Woman becomes millionaire through side hustle after ditching ‘corporate ladder’ job | Personal Finance | Finance
Emma Cunningham, 27, made significant sums of money thanks to dropshipping, which involves getting products from a manufacturer to consumers without a retailer being involved. Wanting more for herself outside of a paycheck to paycheck job, Ms Cunningham began dropshipping products on Amazon in 2019 with the help of a mentor. Within a few months of taking on this side hustle, she left her full-time job after realising there was more to life than “climbing the corporate ladder”.
The entrepreneur used to work at Centrelink, a service provider in Australia which delivers income support and other payments to claimants.
Speaking to the Daily Mail’s FEMAIL, Ms Cunningham shared her enthusiasm for her former side hustle turned full-time role in dropshipping.
While the job is considered controversial by some, dropshipping has proved to offer big opportunities. For Ms Cunningham, it’s meant she has become a millionaire in a short space of time.
To make her money, Ms Cunningham studied how she could sell products on Amazon for a living.
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The then-24 year old signed up for courses on the topic and took on a mentor who taught her how the market worked.
Eventually, Ms Cunningham launched her very own dropshipping store to start selling pet products directly to consumers.
As a pet owner, she realised that households spend a lot of money to keep their furry friends happy by getting them the best and latest products.
Notably, the young entrepreneur noted that her target market for her business would be dog owners specifically.
She explained: “’My target customer was dog owners; I focused on the fact that pet owners – myself included – spend money on making sure pets have everything they need,’ Emma said.
“I now sell a wide variety of different products, based on market demand and what has the best profit margin.
“My focus is selling good quality products, but also making as much money as possible from each sale.”
By the end of the second month of the store going live, Ms Cunningham had scaled the business to six figures.
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Under current estimates, the businesswoman is now expected to make a turnover of $5million (£2,839,900) this year.
According to Ms Cunningham, the primary reason for setting up her enterprise was to make money and to become financially independent.
Thanks to her dropshipping business, she is now able to work anywhere in the world, purchase luxury brands and go on first class flights.
When starting her business, Ms Cunningham set herself daily goals to reach which included making $1,000 (£568) in one day. This snowballed into making $25,000 (£14,199) daily and $500,000 (£283,990) monthly.
However, this was only achieved by her working until up to 10pm at night and involved dealing with many growing pains as the business grew. Now established in her career, she launched My Amazon Empire in 2022: an online consulting agency for anyone who wants to open and manage an Amazon business.
On tips she would give those starting out, Ms Cunningham said: “’It takes perseverance and dedication to the business. I think where people go wrong is they compare their day one results to their mentor’s day 600 and get discouraged. Like any business, you need to commit and stick to it and you will see results.”
Among her top three tips for starting an online business are speaking to people who “walked the path you want to walk”, deciding on goals and how they will be achieved, and growing with your business.
According to research carried out by GoDaddy, around 48 percent of Brits are considering launching a side hustle in 2023. Some 85 percent of those polled said their thinking is being fuelled by the rising cost of living which has seen energy bills and grocery prices soar.
Young people were found to be more likely to take on an additional role to help boost their income during these trying times. Three quarters of 18-34 year old respondents shared that they want to start their own business venture in 2032. Around 51 percent said that any income from their side hustle will help with fixed costs, such as rent and energy bills.
James Eadie, the senior director of Brand Marketing at GoDaddy, said: “Our research clearly shows that the cost-of-living crisis is having a direct impact on the growth of the microbusiness sector: people are turning to side hustles to generate extra income and help them get through tough economic times.
“The UK will see a big surge in these ‘necessity entrepreneurs’ across 2023. In January alone, tens of thousands of microbusiness owners launch new websites as they look to grow. The important thing now is that they are supported and can flourish. After all, microbusinesses are the engine of the British economy. When they thrive, we all do.”