According to Whitney Wolfe Herd, founder and CEO of Bumble, anyone can successfully start a side business and make it a thriving business.
“You can make money with anything,” Wolfe Herd, who built Bumble into a company now worth more than $ 7 billion, told CNBC Make It in 2019.
For starters, “figure out what you’re passionate about,” she said, “and if you’re really good at it, there’s a way to make it a business.”
For example, “maybe you’re a great cook – start a cooking blog and then start charging for recipes. It depends what your talents are, whatever that may be.”
Kevin O’Leary also recommends pursuing an afterthought that you’re passionate about, and one that highlights your talents and is in demand – sell ‘a good or service you’ve come up with and [are] really great at it, ”he previously told CNBC Make It.
Some of the most in-demand side hustles right now include tutoring gigs, resume writing, and social media management, just to name a few.
“I think anyone can make money with something they are good at,” says Wolfe Herd.
Wolfe Herd launched Bumble in 2014 after leaving Tinder, where she was vice president of marketing. Initially, she wanted to create a social media platform aimed at teenage girls, where they could only communicate through compliments. But with her dating knowledge and experience in marketing, she eventually created Bumble, a dating app that allowed women to take the first step, defying previous dating norms at the time.
In 2016, Bumble started monetizing its app by offering options for in-app purchases. Today, Bumble offers these features and more, ranging from $ 5.99 to subscriptions worth up to $ 199.99. According to the IPO filing, Bumble had $ 376.6 million in revenues in the first nine months of 2020, with a net loss of $ 84.1 million. During that period in 2019, Bumble had $ 362.6 million in revenues and net income of $ 68.6 million.
In the initial public offering, Bumble raised $ 2.2 billion from investors, and in turn, Wolfe Herd made one of the youngest billionaires at 31.
“You have to start somewhere,” said Wolf Herd. “Just find your passion and lean into it.”
—Reporting by Sarah Berger
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