ReportWire

Tag: Making Money

  • I Started Side Hustles to Pay Off $40k Debt and Build Wealth | Entrepreneur

    This as-told-to story is based on a conversation with Marissa Cazem Potts, a Bay Area-based Intuit financial advocate* and financial literacy professional. The piece has been edited for length and clarity.

    Image Credit: Courtesy of Intuit. Marissa Cazem Potts.

    Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here.

    Growing up, I experienced the pitfalls of my parents not understanding how to manage money.

    My father is second-generation American-Filipino, and my mom is half Black and half white and has enslaved person ancestry. Both of them wanted to make money and create a better life for themselves, but they didn’t know how to invest or even save their money. We spent a lot and would find ourselves in jeopardy. There’d be a year where I couldn’t get the new shoes I wanted for school because my parents didn’t manage their money well, but thankfully, we always had a home and all the things we needed.

    I wanted to be the generation that stops the cycle of being financially irresponsible.

    Related: The Shopping Strategy I Used to Pay Off $22,000 Debt and Save $36,000 Might Sound Extreme — But It Worked. Here’s How.

    I knew I had to go to college. My mother finished college; my grandmother had her master’s degree in education. I felt I had to at least get my undergraduate degree, coming from a legacy of women who considered education the way to financial freedom. My parents said they could help with my rent during college, but that was about it. I got a part-time job at Nordstrom and actually made a lot of money doing that.

    But when it came to tuition, there was no game plan. My parents dropped me off at the financial office at the University of California, Santa Barbara. The office told me that I could take loans out and wouldn’t have to pay them back until I graduated. I just wanted to make sure I got my education. So I signed the documents. I had a series of different loans, but I didn’t read the fine print. I didn’t understand the concept of interest, and I let the loans sit.

    I graduated in 2010 with that debt over my head and didn’t have a plan for paying it back. The first thing on my mind after graduating was getting a good job, making sure it paid well and thinking about what career I wanted to have. I’d always had a passion for writing, communicating and speaking, so I got an internship at E! News. That was unpaid, but it was a great opportunity.

    Related: I’m a Millennial Who Quit My Job Last Year to Do What I Love. Here’s How I’ve Made More Than $300,000 So Far.

    While I worked that unpaid internship, I had to make money on the side. So I started side hustles. I worked as a receptionist at a dance studio. I sold my old clothes. I was building income, but then I was spending it — on gas, food, something nice. At that point, I wasn’t thinking about paying the student loans or saving money.

    I was in Los Angeles for a while, then slowly navigated back home to the Bay Area for a career in technology. In the back of my mind, though, I always wanted to do something for myself, too.

    “I needed to start saving and investing, building a 401(k).”

     Eventually, I landed a job at Intuit and was introduced to financial education. There were tools like TurboTax, and at the time, Mint, Credit Karma. I realized I needed to get my finances in order. I needed to start saving and investing, building a 401(k).

    Then I took a job at LinkedIn and had a daughter, and I really didn’t want this $40,000 debt, increasing year over year, on my back. I’d learned a lot in my professional communications career — and realized I could spin that skill set into another side hustle, helping coach and advocate for executive women. So I started that executive coaching business on the side; I took on a few clients in the early morning, after hours or on weekends.

    Related: This Couple’s ‘Scrappy’ Side Hustle Sold Out in 1 Weekend — It Hit $1 Million in 3 Years and Now Makes Millions Annually: ‘Lean But Powerful’

    The side hustle kept me busy, and I had to sacrifice time with my young daughter and husband, so I made it a little spicier and reminded myself of my ultimate goal by funneling the money into an account called “Marissa’s Freedom Fund.” Any time I had a check from an executive coaching job or another side gig, it went straight into that account, and anything left over, whether $10 or $100, went into an emergency fund.

    I began paying off my six loans in 2022 and finished paying them off in 2023. I got that email from Navient, my loan processor at the time, saying, “Congratulations, your loans are paid off,” and I felt totally free.

    “Financial wellness means utilizing the tools that are available to you.”

    It’s important to treat financial wellness as self-care. The first step is looking at your debts and your accounts: I didn’t want to look at my student loan debt or credit card debt, but I had to see the big picture and figure out where to start. Financial wellness means utilizing the tools that are available to you, tapping into your network and practicing consistency — that’s the hardest part. You are your own worst enemy. You have to ensure you’re sticking to a routine when you’re working toward a financial goal.

    It can be intimidating, especially if you grew up in a home where you didn’t talk about money, but you should start your financial wellness journey as soon as you can. I try to talk openly with my daughter about finances so that she understands the power of a dollar. You can start small: $10 a month can grow into $100 a month, then $500 a month. Create savings and investment accounts. Also, be a conscious consumer — if you regret a purchase, return it.

    Related: ‘It Was Taboo’: Parents Shape Their Children’s Relationship With Money. Here’s How to Set Kids Up for Long-Term Success Instead of Struggle.

    Don’t feel defeated if you have debt. You have the agency to attack it by setting up different income streams. I still have that entrepreneurial drive today. I channel it both into my role as a financial advocate at Intuit, where I empower Gen Z (like my younger sister) and Gen Alpha with financial education and confidence, and as an intrapreneur, pursuing stretch projects and impact within my day-to-day work.

    It’s so important for younger generations to see that you can take the time to build skills, grow a network and test a business idea on the side while working in a traditional corporate role. A recent Intuit survey found that 26% of Gen Z already have a side hustle, and 37% want to start a side hustle.

    Related: Gen Z Is Turning to Side Hustles to Purchase ‘the Normal Stuff’ in ‘Suburban Middle-Class America

    By using your agency and leveraging free tools like Intuit for Education and other resources, you can prepare to launch a business full-time — if and when that path feels right for you.

    *Potts is not an official financial advisor; her tips are for “general informational purposes only and should not be considered financial advice. It is not a substitute for professional guidance.”

    Amanda Breen

    Source link

  • How a Mom’s Garage Side Hustle Hit $1 Billion Revenue | Entrepreneur

    This Side Hustle Spotlight Q&A features Sandra Oh Lin, 50, of Los Altos, California. She is the founder and CEO of KiwiCo, a company that provides educational activities for kids meant to spark creativity and problem-solving through hands-on play. Responses have been edited for length and clarity.

    Image Credit: Courtesy of KiwiCo. Sandra Oh Lin.

    Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here.

    What was your day job or primary occupation when you started your side hustle?
    I had just stepped away from seven years at eBay Inc., where I had launched PayPal Mobile and led the eBay fashion business. I was working on a new fashion-related startup idea before I ended up starting KiwiCo in 2011.

    Where did you find the inspiration for the side hustle?
    When my kids were younger, I tried to find ways for them to exercise their creativity and put their problem-solving skills to work. I wanted them to grow up to feel like they could envision and better the world around them. As an engineer by training, I saw creating and building through hands-on activities as a way to explore, discover and build creative confidence. At the same time, I was drawing on my own childhood — I have such fond memories of making and building things with my mom while I was growing up.

    Related: After College, She Spent $800 to Start a Side Hustle That Became a ‘Monster’ Business Making $35 Million a Year: ‘I Set Intense Sales Targets’

    What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch?
    I started by creating hands-on projects for my kids. Then, I started to share them with friends and family during playdates. The parents and kids were so enthusiastic about the activities that it gave me the confidence to take it further. I laid the groundwork to see if there was a market for a real business. Then, I leveraged my network to start conversations with investors. We raised a little more than $10 million in venture funding. From there, we were able to become profitable and cash flow positive — and fund our own growth.

    Image Credit: Courtesy of KiwiCo

    Are there any free or paid resources that have been especially helpful for you in starting and running this business?
    I had a strong background in product design (having worked in R&D at Procter & Gamble) and ecommerce (from time at PayPal and eBay). Yet, I didn’t have any direct experience with fulfillment, supply chain and operations. I had a lot to learn. So I made a conscious effort to surround myself with people who were true experts. One example is Mike Smith, who was the COO of Walmart. He provided invaluable guidance, and he even helped interview our VP of operations candidates when we were hiring. Advisors like Mike were so helpful to us at that time.

    If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you’d done it differently?
    I had always heard people say that a strong culture is so important to define and cultivate when you build a company. That way, you can point to and reinforce the behavior and values that align. While I was able to grok that academically, I put it aside when I should have addressed it earlier. As a result, some of our hiring was off in the beginning, and we had to course correct, which was costly. It would have been helpful to have put the framework into place from the beginning.

    When it comes to this specific business, what is something you’ve found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren’t?
    During the pandemic, one of our toughest challenges was sourcing enough supplies to keep up with surging demand. In the years since, we’ve seen our fair share of ups and downs on that front, but one thing has remained constant: the importance of strong, trusted relationships with our suppliers. They’ve been incredible partners through it all, and those collaborations have been key to helping us navigate post-pandemic growth with resilience and adaptability.

    Related: This Mom’s Creative Side Hustle Started As a Hobby With Less Than $100 — Then Grew Into a Business Averaging $570,000 a Month: ‘It’s Crazy’

    Can you recall a specific instance when something went very wrong? How did you fix it?
    I’ll never forget our very first alpha shipment. We had just 19 crates to send out, and it took a team of five of us the entire day to get them boxed and shipped. By the end, we were exhausted and looking at each other like, There has to be a better way. It was a wake-up call that we needed better systems and processes for fulfillment if we were going to scale. We figured it out along the way, but that moment sticks with me as a reminder of how far we’ve come.

    Image Credit: Courtesy of KiwiCo

    How long did it take you to see consistent monthly revenue?
    With our core business being subscription-based, we’ve seen consistent monthly revenue from the beginning. KiwiCo has been profitable and self-funded for many years now. What started in my garage has grown into a company that has shipped more than 50 million crates to families in over 40 countries and created more than 1,500 hands-on products and activities. It’s amazing to see how far we’ve come, while still staying true to the heart of why we started: sparking creativity and confidence in kids everywhere.

    What does growth and revenue look like now?
    To date, KiwiCo has generated more than $1 billion in lifetime revenue. This is something I’m incredibly proud of, not just because of the number itself, but because it represents millions of moments of creativity and discovery for kids and families. Additionally, we launched in Target and Barnes & Noble this past year as part of building our wholesale channels.

    Related: He Spent $36 to Start a Side Hustle. Now the Business Earns 6 Figures a Year — With Just 1-2 Hours of Work a Day: ‘Freedom.’

    What do you enjoy most about running this business?
    One of my favorite parts of this journey is that my kids not only understand what I do for work but also are involved in helping shape KiwiCo’s products. My kids were the original source of inspiration for the company, and they continue to be critical testers of our products to ensure we’re creating the best hands-on activities for kids to discover and unleash their creativity and explore as they learn about the world around them.

    Image Credit: Courtesy of KiwiCo

    What is your best piece of specific, actionable business advice?
    Finding a community of founders can be so helpful. Sharing the challenges and the opportunities that come from building a business with others who are in the same boat can be so valuable. You can gather everything from tangible, actionable advice to empathetic ears that have been there and done that.

    This Side Hustle Spotlight Q&A features Sandra Oh Lin, 50, of Los Altos, California. She is the founder and CEO of KiwiCo, a company that provides educational activities for kids meant to spark creativity and problem-solving through hands-on play. Responses have been edited for length and clarity.

    Image Credit: Courtesy of KiwiCo. Sandra Oh Lin.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    Amanda Breen

    Source link

  • Mom’s Creative Side Hustle Grew to $570,000 a Month: Penny Linn | Entrepreneur

    This Side Hustle Spotlight Q&A features Krista LeRay, the 34-year-old founder of needlepoint store Penny Linn. She lives with her husband and two children in Westport, Connecticut. Responses have been edited for length and clarity.

    Image Credit: Courtesy of Penny Linn. Krista LeRay.

    Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here.

    What was your day job or primary occupation when you started your side hustle?
    Before starting Penny Linn, a new-age needlepoint store offering hand-painted canvases, accessories and more, I was a full-time influencer running my blog, Covering The Bases. I started the blog in 2013, but I only took it full-time about a year before starting Penny Linn. While managing the blog, I had a corporate career at Major League Baseball, where I worked on the social media team for over five years.

