$500 seed capital turned into billion dollar business
Kendra Scott understands how to turn a rewarding side gig into a massive business. In 2002, Scott began a jewelry line as a passion task with simply $500, and ultimately developed it into the Kendra Scott brand worth a reported $1 billion. And anybody can "turn a side hustle into a strong income if you lead with genuine passion, deliver with excellent service and are filling a real requirement," Scott tells.
If Scott were to begin a side gig today to make additional cash, what would she do?
" My side gig would definitely be arranging virtual styling sessions," Scott says. "I've always liked style and assisting other people seem like their most positive self." Even working from house, individuals require to look great for video conferences, she states. According to freelance platform Fiverr, rates for virtual coaching can range from $5 to $100 per session, depending upon what you're coaching and your experience. And "excellent evaluations and word of mouth can go a long way in getting your small company idea off the ground," Scott says. Scott started her business out of her spare bedroom in Austin, Texas, simply 3 months after having her very first kid. Child in tow, she went door-to-door pitching regional shops to bring her product. Initially, she grew the Kendra Scott customer base locally, then landed significant sellers like Nordstrom and Bloomingdale's. In 2016, private equity firm Berkshire Partners obtained a minority stake in her company, The Wall Street Journal reported, which valued Scott's company at over $1 billion. The secret, for Scott, was passion. "Do something you're enthusiastic about," Scott stated throughout the Dell Women's Entrepreneur Network summit on July 9. "I enjoy design and fashion." She says, "sky is the limit."