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Nowadays, an increasing number of people are envisioning themselves embarking on entrepreneurial endeavors. This trend is particularly pronounced among young people, with 50% of Gen Z expressing aspirations to become entrepreneurs or launch their own businesses, as per a report by Samsung and Morning Consult.
However, individuals of all age groups are embracing the concept of the side hustle, with 39% engaging in additional gigs, and 44% believing they will consistently need it to meet financial obligations. Nevertheless, not all side hustles are created equal in terms of time and financial investment, or potential returns. While app-based tutoring or dog-walking may offer convenient avenues for supplemental income, they are less likely to yield higher earnings compared to a side hustle poised for small business status and growth beyond the typical 9-5 grind.
What are the essential steps to transform a side hustle into a fully established small business—or to initiate one from the outset? Entrepreneurs who have successfully transitioned their side hustles into thriving companies can provide valuable insights.
Among them are three individuals highlighted in the Side Hustle Spotlight series: Greg Kerr, proprietor of Alchemy Merch; Kim Vaccarella, creator of Bogg Bag; and Sarah Michelle Boes, founder of Sarah Michelle NP Reviews (SMNP).
Greg Kerr, the founder of Alchemy Merch, initially pursued a career in music while venturing into selling custom pins in 2015. Today, Alchemy Merch has evolved into a full-fledged enterprise, catering to companies such as Apple, Nickelodeon, National Geographic, Nike, and independent artists seeking innovative avenues to monetize their artwork. Kerr’s business witnessed remarkable growth, skyrocketing from $0 to $1 million in sales within 18 months and consistently generating nearly $2 million in annual revenue thereafter.
Kerr emphasizes the importance of dedication and perseverance in running a business alongside a 9-5 job. He advises aspiring entrepreneurs to carefully assess the market demand and identify opportunities for innovation. Reflecting on his journey, Kerr underscores the significance of responding to market needs and seizing opportunities for growth. He credits his entrepreneurial success to his unwavering commitment and the recognition of the inherent value in his venture.
Kim Vaccarella, the creator of Bogg Bag, was employed in commercial real estate in 2008 when she conceived the concept of a “superior beach bag”—one that was durable, spacious, and washable. Vaccarella transitioned to full-time entrepreneurship in 2018, setting an ambitious target of reaching $1 million in sales. Bogg Bag not only achieved this milestone but also surpassed $50 million in revenue by 2023. In the current year, the company aims to surpass the $100 million sales milestone.
Vaccarella advocates for a methodical and deliberate approach to business growth. She emphasizes the importance of hands-on involvement in all aspects of the operation, even mundane tasks like cleaning the warehouse restroom. Vaccarella underscores the value of trusting one’s instincts, maintaining a comfortable pace, and fostering open communication with everyone encountered along the journey. She highlights the unexpected connections and invaluable lessons that can emerge from such interactions.
After finding the nurse practitioner exam easier than anticipated, Sarah Michelle Boes aimed to boost others’ confidence by creating an online review course. Within just seven months, this side hustle surpassed seven figures in revenue. By the two-year mark in 2022, Boes sold the venture to Blueprint Test Prep for a sum she describes as “life-changing.” Currently, Boes holds the position of chief nursing officer at Blueprint Test Prep.
Boes advises aspiring entrepreneurs to take action without delay. She emphasizes the importance of starting, recounting her own experience of launching the business from her car. Despite initial challenges, such as recording courses on Zoom amid a broken air conditioner over Memorial Day weekend, Boes highlights the significance of persistence. She stresses that perfection is unnecessary initially and encourages individuals to focus on developing a quality product that resonates with customers.
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Heading is: 3 Important Tips to Start Side Hustles to Earn Millions
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