    Related: He Spent $36 to Start a Side Hustle. Now the Business Earns 6 Figures a Year — With Just 1-2 Hours of Work a Day: ‘Freedom.’

    When did you start your side hustle, and where did you find the inspiration for it?
    I initially learned to stitch from my grandma, who inspired the name of the business, and then I really got into it in college at the University of Kentucky. I picked it back up again in 2018 when I started stitching custom belts for my dad and husband, and a ring bearer pillow for my wedding in 2019. Little did I know that this would be the perfect hobby to fall back in love with as the pandemic approached.

    As I got back into stitching, I quickly stitched through my stash of canvases and was disappointed with both the in-person and online needlepoint shopping experiences. It felt antiquated; there weren’t many sites with a good user experience, a handful of the shops made you call to order, and the designs felt very mature. I found myself wishing there were more fun and better accessories and canvases, so I started making them after my search came up short.

    Image Credit: Courtesy of Penny Linn

    What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch?
    When I started painting my own canvases, I wasn’t even in the mindset of starting a business; it was still just a hobby for me. I probably spent under $100 buying a blank canvas on Etsy and paint at Michaels, and painted the infamous Ralph’s Coffee cup for myself. When I shared it on my Instagram, I had an overwhelming number of followers ask to buy one, so I knew my followers were also interested in needlepoint.

    As I began searching for cuter accessories for myself, I found that many custom items had a 100-item minimum. At the time, I had a business bank account for my blog, so I used that money to order the inventory and knew that I could at least sell 90 of them to my followers who also needlepointed. After making a few canvases and seeing the demand, I realized I had enough ideas to launch a larger collection online. So I bought the smallest Shopify package, started sourcing needleminders and project bags, and recruited my friends and family to help paint canvases.

    All in all, I spent about $5,000 on the initial inventory for our accessories and an additional $2,000 on shipping materials, canvas tape, etc., but none of this accounted for my time painting the canvases one by one, which was the biggest investment.

    Related: These 31-Year-Old Best Friends Started a Side Hustle to Solve a Workout Struggle — And It’s On Track to Hit $10 Million Annual Revenue This Year

    If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you’d done it differently?
    Looking back on how I built my business, it’s a catch-22; if I had known what I know today, I might have done it differently. However, having my hands in every aspect of the business has brought me a great deal of knowledge and appreciation that continues to shape the business.

    In the beginning, I hand-painted nearly every canvas, which took many, many hours, but it kept costs low since my labor was essentially free and gave me control over my inventory. If I had known that people outsourced painting, it would have saved me so much time and energy, but doing it myself taught me the value of a hand-painted canvas.

    Similarly, I wish I had hired people at the beginning to take more off my plate, but by doing it all, I learned valuable lessons and knew how I wanted every aspect of the business to run. I don’t think Penny Linn would be such a thoughtful and impactful brand today if I hadn’t had my fingers on every aspect of the business in the beginning.

    Related: I Interviewed 5 Entrepreneurs Generating Up to $20 Million in Revenue a Year — And They All Have the Same Regret About Starting Their Business

    When it comes to this specific business, what is something you’ve found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren’t?
    The reason Penny Linn has been so successful as a business, and also in reviving the cultural love for needlepoint, is that we brought much-needed innovation to the industry. I never expected the amount of pushback from vendors and industry vets I received. Across the board, people pushed back on our ideas and how we ran our business.

    Today, we have found partners who believe in our growth and are building with us. When we launched our acrylic line in 2022, there was so much chatter online that it wasn’t innovative or unique, but today we hold a patent for the design, and it’s one of our bestselling lines. We also take a slightly smaller wholesale margin than the industry standard because I believe in making needlepoint accessible. Our wholesale partners were initially adamant that it wouldn’t be successful, but it has proven otherwise. I developed a thick skin while blogging and learned to shut out the noise, which has followed me into Penny Linn as we continue to shake up the industry.

    Image Credit: Courtesy of Penny Linn

    Can you recall a specific instance when something went very wrong? How did you fix it?
    I vividly remember one of our first bag launches, which did not go as planned. It was a beautiful project bag with leather and PVC that we sold through so quickly! As I was packing them, I tested a few of the zippers and was very disappointed to find that they stuck and were difficult to open, despite the samples working perfectly. I reached out to each customer who had ordered them and let them know that the bags weren’t up to our standards. I offered them a full refund if they wanted to return the bag or a discount if they wanted to keep it.

    This became one of my biggest rules in business: When anything goes wrong, I need to take ownership and work to rectify it immediately. Our community was beyond appreciative of how proactive we were, and most ended up keeping the bags. We put the rest of the bags on clearance and now work with our team and vendors to ensure we have quality control measures in place.

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    In the first six months after we launched, the only consistent revenue was what we generated during launches. Everything would sell out so quickly that we wouldn’t have any inventory left until the next launch. We would often have a day or two without sales in between launches, which wasn’t a sustainable way to run a business. To prevent this, we started producing more inventory and introduced our Penny Linn Collective, allowing us to bring on designers who expanded our offerings. Our designer collective has been fruitful for us over the past five years, and we continue to grow it today.

    We started seeing more consistent revenue in year two, doing just over $30,000 per month. The popularity of our launches started to level out, and we could better forecast inventory to keep our income steady. It was such a big deal for us at the time to reach these numbers, but we do that in a day now. Each year has been drastically different in terms of demand, and about every six months, we reach an inflection point where we need to increase quantities even more.

    Related: This Couple’s ‘Scrappy’ Side Hustle Sold Out in 1 Weekend — It Hit $1 Million in 3 Years and Now Makes Millions Annually: ‘Lean But Powerful’

    What does growth and revenue look like now?
    It’s been really exciting that Penny Linn has doubled or tripled each year. In 2024, we did $4.4 million in revenue, and we have already surpassed that and are on track to double it in 2025. We are currently averaging $570,000 per month. Whatever I think our ceiling might be, we come in and double it each year. Our growth has been so explosive that I do expect it to start leveling out in the next year or so, but there is still so much opportunity for the business.

    My mind is always racing with new ideas for the brand as we expand our product offering, launch new designers under the Penny Linn Collective and bring new accessories to market. Our store opening in Norwalk, Connecticut, earlier this year was a huge milestone for us, and now we are exploring what more stores might look like. I don’t see our growth slowing down anytime soon.

    Image Credit: Courtesy of Penny Linn

    What do you enjoy most about running this business?
    I honestly love what I do so much and find great fulfillment in it. I feel so much pride, excitement and joy thinking about what we’ve created at Penny Linn and the business I’ve built in under five years. It’s nothing I could have ever imagined as my career or what I expected Penny Linn to grow into. We haven’t seen many bumps in the road yet, and keep having success after success, which energizes me to keep going.

    I pride myself on the fact that Penny Linn is “by a stitcher for a stitcher,” and there is nothing more satisfying as a needlepointer to want something in my collection and to be able to make it. I’m privileged to have the ability to work with our vendors to create the products of my dreams, and it’s just as exciting to see how much our community loves them.

    I also find so much joy in the change we have brought to the industry and how we have been able to bring needlepoint to the forefront for a new generation. It’s crazy to sit back and think that my brand has revived a centuries-old tradition and built it into something that will continue to live on and evolve for generations to come.

    Related: These Friends Started a Side Hustle in Their Kitchens. Sales Spiked to $130,000 in 3 Days — Then 7 Figures: ‘Revenue Has Grown Consistently.’

    What’s your best business advice?
    The first is, “If you don’t ask, the answer is always no.” People are often scared to reach out because they are afraid of rejection, but my motto is always to ask, and if they don’t reply, it’s still not a no. If they don’t respond, it’s not the end of the world, but the opportunity for the answer to be yes is so much greater.

    My second is to learn the difference between constructive feedback and criticism. If someone doesn’t like you or your business, they will never have anything nice to say, and it’s not worth listening to. However, if they are a loyal fan and a frequent shopper, and they comment on how a product or process might be improved, it’s worth listening to. It’s easy to get lost in the negative feedback, but the faster you learn what is worth listening to, the better decisions you will make for your business.

    Amanda Breen

    Source link

  • Home From College: Jobs for Young Adults Without Work Experience | Entrepreneur

    Julia Haber, the 29-year-old co-founder of career platform Home From College, was a student at Syracuse University when she started her first business: an experiential marketing agency that brought retail pop-ups to college campuses and worked with brands like Shopify to teach students about entrepreneurship.

    Image Credit: Courtesy of Home From College. Julia Haber.

    The experience gave Haber valuable insight into what the career landscape looks like for Gen Z — and just how much it had changed over the past six-plus years.

    “ This next generation is constantly looking for ways to figure out who they are by doing things,” Haber tells Entrepreneur, “and because it’s such a socially native generation, we see all these people online making money in different ways. This next gen really wants to work with brands they love as well and admire, and it’s a blend of this consumer meets career.”

    Related: Gen Z Is Redefining the Workplace — and Companies Must Adapt or Face Losing Talent

    Recognizing that many students graduate without knowing what they want to do with their lives — and often with significant debt — Haber wanted to help them build “multi-hyphenate” careers early on.

    So Haber launched the Los Angeles-based startup Home From College in 2021 alongside co-founder Kaj Zandvliet, a former banker at PineBridge Investments and financial analyst at Sony Music Entertainment.

    “We position ourselves as the translator between companies and college students.”

    Home From College provides students with an opportunity to earn their first dollars and work with the brands they love in a “flexible, student-first” environment.

    To that end, Home From College only hosts paid job opportunities, 90% of which are remote. Companies can create an account on the platform and list their “gigs,” which could be anything from a one-day project to a lengthier brand ambassador program. Students and recent graduates create their own accounts on the platform and apply for the gigs that interest them — no prior work experience required.

    Home From College is free for students to use. The platform offers four subscription tiers for companies, starting at $49 per month, plus a 20% fee on student compensation. All payments take place on the platform via Stripe.

    Related: Why Gen Z Is Ditching the Corner Office Dream — and How Businesses Can Adapt

    Students typically earn about $30 an hour, and the average ambassador program pays students roughly $1,000 a month. It’s also common for students to work two gigs at once. Some of the top earners have seen “tens of thousands of dollars in a short period of time,” Haber notes — with one dedicated student’s gigs even amounting to a $50,000 paycheck.

    “We position ourselves as the translator between companies and college students, and that really resonated,” Haber says.

    Home From College raised $1.5 million of pre-seed funding in 2022, then $5.4 million in a seed round led by GV, formerly Google Ventures, last year.

    The company is using those funds to continue building a “sustainable, fast-moving” business. Home From College has invested in high-level talent and AI to connect students and brands effectively.

    Related: Top Career Motivations of Gen Z and Reasons They Choose an Employer

    “We’ve been implementing a ton of new roles that have more of an AI bent to them.”

    Additionally, although Home From College initially focused on low- to no-skilled jobs, there’s an interesting opportunity to lean on the hard skills that Gen Z college students and recent graduates often already have — like those related to AI, Haber says.

    “We’ve been implementing a ton of new roles that have more of an AI bent to them,” Haber explains, “and helping companies catch up to the students who are already native [in AI]. So that’s been a new frontier of actually having the students be more of the experts in a topic that companies are less proficient in and helping bridge that gap.”

    Companies on the platform are also interested in students with a talent for customer success and sales at scale, Haber says.

    For example, some consumer brands look to students for help with distribution in challenging markets, like the outskirts of a college campus or the middle of the country. It’s typical for these companies to recruit students to source new locations, such as a nearby deli, to sell products.

    Related: Gen Z Talent Will Walk Away — Unless You Try These 6 Strategies

    “ So it’s creating almost a business development sales team, boots on the ground at scale, where they can hire hundreds of people for that type of role,” Haber says, “where it’s skill and labor, and then simultaneously social media and content.”

    Brands often rely on students to run their TikTok shops too, as it can be a massive undertaking for those that want to launch and scale a meaningful affiliate program, Haber notes.  

    “[Students] come in and run those programs on behalf of companies,” Haber says, “and it’s great because it helps generate revenue for their business, but simultaneously teaches [the students] marketable skills.”

    “You’re not just where you went to school. You’re a bigger version of that.”

    Above all, Haber encourages young adults launching their careers to “use your whole self as the opportunity to market who you are” and land the role you want.

