Many women turn to side hustles as a way to earn extra income, and sometimes those side hustles take off in ways they never anticipated.
Options: 22 side gigs that can make you richer than a full-time job
And find out: 5 lucrative side businesses that can earn you six figures
GOBankingRates spoke to women who got rich from their side businesses about how they did it and their top tips for women who want to start their own successful side business.
Jenna Carson, Partner at MoneyLucid.com
Jenna Carson started funding and investing resource MoneyLucid.com as a way to earn an income that didn’t depend on anyone else.
“I was inspired by the lack of women in the financial space and a strong desire to be financially independent,” she said. “Although I’ve had other businesses in the past, I’ve always relied on someone else to support my income stream. I wanted to change that, I wanted to be free!
Carson began monetizing her side gig within weeks, but it took about 12 months before it took off and started generating substantial revenue.
“It was a busy 12 months, where the side hustle took almost as much time as my other full-time job,” she said.
Carson eventually quit his full-time job to focus on growing his business.
“I work there full time now and employ staff,” she said. “I knew it was time to take the leap as soon as my projected income stream for my side business was greater than all of my other jobs combined.”
Carson thinks more women should take a chance and create their own stampede.
“Society tells women that it is difficult, if not impossible, to start a side hustle, but only each individual knows what they are capable of,” she said. “Look inside you, and if the energy and the fire is there, go for it!”
More: 7 Best Side Hustle For Parents
Dandan Zhu, real estate investor
Dandan Zhu’s parallel turmoil as a real estate investor and Airbnb operator allowed him to leave his job at the company at 28 with a “huge cushion” to experiment and grow as an entrepreneur.
“When I was 25, I had a great career as a headhunter,” she said. “Since being a top provider, I’ve been making over $215,000.”
At the same time, she embarked on her real estate scramble through “house hacking”.
“I learned to sublet and manage tenants every day because I lived with them,” Zhu said. “Because I saved so much money hacking my apartment and earning such a high income, I was able to save up and buy my first property. A year later I did it all again – I lived cheap, I spent very little and used the money for another down payment on another condo.
Within five years, the price of her condos had risen so much that she was able to quit her full-time job and go into real estate investing full-time.
“As soon as I quit my job in 2016, I sold my first property and quickly bought three more,” Zhu said. “I emptied the rest of my savings and took a big risk in 2017 to buy a four-family house, which is my best investment to date.”
Zhu’s success as a real estate investor allowed him to start his own recruiting business. She continues to run her sideline business — buying, holding, renting and then selling real estate at a high profit — and also manages 14 rental units across six properties in four states.
“For other women considering a side hustle, I would have this advice: choose something that has the potential to generate income quickly with your existing skills,” she said. “Because I had good people skills and a high tolerance for pressure due to my sales job, real estate is the perfect alignment as it allowed me to leverage my best strength – dealing with difficult people in difficult situations For you, this could be building a business around your artistic skills and strengths, talents, or other special and unique characteristics of your personality and/or technical skills.
Thalita Ferraz, editor/creator
Before being a full-time content creator and fashion influencer, Thalita Ferraz worked as a customer service representative for American Express.
“Creating a website and a social media brand was one of the best things I could have done,” she said. “I’ve always had a passion for fashion and beauty, so when I realized I was going to be able to monetize that urge, I couldn’t believe it. It was truly one of the best feelings in the world. world.
But it took him a while to gain enough supporters to turn his side business into a full-time gig.
“It took maybe a year of casual assignment to start making money out of it, and then once I started hitting some income targets, I talked to my husband and we agreed it was time to go full-time,” Ferraz said. “It took a little while to get some traction, but once the ball started rolling, it kind of didn’t stop, and I was able to live the life of an influencer and do what fascinated me.”
Ferraz also encourages other women to pursue their side passions.
“Work on what excites you whenever you can, as long as you can still support yourself and your family,” she said. “Don’t take the leap to make your hustle full-time once you’re sure the money will keep flowing.”
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This article originally appeared on GOBankingRates.com: Women who got rich from side hustle tell how they did it