After earning a journalism degree from NYU, Shereen Campbell diligently pursued the conventional path. Throughout her time in school, she secured prestigious internships and managed part-time work commitments. However, upon graduating, the reality proved starkly different: the industry job she sought eluded her grasp. Consequently, she navigated through sporadic gigs until she ultimately found her footing as an assistant buyer at a prominent retail establishment.
Remaining within the confines of her career trajectory for a span of seven years, Campbell experienced a growing sense of unfulfillment that propelled her on a quest for deeper purpose. Over this period, she dedicated herself to studying mystical arts, astrology, and therapeutic techniques. Through this exploration, she came to a significant realization: her true calling lay in establishing a business that could serve as a conduit for her passion and extensive knowledge.
Engaging in conversations about profound existential inquiries, such as the purpose of life and our role within it, became a focal point for Campbell during this transformative phase. Reflecting on her journey, she shared, “I found myself delving into the profound questions, questioning our existence and purpose.”
Despite her limited available funds for initiating a venture, Campbell remained aware of an upcoming tax refund amounting to $3,400. Typically allocated for indulgences like vacations, footwear, or clothing, she recognized the potential for a transformative shift. Rather than following her usual spending pattern, she was determined to redirect this refund towards catalyzing a change in her life.
That small decision led her to create My Little Magic Shop, an online shop for magical tools including crystals, herbs, and oils, at the age of 30. Six years later, her side business now generates $12,000 a month in revenue.
Here’s how she flipped a few thousand dollars into a revenue-generating side-hustle.
She divided up how she’d spend her tax refund
Engaging in diligent online research, Campbell delved into the intricacies of launching her business. She methodically outlined the fundamental requirements for the initial month, prioritizing elements such as web hosting, all while seeking the most cost-effective options available. This prudent approach ensured her adherence to the allocated budget.
For her website, Campbell identified an economical and user-friendly platform that facilitated construction and hosting at a monthly rate of $46, eliminating the need for coding expertise. Additionally, she selected a hosting provider that offered domain name hosting at $12 per month. This strategic decision-making allowed her to maintain financial efficiency while establishing her digital presence.
In terms of merchandise, Campbell initiated with a modest and uncomplicated approach, concentrating solely on seven pivotal products aligned with her brand’s identity. Procuring the initial month’s inventory encompassing items such as candles, herbs, and oils amounted to less than $1,800. Additionally, she allocated $1,535 for labels and boxes to ensure a polished presentation.
When encountering areas where she lacked expertise, Campbell opted to consult her friends rather than incurring expenses by hiring experts. Employing a meticulously organized spreadsheet, she meticulously documented each expense, enabling her to adhere to the confines of her tax refund.
Subsequently, Campbell arranged for the supplies to be shipped to her residence, where she dedicated her evenings and weekends to assembling kits. With her enthusiasm driving her efforts, she viewed the endeavor not only as a business pursuit but also as an enjoyable hobby.
She had zero branding costs
Operating within a constrained budget, Campbell embraced resourcefulness to navigate her journey. Drawing upon a fortuitous synergy between her coworker and friend, who also happened to be a web designer, she collaborated to craft a distinctive brand logo.
In her pursuit of suppliers, Campbell pursued those who waived additional charges for incorporating her logo into the packaging. To address the need for packaging boxes, she turned to Alibaba, identifying a vendor willing to negotiate prices and accommodate her startup limitations.
Candidly communicating her status as a novice entrepreneur, she proposed a long-term partnership in exchange for some flexibility in initial quantities. Encouragingly, the supplier understood her position and extended a slight reduction in the overall cost. As for labels, Campbell turned to Onlinelabels.com, further demonstrating her savvy resourcefulness.
She kept her day job
Campbell opted to maintain her primary employment, allowing any earnings from her side hustle to be reinvested into its expansion. During the initial year, she concentrated on marketing the original seven products through her website. Subsequently, in the second year, she introduced an innovative subscription-based service named “A Little Zen Box,” delivering curated thematic packages on a monthly basis.
Currently, her subscription service constitutes a significant portion, accounting for approximately 50% to 70% of her total revenue. This strategic shift has enabled her to streamline preparations for the upcoming months, as she can accurately anticipate the requisite inventory purchases.
Looking ahead, Campbell envisions transitioning to a full-time dedication to her business, contingent upon two pivotal milestones. Her goal entails amassing a safety fund of $60,000 and achieving a monthly business revenue of $20,000. This strategic approach emphasizes financial stability and sustainable growth, illustrating Campbell’s meticulous planning and dedication to her entrepreneurial venture.
“I recognize that it goes beyond mere finances – working on my business brings me immense joy,” Campbell enthusiastically shared with Insider. “I engage with individuals I might never have had the chance to interact with otherwise. The creative aspect of the projects I undertake is invigorating. Furthermore, it nurtures my aspirations for the future, providing me with something remarkable to envision down the road. I often ponder how incredible it will be when I can fully dedicate myself to this endeavor.”
Source: entrepreneur.com