    Home From College facilitates that by allowing students to share more information about themselves than a typical resume or job application might glean — for instance, having curly hair could make them “really attractive” to a shampoo brand that specializes in curls and needs a social media manager to connect with its target customer base.

    Related: Gen Z Is Losing Faith in the College Degree — Here’s 3 Reasons Why It’s Still Important for Them

    “You’re not just your major,” Haber says. “You’re not just what your GPA is. You’re not just where you went to school. You’re a bigger version of that.”

    This article is part of our ongoing series highlighting the stories, challenges and triumphs of being a Young Entrepreneur®.

    Amanda Breen

    Source link

  • His Side Hustle Earns 6 Figures a Year: 1-2 Hours of Work a Day | Entrepreneur

    This Side Hustle Spotlight Q&A features Dennis Tinerino, 39, of Los Angeles, California. Tinerino worked in online sales when he first learned about domain names and launching websites, which helped him discover domain investing as a side hustle. Here’s how he turned the gig into a lucrative business that brings in six figures a year — with about an hour or two of work per day. Responses have been edited for length and clarity.

    Image Credit: Courtesy of Domain Smoke. Dennis Tinerino.

    When did you start your side hustle, and where did you find the inspiration for it?
    I started my side hustle in 2014 after discovering that domain names are like real estate, only online. Realizing the right ones could keep growing in value was all the inspiration I needed to dive in. My interest first sparked when I was launching a new website and came across a domain name for sale. I had no idea what the cost might be, so I filled out the form on the seller’s website. A domain broker from Afternic replied, explaining that the name was for sale and would require a six-figure minimum offer. Unfortunately, this domain was out of my budget for this project, but thankfully, they were very helpful and explained why it was valued at that price, even suggesting other names that were closer to my budget at the time. That conversation grabbed my attention and pushed me to do a deep dive into the world of domains.

    Related: These 31-Year-Old Best Friends Started a Side Hustle to Solve a Workout Struggle — And It’s On Track to Hit $10 Million Annual Revenue This Year

    What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch?
    When I started, I did not know anyone personally who was doing this, so I had to teach myself. I dove into blogs, read FAQ sections on marketplaces and learned everything I could about how domains are bought and sold. Like most new investors, my first stop was GoDaddy, where I began registering domains that sounded cool or interesting. Luckily, I kept my spending in check and only bought four domains for a total of $36. One of them, LawyerBoss.com, ended up selling for $700 on Afternic less than two months after I bought it for about $8. That sale was a turning point. It was exciting to see that I could learn the process, list a name and have someone actually buy it for their business. From that moment on, I was hooked and started looking for more ways to find new domains to invest in.

    If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you’d done it differently?
    If I could hop in a time machine, I’d go straight back and immediately sign up for the Domain Academy course on day one. It covers everything about domains, with resources from A to Z, and there’s nothing else like it. I could have skipped months of trial and error, saved a few gray hairs and gotten in the game faster with a deeper understanding of domains and the industry as a whole. There are countless strategies in domain investing, but before you dive in, you need to understand how domains work, what end users are looking for and the different ways to approach them. Trust me, learning this early is a lot cheaper than buying cool names and hoping for the best.

    Related: I Interviewed 5 Entrepreneurs Generating Up to $20 Million in Revenue a Year — And They All Have the Same Regret About Starting Their Business

    When it comes to this specific business, what is something you’ve found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren’t?
    The hardest part for newcomers is getting the right education. Too many jump in blind, skip the basics and end up spinning their wheels. It’s like trying to fix a car without ever popping the hood. Making uninformed investments is a quick way to waste time, burn cash and get frustrated fast. Another big surprise is how much upkeep a domain portfolio requires. This is not a buy it and forget it business. You have to watch your names, keep up with renewals, follow the market and be honest when it is time to let go of names that are no longer relevant or valuable.

    Can you recall a specific instance when something went very wrong? How did you fix it?
    In my early days, I started doing outbound marketing to create interest and generate sales for my domains. I was not thinking about trademarks at the time and reached out to companies that owned marks similar to my names. That mistake earned me a stack of legal threats and cease and desist letters. Thankfully, I was able to resolve each situation on good terms by finding common ground with the parties involved. It was a valuable lesson to always check for trademarks before investing or reaching out to buyers, and I am glad I learned it early. Avoiding legal battles is high on my priority list.

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    It wasn’t until my second to third year of domain investing that I began to see consistent monthly revenue come in. What I noticed is that after my first year, when I started to educate myself more, build up my domain portfolio with better quality domains and then began outbound marketing, my sales accelerated, and steady monthly revenue came in. In the first year, I earned a few thousand with my first initial sales. In the second year, it was in the lower five figures, and it kept ramping up from there as I invested more time and resources.

    Related: This Couple’s ‘Scrappy’ Side Hustle Sold Out in 1 Weekend — It Hit $1 Million in 3 Years and Now Makes Millions Annually: ‘Lean But Powerful’

    What does growth and revenue look like now?
    Back in 2014, the portfolio was just a handful of domains. Today, it has grown to roughly 8,000 to 10,000 names. There were stretches where I was buying one name a day, and some days I went on a spree and grabbed 20, using profits to keep scaling and building the portfolio. Each year, I have consistently added another 500 to 1,000 names, experimenting with different top-level domains (TLDs) and country code top-level domains (ccTLDs) when I spot a trend. The real growth has come from .com domains, which remain the most in-demand with end users. What started as a few thousand dollars a year has grown into a business generating steady six-figure revenue for the past five years. That growth comes from years of research, relentless market tracking, careful portfolio maintenance and making the right moves at the right time, even when they were tough.

    How much time do you spend working on your business on a daily, weekly or monthly basis?
    On a typical day, I spend one to two hours building and managing my portfolio. Over a week, that adds up to 15 to 20 hours, and by the end of the month, it’s usually 60 to 80 hours.

    How do you structure that time? What does a typical day or week of work look like for you?
    My time is split between portfolio management, searching for fresh inventory, outbound marketing and closing deals. Each week, I set aside blocks of time to review my portfolio, adjust prices and prepare names for marketing. Once you get past a few hundred domains, daily portfolio management becomes essential. It is easy to let small tasks slip through the cracks, and that is when mistakes happen. What has saved me the most time is staying organized. It sounds easier than it is, but creating workflows, keeping detailed spreadsheets and using the right tools will save you from falling behind on your daily tasks.

    Related: These Friends Started a Side Hustle in Their Kitchens. Sales Spiked to $130,000 in 3 Days — Then 7 Figures: ‘Revenue Has Grown Consistently.’

    What do you enjoy most about running this business?
    Domain investing can get a little lonely sometimes because you have to put in the hours to stay sharp and up to date. But the thing I have enjoyed the most is the investor community. We are very active on X, and I have met incredible people from all over the world who have helped me grow as an investor, taught me a ton and become lifelong friends.

    The freedom that comes with this business is unlike anything else. You can run it from anywhere in the world with minimal tech skills. You set the rules, choose your hours, decide your prices, pick where to sell your names and choose which names you want to buy.

    Over the years, as an investor, I found myself looking at tens of thousands of domains coming to auction or expiring every day. As great as many of those names were, I knew I could not buy them all, but I also did not want to see those opportunities go unnoticed by other investors. That got me thinking about how I could share this research and these findings with others. That is when I launched Domain Smoke, a daily newsletter sharing industry news, investment opportunities and the best domains hitting auction each day. Since its launch in 2019, it has grown to thousands of readers worldwide who read it every day.

    Based on your journey so far, what’s your best advice for someone who wants to get started with this kind of business?
    When I got started, there were a few things I would change if I could, and I hope my experience can help you find success in your own journey as a domain investor. If you are new to domain investing, here are three tips that can help you start on the right foot:

    1. Be patient with hand registrations
      This one is not easy, but you will thank me later. Try to hold back from registering new domains by hand until you have a proper understanding of domain investing. The easiest mistake beginners make is buying names that are not likely to sell. Many of them also have little or no appeal to end users. That costs both time and money you will not get back. Once you get past the learning phase, you will have plenty of time to acquire domains that actually fit your strategy. When you know what to invest in, you will be glad you waited.
    2. Invest in yourself early
      They say the more you learn, the more you earn, and that is definitely true with domains. Avoid rookie mistakes by investing in your education. One of the best places to start is the Domain Academy course from GoDaddy, which teaches the ins and outs of the business. Just like any other form of investing, there are many ways to make money, but the best way to improve your chances of success early on is to educate yourself.
    3. Keep learning and follow the data
      It is easy to get started, build up a bit of knowledge and then think you know it all. But markets evolve, trends shift, and change is constant. Stay up to date with domain blogs, industry news, eBooks, Domain Sherpa shows and forums like NamePros, which is full of free knowledge for beginners. Most importantly, follow the data. Study sales and trends using resources like NameBio, dotDB and DNJournal. These will help you understand what is actually selling, what is trending and why. That insight gives you a competitive edge and keeps you aligned with the market.

    Related: I’ve Interviewed Over 100 Entrepreneurs Who Started Businesses Worth $1 Million to $1 Billion or More. Here’s Some of Their Best Advice.

    Start small, stay consistent and give yourself time to learn. Every successful investor was once a beginner. The more you study and track sales data, the sharper your skills will become. And remember, the community side of this business matters too. The investors and connections you build can be just as valuable as the domains you own.

    Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here.

    Amanda Breen

    Source link

  • Co-founders of Stakt on Starting a Side Hustle Earning $10M in 2025 | Entrepreneur

    This Side Hustle Spotlight Q&A features New York City-based friends and co-founders Millie Blumka, 31, and Taylor Borenstein, 31. The pair started a side hustle in 2021 called Stakt, an adaptable workout accessories brand.

    Blumka was a director of brand partnerships at Showfields and Borenstein was a product implementation manager at Bloomberg when they invested about $50,000 of their personal savings into the business. The co-founders have since grown it from a two-person operation to a lucrative business on track for $10 million in revenue in 2025 as it scales across Amazon, DTC and B2B.

    Read exactly how they did it, here.

    Image Credit: Courtesy of Stakt. Taylor Borenstein, left, and Millie Blumka, right.

    Responses have been edited for length and clarity.

    When did you start your side hustle, and where did you find the inspiration for it?
    Blumka and Borenstein: We had the idea for Stakt back in 2020 when home workouts became the norm and our old yoga mats just weren’t cutting it. We needed more support and versatility for the variety of workouts we were doing like sculpt and pilates, and we couldn’t find a mat that could keep up. We found inspiration through our own personal need and noticing many trainers we looked up to were rolling their mat in half to get extra support…we knew there had to be a better way.

    Related: This Couple’s ‘Scrappy’ Side Hustle Sold Out in 1 Weekend — It Hit $1 Million in 3 Years and Now Makes Millions Annually: ‘Lean But Powerful’

    What were some of the first steps you took to get your side hustle off the ground? How much money/investment did it take to launch?
    Blumka and Borenstein:     Neither of us had started a business before, let alone created a product, so the first step was a lot of networking. We spoke with friends of friends to try to understand how you even go about creating a product. We also did a lot of surveying to understand if this was an “us” problem or if other people were struggling with this, too. We each invested $25,000 of our own savings to get the business off the ground and have invested profits ever since.

    Image Credit: Courtesy of Stakt

    If you could go back in your business journey and change one process or approach, what would it be, and how do you wish you’d done it differently?
    Blumka:     If I could go back, I’d probably establish our lanes much earlier. In the beginning, we both tried to touch everything and be hands on for every aspect of the business. Once we defined who owned what, things became so much smoother. Having those roles in place earlier would have saved us a lot of time.

    Borenstein: I probably would have hired customer service support sooner, as we spent a lot of our time on customer experience when we could have spent it building the business.

    Related: These Friends Started a Side Hustle in Their Kitchens. Sales Spiked to $130,000 in 3 Days — Then 7 Figures: ‘Revenue Has Grown Consistently.’

    When it comes to this specific business, what is something you’ve found particularly challenging and/or surprising that people who get into this type of work should be prepared for, but likely aren’t?
    Borenstein:     Before starting a consumer brand, I had always thought, How hard could it be if you have a good product? It turns out the product is just the first step: Growing a business takes a ton of discipline, hard work, networking and efforts across all verticals to really make it successful.

