actual side businesses and still require WORK.
Lots of work and time to get it to pay off.
Thing about the term "side business" is how lazy many pilots let the job make them, and how disruptive an airline schedule can be to said business. Most businesses it's better to look at your flying gig (if you're lucky enough to have that kind of flexibility) as your side job and the business as your more than full time career-

Otherwise it's just too competitive out there- you will fail and be better off just investing more. I'm a big fan of the concept "do what you love, the money will follow"
It's so much easier to attract clientele and do the work necessary if you have a PASSION for what you do.

I had a roofing company, and you are absolutely right. Nothing worse than having to call and cajole people into paying you. I got tired of the stress, worrying about getting paid, etc. I now do roofing for friends and people I know only.

 

[kf4amu]

From what I've seen car washes, vending machines and real estate are actual side businesses and still require WORK.
Lots of work and time to get it to pay off.

Real estate certainly requires work. But for the $ earned per hour invested, I can't imagine a better side business. Although like you said, if you aren't passionate about doing it right, it won't work.

 

[slaquer5]

I had a roofing company, and you are absolutely right. Nothing worse than having to call and cajole people into paying you. I got tired of the stress, worrying about getting paid, etc. I now do roofing for friends and people I know only.

Carpet removal might be a better business to get into.

 

[airplane wizard]

I had a roofing company, and you are absolutely right. Nothing worse than having to call and cajole people into paying you. I got tired of the stress, worrying about getting paid, etc. I now do roofing for friends and people I know only.

Can't you put a lien on their home?

 

[dalad]

Can't you put a lien on their home?

You sure can, but you will be the last to collect. The worst was an apartment complex that I had my guys do over 200 window replacements on. It took over 6 months to get them to pay. They were a company that had properties all over the Southeast. I learned from that to only do a few at a time, get paid, then do a few more, etc. Insurance companies can be a PITA as well. I made a ton of money when I was doing it full throttle, dropping trips at DAL, because the money was good. But the stress of running a business can take a big toll. Flying airplanes is so much better, especially when you leave the job in the employee lot.

 

[DieselDragRacer]

Real estate. Although prices have risen dramatically you may have to wait for the next crash.

It's coming too. Over the next decade, many, many millions of baby boomers are going to move from the houses they can barely afford now into the equivalent of starter homes in hopes of having enough equity in their current home to pay cash (or at least have a small monthly payment) for their next little home. That's the only way the majority of boomers will have a chance at retiring and be able to live off of SS. As they flood the market with mid-level priced homes, pricing is going to tank.

 

[jws717]

How about picking up a trip at 150% every now and then.

Do the math! One day off to make $700-$1000 no risk. Or work on every day off, and overnight. Maybe making a minor profit.

 

[afhercdriver]

I'm in real estate. So far it is working out good. Used car sales seem to be an easy way to make a little side cash. I haven't done it yet but I am looking into it. Also, looking at gun sales.

Jim

 

[av8trinabarrel]

Being furloughed from NetJets going on 4+ years has allowed me to get my contractors license. Plumbing the last 4 years has given me the experience required for the license and the money is outrageous. Only problem is my currency is a distant memory. Hoping to get recalled soon so I can get current and get in line with everyone else for the premium gigs. Even if I stay at NJ, working a 7 and 7 will allow me to grow the business while flying part time.

The last 4 years have been brutal, but I'm certainly glad I waited it out and avoided the slow miserable death that are and were the regionals.

 

[JumpersAway]

I know of several people that seem to do alright buying, fixing, and flipping busted up and broken cars. Buy a car with a blown motor for 1000 bucks, put a 500 dollar motor in it, and flip it for 2000 bucks. Everyone wants a 2000-3000 dollar car. Down side is that if you don't know what you are doing, you will get eaten alive in parts cost.

 

[FlyinGuy]

Can you get paid drinking beer by the pool on your days off? That's where my talents shine!!

 

[AlbieF15]

Tatoo removal. Its the growth industry….

 

[PBRstreetgang]

Tatoo removal. Its the growth industry?.

Free belt sander quote for gheyjhets guys, naaahhhaa, free!
CX220, now you can get that unicorn off of your tramp stamp location, and get something more fitting like "Free Parking" and an arrow pointing to your favorite orifice.

 

[slaquer5]

Can you get paid drinking beer by the pool on your days off? That's where my talents shine!!

Yes. Cabana boy for some rich woman.

 

[waveflyer]

I know of several people that seem to do alright buying, fixing, and flipping busted up and broken cars. Buy a car with a blown motor for 1000 bucks, put a 500 dollar motor in it, and flip it for 2000 bucks. Everyone wants a 2000-3000 dollar car. Down side is that if you don't know what you are doing, you will get eaten alive in parts cost.

This kind of thing is for the car guys-
If you'd be installing motors on your off days no matter knock yourself out-
But I'll gross twice that with a premium turn- and not have to buy a car, shop and buy a motor, install it, and sell said car- and handle the tax side (which is the only real way this could be worth it $$-wise- but it's still work)
Unless you want to hire people..and get to a bigger scale..which is it's own issues.
Though meeting a payroll, should be on everyone's man card

Can't imagine Vegas to PDX and back wouldn't be easier...
That's where I agree with the previous poster.

Side businesses do compete with our ability tojust pick up a trip
Keep these kinds of businesses more as a semi paid hobby

For me, I wanted real money if I was to get involved - pay off my house money- and I've been able to-
But it would not have paid off if I hadn't been furloughed and been able to really work the foundation. And not sure id have taken the same risk today.
Very happy to be past that stage and in position to get out completely

 

[whymeworry?]

