Find out how Bella Lin turned her hobby into a big business and million-dollar side hustle, and get a cool tip to make your work easier.
Hi Everyone,
It’s Dami from SimplVest, saying a big happy new year to all of you! We’re starting off 2024 with some awesome stories to help you do great things this year. We’ve got two cool things to share today:
š Learn how Bella, a 17-year-old, went from loving small pets to running her own big business; a million-dollar side hustle, and get a cool tip to make your work easier.. Her secrets to success are simple and you can follow them too!
ā° If you’re feeling stressed with too much work, check out this neat trick to manage your time better and make work a breeze.
Let’s jump right in!”
Teenage Tycoon: 17-Year-Old Builds $400K Side Hustle (You Can Too!)
17 is such an interesting age. The average teenager at that age is probably thinking about their last days of high school, hanging out with their friends, their plans for higher education, and what it means to be on the cusp of adulthood. Not to mention all the growing āpainsā, too.
But thereās something about starting early or hitting the iron while itās hot that some people, like Bella Lin, just get right. And she does them in the most amazing of ways. Bella is a startup prodigy.
Yep, you heard that right. The 17-year-old has made a hobby out of founding startups as early as the seventh grade (she would have been 12 or 13 years old at the time). Her first company was an athleisure venture called TLeggings. In simpler words, athleisure refers to a fashion trend that combines good looks and comfort to suit athletic activities. It answers the question: who says you canāt look good in your workout clothes??
You may wonder how a kid accomplished this but it’s pretty straightforward.
She simply developed a business plan, retailed the leggings at $23 a pair, and contacted a factory in China for their production.
While TLeggings wasnāt exactly profitable, it did rake in an annual revenue of $300,000, before she shut it down due to the understandably highly competitive market. Next on Bellaās radar was something she first thought of as a solution to a personal problem!
A lover of guinea pigs (yeah this little furball in the gif below;)
Bella noticed that the typical cages built for her pets were often cramped leaving no room for them to get around more and the smell unbearable. To fix this, she contacted another company in China to design a better, more suitable open-air haven for her guinea pigs.
With her issue solved, she figured she couldn’t be the only person dealing with the problem of these traditional cages. She launched GuineaLoft, designing creations that provide ample space for guinea pigs to roam and eliminate unpleasant odours on Amazon. Fast forward one year, and the company’s raking in over $400,000, a 25% profit margin, with all its proceeds returning to the business!
Curious how Bella’s million-dollar side hustle accomplished such impressive success? Here are some valuable pieces of advice aspiring entrepreneurs can pick from her story:
Be realistic about your business’s viability and set clear goals
Bella Lin’s first valuable piece of advice to establishing a million-dollar side hustle is to be realistic about the viability of your business and set clear goals. It’s crucial to assess the market demand for your product or service, understand the competition, and conduct thorough research before diving into entrepreneurship. By being realistic, you can set achievable goals that align with your resources and capabilities.
- Start by evaluating the feasibility of your business idea. Is there a genuine need for your product or service like Bellaās?
- Conduct market research, gather feedback, and validate your concept before investing significant time and resources.
- Additionally, set clear and measurable goals that serve as milestones for your business growth. These goals will keep you focused, motivated, and provide a roadmap for your entrepreneurial journey.
Identifying the gaps in the market and niche opportunities is highly important. Bella realized the importance of finding a niche market and identifying untapped opportunities. When she switched from selling athletic leggings to guinea pig cages, she noticed a gap in the market that hadn’t received much attention. By understanding consumer needs and recognizing areas where innovation was lacking, she was able to create a unique product that filled a specific demand.
Dealing with Challenges and Bureaucracy
Starting a million-dollar side hustle has its fair share of challenges. Bella mentions the unexpected layers of bureaucracy she had to navigate, such as dealing with glitches on the Amazon website and resolving issues with product listings. This sheds light on the fact that unforeseen obstacles may arise, and entrepreneurs must be prepared to tackle them head-on.
Staying resilient, patient, and persistent in overcoming hurdles is crucial. Building a successful business requires adaptability and the ability to find creative solutions to problems that may arise along the way.
Take advantage of resources available, such as incubators, to gain experience and support
Bella also advises folks to leverage the available resources, such as incubators, to gain experience and support. Starting a business can be daunting, especially if you’re inexperienced or lacking specific skills. That’s where incubators and similar programs can play a crucial role.
Incubators provide mentorship, networking opportunities, and access to resources that can help you accelerate your business’s growth. They offer guidance on various aspects, including marketing, finance, operations, and product development. Incubators also provide a supportive community of like-minded entrepreneurs who can offer valuable insights and share their experiences.
You can tap into a wealth of knowledge and expertise by joining an incubator or seeking other resources. This support system can give you the confidence, skills, and connections to overcome obstacles and propel your business forward.
And of courseā¦
Make sure to emphasize commitment, quality, and differentiation. Bella addresses the issue of copycats in the market. She notes that while some companies may try to imitate her product, they lack the commitment to small animals and innovative design that GuineaLoft embodies. Bella distinguishes her product from inferior alternatives by prioritizing quality, locally sourced materials, and an in-house manufacturing process.
By providing a unique value proposition and maintaining a high-quality standard, entrepreneurs can establish themselves as reliable and trusted brands in their respective markets.
Thatās it for Bellaās story, but perhaps itās the beginning of yours. Youāve got the foundation for unleashing your inner entrepreneur, so why not give it the good old college try? Who knows, your next million-dollar idea might be cuddled up in a cosy GuineaLoft, too!
This scheduling hack can help you be happier and more productive at work
Are you tired of feeling overwhelmed by your workload? Do you crave a solution that brings more balance and productivity into your daily routine? Look no further – we have the perfect technique for you!
Introducing timeboxing, a simple yet powerful method to TURBOCHARGE your productivity. The concept is straightforward:
- allocate a specific time slot for each task on your to-do list, and
- commit to working on it until the allocated time ends.
To maximize its effectiveness, eliminate all distractions during these focused work sessions.
Remarkably, recent research from Slack and Qualtrics reveals that setting clear guidelines for spending your time and energy is the key to unlocking peak productivity. You’ll unleash your full potential by finding the right balance between focused work, collaboration, connection, and rest.
According to David Ard, senior vice president of employee success at Slack and Salesforce, proactively scheduling dedicated blocks of time and intentional breaks is vital for achieving perfection with your productivity.
Christina Janzer, senior vice president of research and analytics at Slack, drives the nail home further, emphasizing the importance of these moments to encourage innovation, creativity, and long-term career reflection. Hereās how you can timebox in principle:
- Download a timeboxing app: Tools like Clockify or RescueTime can help you manage your time effectively.
- Start with small tasks: Break down larger projects into smaller, timeboxed chunks to avoid feeling overwhelmed.
- Experiment and adjust: Find what works best for you. Some prefer short bursts of focused work, while others thrive with longer timeboxes.
- Schedule breaks!: Just like you wouldn’t eat a whole cake in one sitting, don’t overload your brain with endless work. Schedule short breaks throughout the day to recharge and maintain your focus.
Ready to take control of your time and boost your productivity? Give timeboxing a try! You won’t regret it.
And that wraps up our first newsletter of the year! We’re excited to provide practical advice and actionable insights to help you thrive in the coming months. Remember, by adapting to the success of others and implementing effective strategies, you can make great strides towards your own goals.
Wishing you a successful and fulfilling year ahead!
Dami OUT š!