    Image Credit: Courtesy of Stakt

    Can you recall a specific instance when something went very wrong — how did you fix it?
    Blumka:     We once had an entire container of inventory arrive damaged, and we didn’t feel comfortable selling it. Instead, we donated the mats to local organizations and used them for community events. It left us out of stock for a while, so we leaned on pre-orders and reframed the challenge as a marketing opportunity.

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    Blumka:     We didn’t pay ourselves until we decided it was time to make Stakt our full-time jobs instead of just a side hustle.

    Borenstein: It took about a year before things leveled out and we saw consistent monthly revenue. For the first year, there were good months, great months and bad months — eventually it became more consistent and easier to predict.

    Related: At 24, She Immigrated to the U.S. and Worked at Walmart. Then She Turned Savings Into a ‘Magic’ Side Hustle Surpassing $1 Million This Year.

    What does growth and revenue look like now?
    Blumka and Borenstein:     We are on track to do $10 million in revenue this year — doubling what we did in 2024.

    Image Credit: Courtesy of Stakt

    What do you enjoy most about running your business?
    Blumka:     The combination of creativity and community. I love taking an idea and turning it into something people genuinely connect with. That said, the real reward is seeing our products out in the wild, with people actually using and loving them. Building community around movement and wellness has been the most fulfilling part. Plus, doing it alongside my best friend is the biggest bonus.

    Borenstein: At some point, this truly stopped feeling like work. Stakt is an extension of me and my family, and every day I get to work with my best friend and my husband (whom we hired last year). I love that I can make my own schedule, my hard work is rewarded with the growth of my own business, I meet awesome people, and I get the opportunity to design new products and see them come to life.

    “Chaos is part of the journey.”

    Based on your journey so far, what’s your best advice for aspiring founders?
    Blumka:     There will never be a perfect time, perfect product or perfect plan, but you have to start somewhere. There will always be a reason to wait, but the real progress starts once you launch. This is when you can adapt, learn and grow.

    Borenstein: Everyone will have advice, but trust your gut — there’s no single playbook. And remember, no one has it all figured out; the chaos is part of the journey.

    Want to read more stories like this? Subscribe to Money Makers, our free newsletter packed with creative side hustle ideas and successful strategies. Sign up here.

    This Side Hustle Spotlight Q&A features New York City-based friends and co-founders Millie Blumka, 31, and Taylor Borenstein, 31. The pair started a side hustle in 2021 called Stakt, an adaptable workout accessories brand.

    Blumka was a director of brand partnerships at Showfields and Borenstein was a product implementation manager at Bloomberg when they invested about $50,000 of their personal savings into the business. The co-founders have since grown it from a two-person operation to a lucrative business on track for $10 million in revenue in 2025 as it scales across Amazon, DTC and B2B.

    Read exactly how they did it, here.

    The rest of this article is locked.

    Join Entrepreneur+ today for access.

    Amanda Breen

    Source link

  • How to Teach Kids About Money and Set Them Up for Success | Entrepreneur

    How to Teach Kids About Money and Set Them Up for Success | Entrepreneur

    Although 83% of U.S. adults said parents are the most responsible for teaching their children about money, 31% of American parents never speak to their kids about the topic, according to a survey from CNBC and Acorns.

    Last week, the subject came up on Northwestern Mutual’s A Better Way to Money podcast, which featured social media star and owner of Stur Drinks Kat Stickler and Northwestern Mutual vice president and chief portfolio manager Matt Stucky.

    “I love and respect my parents, but we didn’t really talk about money ever — I never saw them talk about money,” Stickler told Stucky during the conversation. “It was taboo. It wasn’t brought up once.”

    Related: Members of Every Generation Have Side Hustles — But They Don’t Spend Their Earnings the Same Way. Here’s the Breakdown.

    According to Stucky, parents can instill strong money management skills like any other good habit.

    “It just takes a lot of repetition — things like saving, investing,” Stucky said. “I’m not going to teach my 4-year-old about investing, but just the idea of if I save a dollar, that means I can spend it down the road on something that I really want. That takes a while to sink in.”

    Money might not have been a regular topic of discussion while Stickler was growing up, but the entrepreneur says her mother did show her the value of a dollar in other ways: repurposing old jeans into shorts or empty butter tubs into containers for school lunch.

    In addition to talking to their kids about money, parents can lead by example when it comes to smart financial decisions.

    “There are new risks that are now in the equation of being a parent,” Stucky said. “Things like, What if something happens to me; what if I can’t work anymore? How does that impact my child’s financial life?“

    Navigating those uncertainties means planning for big-ticket items, according to Stucky. Stickler, who has a young daughter, said she’s already taken some key steps to secure her future: setting up a will complete with a month-by-month timeline and establishing funds for healthcare and school — and even one for clothes and toys.

    Related: What Your Parents Never Taught You About Money

    According to Stucky, parents should leverage today’s circumstances for tomorrow’s success.

    Stucky recommends setting up a 529, to which you can contribute funds for education, and a Roth IRA for your child.

    “[With a Roth IRA], you are able to contribute on their behalf up to the child’s earned income amount or the current contribution limits of $7,000, and the dollars come out tax-free after age 59 ½ or if they need to use it for a qualifying life event,” Stucky explains. “It’s a way to set up your children for their retirement, as well as support generational wealth.”

    Parents might also consider a Uniform Transfer to Minors Account (UTMA), which has no limit on the amount that goes in and allows them to retain control until their kids reach 18-21, depending on where they live, Stucky says.

    Related: Shark Tank’s ‘Mr. Wonderful’ on Teaching Kids About Money: ‘Put Their Noses In It, Like You’re Training a Puppy’

    Finally, Stucky recommends the “often overlooked option” of permanent life insurance for your child.

    “The policy will pay a death benefit someday so long as the required premiums are paid,” he explains. “In addition, policies accumulate cash value, which your child could access during their lifetime.”

    Amanda Breen

    Source link

  • What To Do When Your Job Won’t Pay You More | Entrepreneur

    What To Do When Your Job Won’t Pay You More | Entrepreneur

    Feeling underpaid and undervalued at work? Gabrielle Judge, the creator of the Lazy Girl Jobs movement, is here to fix that. She’ll share her best strategies for accelerating your earnings and getting the raise or promotion you deserve.

    Register now for our upcoming livestream to gain insights on topics including:

    • How to maximize your time and money in the workplace

    • Leveraging pay transparency to get more money

    • What to do if you feel undervalued and underpaid

    • Strategies for getting a raise through job hopping

    About the Speaker:

    Gabrielle, as the visionary CEO and content creator behind Anti Work Girlboss, leads a social revolution reshaping the future workplace landscape. Her pioneering concept of the “lazy girl job” has captivated millions monthly, offering both relatable content and career inspiration. Her areas of expertise extend across work-life balance, branding for Gen Z employees, and forward-thinking perspectives on the future of work. Esteemed platforms like NPR, BBC, and TEDx have recognized her innovative contributions, inviting her to speak on her insights. Gabrielle’s groundbreaking ideas have also been spotlighted in over 10,000 global publications, including the Wall Street Journal, Bloomberg, Al Jazeera, and 60 Minutes Australia, underscoring her influential role in redefining career norms.

    Entrepreneur Staff

    Source link

  • I Scaled My Company From $10 Million to Over $200 Million in 4 Years. Here Are 3 Things He Did to Lead The Company Through Market Disruptions. | Entrepreneur

    I Scaled My Company From $10 Million to Over $200 Million in 4 Years. Here Are 3 Things He Did to Lead The Company Through Market Disruptions. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    When I started Appfire in 2005, hardware was king and companies like Dell, IBM and HP were the leaders and innovators of all things tech. Businesses relied heavily on hardware to fuel their IT infrastructure, and the idea of the cloud seemed like a utopian dream. My partner and I built our business to support traditional hardware-centric models, and it was a system that served as well in those early years.

    By 2010, I found myself at a crossroads as the rise of cloud computing was slowly shifting focus toward virtualized environments and we were deep in development to deploy new collaboration software on a hardware-based platform. VMware burst onto the scene, making virtualized software all the rage. Hardware evaporated almost overnight.

    As a business leader, I had to make a difficult decision: should I steer my team and company in a direction that would essentially abandon all the work we’d put towards our hardware-based product to jump on the virtualization trend with the rest of the market and our competitors? Or should we stay the course, pressing on with our product that was built on a hardware platform? After careful deliberation, we decided against investing in virtualization right away as the timing wasn’t right for us.

    I’m reminded of this anecdote as the AI boom continues its momentum, with no signs of slowing down. Just take a look at Nvidia’s recent earnings or Atlassian’s introduction of Rovo, an AI assistant. Someday, when we look back at the history books, this period will be marked by the incredible rush and shift we’ve seen from companies of all sizes to integrate AI into their offerings. This extends beyond merely providing AI-powered solutions. Companies are rebranding, restructuring and reinventing themselves as AI-centric to attract investment, talent, and market share.

    As business leaders, we’re constantly faced with the challenge of whether we, too, should jump on the latest trend. Do we follow the pack and shift our entire strategy and product roadmap, or remain on our current path?

    Related: 10 Growth Strategies Every Business Owner Should Know

    Through my own journey of growing and scaling a leading software company from $10 million to over $200 million ARR in four years, I’ve identified three tips that can help leaders determine whether to embrace a trend or stay the course.

    1. Ensure the shift aligns with what customers want

    Don’t lose sight of customer wants and needs during times of change. Getting it right for your customers is more important than being right. Research has found that more than 90% of people believe companies should listen to customers to drive innovation. Even if as a business leader you vastly desire to incorporate AI into your end model, if it’s not important to your customers you will fail and you won’t make a profit.

    There are several ways you can get this feedback from your customer base. Deploying customer surveys, implementing a customer advisory board and meeting with customers in person are great ways to understand if what you are building makes sense for your customers. If your company has a strong channel program, talk to your partners regularly about what they are hearing from customers

    2. Determine if you have the right resources

    It can be tempting to jump on a trend, particularly when the market demands it and competitors are already on board. In 2010, one of the main reasons we decided not to quickly shift from our hardware platform strategy to virtualization was that we didn’t have people in place with the right skill set. Because of that, we knew we couldn’t succeed in virtualization in a way that would have an immediate impact on our customers.

    When a drastic market shift happens, instead of jumping on the bandwagon, put those efforts and resources into training your staff. Many are willing and looking to expand their skill set – in fact, one study shows nearly 75% of employees are willing to learn new skills. Then once you have the right people with the right skills who can help you make an impact, you can turn your focus to innovation. When employees get the right training to gain the skills they need, the business itself will see the benefits.

    Related: Your Company Won’t Grow Until You Follow These 4 Keys to Success

    3. Stay true to your core values

    Remember the core values you established when you launched your company and use them as guiding principles as you make decisions. Nearly all employees agree that a workplace culture grounded in core values plays a critical role in long-term success.

    If the latest trend aligns with your mission, vision and purpose, it could be a valuable addition to your strategy. However, if it doesn’t, pursuing it may not help your company long term. Staying true to your foundational principles ensures that your business remains focused, authentic, and purpose-driven amidst evolving market dynamics.

    When a new trend disrupts the market, navigating a path forward can be challenging. Consider the approach Atlassian took with Rovo. While others rushed to get an AI assistant to market last year, Atlassian was intentional and strategic. It mattered more to them to release a tool that aligned with their mission of making teams more effective than being the “first.”

    Remember that getting it right for the customer matters more than conforming. Oftentimes blindly following the crowd without critical thinking can lead to conformity and a loss of innovative thinking. Don’t lose sight of your mission, vision, and purpose. These values are likely what attracted employees and customers to your organization in the first place, and what will keep them long after a trend has faded out.

    Randall Ward

    Source link

  • Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire | Entrepreneur

    Beware of These Risky Sales Tactics That Are Doomed to Fail or Backfire | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    True story: Recently, my daughter was at a major brand car dealership with her boyfriend, intending to purchase a pre-owned car. Note I made up the numbers for the sake of my daughter’s financial privacy, but the takeaways are still the same.

