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Gwyneth Paltrow: Goop
Gwyneth Paltrow started Goop in 2008 as a weekly newsletter and it’s now expanded to an entire lifestyle brand worth an estimated $250 million, Fast Company reported. Although Goop is now wildly successful, Paltrow admits that she hesitated to launch her wellness side hustle.
“I had a lot of trepidation about planting this little flag — and saying like ‘I want to do this, but I don’t know if this could be a business’ or how I could execute the business; it was scary for me to do it,” she told CNBC.
The lesson: Don’t let fear hold your back. Your side hustle could turn into the next Goop!
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Jessica Alba: The Honest Company
Although Jessica Alba rose to fame as an actress, she’s now made a fortune through her consumer goods business, The Honest Company. Alba founded the company a decade ago and took it public in early May. Her shares were worth $130 million as of closing on the day of its IPO, The Wrap reported.
Alba said that social media has played a major role in driving the company’s growth.
“Social media has been a strategic marketing channel for us,” she told CNBC. “It is where we build a community, and from day one, having that engagement with the community is core to one of our values with what we’re building.”
The lesson: Utilize social media to engage with current and potential customers.
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Lauren Conrad: The Little Market
Former reality star Lauren Conrad has started a number of side hustle businesses, including fashion and beauty lines for Kohl’s and The Little Market, a nonprofit fair trade shop. Over the years, Conrad has learned that things may not always go as planned. For example, due to the pandemic, an order of bags with cats on them that were meant to be sold by The Little Market for Halloween arrived too late.
“Fortunately, they are very cute and what [we] know from my other businesses is that if you put a cat on something, it will sell!” she told Entrepreneur. So Conrad sold them in her shop anyway. “You have to be flexible. There are going to be delays and there are going to be hiccups when you are running your business, and you kind of have to figure it out as you go.”
The lesson: Don’t let a hiccup derail your plans. Find creative ways to pivot.
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Kate Hudson: InBloom
Actress Kate Hudson has numerous side hustles under her business umbrella — an athleisure line, Fabletics, a craft vodka brand, King St. Vodka, and most recently, a line of plant-based supplement powders, InBloom.
“I wanted to make something that I use and I want, and that I feel really good about putting out there,” she told Women’s Health. And as someone who hates pills, she saw a gap in the market for this type of product. “I’m like, ‘Can someone just give me a magic powder that I can put in my water and walk out the door?’”
The lesson: Sell a good or service that you are passionate about and that you yourself will use. Chances are that if it’s something you want, others will want it too.
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Jessica Simpson: Jessica Simpson Collection
Jessica Simpson’s namesake brand includes shoes, clothing, accessories, luggage, home goods and more. She sold a majority stake in her lifestyle brand in 2016; at the time, Forbes reported it was bringing in $1 billion annually.
Although Simpson is no longer the majority stakeholder, she still has a hand in the design process — but told Footwear News that her collection is really a team effort.
“I am surrounded by a passionate, fashion-loving team who all have a unique eye for personal style,” she said. “That collaboration pushes each delivery with confidence. My mom, team and I work together to bring our vision to life in every single product.”
The lesson: To take your side hustle to the next level, work with a team that can offer different perspectives and insights. They may be able to see things you are missing.
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