Bumble CEO Whitney Wolfe Herd’s advice on starting a side business

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According to Whitney Wolfe Herd, founder and CEO of Bumble, anyone can successfully take up a sideline and turn it into a thriving business.

“You can monetize anything,” Wolfe Herd, who turned Bumble into a company valued at over $ 7 billion, told CNBC Make It in 2019.

To begin with, “find out what you’re passionate about,” she said, “and when you’re really good at it there is a way to turn it into a business.”

For example, “Maybe you’re an incredible cook – start a cooking blog and then do some recipe work. It depends on what your talents are, whatever that is.”

Kevin O’Leary also recommends having a sideline that you are passionate about, that showcases your talents and is in demand – sell “a good or service you come up with.” [are] really great in, “he previously told CNBC Make It.

Some of the most in-demand sideline jobs right now include tutoring, resume writing, and social media management, to name a few.

“I think anyone can make money with something they’re good at,” says Wolfe Herd.

Wolfe Herd started Bumble in 2014 after leaving Tinder where she was vice president of marketing. She initially wanted to create a social media platform for teenage girls on which they could only communicate through compliments. With her knowledge of dating and her experience in marketing, she eventually created Bumble, a dating app that enabled women to take the first step that went against previous dating norms at the time.

In 2016, Bumble began monetizing its app by offering in-app purchase options. Today, Bumble has these features and more, ranging from $ 5.99 to subscriptions worth up to $ 199.99. According to its IPO filing, Bumble had revenues of $ 376.6 million for the first nine months of 2020 with a net loss of $ 84.1 million. During that period in 2019, Bumble had sales of $ 362.6 million and net income of $ 68.6 million.

When it went public, Bumble raised $ 2.2 billion from investors and made Wolfe Herd one of the youngest billionaires at the age of 31.

“You have to start somewhere,” said Wolf Herd. “Just find your passion and lean into it.”

– Report from Sarah Berger

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