    The dealership asked for, let’s say, $26,000 “all in” for the car, but my daughter had already decided that $20,000 was the most she would pay. There was a lot of ground to cover to actually make a deal happen. After some discussion, the salesperson did his best, dropping the price to $25,000. But that still left a big gap, so he told her, “Let me go check with my manager and see if he has any ideas.”

    After five minutes, the salesperson and his manager entered the room together. The manager explained that at $25,000, this was a great price; it was already well below their MSRP, and the deal was “very thin” as it was for him. He then used the famous line, “Okay, here’s what I’m going to do to get you into this car today.” The manager pulled out a piece of paper with revised numbers that showed his price now at $23,995. He explained to my daughter that this was the absolute best possible price. He was “all in;” this was his “best offer,” and he told her to take it or leave it. For the grand finale — keeping in mind that this is a 100% true story — the manager took out a big red ink stamp and smacked it down on the paper. The stamp read “FINAL” in bold red ink. $23,995. FINAL.

    My daughter responded, “Thanks, but I’m sorry; it looks like it’s not going to work out.” Without hesitation, he immediately blurted out, “How about $22,500?”

    When my daughter told me the story, I had a wonderful laugh. After the big show, the manager held his price for a full six seconds. And the idea of the red final stamp just made the story even better. But the more I thought about it, the more I realized there’s actually quite a lot to unpack here regarding sales tactics, psychology and effectiveness.

    Related: 3 Unconventional Sales Tactics That Will Close More Deals

    I’m not in the car business, and I’ve never sold cars, but I can see some familiar sales tactics (and mistakes) playing out here:

    Playing the waiting game

    All this went down after my daughter had spent hours on the lot. It was getting late in the day on a Saturday, and the manager knew she was hoping to get it done. At some level, the manager was wearing her down and playing out the clock, playing the “waiting game.” It didn’t work in this case, but often, this notion of using time as a weapon can be very effective. Utilizing time as a strategic element in the negotiation process can be effective, but it must be used carefully and respectfully. Pushing too hard on time constraints can backfire.

    Closing the deal by changing the sales lineup

    When the salesperson reached his personal negotiation line or felt he would lose her, he brought in his manager. In addition to adding some time to the clock, this step created a new opportunity for a new dynamic. The dealership never really wants a potential buyer to walk out the door, so if one person doesn’t get the job done, it’s always worth trying someone else. Involving a manager or company administrator in the negotiation process can create new dynamics and opportunities for closing a deal.

    Proposing your best and final offer

    Although I laughed hysterically when I heard about the red stamp, I soon realized it was actually a smart move. Once upon a time, I’m guessing some sales and marketing people sat in a room, and someone said, “I have an idea — let’s make a red stamp that says final and use that during negotiations.” Everyone probably laughed, and they would have said, “No, I’m serious!” And then everyone thought about it and agreed, as funny of an idea as it was, it actually made sense. It’s one thing to tell someone something verbally, but when it’s “official” and in red ink on paper, it’s human nature to believe it and take it as indisputable. Using psychological sales tactics to create a Fear Of Missing Out (FOMO) effect, such as a “Final Offer” stamp, can be effective in conveying seriousness and finality, but you have to honor your word, or you will likely lose credibility.

    All the tactics I outlined above were smart, but here’s where I think the dealership dropped the ball:

    Trying a shutdown move too soon

    The manager came in cold, and rather than take some time (again, time is on their side) to talk about the value, create some alignment, and build some rapport, he went straight for the kill. That tactic may work, but I felt it was too aggressive. He would have been better off discussing the pain points and goals concerning the product, coming up with some extra incentives, etc. Understanding the customer’s needs, discussing the product’s value and building rapport and trust can be crucial in successful sales.

    Related: How to Master Your Sales Success — Why Every Answer and Rejection Matters

    Putting an out-of-reach offer on the table

    The manager decided to go for the close in a fairly aggressive way. In some cases, that tactic makes sense. But he played it all wrong with the numbers. He knew they were a full $5,000 or 20% off, and he decided to put it all on the line at $23,995. Obviously, given how fast he dropped another thousand, he had plenty more room. If he was going for the hard close and “FINAL” offer, he should have made it more compelling. By putting on the big show and then immediately dropping his price, he completely lost credibility and lowered the odds of closing. In this case, he lost my daughter’s trust and the sale. In negotiation, it’s important to understand the other party’s budget and limits before making an offer. Being aware of their constraints will increase the likelihood of closing a deal.

    Saying your offer is “final” when it’s not

    If you offer something of value at a good price and tell them it’s “final” (which I personally don’t recommend as a sales tactic), then stand by it and mean it. Your word has to mean something. Once he realized his “final” price was not going to work, rather than lower it, he could have thrown in some additional valuable incentive, perhaps some amount of free service or some kind of special financing. If a “final offer” is presented, standing by it as your final word is essential. If adjustments are needed, they should include additional incentives or value to maintain trust and credibility.

    Sales is an art, no doubt about that. A great salesperson builds a relationship, asks questions and listens, understands the client’s pain points, is honest and transparent, and operates with integrity. Of course, strategies, techniques, incentives, and a lot of human emotion and psychology are at play, but all of them can happen successfully without losing your credibility.

    So, the overall moral of my story? Choose wisely before using the big red stamp!

    Jason Foodman

    Source link

  • This Working Mom Overcame Decades of Employment Bias to Become The CEO of Her Own 6K-Figure Company. Here’s How She Overcame Adversity. | Entrepreneur

    This Working Mom Overcame Decades of Employment Bias to Become The CEO of Her Own 6K-Figure Company. Here’s How She Overcame Adversity. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that working mothers still face discrimination in the workplace. With few legal protections in place, many moms are pushed out of workplaces (laid off or fired) and subjected to stereotypes about their competency. I’ve faced discrimination as a working mother several times since 1997. I’ve been passed over for a promotion and stepped down from a leadership role because of the discrimination I faced.

    From the moment I saw that little blue plus sign, I’ve been fighting for equality at work and home. A lack of paid leave, exorbitant childcare costs and discrimination made my early career difficult at best, and for the majority of Americans, makes it nearly impossible to have a family.

    I was just 24 years old when I became a mom for the first time. I was new at many things then: adulthood, marriage, and home ownership. I had no idea that the statistics were so stacked against me. Gender disparity didn’t cross my mind—that’s just the way it was. Little did I know that I was stepping into an entirely new world—one that would continually discount me.

    As it turns out, new mothers who take fewer than eight weeks of paid maternity leave are at higher risk for depression and experience poorer overall health. My husband and I were a young couple starting out, so while I desperately wanted more time with my newborn, my mind reasoned that the six weeks of paid maternity leave my employer offered me would be enough — we couldn’t afford for me to take additional time away from work without pay. We weren’t alone. Two-thirds of workers don’t take needed leave because they cannot afford it. They’re also unable to afford daycare. For infants, the average cost of center-based childcare is more than in-state public college tuition in 34 states.

    On my first day back from maternity leave, I learned that the young man hired a few months prior had been promoted over me. When I asked my boss why I’d been overlooked for the promotion, she told me she disagreed with it, but it was out of her hands. According to a Pew Research Center analysis, 16% of working parents have been passed over for promotion because they have children, and mothers are more likely than fathers to report this experience.

    My company’s office hours were 8:30 am to 5:30 pm. I had to walk out the door at exactly 5:30 pm every day to pick up my son by 6 pm or pay $1 for every minute I was late. Still, I was pulled aside and talked to about always leaving on time when other employees were staying late, as though it spoke to a lack of work ethic or drive to succeed on my part. I wasn’t alone. Mothers are 40% more likely than fathers to report that childcare issues harmed their careers.

    There are so many lessons I learned during those early years. Looking back now, it’s easy to see where the bias was and what changes were needed to create equality. My only recourse was to take matters into my own hands. Here are six tips for recognizing and navigating adversity to build a thriving career.

    Related: Why Women’s Entrepreneurship is Booming Right Now

    Tip 1: Change starts at home

    If you carried a baby for nine months and gave birth, you’ve done 100% of the parenting work so far; don’t let your partner assume you’ll continue to do so.

    Like most infants, ours didn’t sleep through the night for many months. So, I went to work exhausted every day. One day, a few weeks after returning from maternity leave, I fell asleep at my desk. The owner of the company walked by, saw me and sent me home. When I told my husband about it and asked him to help, he responded, “I can’t. I have a job.” Not only was I devalued at work, but I was also devalued at home by the one person who mattered most.

    When a couple is deciding who will take more time away after the birth of a baby, it makes financial sense for the one who makes less money to take more time away. That means maternity leave typically falls to mothers because women make less than men. If companies paid men and women equally, this conversation would be eliminated as part of the decision, and it would make more financial sense for each partner to take equal time off work. That would, in turn, change the perception at home.

    Tip 2: Take matters into your own hands

    When my son was about eight months old, my husband and I decided to move closer to family. When we found our new home, I began searching for childcare. Daycare centers were insurmountably expensive, so I interviewed several moms who provided daycare in their homes. I walked away from every meeting deflated.

    I couldn’t find trusted care for my son, and I continued to be overlooked and undervalued at work. That’s when I decided to join the 43% of women who leave the workforce after having children. I quit my job and started my own in-home daycare. I used my marketing background to get the word out, and within two weeks, I was caring for three toddlers and an infant full-time with an expectant couple on a waitlist. I spent the next six years taking care of little ones and raising my own.

    Tip 3: Think long-term, act short-term

    By 2005, I’d earned my writing degree and was freelancing as a copywriter. Two years later, in the midst of a recession, my husband and I separated. With two school-aged boys and a two-year-old daughter at home, I was forced to go back to work full-time.

    Finding work in a recession is difficult enough, but having a nine-year lapse on my resume didn’t help. It was virtually impossible to land an interview and, much less be offered a job that paid enough to afford childcare. Unsurprisingly, women who took just one year off from work earn 39% less than women who did not. Desperate for a full-time job with health benefits, I took an account manager position. The salary wasn’t enough to cover daycare costs, so I held onto my freelance clients. I’d work all day, and then after tucking my kids in at night, I’d tuck into my freelance writing projects. It wasn’t something I wanted to do forever, but short-term, it paid the bills, and long-term, it would set me up to start my own business.

    Tip 4: Look for opportunities

    In 2011, the recession hit the marketing industry, and companies dropped their ad agencies in favor of working with freelancers to ease budgets. My number of freelance clients more than doubled, while at the same time, our agency’s roster of clients was cut in half. That allowed me to negotiate to work on my freelance projects during business hours in exchange for a percentage of my freelance revenue. I was able to take on more clients without giving up all my evening hours so that I could still be a present parent to my kids and get enough sleep at night to face the day ahead.

    By 2013, my freelance business was thriving, and on August 1, 2013, I quit my job to work for myself full-time. That decision changed my life and our home. It’s not surprising that a whopping 75% of self-employed women love their job. Working for myself allowed me to put my priorities in order and plan my working hours around my family, not the other way around. I worked late into the night but also took hours off for after-school trips to the park, family dinners and homework time.

    Tip 5: Be open

    In 2015, I was offered the role of content marketing director for a freelance client. While I loved the flexibility of working for myself, it was an incredible opportunity to build and manage a content writing department from the ground up. I accepted the role and learned all I could. A year later, traveling and late nights became too much, and I needed to be more available to my kids. I gave my notice and negotiated a 12-month freelance writing contract in exchange for hiring my replacement. Within a few months, I launched a marketing agency.

    Related: What Do We Tell Young Women Considering Entrepreneurship? Here are 6 Key Messages to Share

    Tip 6: Remember that actions speak louder than words

    In 2021, my previous employer offered me another role. This time, it was a C-suite position and a stake in the business for bringing my agency into his company as the social media arm of the business. I said yes, knowing that, at the very least, I’d learn something, and at best, I’d grow the agency much quicker than I could on my own. While I enjoyed the stable income and benefits, I was drowning in work, and no matter how hard I tried, I couldn’t change the culture. I began looking for support through networking groups and was invited to join CHIEF, a powerful network of women executives. This was an incredible opportunity to learn from other female executives, network with peers and get in front of potential clients; all things my male peers had in spades. I laid out the benefits and requested that my company sponsor the membership. They declined.

