Entrepreneurship & Small Business

I need to make 50K by next April

  • Last Updated:
  • May 25th, 2017 8:57 pm
Deal Fanatic
Nov 17, 2004
5686 posts
531 upvotes
Toronto
NtodaL wrote:
Apr 28th, 2017 11:03 am
$50,000 before tax means $961.53 a week

If you work 40 hours a week. Your wage per hour should be $24/hour. So your paycheque will be around $750-800.

To earn $24/hour you need to be working in a field that requires high technical skills i.e. electrician, car mechanics, home builders, accountants...

Graphic designer usually go with $16-$18/hour.
So you have to find a part-time job (15 hrs/week) that pays at least $20/hour so you can make that $50,000

Don't forget this is just income. Take into account your expenses as well.

Just so you know, your income grow as your skills improves and/or you get more training and experience.

I earn $40,000 a year but I do the following to make more money:
- In winter, I offer snow removal. Make around another $400/month. For 4 months from December to March, I make around $1,600 extra
- I draw portraits from photos for $80 apiece per subject for people to use it as gifts. Make another $180/month.
- I work at night as a bookeeper at a garage from 5:30 PM to 9:00 PM. Make another $320 a month.
- Saturday morning I tutor some accounting students for $25/hour. Make another $50/weekend.

Saturday afternoon and Sunday off.

Now you can do something else like selling cracks like people suggest but I don't think it's a good idea for your kids to look at you as a drug dealer.

I guess you're working as a freelance designer then make yourself exposed. Print out name cards, go to your local restaurants. Ask them if they want to redesign the food menu, go to YMCA, ask them if they want to design banners for their programs. Go to car modification shops to ask if they want to design catalogs.

If you happen to see some furniture people tossed aside on the street, take it home. Clean it up then put and ad to sell it. Make about $50 even $600 apiece out of nowhere.

If you see people gathering in the parks catching pokemons. Get some portable battery chargers and sell them for $30 apiece. The cost is $5 apiece. I did it last summer and made $500 in 3 hours selling these pieces of shit.

There are tons of way to make money. But for family men, it's a tougher battle to fight.
Respect. Making bank is not glamorous, it is hard work.

The service industry is perhaps the hardest way to make an honest buck, but it is low risk and you can do it over and over until you hit your goals. Staying in the game and not going bankrupt is the best way for opportunity to find you.
I workout to get big so I can pickup bricks and ****.
Deal Addict
Dec 27, 2007
1991 posts
291 upvotes
Edmonton
Perfect job for this would be auto repair from your own garage. Assuming you have some knowledge.

50 grand cash is roughly 4g a month so a G a week. Easily doable. Your goal would be to make 200 cash daily.
So for me that would be 4 brake jobs or some other work. Maybe two CV axles and an oil change, or 3-4 sets of tires swap on rim and balance.

You will need to pay off for the tools but when you invest into yourself it will pay off ten fold.

You can have your kid nearby watching, maybe playing on an iPad near while your working. Best part is most people work during day so evening would be most beneficial to you and to them.

It's easier than you think
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Deal Addict
User avatar
Mar 23, 2008
4103 posts
1850 upvotes
Edmonton
tmkf_patryk wrote:
May 2nd, 2017 12:15 pm
Perfect job for this would be auto repair from your own garage. Assuming you have some knowledge.

50 grand cash is roughly 4g a month so a G a week. Easily doable. Your goal would be to make 200 cash daily.
So for me that would be 4 brake jobs or some other work. Maybe two CV axles and an oil change, or 3-4 sets of tires swap on rim and balance.

You will need to pay off for the tools but when you invest into yourself it will pay off ten fold.

You can have your kid nearby watching, maybe playing on an iPad near while your working. Best part is most people work during day so evening would be most beneficial to you and to them.

It's easier than you think
You think he'll be able to work full time and average 4 sets of brakes per day? Good luck with that...

