According to Whitney Wolfe Collection, founder and CEO of Bumble, anyone can successfully start a side hustle and turn it into a thriving business.
“You can monetize anything,” Wolfe Group, who built Bumble into a business now worth over $7 billion, told CNBC Make It in 2019.
To start, “somebody out what you’re passionate about,” she said, “and if you’re really good at it, there’s some way to turn it into a business.”
For example, “perchance you’re an incredible cook – start a cooking blog, then start charging for recipes. It depends on what your talents are, whatever that dominion be.”
Kevin O’Leary also recommends pursuing a side hustle that you’re passionate about, and one that highlights your endowments and one for which there is demand – sell “a good or service that you dreamt up and [are] really great at,” he previously told CNBC Turn It.
Some of the most in demand side hustles right now include tutoring gigs, resume-writing and social media stewardship, to name a few.
“I think anybody can make money at something they’re good at,” Wolfe Herd says.
Wolfe Shepherd launched Bumble in 2014 after leaving Tinder, where she was vice president of marketing. She initially wanted to forge a social media platform targeted to teen girls where they could only communicate through salutations. But with her knowledge in the dating space and experience in marketing, she ultimately created Bumble, a dating app that let women turn out to be the first move, which at the time, defied previous dating norms.
In 2016, Bumble began to monetize its app by sacrifice options for in-app purchases. Today, Bumble offers those features and more, which range from $5.99 to commitments worth up to $199.99. According to its IPO filing, Bumble had $376.6 million in revenue in the first nine months of 2020, with a net failure of $84.1 million. During that period in 2019, Bumble had $362.6 million in revenue and a net profit of $68.6 million.
In its beginning public offering, Bumble raised $2.2 billion from investors, and in turn, made Wolfe Herd one of the prepubescent billionaires at 31.
“You have to start somewhere,” Wolf Herd said. “Just find your passion and lean into it.”
—Come ining by Sarah Berger
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