    Deciding it was well worth the investment, I paid the fee myself. When I published a LinkedIn post announcing my membership, the CEO expressed disappointment that I hadn’t mentioned his company in my post. That’s when I decided I could no longer work with or for companies that refused to invest equally in male and female executives. In June 2022, I gave my notice and pulled my agency out of the merger.

    On Mother’s Day, we celebrate moms — and companies do, too. It’s no secret that brands are increasingly jumping on the bandwagon of social causes, but consumers aren’t fooled by the many that pay it lip service. They want to see real change.

    Want to celebrate moms? Offer paid maternity, paternity and family leave so that working parents can take the time they need to give their children and their families a healthy start. Normalize paternity leave so that fathers can be equally responsible for and able to bond with their children.

    More than 120 countries, including most industrialized nations, provide paid maternity leave and health benefits by law, according to an International Labour Office (ILO) report. The United States’ failure to do so leaves 80% of the workforce without any paid time off after the birth of a child. Nearly half are not even guaranteed unpaid, job-protected leave through the Family and Medical Leave Act.

    The answer isn’t to leave the workforce. The answer is for the government to join nearly every other nation in offering paid family leave. Until then, taking matters into our own hands is the only answer.

    Maya Angelou said, “When someone shows you who they are, believe them.” The same is true for companies. Work-life balance issues cause conflict for an astonishing 72% of women. Don’t share your time and talents with a company that doesn’t support you.

    Beth Newton

    Source link

  • Earning Through Gaming – Top 5 Strategies for Making Money in 2024 – Southwest Journal

    Earning Through Gaming – Top 5 Strategies for Making Money in 2024 – Southwest Journal

    The gaming market is huge these days, with a value exceeding the music and movie industries. Interestingly, eSports is now considered a real sport, with live tournaments. We will watch some popular games at the next Olympics.

    And while the main reason so many people are into video games is pure entertainment, you could turn it into income. This article explores the different ways how you can earn money by playing video games. 

    Streaming Platforms

    Digital Entertainment Platforms for Gaming

    This one makes it simple for anyone to start. You can create a page on YouTube, X, or Twitch. The best detail is that you can earn through different ways, such as:

    • Ad revenue
    • Donations
    • Paid sponsorships
    • Subscriptions

    Considering the wide range of games in different genres, you don’t need to worry about the audience. Besides the typical video games, we saw a rise in channels that stream online slots. This option is attractive because a lot of online casinos are interested in sponsoring a channel that will promote them.

    But before you start with this one, it is recommended to explore the games and learn more about their features. Using a demo version is the best way for that since you don’t have to spend real money. In that matter, check out free-slots-no-download.com.

    Share Tutorials and Insights

    Share Tips and WisdomShare Tips and Wisdom

    Even though this one is quite similar to the first model, the approach is different. You will need more than just showing your exceptional gaming skills. The goal here is to provide your followers with instructions and help on how they can become better in the same game.

    One of the best examples is Kripparrian. He has channels on YouTube and Twitch and a combined 2.5 million followers on these platforms. 

    So, his approach is quite simple. He is known as a Hearthstone player. Most of his videos are interesting combinations of tutorials but made in a fun way. You can watch him play and learn a lot about different combinations and strategies to use and rank higher in this game.

    You can do the same, just pick your favorite game, and determine a proper structure in which you will aim to inform others about winning strategies, updates, and other insights.

    Create a Blog

    This one may seem a bit old-school. Many people would rather choose the video, right? Well, not always. You can do a lot with a blog in this niche. For example, to share articles with instructions, information about the most recent changes, and more.

    The important part is that you must integrate multimedia in your posts, such as pictures, videos, and links to streams and other content. The whole point is that you don’t need to stick to only one model. 

    I mean, why would you only share a live stream, when you can do so much with additional tutorials on YouTube, and written format shared on your blog? That can significantly improve your channel, it’s called branding.

    Once you become a more recognizable face in the niche, you can expect a lot of people to be interested in paying you to sponsor them, share their platforms, and more. 

    For example, I already mentioned the streaming of slot games. Add a blog, and you will multiply the available income sources. However, starting a blog will require skills and experience, the essentials are:

    • To determine a niche
    • To write high-quality and engine content
    • To be unique

    Game Testing

    Testing GamesTesting Games

    It might seem less common. But most companies that are making video games will go through this process. So, they will hire a team of testers, and then consider their reviews and experience. 

    You can look for such opportunities on the official websites of companies. My tip – don’t just aim at those large names like Activision, Ubisoft, or Sony. Keep in mind that many smaller companies would need a tester even more, and might pay even more for testing. 

    You can find everything from indie games, and mobile games, to some more complex ones. Moreover, it could become an introduction to getting a job in some big company. The average salary for this position is over $30k annually.

    Tournaments

    I left this one to be the last for a reason. First of all, it is not as simple as it sounds. You can’t just go out there, become a member of a team, and start paying official tournaments. In most cases, it demands years of practice, dedication, and hundreds of hours spent while playing a particular video game. 

    The interesting fact is that the most popular tournaments are for the games that have been around for over 20 years, like Dota and Counter-Strike. But these players are on a whole new level. If you think that you are good enough, the first step is to find a team. And that can be challenging.

    The most important features of a good team are:

    • clear communication
    • proper strategy
    • preparation
    • ability to work together and resolve various challenges

    For example, if you are playing Dota 2. There are 124 heroes, each one with a unique abilities. Some may have a serious advantage over another one. For instance, a carry would easily deal with a support hero. However, that all changes in a 5vs5 game where the right strategy will prevail.

    The reason why I am so focused on Dota 2 is because it has the biggest tournaments at the moment. When we look at the top 10 list of highest-paid events, the first 7 places are Dota 2, 8th is Fortnite, and then we have Dota 2 again. The biggest prize pool is over $40 million, while all of those in the top 10 are over $15 million. 

    I also have to mention Player Unknown Battlegrounds, Arena of Valor, Overwatch, Call of Duty, and Rainbow Six Siege as the games known for high prize-pool tournaments, all exceeding $3 million.

    The Bottom Line

    As you can see, the models I mentioned provide a lot of flexibility, and you can easily adjust according to your skills and experience. 

    And for the first 4, the essential part is to focus on building a brand. That is the only way to retain followers and create a group of loyal ones. So, just pick your favorite game, and start sharing interesting content. 

    Petar Senjo

    Source link

  • 43-Year-Old’s Remote Side Hustle Earns Nearly $3,000 a Month | Entrepreneur

    43-Year-Old’s Remote Side Hustle Earns Nearly $3,000 a Month | Entrepreneur

    This Side Hustle Spotlight Q&A features Sam Ziegler, a 43-year-old drummer based out of New York who has a side hustle providing support on Geeker, which offers on-demand help from IT and software experts.

    Image Credit: Courtesy of Sam Ziegler

    When did you start your side hustle, and where did you find the inspiration for it?

    My passion is music, but the gigs, and therefore the income, are not always consistent, so relying on it as a full-time career is not realistic. I started with Geeker in July 2023. I have many years of IT experience and was hoping something like Geeker existed, a remote side hustle where I could apply my skill set to help people solve their computer problems. I was conducting some research on Google and discovered Geeker. My inspiration is my family and the opportunity to help people. Knowing that you make someone else’s life easier by solving computer issues is a very fulfilling feeling.

    What were some of the first steps you took to get started with the side hustle?

    I filled out the registration form to become a Geeker, answered a few technical questions they used to measure and qualify my expertise and then had a Zoom interview. After the interview, I was approved as a Geeker.

    Related: I Made Over $400,000 From a Side Hustle on Top of My 6-Figure Salary Last Year. I Love Diversified Income — and This Game-Changing Money-Saver.

    What were some of the biggest challenges you faced during your side hustle journey, and how did you navigate them?

    I am now 43 and have been playing music for 28 years. I went to vocational school for computer repair in 1999 and took a job with IDT. While there, I became skilled in telecom and got certified in Cisco networking technology. Around that time, I was splitting time between the Newark office and the IDT offices in Manhattan. Then September 11 happened, and the towers fell close to the building I was commuting to, and I thought, Life is too short. I left IDT to pursue music full-time. I have been playing weddings, bar and bat mitzvahs and concerts and recording music ever since.

    Along the way, I have kept my tech skills fresh by taking jobs here and there, but oftentimes, they didn’t have the flexibility I needed to keep doing my passion — music-related work. This past summer, I was looking for work as the summer season of busy music gigs was slowing, and I was trying to cobble together something that enabled me to use my tech skills where and when I wanted. I have a family now and had considered driving for Uber and Lyft to bring in some income, but I had some safety concerns and wanted to work from home. I came across Geeker, and it was exactly what I was looking for. I earn between $70-$90 an hour and work as much and as little as I need to, all from the comfort of home. I also get to help people, which I love.

    Related: At 23, She Started a Side Hustle for ‘Quick Money.’ Now the Business Brings in More Than $1 Million a Month — and Boasts Celebrity Fans.

    How long did it take you to see consistent monthly revenue? How much does the side hustle bring in on a monthly basis now?

    It varies every month because of the nature of what I do, but I average roughly $2,700 a month for about 28 hours of work. In the months that I have more time, I log in to Geeker to take on more, but on the average month, I only work about an hour each day.

    What’s your favorite part about working on the platform?

    Helping people from different parts of the world no matter where they are. The money component is just a small benefit I receive from doing something good for someone else. To me, money is a bonus and is secondary to the main reason I use Geeker for my side hustle.

    Related: The Most Unexpectedly Popular Side Hustle of the Decade Has Low Startup Costs and High Markups

    What’s your advice for others hoping to be successful on Geeker or with any side hustle?

    If you have the time, patience, passion to help people and a basic knowledge of how to fix computer problems, you can be on the right path to succeed on Geeker. “Success is about the journey, not the destination” is a life lesson I integrate into everything I do.

    Amanda Breen

    Source link

  • Anyone Can Start a Passive Income Side Hustle For Easy Money — But Only If You Know These 5 Essential Tips First. | Entrepreneur

    Anyone Can Start a Passive Income Side Hustle For Easy Money — But Only If You Know These 5 Essential Tips First. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    A new year is a great time to turn over a new leaf and gain more control over your financial future. Those looking to supplement income and gain more control over their financial future may want to consider starting a passive income side hustle.

    A side hustle is any activity or business venture that allows individuals to pursue their passions and earn extra money outside of their primary job or career. A side hustle that generates passive income requires minimal effort or doesn’t require active participation at all. The rise of digital automation technology has made starting a passive income side hustle easier and more accessible than ever before.

    Passive income side hustles provide a variety of financial, personal and professional benefits. They can help people supplement income, pay off debts, put kids through college, save for vacations, establish a safety net and build generational wealth. Additionally, side hustles allow individuals to explore their passions while gaining valuable entrepreneurial experience and developing skills that can be beneficial to other areas of life and work. Here are five steps to help you start a passive income side hustle.

    Related: 3 Traits That Turn a Side Hustle Into Wealth

    1. Let your skills, talents and passions guide you

    Determining which passive income side hustle to pursue is the obvious first step, but it’s not necessarily as easy as you might imagine. Before pouring time, energy and money into a side hustle, think hard about what you like to do, what you’re good at and what people value. To maximize your chances of success, you must check all three boxes off before embarking on your journey.

    If you’re a great writer but hate writing, becoming a freelance writer may lead to procrastination, frustration and burnout. Alternatively, tweaking it into a more passive venture, such as maintaining a blog with ads and sponsorships, may be more sustainable. Similarly, suppose you are great at something and like doing it, but people do not value it. In that case, it may be a great hobby, but it won’t provide you with the supplemental income you’re looking for unless you can adapt the idea into something that people are willing to pay for. Conversely, you may love photography but lack the proper skills to produce quality and marketable results. However, if you’re ready to put effort into learning to become really good at taking photos, you can sell them to stock photography websites that can provide a source of passive income.

    Combining solid skills or natural talent with activities that bring you joy and fulfillment and add value to others is ideal for creating a successful side hustle. Possible ideas for side hustles that generate passive income include renting property, affiliate marketing, stock photography, YouTube automation, investing in dividend stocks or exchange-traded funds (EFTs), and creating an online course or ebook. The opportunities are endless.

