$$ How to boost a side hustle's bottom line 15-40% $$

Side Hustler:

I went to my family reunion a couple weeks ago. I have an uncle who’s been in mergers and acquisitions for about 20 years now.

I always quiz him about what’s hot and new in the markets. It’s often something I have zero exposure to but its interesting nonetheless.

This time he didn’t hesitate: anything with recurring revenue, memberships and continuity programs get a much higher multiple and sells faster.

I permitted myself a great big fat smile.

See we just incorporated our membership program at our first car wash.

If you’ve been paying attention to the car wash industry you’ve noticed all the big mega tunnel and express washes being built. I covered their rapid expansion in another blast a while back.

But the whole model is built on the back of this same concept: membership-driven recurring revenue.

So now we can compete with the big boys, and we can win on price. See the local tunnels charge a minimum of $25/month and of course you don’t get much.

Our TOP package is $22/mo and the top two packages pay for themselves with two washes. Now our wash is different now for sure, but our customers love touch-free washes (as opposed to the touch-full, brushed wash you get at a big express wash).

And we’re doing it for self serve washes too:

From our friends in the business we’ll come out way ahead on these programs. Most people will sign up and wash the daylights out of their cars - for about 30 days. Then 90% of them will go right back to their normal wash routine.

And most people we’ve found wash their car about 1.5 times a month. More in the spring and fall, less in the summer. So you can see we should come out ahead.

AND we’ll offer free vacuums like the other guys. This will also reward our steady, high volume customers and make them customers for life.

And it gives us cover to raise our rates for single washes. Our top wash was $10, now it’s $12.

Don’t like the price increase? No problem, sign up for the monthly and you’ll pay for it with two washes. Plus now you can wash at all our car washes with just one app. We plan to have 20 locations in the next 10 years.

Most wash owners think these programs add at least 15% to the bottom line and many believe its more like 30-40%. We’ll see.

And if we build a robust membership across several locations, a buyer will look at our business in a whole new light.

So this should get your gears turning.

How can you add a membership program to your side hustle?

Car Wash Guy Kriss

PS: I cover this gameplan and my entire value-add playbook in this video.