A man was able to grow his $500 (£396.63) side hustle into a business which brings in $250,000 (£198,317.50) a year.
Speaking to the Daily Express, Mark Voronov shared how he managed to successfully grow his side hustle from a couple of hundred dollars in investment to a quarter of a million in revenue.
Mr Voronov is the co-founder and chief executive officer of SocialPlug, a company which provides digital marketing services to clients.
The side hustle-turned-business was created in June 2022 in Tallinn, Estonia.
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All of the SocialPlug team have a strong marketing background, with experience owning and operating two-to-three marketing agencies.
With five years of practical experience in his field, the businessman was able to turn what was initially a side hustle into a fully-fledged business.
Now, Mr Voronov works as a social media expert and guides businesses on their marketing strategy for their brand.
However, the success his own business has garnered began with very humble beginnings.
He explained: “It is necessary to keep in mind that the growth trajectory varies depending on multiple factors such as the type of business, industry, and location.
“Thus, it is essential to provide a clear and comprehensive breakdown of the revenue streams, expenses, and profits.
“In my case when I started my digital marketing side hustle, my initial investment was around $500 (£396.63), and my first year’s revenue was $10,000 (£7,932.70).
“However, through hard work and strategic planning, I was able to increase my revenue to over $250,000 (£198,317.50) annually.”
According to the entrepreneur, taking a side hustle to the next level means three different factors need to be in play.
He also shared one of the most “critical factors” and difficulties which arose from starting SocialPlug.
Mr Voronov added: “Growing a side hustle into a successful business requires a combination of hard work, dedication, and strategic planning.
“In my experience, one of the most critical factors in this process is identifying and responding to customer needs effectively.
“To achieve this, it is essential to understand the market, target audience, and competition.”
Furthermore, Mr Voronov shared some tips to those wanting to grow their side hustle into a similarly successful business.
The entrepreneur said: “Growing a side hustle into a successful business takes time, patience, and a lot of hard work.
“It is crucial to keep an open mind, identify opportunities, and adapt to changes in the market.”