    2. Conduct market research

    Once you’ve identified a suitable passive income side hustle, it’s important to research its market segment to understand its unique characteristics and gauge the demand for your products or services. Consider what similar businesses are offering and charging in that space and how you might be able to differentiate yourself. This will help confirm there is a viable market for your side hustle idea and ensure you realize what it will take to succeed.

    Conducting due diligence research will also ensure you know any laws, regulations, and taxes that may apply to your new venture. For instance, if you’re earning a more significant amount of income, be sure to read up on the IRS tax filing requirements or consult a tax professional for help and advice.

    Likewise, study up on local, state and federal laws that pertain to your industry to ensure your side hustle complies with any laws or regulations. Any side hustle may require forming a legally recognized business entity, and there are seven business structures to choose from. It’s essential to understand how they function, especially pertaining to tax implications and personal liability, in order to make an informed decision about which one is right for your side hustle. You may even want to consult an attorney and consider purchasing insurance for added protection.

    3. Consider time commitment and earning goals

    Balancing a full-time job and family obligations with any side hustle can be challenging, even one that is considered passive. Therefore, practice effective time management by creating schedules and allocating blocks of time to work on your side hustle. Keeping track of your schedule for a couple of months can help you identify patterns and determine when you can devote time to your side hustle and how much time you will be able to commit to it. Setting realistic goals and prioritizing important tasks is essential to make the most efficient use of your time.

    It’s also essential to think about your earning goals. If you don’t have a clear idea about how much money you’d like to make, consider why you’re starting a side hustle in the first place. If you’re looking for extra income to pay off student loans, for example, make a budget to determine how much extra money you’ll need to achieve that goal. Once you have a general idea of your financial goals, research the average amount of money you might make from your side hustle. Remember to compare earning potential to the amount of time you’re willing to commit to your new venture. That way, you can set realistic earning goals to start. Once you get into the swing of things, you can always adjust your earning goals.

    Related: The 8 Best Online Side Hustles of 2023

    4. Build a thorough (business) plan

    A side hustle is a business — and just like any other business, it requires a viable plan to be successful. Depending on the type of passive side hustle you choose, building a solid foundation for your venture will require developing a thorough plan, at the very least, or a formal business plan if you’re setting up a legal entity. To varying degrees, both plans should identify goals, set a pricing strategy, define target audiences, outline marketing strategies and capture financial projections. Putting your plan in writing will help you envision it holistically, develop it more fully, and discover any areas that may be weak or nonexistent.

    First, write an executive summary that articulates a clear vision and mission for the business and includes short and long-term goals, purpose and value propositions for the intended market(s). Next, provide detailed descriptions of the products or services to be offered, detailing specific features and benefits. It is essential to highlight any unique qualities that differentiate your business from its competitors and explain how your offering solves specific problems and fulfills specific needs. Finally, provide pricing, projected revenue, expenses and cash flows, as well as a breakdown of any required funding or investments.

    Once those basics of the business plan are well defined, you can begin building marketing personas. These are descriptions of the types of customers who may benefit from and be interested in your offerings and how you can find and appeal to these customers to build your business. Word of mouth may be effective at first, but you may eventually need to build a marketing plan to attract more customers. Leverage social media to create free business accounts and begin building a following. Ask your friends and family to support your business and help you spread the word.

    5. Start small, but plan big

    It’s admirable to have big dreams and shoot for the stars. Remember that accomplishing such goals can only be done with scalable operations. Constantly question how you are spending your time when working on your side hustle and look for ways to automate manual tasks. The first goal in starting a business is going from zero to one — getting the first customer that values and pays for your work. However, scaling from one to many more requires a non-linear relationship between your time and sales made.

    Whether your side hustle is real estate, YouTube automation, stock photography, or blogging, the right software and business operation can help you ensure that you are prepared to scale your side hustle without scaling your time commitment along with it. With thoughtful planning and effective time management, you can increase your chances of success as a side hustle entrepreneur.

    Ryan Barone

    Source link

  • No. 1 Hot Side Hustle in 2023 Is Something You Might Already Do | Entrepreneur

    No. 1 Hot Side Hustle in 2023 Is Something You Might Already Do | Entrepreneur

    Nearly two in five U.S. adults work a side hustle, according to a new Bankrate survey.

    The opportunities are endless: from your run-of-the-mill tutoring and dog walking to more attention-grabbing examples, like retirees who rake in $20,000 per month answering questions online or people who turn simple household chores into lucrative new gigs.

    Amanda Breen

    Source link

  • 3 Ways to Create Multiple (Big) Streams of Income | Entrepreneur

    3 Ways to Create Multiple (Big) Streams of Income | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    How did Elon Musk become one of the richest entrepreneurs in the world? He didn’t start just one company, he was involved in several groundbreaking enterprises including PayPal, SpaceX and Tesla. The same goes for Richard Branson, who has launched over 400 companies, and Oprah, who has founded or acquired substantial stakes in several businesses including Weight Watchers, True Food Kitchen and Oatly.

    While some entrepreneurs are content to start a single business, scale it, sell it and retire to a life of leisure, other entrepreneurs are driven to do more. Perhaps they want to change the world for the better, or maybe they simply thrive by staying active and growing businesses.

    If you think you may want to follow in the footsteps of some of the greatest entrepreneurs of all time and create multiple streams of income, here are three ways to make it happen:

    Related: How To Create 7 Streams of Income for Passive Wealth

    1. Build multiple businesses, one at a time

    The idea of starting multiple businesses might sound appealing to a visionary entrepreneur. However, when reality strikes, business owners often discover that operating a single business can be challenging enough. Fortunately, there are ways to build multiple companies and keep your head above water.

    First, if you’re going to run multiple businesses, you can’t do it all by yourself. You need partners.

    Second, don’t start multiple businesses at the same time. Start one, focus on it intensely until it becomes profitable, turn it into a self-managing entity, and then you can leverage your profits to launch the next business.

    Third, find ways to align your businesses and create synergies so that each business can grow faster and better.

    2. Acquire existing businesses

    Warren Buffett made his money buying businesses, not starting them. Could the same tactic work for you? Bear in mind the success of any acquisition hinges on who (and what) comes with the business.

    The “who” is straightforward — it’s the people who are currently employed by the business. These people may love the company or hate it. Neither of those is necessarily good or bad. If they love the company, they might stay, but it may also mean they don’t want you to change anything, even if it’s an improvement. If they hate the company, they may leave, but they may also have lots of ideas about how to improve things.

    The “what” can be more complicated. Businesses can come with tax obligations, legal entanglements and more. This is why many acquisitions don’t involve buying the entire business but an asset buyout, in which you only buy the parts of the business you want. Regardless, make sure you do your due diligence so you know exactly what you’re getting into.

    Related: 17 Passive Income Ideas to Increase Your Cash Flow in 2023

    3. Outsource building businesses

    Many business founders outsource parts of their business, like marketing, but what if you could outsource the entire business? “Today, there is so much complexity and competition when it comes to launching a business,” says Milos Safranek, founder of Automated Wealth Management Holdings. “You’ve got product sourcing, logistics and supply chain management, not to mention these things are always changing. For many entrepreneurs and investors, it makes more sense to outsource the operation entirely.”

    One of the easiest types of businesses to outsource is an ecommerce store because so much of the process can be automated. Business automation is key to unlocking an entrepreneur’s full potential. It’s how you make money while you sleep, but most entrepreneurs don’t know what automation systems and tools are available — which is why, for many, it makes sense for them to focus on vision, brand and marketing while outsourcing everything else.

    Many articles and entrepreneurial “experts” on social media will tell you how to create multiple streams of income “overnight” or as a “side hustle.” The ideas I shared above are not get-rich-quick schemes, and they’re not side hustles. These are time-intensive strategies that require large amounts of money and effort, but if they take a large effort, the payoff can also be big.

    Andres Tovar

    Source link

  • 5 Tips For Launching a Business While Keeping Your Day Job | Entrepreneur

    5 Tips For Launching a Business While Keeping Your Day Job | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    Did you know that as many as 45% of Americans have a side hustle? For many people, these side hustles are passion projects that they hope to transform into careers. Starting a business while working a full-time job elsewhere is a common path for many aspiring entrepreneurs, but it can be incredibly challenging.

    Juggling a day job, personal life and brand-new business can lead to burnout and potential failure if you don’t manage it proactively and carefully. Here are some tips that helped me most when building my business and holding down a career.

    Related: Looking for a Game-Changing Way to Showcase Your Expertise? Why a Book Is the ‘World’s Best Business Card’

    1. Create two separate workspaces

    When personal and professional lives intertwine, losing focus and becoming overwhelmed becomes easy. Even though your side project is a business, it’s still personal and should be treated as wholly separate from your day job.

    To make sure you’re not letting your business development seep into corporate work hours (or vice versa), spend some time creating two distinct work environments. You can do this even if you only have one desk or one computer.

    One of the easiest things to do is create a separate user account on your computer dedicated just to your personal project or corporate work setup. This is a great first step of separation if you can’t afford to have a separate computer or desk setup for your personal business.

    Next, try to use different communication channels for each job. If your full-time team uses Slack, use Google Chat or RocketChat for side project communications to limit the temptation to switch between channels. The same goes for task planning: If you’re using Asana for one job, use Jira or Backlog for the other, and make sure you’re really utilizing them. Don’t keep tasks in your head; this will distract you and lead to “just one quick break” to work on your other job.

    This kind of multitasking leads to more stress and makes you perform worse for both tasks. Our brains operate best when we have a singular focus (e.g., we’re only working or only developing our side business), so doing this will make you more effective overall.

    Additionally, creating this separation makes it easier to switch gears and get into “creative mode” when working on your business. You’re no longer just someone else’s worker bee; now, you’re in control. This can offer an extra boost of motivation, which you will need for the long haul.

    2. Stay motivated by seeking feedback on your business ideas.

    For better or worse, burnout is just part of the process when you’re building a business and maintaining a full-time job. On average, 77% of employees say they’ve experienced burnout at their jobs, and 63% of entrepreneurs say they’ve dealt with burnout. When you’re both employee and entrepreneur, it’s nearly inescapable no matter how much you love what you do.

    There’s plenty of great advice out there about taking intentional breaks to refresh your mind and body or building rest times into your daily schedule, and those are valuable strategies. Sometimes though, entrepreneurs need more to stay motivated.

    My greatest piece of advice for overcoming burnout and staying motivated is getting constant feedback from customers and peers. When your startup is in its early days, your first clients are usually super loyal and love staying in contact. They like what you’re doing and want to support you in any way they can. Calls, chats and messages can be extremely motivating, regardless of whether they’re positive or negative (we need both!).

    Positive feedback buoys your spirits and lets you know you’re doing something right. Everyone needs someone to believe in them, after all. Even getting negative feedback isn’t a bad thing; it should just push you to keep working and make your product better.

    Finding creator groups and getting opinions, support and advice from other founders, especially ones who have already been down this road, is extremely helpful as well.

    Another thing that helped me stay motivated was paying myself a small amount for the work I did to develop my business. Even if it’s just pocket change, it helps put you in the mindset of investing in your business and getting rewarded for your work, creating a positive feedback loop.

    Related: Boost Your Solopreneur Business with These 3 Proven Tips

    3. Outsource whenever you can.

    Once you have some initial momentum, freelancers can be valuable assets to lighten the workload and progress faster. Even hiring one freelancer for 10 hours a week can make a huge difference in how quickly and effectively you can scale.

    Let freelancers help with things like writing social media posts, developing a website, preparing taxes or handling administrative tasks. These tasks can eat up a lot of your time without helping you progress to your goals. Additionally, if you’re in the “no-budget” stage of operations, you can even turn to AI. Using Midjourney or other stable diffusion tools for logo creation or ChatGPT for social media copy can be a huge help. Even if you need to work with a freelancer to polish the outputs, it still saves a tremendous amount of time and money.

    Be sure to keep important competencies for yourself, though. This includes hiring additional help, overseeing finances or speaking to customers. Anything that directly impacts your reputation should always go through you.

    Outsourcing to workers via platforms like Upwork is straightforward, legally safe and non-binding, which makes it perfect for the early stages of building a business. It also gives you access to a global talent pool, simplifying the hiring process. LinkedIn reports that 83% of small business owners who hire freelancers appreciate how much they help “get the job done,” and 64% say utilizing these workers helps build a better virtual team.

