2.5M weddings in 2022

2.5M weddings in 2022

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Hey there friend,

This is Pat, founder of Starter Story - every week I write this email to share the lessons we learned after talking to successful founders around the world.

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Here are this week's stories, enjoy!

1 in 3 Americans have a side hustle

Q: What's the main reason so many Americans are starting side hustles?

A: To increase income, pay down debts, save more money, learn and improve skills, and some are even testing the waters for a career change.

It makes sense that 1 in 3 people in the US now currently have a side hustle (source).

This week we published three detailed case studies of 1-person side hustles that will definitely inspire you if you're dabbling in side hustles.

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(1) Zack is a software developer and runs a $12K/year website with resources for woodworkers - his hobby.

(2) Ana started a $30K/year Etsy shop selling resume templates, leveraging her experience as a recruiter.

(3) Apu created a $2K/year Windows taskbar app so he could learn the skills to make his first $1 online.

And those are just the side hustle stories we published this week. See 950 more side hustle case studies.

Our take:

Starting a side hustle means taking very little risk - it is the best option to test if an idea has the potential to be a business. 

Start small, dedicate a few hours per week. You might find yourself with something bigger than you expected.

"Having a side project is one of the most important things young professionals can do." - Mark Zuckerberg

Some numbers for you:

  • 61 -> million people plan to start their side hustle
  • $1,122 -> generated monthly by a side hustle on average
  • 950+ -> side hustle case to learn from

Riches in niches

Did you know that 90% of e-commerce businesses fail? Read this section and you'll find out why.

E-commerce is dominated by the behemoth known as Amazon - who accounts for 43.5% of all US e-commerce sales.

So how to be successful in launching any kind of physical product? Target a super-specialized niche market.

Taking the niche route helped Brian bootstrap his projector business to $12M/year.

This is the trend we're seeing in most other successful e-commerce brands. For example, check out these super niche products:

Our take:

It's better to dominate a super-specific customer than try to "boil the ocean".

A smaller market may seem less appealing, but it also means less competition. You're going to find fierce competition if go sell socks and t-shirts...

With a niche, it will be 10x easier to reach your audience (ad spend) and differentiate from the rest.

Some numbers for you:

  • $1.06 trillion -> forecast for US retail ecommerce sales in 2022
  • 90% -> of e-commerce fail, being the lack of specialization one of the main reasons
  • 1 -> solo founder, Brian started the whole operation by himself after being fired

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Wedding crushers

2020 was obviously a terrible year for all celebrations and events. But it hit the wedding industry the worst.

Revenues fell to 50% of what it was in 2016.

Fortunately, the trend is reversing in a big way - we expect to see 2.5M weddings take place in 2022, the most since 1984.

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We caught up with Photobooth Supply Co, who dominates the wedding industry. They told us they've seen massive demand this year  - they just hit $500K per month.

Our take:

Events and weddings that did not take place in 2020 were not canceled, just postponed. This industry will grow during the next years, a perfect moment to join.

As long as we don't have another pandemic - it is a great time to jump back into the wedding industry and build a business. Check these outstanding case studies:

Some numbers for you:

E-sports go mainstream

Did you know that e-sports tournaments average 1 million viewers?

That's actually not far from your typical NBA game.

With an estimated global viewership of 577 million by 2024, we think e-sports are the perfect industry to build a business over the next 5-10 years.

Smart entrepreneurs saw this years ago, like Zack, who after 10 years of managing an e-sports arena knew perfectly how to build the perfect software to manage them. Now his solution generates $3.6M/year.

It's always a good sign that the companies we've talked to are all doing over $1M in yearly sales. Here are some examples:

Our take:

This is an industry where you can still be early.

The world is still not taking e-sports seriously. They're just video gamers, right? That's all about to change.

Some numbers for you:

  • 577M -> e-sports audience size worldwide from 2019 to 2024
  • $12M -> raised by Singapore-based e-sports startup
  • 700 -> e-sports arenas use Zack's product

Thanks for reading!

Pat Walls,  Founder of Starter Story

Want to start your own business?

Hey! 👋I'm Pat Walls, the founder of Starter Story.

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