National Small Business Week is just around the corner, celebrating the important contributions of entrepreneurs and small business owners across the country. These days, more Americans are considering starting their own ventures. Young people are particularly interested, with 50% of Gen Z wanting to become entrepreneurs or start their own business, according to a report by Samsung and Morning Consult.
But Americans of all ages are embracing the era of side hustles, with 39% opting for additional work and 44% saying they always need it to keep up with the bills, according to a Bankrate survey. believe. However, one side hustle isn't necessarily equivalent to the next in terms of investment of time and money, or potential profits. Tutoring or dog walking arranged through an app can be a convenient way to earn extra cash, but compared to a side hustle on track to establish yourself as a small business, You're less likely to make more than your 9-to-5 income.
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So what does it take to turn a side hustle into a full-fledged small business, or even start one right away? Entrepreneurs who have found success with companies they started as a side hustle have learned some key insights. They will provide it to you. Among them are three of his who are currently featured in our ongoing Sideline Spotlight series. Kim Vaccarella, Founder of Bogg Bag. Sarah Michelle Bose, Founder of Sarah Michelle NP Review (SMNP).
Read on to learn more about their journey and secrets to side hustle success.
1. Greg Carr, Founder of Alchemy Merch
Carr was working as a musician when he started selling custom pins in 2015. Today, Alchemy Merch is a full-time business creating custom products for companies including Apple, Nickelodeon, National Geographic, Nike, and more, as well as independent artists looking for a way to get started. To monetize your artwork in new ways. Mr. Kerr's business went from his $0 in sales to his $1 million in 18 months, and his annual revenue for the past few years has been just under his $2 million.
Carr's advice: “Running a business outside of business hours is difficult if you work a 9-to-5 job, but if you really want it, you have to put in the effort. Think carefully about what you want to do.'' The market has told us how much Alchemy Merch is needed. And when it became clear that this thing had legs, I said yes. I've been self-employed for the past 20 years, so I've never looked back, but it's helped me run with momentum and realize there's real value in what we're doing. It's done. ”
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2. Kim Vaccarella, Founder of Bogg Bag
In 2008, while working in commercial real estate, Vaccarella came up with the idea for a “better beach bag” that was strong, large and washable. Vaccarella said she started working on the business full-time in 2018, at which point she set an ambitious goal of $1 million in sales. Bogg Bag achieved that goal, with revenue exceeding his $50 million mark by 2023. The company aims to exceed $100 million in sales this year.
Vaccarella's advice: “My mantra? Slow and steady wins. Building a business from scratch is a learning curve like no other. I believe you have to be hands-on.'' It's all about trusting your instincts, moving at a pace that feels right, and maintaining open communication with everyone you cross paths with. You'll be amazed at the connections you can make and what you can learn from them. ”
RELATED: A side hustle in college led to a quick-profit product that sells for up to $450 — and she didn't consider herself a “business person.”
3. Sarah Michelle Bose, Founder of Sarah Michelle NP Review (SMNP)
After passing her nursing exam more easily than expected, Sarah Michelle Bose wanted to give others confidence, so she created an online refresher course. This side hustle made her seven figures in just seven months, and two years later she was sold to Blueprint Test Prep for a “life-changing” sum in 2022. Bose currently serves as Chief Nursing Officer for Blueprint She Test Prep.
Boss advice: “I don't want to sound too cliche, but I'm just going to start. I had an idea in the car.” [and ran with it]. I did the first recording of the course on Zoom. My air conditioner broke and it was Memorial Day weekend. I'm sitting upstairs in his attic, sweating. Because that's the only quiet place to record. I didn't have a website until September. We are using Zoom, [arranging] Through Facebook, [getting paid via] Venmo, Cash App, or Zelle. So you literally just need to start and then you'll figure things out as you go along. It doesn't have to be really sophisticated or fancy. If you have a great product that resonates with people, people won't care. ”
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