C
Deal Addict
Dec 27, 2007
1991 posts
291 upvotes
Edmonton
CNeufeld wrote:
May 2nd, 2017 3:50 pm
You think he'll be able to work full time and average 4 sets of brakes per day? Good luck with that...

C
Let's see. Each brake job takes 45 minutes. (Take off two wheels, two bolts for each caliper, two bolts for each caliper bracket if needed, lubricate pins and replace pads/rotors)

So 3 hours for 4 brake sets. Let's say shit goes sideways and it takes an extra 20-30 minutes each job. 5 hours . Not too bad at all.

Just turn on some good music and get going.
Good luck OP!
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Deal Addict
User avatar
Mar 23, 2008
4103 posts
1850 upvotes
Edmonton
tmkf_patryk wrote:
May 2nd, 2017 10:35 pm
Let's see. Each brake job takes 45 minutes. (Take off two wheels, two bolts for each caliper, two bolts for each caliper bracket if needed, lubricate pins and replace pads/rotors)

So 3 hours for 4 brake sets. Let's say shit goes sideways and it takes an extra 20-30 minutes each job. 5 hours . Not too bad at all.

Just turn on some good music and get going.
Good luck OP!
The issue isn't necessarily doing the work. It's finding the customers (20 per week), all the overhead time, etc. Plus he'd be working till 10 or 11 every night. Great quality of life... And I'm sure the neighbors would love him running his impact wrench till late, plus parking multiple cars outside his house and coming and going of clients all evening...

C
Deal Addict
Dec 27, 2007
1991 posts
291 upvotes
Edmonton
CNeufeld wrote:
May 3rd, 2017 8:50 am
The issue isn't necessarily doing the work. It's finding the customers (20 per week), all the overhead time, etc. Plus he'd be working till 10 or 11 every night. Great quality of life... And I'm sure the neighbors would love him running his impact wrench till late, plus parking multiple cars outside his house and coming and going of clients all evening...

C
I agree. That many clients will be tough but he will have to do more than just brakes. Would he work late? Yes. But the point is he can get the 50k, while behind home with his kid. I don't think the neighbours would mind if they know that he's a reliable mechanic they have right close to them. And with the garage closed the impact not that loud.

How do you suggest OP make an extra 50k?
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Deal Addict
User avatar
Mar 23, 2008
4103 posts
1850 upvotes
Edmonton
tmkf_patryk wrote:
May 3rd, 2017 4:31 pm
I agree. That many clients will be tough but he will have to do more than just brakes. Would he work late? Yes. But the point is he can get the 50k, while behind home with his kid. I don't think the neighbours would mind if they know that he's a reliable mechanic they have right close to them. And with the garage closed the impact not that loud.

How do you suggest OP make an extra 50k?
I could almost guarantee at least one neighbor on his block would start the complaints when there's a bunch of vehicles parked around his place. Most municipalities have pretty strict rules about home businesses and noise/parking.

As far as suggestions to the OP... He needs to identify his skills. I could suggest making widgets out of wood and selling them on Etsy and at the local farmer's market, but if he has no aptitude on that, he'll end up with a few fingers less than he has now and a garage full of useless tools. For myself, since I have a marketable IT skill, I'd just find some contracts to fill in some hours.

The OP hasn't even posted what his full-time job is.

C
Jr. Member
Sep 27, 2009
126 posts
22 upvotes
Toronto
If you are in Toronto or Vancouver, buy real estate. Can make an easy $50K by next year if the market trend continues.
Newbie
Apr 11, 2017
27 posts
26 upvotes
mike330 wrote:
May 6th, 2017 9:37 pm
If you are in Toronto or Vancouver, buy real estate. Can make an easy $50K by next year if the market trend continues.
Seems highly dependent on the 'IF' not to mention you need a lot of moula to buy in in order to get the return if the IF holds up.