I had a R.E. business. Pretty basic in term of flipping for profit. But while I made a lot of money in some years, I equally lost a lot during others. I never had a moment of free time, I was always working on something, between the pilot gig, raising two kids, time for my wife, and working on almost endless R.E. projects. Frankly, I was burning the candle at both ends and all for what? A few extra bucks? Meanwhile, my buddies were always living unencumbered. If they weren't sitting around at home relaxing, they were traveling and enjoying more than a day at an foreign locale (far better travel experience than a pilot).

So I gave it all up and have ZERO regrets since. Like many on here have stated, you're better off just picking up a trip/ turn. Then again, that extra flying will burn you out as well. Life is a balance. The reason the FAA limits the hours we fly is so that we can properly recuperate. IOW, you can only work so much in your time off.

Most business-owners put in 80+ hr weeks in the first 5 years to make it all pay off. That's a tough thing to pull off as a pilot. I'm not saying it can't be done. I did it. But I nearly killed myself trying doing it all. I think I read a story once where it said 90% of all businesses fail in the first 2 years, and of that remaining 10%, 90% will fail in the following 5 years. Not sure whether that is true or now.

The basic premise of running a business for profit is pretty straight-forward. What a lot of people fail to take into account is that once you're a business, everyone has their hand out... practically EXPECTING a handout. From employees, to consultants, to contractors, to government bureaucrats, to insurance companies, to banks, to customers. Your job is to funnel all that into an something that is a cost-plus business model. Which works, most of the time, but when governments or insurance companies change the rules of the game overnight, sometimes it's difficult to pass on those costs to a fickle consumer.

I have a huge respect for entrepreneurs for all they have to go through.

 

[PCL_128]

Running a successful business is not really something to be done "on the side." If you're willing to give up aviation, then there are plenty of great businesses out there that you can start and run, being your own boss. But it will be a lot of work the first few years, and trying to fly full time at the same time is unrealistic.

 

[waveflyer]

So when's your yogurt shop open, pcl?

 

[PCL_128]

So when's your yogurt shop open, pcl?

Yogurt? You mean milk that's gone bad? No thanks.

 

[Ticker]

Landlord. The second oldest profession known to mankind.

I bought a rental property that I planned on owning long term. Figuring in all my expenses and allowing for future expenses like a roof every 20yrs, water heater every 10yrs etc I came up with a basic formula to figure my cash on cash return based on realistic rental rates. It's not just cash flow month to month, it's return on investment. You don't make your money when you sell the property, you make it when you buy it. I ended up with a 17% cash on cash return. I miscalculated initially and thought I was under 10%. Boy was I happy. Pay too much and you may end up praying to just break even if you have to sell early. That's what happened to the flippers. They were speculating. Gambling. Some got lucky. Many got bit.

My life took a turn and I had to sell. I did not want to be living in a different city than where my property was. Anything you have to pay somebody else to do eats in to your return. I decided to sell. I got lucky, I sold in the middle of the upswing. I made a nice 6 figure profit. I cleared my debt and had a nice cushion when the crash happened. It saved our butts!

I'm seriously considering getting back into the rental business. I had an excellent mentor who helped me along and kept me from making some big mistakes on my first purchase.

 

[Dumb Pilot]

Running a successful business is not really something to be done "on the side." If you're willing to give up aviation, then there are plenty of great businesses out there that you can start and run, being your own boss. But it will be a lot of work the first few years, and trying to fly full time at the same time is unrealistic.

Nonsense....! I'm running my real state investments without a problem, and I have properties abroad as well. Speak for yourself!

 

[PCL_128]

Nonsense....! I'm running my real state investments without a problem, and I have properties abroad as well. Speak for yourself!

Investments are not the same thing as a business. Could you quit your flying gig and live solely on your real estate investments plus have additional profit? If not, they're not a business.

 

[Dumb Pilot]

Investments are not the same thing as a business. Could you quit your flying gig and live solely on your real estate investments plus have additional profit? If not, they're not a business.

As a matter of fact, yes I could. I don't only have investments, I am running construction projects as well, and no! my wife has her own thing going.

 

[Dumb Pilot]

Several of my colleagues here have side business...! So your argument is that there is no way you can manage two or more business at a time?? A good friend of mine has 3 business ventures in three different continents and flies for a major in the US. I know several pilots that have side business, another friend of mine flies corporate and has 4 cafeterias in south Florida.

 

[PCL_128]

As a matter of fact, yes I could. I don't only have investments, I am running construction projects as well, and no! my wife has her own thing going.

I'm impressed! Good for you. Not many people would be able to pull that off.

 

[PCL_128]

Several of my colleagues here have side business...! So your argument is that there is no way you can manage two or more business at a time??

Two or more established businesses? Certainly. Two or more more start-ups? Hell no. Not a chance in hell.

 

[kf4amu]

Investments are not the same thing as a business. Could you quit your flying gig and live solely on your real estate investments plus have additional profit? If not, they're not a business.

I agree with this. My real estate is designed to have a little of my involvement as possible, and only then it's on my own schedule. I run it as seriously as a business, but I wouldn't call it a business.

 

[Dumb Pilot]

Two or more established businesses? Certainly. Two or more more start-ups? Hell no. Not a chance in hell.

Yeah..! Because half a month off is just too little time to use your imagination and delegate work.

 

[PCL_128]

Yeah..! Because half a month off is just too little time to use your imagination and delegate work.

In a couple of start-ups, who exactly are you delegating work to? Because unless you're starting out already wealthy, then start-ups don't have the resources to have employees sitting around who work can be delegated to. A pilot starting up a few businesses certainly isn't going to have those sorts of resources, unless he's fallen assbackwards into a massive inheritence.

Sorry, but I'm calling BS.