A Harvard University graduate who earns a secondary income of $142,000 per month on Amazon has advised those considering part-time work to avoid several mistakes when creating a side business tailored to their schedule and lifestyle.
Jenny Woo, an educator, emotional intelligence researcher, and CEO of a company, decided to start a side business while pursuing full-time graduate studies at the university in 2018, selling card games on Amazon. This part-time job accompanied her through the next five years as she completed her doctoral studies.
According to a report from CNBC’s “Make It” section, this successful entrepreneur mentioned that at the beginning, she had no knowledge about running a business, but now she has five sources of income. Solely from operating her side business on Amazon, she can earn $142,000 per month.
Woo’s advice on creating a side business that fits an entrepreneur’s schedule and lifestyle involves avoiding three mistakes:
When she started her side business, she spent a lot of time researching and developing elaborate product features, thinking it would amaze customers. However, this only left her customers confused, added more work for her, and made her existing products messy.
Her best advice is to resist the urge to complicate things because it not only slows down your progress but also increases your costs. She later realized that the key to success lies not in piling up features but in understanding the core value of your brand.
Therefore, before starting any side business, ask yourself two key questions:
1) What are the basic needs that my product or service fulfills?
2) What are the fewest steps to achieve this goal?
Once you begin, use real-world feedback as a guide. Iterate and develop based on the actual needs of customers, not your assumptions and guesses. In a world full of options, a straightforward solution can be refreshing.
If you are a side business operator, a good way to save money and grow your business is to collaborate with other like-minded operators. However, it’s important to remember that if your partners are also evolving and changing, you may face unpredictable situations.
Woo recounted a failed partnership from last year where she did not receive the promised attention and priority, leading to a significant drop in her income. While collaboration is beneficial, the key is to choose hiring partners carefully; if something no longer serves you, do not hesitate to make a change.
If you have the opportunity to engage with executives and advisors, you can leverage their expertise. However, these interactions can sometimes leave you confused and unsure. While their intentions may be good, they might project their aspirations and mistakes onto you.
Woo’s advice in such interactions is to pay close attention to skepticism and feedback from the other party but try not to be swayed by their ideas. Relying too much on external validation can dilute your vision and slow your progress.
Ultimately, while the perspectives of seasoned professionals can be helpful, the responsibility to take action and filter advice rests entirely on you. It is important to trust your judgment and remember that this journey belongs to you.