Half of all small businesses fail within the first five years of existence. And the number one reason for business failure is a lack of cash flow.
If you’re opening or have recently started a small business, you know just how hard it can be to get your business off the ground. The last thing you want to do is to let your business fail because you are temporarily short on cash. Instead, there are creative ways to make money outside your business to help fund its success.
Keep reading to learn how to make money with your car to help you fund your business.
1. Pick up a Side Hustle
One of the easiest ways to make money with your car is through a side hustle. There are countless side-hustle opportunities out there that make use of your personal vehicle.
Start transporting people to and from destinations with a company like Uber or Lyft. Deliver food to someone’s home through DoorDash or GrubHub. Go grocery shopping for a customer and make money after delivering it for InstaCart.
2. Advertise Businesses
You can also make money driving your vehicle if you advertise businesses on it.
Companies pay to have their business’ logo and information displayed on a vehicle that travels throughout cities. This means you essentially get paid to drive your car on normal routes you would have driven anyways!
While you’re at it, stick a few advertisements for your own business on your vehicle. That way, you might bring in a few extra customers and increase your revenue.
3. Secure a Title Loan
If you’re in a tight spot financially and need money fast, you could use your vehicle to secure a title loan.
Title loans work by using your vehicle as the collateral to receive funding. You hand over your vehicle title, and in exchange receive a loan to help with your business expenses. As long as you pay back your loan in the established terms, you don’t actually give up ownership of your vehicle.
4. Lease out Your Vehicle
Our last tip for how to make money with your car is to considering leasing out your vehicle. If you live in an area with plenty of public transportation, this is an easy way to make cash.
Simply loan out your vehicle to a paying customer for a pre-determined amount of time. Many people use these car-leasing businesses when traveling. Then, at the end of the agreement, you receive your vehicle back along with a generous payment.
Get Creative to Make Money With Your Car
As you can see, all it takes is a little creativity to make money with your car.
Start with the obvious and consider picking up a side hustle that involves your vehicle. If that doesn’t work, advertise businesses, including your own, on the side of the car. Lastly, leverage your vehicle by applying for a title loan and even leasing it out for cash. Looking for more creative ways to keep your business thriving? If so, visit the Money and Finance section of this site for all the best tips and tricks.