Everyone can start a side-hustle and make it successful. It’s easier to turn a minor business into a thriving one. These are positive words from the founder and CEO of Bumble, Whitney Wolfe.
The CEO built his company Bumble from scratch with a few dollars from her savings. Currently, the business is worth $7 billion. He disclosed the amount during an interview with CNBC’s Make It. Wolfe believes that “You can monetize anything.”
Identify your passion
The first step is to know your passion and what you like doing. This involves something that fulfills your inner desires. Luckily, if you find it, then start looking at how you can turn your talent into a business. Use the small skill set you have to utilize the available opportunities. It’s okay to feel like the industry is full, but remember, the cake is too big for everyone to get a piece.
Let’s say you have a passion for cooking. YouTube is free and available to everyone. Don’t be discouraged by the number of viewers per day during your early moments. Consistency is always the key. Blogging about recipes is also another business. As you optimize your site, over time, organic traffic will increase. Then, you might decide to charge a certain price for complex recipes.
Power of side-hustles
From his speech and books, Kevin O’Leary also persuades people to have side hustles. This comes from things that you like. Talent and ability can make you shift from your main job to this side hustle. Look for something where the demand is high. Here you can buy and sell these goods and services that you have been dreaming about.
Currently, technology is at the top-notch. There are various platforms where employers want the short-term employee to perform some task. Such jobs including writing, social media management, tutoring gigs, etc. are very easy to do. You are flexible on when to work on these freelancing opportunities. That’s a service you are offering in exchange for a few dollars.
Bumble storyline
Wolfe launched his company in 2014. He recently worked for Tinder before shifting to his own company. Wolfe Herd has been vice president of the dating app company for some time. At first, she had the idea of creating a platform that belongs to teen girls. She wanted the teens to have a social media platform where they complement each other. She had much knowledge and experience in the dating space, mainly in the marketing department.
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Furthermore, she decided to create the Bumble app which gives women the mandate to make the first move. This behavior is defied by our society. Sometimes people feel like if a woman makes the first move, she has bad intentions.
It took two years before they decided to monetize the Bumble app. They created a pro version that requires some dollars to open. Currently, the pro version has various modifications and the subscription fee runs from $5.99 – $199.99. In January 2020, the statistics showed the company had a total of $376.6 million. They had a net loss of around $84.1 million.
The 2019 statistics showed that the company had Bumble had a net profit of $68.6 with revenue of $362.6. This means the pandemic brought negative results to the company.
Support from capital Ventures
Wolfe Herd received support while setting up her business in the early days. She managed to raise almost $2.2 billion from various investors. This made her appear on the Forbes list among the youngest billionaires in the world.
The Bumble CEO insists that “You have to start somewhere.” But most of all is finding your purpose and leaning on your passion.
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