Vivian Chen, an entrepreneur who bought and grew an abandoned online business while keeping her day job, shares advice for side hustlers, parallels between buying an online business and real estate investing, and knowing yourself as an acquisition entrepreneur. It takes longer than expected, so get started!
Acquiring an abandoned online business for a low cost can provide a valuable opportunity for growth and success as a side hustle.
Finding a business that aligns with personal interests and strengths is crucial for entrepreneurial success, and acquiring an existing business can be a simpler and more effective option.
Deep dives
Vivian Chen's Side Hustle: Acquiring Modern Inkeeper
Vivian Chen shares her unique experience of acquiring Modern Inkeeper, an online business in the hospitality space, as a side hustle. She saw the opportunity to build something for herself and embraced the creative outlet it provided. Acquiring the business at a low cost due to the previous owner's neglect, Vivian calculated that she could grow it back to its former revenue of $20,000 a year. She focuses on expanding the business beyond its heavy dependence on Amazon, aiming to establish long-term relationships with customers and maximize control over the store. Though it might take longer than expected, Vivian's efforts have already led to increased sales, showing positive direction.
Finding the Right Fit: Side Hustle Advice
Vivian emphasizes the importance of self-awareness and finding a business that aligns with personal interests and strengths. She initially struggled with complex ideas and technical challenges when considering starting her own business from scratch. However, she discovered that acquiring an existing business fit her better. Vivian outlines her criteria for a side hustle, including an online presence, potential for expansion, ownership of brand assets, and the ability to build her own team. She encourages aspiring entrepreneurs to keep it simple, start small, and take action rather than getting caught up in overwhelming complexities.
Transitioning from Side Hustle to Full-Time Business
Vivian discusses her plans for transitioning Modern Inkeeper into a full-time endeavor. While revenue is important, she primarily focuses on building a solid base of repeat customers before going full-time. Establishing relationships and providing value to customers is prioritized over reaching a specific revenue milestone. Despite the challenges of the journey, including a longer timeline than anticipated, Vivian's dedication and efforts have yielded promising results, allowing her to envision a future where Modern Inkeeper becomes her main business.