How 2 Women Turned Stimulus Checks Into Million-Dollar Businesses
The Covid-19 pandemic was challenging for the population as a whole. Many people were scared, worried and strapped for cash.
Stimulus Checks and Rebates in Every State: Do You Have $1,200 Coming Your Way in 2023?
‘Get Rich Slow’: Dave Ramsey Offers the Key to Lasting Wealth
The government response in the form of stimulus checks helped many people and families survive during a very uncertain time. In fact, according to a survey from the U.S. Bureau of Labor Statistics in 2020, 59% of respondents said they had used or planned to use their stimulus checks to pay for everyday goods.
However, some people used their stimulus checks for quite different reasons: to start their own businesses. Although the first stimulus checks amounted to $1,200 each, these savvy and resourceful entrepreneurs were able to use theirs to start small, eventually becoming million-dollar companies after a few years.
Jasmine Taylor Used $1,200 for Goods and Shipping Supplies
Meet Jasmine Taylor. At the start of the pandemic, she, like many millennials, had student loan debt and credit card debt. Stressed and overwhelmed, Taylor started recording herself using the cash envelope method to budget, and people absolutely loved it.
With glittering nails and tons of budgeting accessories, Taylor has racked up hundreds of thousands of viewers who love watching her stuff her cash envelopes to stay organized.
Early in her vlogging journey, she realized there weren’t many products on the marketplace for people who wanted to budget in style. So, she used her stimulus check to create her business, Baddies and Budgets. The funds went toward materials to make cash envelopes for others, shipping supplies and a Shopify website to sell them.
Taylor currently has over 750,000 TikTok followers and is projecting $1 million in revenue for 2023.
Stimulus Update: Final Checks Are Going Out Soon — Will There Ever Be More? 7 Experts Weigh In
Ellie Diop Used $1,200 for Domain Names, Website Hosting and Video Equipment
To say Ellie Diop is a super mom would be an understatement. Right before the pandemic began, she got laid off. Then, she gave birth to twins, got a divorce and moved in with her mom.
For most people, having all that happen within six months would be a valid excuse for a downward spiral, but not Diop. Instead, she buckled down, deposited her stimulus check and started a business from scratch.
At first, she started building an online coaching business using skills from her previous job. She posted videos online daily, offering helpful tips to small business owners. Eventually, she realized it would be hard to scale offering 1:1 business coaching calls. So, she developed courses to reach more people at a lower price point.
Over time, her reach and influence grew. Today, her business, Ellie Talks Money, has earned more than $3 million with over half a million Instagram followers.
Tips for Starting Your Own Online Business
Taylor and Diop’s stories show that you don’t need a significant amount of capital to start a business, especially an online one. Both of these entrepreneurs used $1,200 to get the necessary supplies to start helping people through their online platforms.
Eventually, their audiences grew, and they provided the products and services to help their viewers grow and thrive.
If you want to start your own online business, here are a few helpful tips:
Be consistent: Showing up every day online to provide videos, posts and reels will help your audience stay engaged.
Analyze: Learn when your community interacts with your posts. Study your analytics. Find out as much as you can about your audience and potential customers.
Be yourself: You can spend countless hours trying to find the most profitable business niche online. However, it won’t matter if you don’t have the desire to get up every day and work on it. Even if thousands of businesses provide the same services as you do, you are unique just by being you.
Be nice: People remember exceptional customer service. Customers come back when they feel like a business owner listens to their feedback. People love networking and helping those who help them. All in all, be a great human and your community will naturally be drawn to you.
Ultimately, the pandemic was challenging for many people, but these two entrepreneurs rose to the challenge by investing in their businesses every day.
Building seven-figure businesses with just $1,200 is an exceptional feat. However, these women showed that it’s not about the money invested but about the tireless dedication to helping others and spreading a message of hope during hard times.
More From GOBankingRates
The Great Wealth Transfer: How Baby Boomers Are Passing on Trillions to Heirs
Costco's Trade-Up Program Will Give You Free Groceries in Exchange for Your Old Electronics
This article originally appeared on GOBankingRates.com: How 2 Women Turned Stimulus Checks Into Million-Dollar Businesses
