Does your product or service fill a need? And will demand generate enough sales to help you earn a living?
Ana Stevens became an entrepreneur at night, on weekends and occasionally on lunch breaks. Ms. Stevens held a full-time job in logistics for four years while she and her husband Drew built their company, Pepper North Artisan Foods, an Oshawa, Ont.-based maker of hot sauces.
With a baby and toddler, she was nearing the end of a maternity leave. Going back to her job would mean 10 hours away from family and her fledgling business each day. Ms. Stevens felt that if she could dedicate more time to marketing and sales, while her husband focused on production, online orders and social media, Pepper North could transform into a full-time job for both.
“It’s not for the faint of heart,” says Ian Macdonald, the business and innovation leader at KPMG, based in Calgary, who consults with startup founders. “You have to ask if you’re really prepared for what this is going to look like.”So how can side hustlers know whether they are ready? Experts list several factors to consider before handing in your resignation letter.
Goal No. 1 was getting into large grocery chains, which would lend credibility to the brand and boost sales significantly.For example, their peppers were Ontario-grown, the sauces were hotter than most supermarket varieties and contained peppers not commonly found in Canadian stores such as Carolina Reaper and Trinidad Scorpion.
That’s something David Sinkinson in Toronto did before leaving his marketing job at Bell Canada to focus fully on building AppArmor, a personal safety app for students and staff on university campuses. A year later, Chris joined full-time and together they expanded their client base to include U.S. universities, quickly boosting annual revenue to around $400,000 and 25 per cent profit. Eventually, they expanded to Europe and Australia and, in 2022 sold AppArmor to a larger competitor for $40-million. They’ve since written a book debunking entrepreneurial myths, calledDespite their success, the Sinkinsons say side-hustle entrepreneurs need to manage their growth expectations.
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