How I built a $200,000 side hustle in 1 year while working full-time

About this Video

• Video Title: How I built a $200,000 side hustle in 1 year while working full-time
• Channel: ApprenticeDiary
• Speakers: The speaker's name is not explicitly mentioned in the transcript.
• Duration: 00:14:35

Introduction

This video details the speaker's journey of building a $200,000 side hustle within a year while employed full-time. The speaker shares their experience with Amazon FBA reselling, outlining different strategies, challenges faced, and lessons learned. The video also covers how the speaker plans to scale their business to $1 million in annual revenue.

Key Takeaways

• Amazon FBA Reselling Strategies: The speaker explores various Amazon FBA strategies, including online arbitrage, retail arbitrage, wholesale, brand direct, and private label. Each strategy's approach and learning curve are discussed.
• Initial Challenges and Growth: The speaker recounts the initial struggles, including time constraints and high software expenses, while showcasing the revenue and profit growth from month to month. The transition from retail arbitrage to online arbitrage is highlighted as a key scaling point.
• Scaling Strategies: Outsourcing prep work to a third-party center and hiring virtual assistants are emphasized as crucial steps in scaling the business.
• Seasonality and Strategic Planning: The speaker emphasizes the importance of understanding seasonality (high sales during Q3 and Q4) and adapting strategies accordingly to maximize profit and time efficiency.
• Financial Management and Capital Access: Utilizing business credit cards and leveraging promotional periods (0% APR) is presented as a method for accessing capital to scale the business without significant personal investment.