According to Whitney Wolfe Herd, founder and CEO of Bumble, anyone can successfully start a side bustle and turn it into a thriving business.
“You can monetize anything,” Wolfe Herd, who turned Bumble into a business worth more than $ 7 billion, told CNBC Make It in 2019.
For starters, “find out what you’re passionate about,” he said, “and if you’re good at it, there’s some way to turn it into a business.”
For example, “maybe you’re an amazing cook: start a cooking blog and then start collecting recipes. It depends on what your talents are, whatever they are.”
Kevin O’Leary also recommends pursuing a side commotion that excites you and highlights your talents and is in demand: sell “a good or service you’ve dreamed of and [are] really cool, ”he told CNBC Make It earlier.
Some of the most in-demand pressures right now include tutoring gigs, resume writing, and social media management, to name a few.
“I think anyone can make money with something that serves them well,” Wolfe Herd says.
Wolfe Herd launched Bumble in 2014 after leaving Tinder, where she was vice president of marketing. Initially, I wanted to create a social networking platform aimed at teenage girls where they could only communicate through praise. But with her knowledge in the dating space and marketing experience, she eventually created Bumble, a dating app that allowed women to take the first step, which then challenged previous dating rules.
In 2016, Bumble began earning revenue with its app by offering options for in-app purchases. Today, Bumble offers these features and more, ranging from $ 5.99 to subscriptions of up to $ 199.99. According to its IPO, Bumble had revenues of $ 376.6 million in the first nine months of 2020, with a net loss of $ 84.1 million. During this 2019 period, Bumble earned revenue of $ 362.6 million and a net profit of $ 68.6 million.
In its initial public offering, Bumble raised $ 2.2 billion from investors and in turn made Wolfe Herd one of the youngest billionaires at 31 years old.
“You have to start somewhere,” Wolf Herd said. “You just have to find your passion and lean on it.”
—Inform by Sarah Berger
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