    The one downside to freelance work is that the person isn’t as passionate or personally invested in your project’s success; they’re more concerned with finishing the job and getting paid. However, as long as you set clear goals and expectations from the beginning, it is easy to find people on the same page.

    It is important to remember that when it comes to vision and hiring people for higher positions, no one can do it better than you.

    4. Set clear communication channels.

    Having a regular day job means you’re unavailable to communicate with your freelancers, contractors and employees, leaving a narrow window of time in the evenings to deal with everything. This is why it’s essential to establish clear communication channels and outline detailed guidelines so everyone can work autonomously and asynchronously.

    I prefer methods like setting and tracking weekly goals with project management tools like Jira or Trello, both of which offer free versions. Having explicit instructions and a centralized platform helps everyone stay on the same page and helps with prioritization, accountability and maintaining momentum.

    Related: The ‘Stress-Free Side Hustle’ Is Not a Thing

    5. Know when to quit (and how)

    Before you start working on your business, it’s important to set a financial goal that signals when it’s time to quit your day job. Paul Graham popularized the term “ramen profitability,” meaning a startup makes just enough to pay founders’ basic expenses. I believe this is a good way to approach quitting your full-time job.

    For me, the goal was to make the same amount of money that I did working my regular job. If I could consistently meet that mark, I knew it was time to quit. Of course, this goal will likely be different if you have a family or other circumstances. It doesn’t matter what the tipping point is, only that you set one and stick to it.

    Knowing how to quit is just as vital as deciding when. It’s never a good idea to burn bridges when you leave your corporate job, so one of the best things you can do is keep a “graceful exit” mindset. Start thinking about proactive steps you can take to make a cordial exit on both sides and be sure to set yourself (and your replacement) up for a smooth transition. Not only is this a good business practice, but it leaves the door open if you ever need to be rehired.

    Business building is a balancing act

    They don’t call them passion projects for nothing. It’s always a challenge to add another full-time workload to an already busy life, and passion is often the only fuel that keeps you motivated in the early days. The good news is that, despite the difficulties, if you learn how to manage your time, stress and goals effectively, you can shift into the role of founder and devote all of your working hours to a single business you care deeply about.

    Nikita Fedorov

    Source link

  • Should Your Business Launch an NFT? Here Are 4 Things You Need to Know. | Entrepreneur

    Should Your Business Launch an NFT? Here Are 4 Things You Need to Know. | Entrepreneur

    Opinions expressed by Entrepreneur contributors are their own.

    In 2021, non-fungible tokens (NFTs) came out of what seemed like nowhere to rack up almost $41 billion in sales. This explosive growth combined with its buzzy reputation might understandably lead startup leaders to wonder, is the NFT a smart growth opportunity for a young business, or just a flash in the pan that will only get you burned?

    After that initial explosion of buzz around NFTs, the market suffered a sales volume decrease as Ethereum, the cryptocurrency many NFTs are based on, dropped in value. With the NFT market now beginning to stabilize as the outlook of Ethereum becoming cheaper to mine appears positive, it’s easier to get a real answer to the question of whether to delve into NFTs.

    Related: The Inception of Digital Assets and Growth of NFTs

    Meanwhile, one of the market’s major weak spots — its serious energy inefficiency — is also set to be fixed in the near future, removing one more obstacle to growth. In other words, strong indications point to NFTs continuing to flourish in the foreseeable future. But do they make sense for your fledgling brand?

    The NFT marketplace opportunities are expanding

    In many ways, NFTs are just getting started. New marketplaces will continue to pop up, making it easier to pay for NFTs with fiat currency. Metaverses and video games will start to take full advantage of NFTs, selling transferrable avatars and in-game items to players that they can truly call their own.

    With the right approach, you have an opportunity to tap into a steadily growing, tech-savvy global audience that’s willing to purchase digital products that come with residual royalties built into the blockchain contract. However, that doesn’t mean entering the NFT market is an automatic slam dunk for every business.

    Despite its trendy reputation, an NFT isn’t a magic money maker. Like any product, it requires proper marketing, a thorough business plan encompassing the costs and risks involved and a dependable team behind it all. Launching an NFT also requires a thorough understanding of where it fits into your overall company vision. Here are some considerations as you ponder your decision regarding NFTs:

    1. Educate yourself on the behind-the-scenes aspects

    Before you get involved in this space, you need to start with a solid understanding of blockchain technology and NFTs. Plenty of resources are available to help you learn the ins and outs of the technology. NFTNow is a solid place to start.

    Related: How Blockchain Technology Is Changing the World From the Metaverse to NFTs

    After you understand the process behind an NFT, you should also give yourself a practical education. Create a simple “test NFT” that you can sell to a friend or colleague for $1. Go through the entire process and see whether it’s something you can see yourself and your customers repeating enough to generate a viable business line. Having a basic understanding of the process, along with the knowledge of how and why NFTs increase and decrease in value, will help you determine whether getting involved in the NFT space is the right fit for you.

    2. Decide if a potential NFT has actual value to your customers

    In some ways, the popularity of the NFT isn’t all that different from the mobile app craze of the past decade. As a software engineer, I was approached by a lot of people who were under the impression that if they just had a mobile app, they could become the next Mark Zuckerberg overnight.

    In most cases, the mobile apps they wanted to build would work just the same — or even better — on a mobile browser. For these entrepreneurs, building an app would just mean wasting money on something their business didn’t need and their users didn’t want. Today, plenty of entrepreneurs are making this same mistake with NFTs.

    Don’t create NFTs in the hopes that you’ll generate buzz for your business; launch an NFT collection only if you’re serious about staying in the marketplace long-term and if you believe your collection has a unique value that NFT buyers will emotionally resonate with. Ask yourself whether you see a third party wanting to buy your NFT from a buyer as a resale. If the answer is no, then it doesn’t belong on the market.

    Related: Make Your Brand a Household Name Using the Power of NFTs

    3. Assess all the costs for launching an NFT

    While it’s true that you might be able to mint and list an NFT at a cost of $100–$700, that doesn’t necessarily represent the true cost of launching a successful NFT.

    If your current consumer base consists of people who love old-fashioned art and collectibles, for instance, you may have to enlist the help of experts to reach a new, younger demographic of NFT enthusiasts. This can easily turn into a marketing budget of up to $30,000 (or even more) just to get you started with proper brand creation, storytelling and creative direction. Make sure you’re factoring in all these costs when deciding whether your launch will be truly worth it.

    4. Build a following and then launch an NFT — not the other way around

    NFTs should not be viewed as an “if you build it, they will come” technology. You need to make sure you have a robust audience who will want to buy what you’re selling. NFTs are still in their relative infancy, and that means that entering this new market means taking on a certain amount of risk. But it means that there is still so much more room to grow.

    While art has been the major focus of the NFT market thus far, plenty of other applications are only just being explored. Platforms such as Decentraland, for example, are using blockchain technology and NFTs to build a whole virtual world — all owned by the people using it.

    NFTs offer a world of potential, and it will be forward-thinking entrepreneurs who help bring that potential to fruition. However, it’s not enough to want to be one of these entrepreneurs. You need to have a plan and a vision that makes sense within the market. Otherwise, you will end up getting burned after all.

    Gideon Kimbrell

    Source link

  • Entrepreneur | How to create effective explainer videos for funding

    Entrepreneur | How to create effective explainer videos for funding

    Opinions expressed by Entrepreneur contributors are their own.

    Explainer videos are one of the most potent tools that startups can use to secure seed funding.

    What? Yes. Explainer videos have emerged from just being marketing material. Do you know that most video game, online card game and board game companies use explainer videos dedicatedly to raise funds?

    Why?

    Explainer videos have the magic to deliver the in-person game-playing experience to the investors(as well as customers), where they can visually understand the addictive factor and the ‘can-go-viral’ side of the games.

    Ok. You may have already seen those emotional explainer videos where NGOs explain their charitable side, their entire workflow and the impact it’s driving. Those videos wow everyone, especially the donors. Similarly, your potential investors just want to understand some of the simple attributes of your product or service.

    Related: How to Start Using Explainer Videos (Infographic)

    Is there a real demand for your product? Is it market fit? Can it turn more heads gradually? Is there an X-factor that sets your product apart from its competition?

    And, the best way to explain all these? A well-designed explainer video, hands down.

    Statistically, around 59% of senior executives, veterans and tech pundits who make the major decisions prefer explainer videos to any other form of content that explains a business model.

    That’s where explainer videos come into the seed funding scenario

    Firstly, explainer videos have become an essential tool for startups seeking seed funding. They provide a visually appealing and easy-to-understand overview of a company’s product or service and allow investors to grasp the business’s potential quickly.

    Secondly, the use of animation, graphics, and narration in explainer videos makes complex ideas simple and appealing, which can help startups stand out from the competition and effectively communicate their unique value proposition.

    Furthermore, explainer videos can demonstrate a company’s ability to effectively market its product and show its understanding of its target audience. In today’s fast-paced and highly competitive startup ecosystem, explainer videos are a must-have tool for startups looking to secure seed funding.

    Related: The Secrets to Making an Explainer Video Stand Out

    Importance of explainer videos in seed funding

    Explainer videos are now a vital part of entrepreneurs’ early funding procedures. They support the clear, concise and aesthetically appealing communication of the concept underlying the good or service.

    The videos act as a primer for potential investors, helping them to comprehend the value proposition and growth potential immediately. Additionally, they allow entrepreneurs to distinguish themselves from the competition and gain investors’ trust by showcasing their creativity and storytelling abilities.

    Additionally, explainer videos promote a startup’s passion and energy, which makes it simpler to get seed funding and draw in potential investors.

    So, how does a strong explainer video helps you to get seed funding in the cutthroat startup environment of today? This is how:

    • Improve understanding of the business concept.
    • Showcase your product’s USP.
    • Demonstrate market potential.
    • Build credibility and trust.
    • Harness a Competitive Advantage.

    How to create effective explainer videos for funding

    Focus on these fundamental factors:

    • Clear messaging: The video should clearly communicate the problem that the startup is trying to solve and how their product or service solves it.
    • Simple visuals: The visuals should be simple, visually appealing and easy to understand, even for those with little prior knowledge of the industry.
    • Engaging narration: The narration should be engaging, clear, concise and effectively convey the video’s key messages.
    • Highlighting Unique Value Proposition (UVP): The video should highlight the startups’ unique value proposition and explain why their product or service differs from what’s already available in the market.
    • Demonstrating proof of concept: The video should demonstrate the proof of concept, showing how the product or service works and its potential impact.
    • Showcasing the team: The video should showcase the startup’s team and their expertise, highlighting their ability to execute their business plan.
    • Short length: The video should be short, ideally under 2 minutes, and straight to the point to hold the viewer’s attention.
    • Professional quality: The video should have good lighting, sound, and animation to look polished and professional.

    Related: How Your Business Can Make Professional-Grade Videos on a Bootstrapped Budget

    Real-world examples of startups that used explainer videos

    Dropbox: The popular file-sharing and storage company used an animated explainer video to effectively communicate their business idea and secure seed funding from investors. The video, which has been viewed over 20 million times, provided a simple and engaging way for Dropbox to demonstrate the value of its product.

    Airbnb: Airbnb used an explainer video to help secure seed funding for their business. The video highlighted traditional travel accommodations’ pain points and how Airbnb solved these problems with its unique platform. The video effectively communicated the company’s value proposition and helped secure seed funding from investors.

    Square: Square, the mobile payment company, used an animated explainer video to effectively communicate their business idea and secure seed funding from investors. The video provided a simple and engaging way for Square to demonstrate the value of its product and helped secure seed funding from investors.

    Slack: Slack, a team communication platform, used explainer videos to demonstrate its product’s benefits and attract potential investors. The videos effectively communicated Slack’s unique value proposition and helped simplify the complex concept of workplace communication and collaboration.

    Last words

    Lastly, explainer videos are clearly essential for startups seeking seed funding. They humanize your branding and enable you to foster the human-like communication effect that influences your potential investors.

    They also allow startups to showcase their creativity, storytelling skills and vision for the future. By incorporating an explainer video into the seed funding process, startups can greatly increase their chances of securing funding and setting the stage for long-term success.

    Vikas Agrawal

    Source link