Summary of How I built a $200,000 side hustle in 1 year while working full-time
The video discusses the journey of building a successful side hustle that generated $200,000 in revenue within a year while maintaining a full-time job. The presenter shares insights into the business model, strategies used, and lessons learned along the way.
Main Financial Strategies and Market Analyses:
- Amazon FBA Reselling: The presenter utilized various strategies within Amazon FBA, including:
- Online Arbitrage: Buying branded products online and reselling them.
- Retail Arbitrage: Purchasing products from physical stores to resell.
- Wholesale: Acquiring products in bulk from wholesalers.
- Brand Direct: Partnering directly with brands to resell their products.
- Private Label: Creating and marketing one's own branded products.
- Investment in Education: The presenter invested in an Amazon FBA course to transition from retail to Online Arbitrage, which improved efficiency and profitability.
- Outsourcing: To scale the business, the presenter outsourced product preparation to a prep center and hired virtual assistants for administrative tasks.
- Credit Utilization: Leveraging business credit cards with promotional offers (e.g., 0% APR) to access capital without immediate repayment obligations.
- Seasonality Awareness: Recognizing that sales peak during Q3 and Q4, the presenter adjusted focus and efforts accordingly.
Methodology/Step-by-Step Guide:
- Set a business goal (e.g., funding a family trip).
- Research business ideas through online platforms (e.g., YouTube, Facebook groups).
- Choose a business model (e.g., Amazon FBA).
- Register the business (DBA, EIN, bank account).
- Start sourcing products using tools (e.g., scanning apps).
- Scale the business by transitioning to Online Arbitrage.
- Invest in education to improve sourcing strategies.
- Outsource tasks to free up personal time.
- Network with other entrepreneurs for support and ideas.
- Monitor seasonal trends to optimize business operations.
Presenters/Sources:
The video is presented by an anonymous entrepreneur sharing personal experiences and strategies related to building a side hustle through Amazon FBA.
Notable Quotes
— 09:31 — « Consistency is key and I know this is kind of cliche everyone talk about it but it's important. »
— 10:19 — « When you find inefficiency in a business you got to adapt to new strategy to improve the efficiency. »
— 10:56 — « Networking also reinforces your belief in the viability of your business because you will literally be seeing a bunch of other people in the same business achieving great success. »
— 13:53 — « Access to Capital is crucial... this strategy allowed me to scale the business without using much of my own Capital. »
Category
Business and Finance