There is not a sure thing.
Penalty Box
User avatar
Dec 16, 2015
576 posts
202 upvotes
Internet marketing...easy $1mil a year
Newbie
User avatar
May 2, 2017
31 posts
1 upvote
I think you should go in the service sector, like if you can teach something to students then can make a good amount of money in less time. More you can also write content on the freelance basis.
"Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it." ~ Bruce Lee
Sr. Member
Mar 18, 2015
826 posts
161 upvotes
Antarctica
How hard is it to learn brake work / other auto work if one only knows how to do a basic oil change only?
Deal Addict
Dec 27, 2007
1991 posts
291 upvotes
Edmonton
Crichtonfan wrote:
May 17th, 2017 11:36 am
How hard is it to learn brake work / other auto work if one only knows how to do a basic oil change only?
It's a very simple and natural progression. Especially front brakes where all you require to do is lift the car (which are already do for oil change) remove the 4-12 lug nuts depending on the vehicle, remove two bolts/screws holding the caliper and you have the brake pads revealed there. You can just pop the pads out with your fingers or maybe flat blade screw driver and put new pads on. Grab a $10 pack of brake lube for the sliders which are either part of the bolts/screws or just pull out and you grease them up. Putting the caliper back on you just need to press it in, most people start off by using a plain c clamp. Rear brakes are a touch more work due to some of the have parking brake as part of the system.

If you can do an oil change, you can do a brake pad change (might need to buy a couple tools). Overall, if your thrifty and looking for deals, the first brake job you change for someone, the money you make from it will pay off all the tools you need (torque wrench, c clamp, grease) and I'm talking $50.

To change a rotor it's another 2 bolts to get the caliper bracket off (and sometimes a screw holding rotor to hub, rarely)
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Sr. Member
Mar 18, 2015
826 posts
161 upvotes
Antarctica
tmkf_patryk wrote:
May 17th, 2017 7:14 pm
It's a very simple and natural progression. Especially front brakes where all you require to do is lift the car (which are already do for oil change) remove the 4-12 lug nuts depending on the vehicle, remove two bolts/screws holding the caliper and you have the brake pads revealed there. You can just pop the pads out with your fingers or maybe flat blade screw driver and put new pads on. Grab a $10 pack of brake lube for the sliders which are either part of the bolts/screws or just pull out and you grease them up. Putting the caliper back on you just need to press it in, most people start off by using a plain c clamp. Rear brakes are a touch more work due to some of the have parking brake as part of the system.

If you can do an oil change, you can do a brake pad change (might need to buy a couple tools). Overall, if your thrifty and looking for deals, the first brake job you change for someone, the money you make from it will pay off all the tools you need (torque wrench, c clamp, grease) and I'm talking $50.

To change a rotor it's another 2 bolts to get the caliper bracket off (and sometimes a screw holding rotor to hub, rarely)
Not bad, now you got me thinking :)
Newbie
Dec 15, 2015
87 posts
31 upvotes
RH, ON
tmkf_patryk wrote:
May 2nd, 2017 12:15 pm
Perfect job for this would be auto repair from your own garage. Assuming you have some knowledge.

50 grand cash is roughly 4g a month so a G a week. Easily doable. Your goal would be to make 200 cash daily.
So for me that would be 4 brake jobs or some other work. Maybe two CV axles and an oil change, or 3-4 sets of tires swap on rim and balance.

You will need to pay off for the tools but when you invest into yourself it will pay off ten fold.

You can have your kid nearby watching, maybe playing on an iPad near while your working. Best part is most people work during day so evening would be most beneficial to you and to them.

It's easier than you think
Worst idea yet if you are in Ontario. You'd need to be a LICENSED mechanic or Tech even to do backyard brake jobs. If they screw one thing up, you'd be in for a lot more than 50k. You'd 100% want insurance if working on someones car or in their home. Scratch a rim taking it off, that's on you to replace now.

You will run into a world of hurt once the by-law officer visits your place and sees you running a shop with no permit too or proper paper work.

Stick to what you know, graphic design and tutoring.

Any updates on your situation op?

Top