This Aspect Hustle Highlight Q&A options Swipesum co-founder and CEO Michael Seaman. His school Etsy aspect hustle, “Snappin Studio,” offered hand-stamped steel items and noticed greater than $1 million in income. At present, Seaman interprets what he discovered from that enterprise to Swipesum, an organization “combining trade data, AI and proprietary software program to create a clear funds technique for firms and enterprises.”
Picture Credit score: Courtesy of Swipesum. Michael Seaman.
Might you inform me in regards to the Etsy aspect hustle you began in school? Was that your first aspect hustle, and what impressed it?
Rising up in an entrepreneurial family, the place my mother, Daphne, was a proficient artist and my father, Chris, a serial entrepreneur, I used to be immersed within the dynamics of inventive and enterprise endeavors from an early age. This setting was regular to me and fostered a deep-rooted entrepreneurial spirit by nature.
I went to Samford College on a monitor and discipline scholarship, which meant I did not have a daily job throughout school. Nevertheless, as a younger school scholar, I wished extra monetary freedom to take pleasure in life’s little luxuries, like going out with associates and having date cash.
In my sophomore yr at Samford, whereas house for the vacations, I attended a craft present with my mother. Regardless of having no crafting expertise, I used to be struck by the bustling exercise and thriving enterprise at every sales space. I noticed the chance for date cash! This sparked an thought. If I may grasp a possible craft in my spare time, I may be part of and probably surpass these different craft distributors promoting on-line.
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Decided to discover a appropriate craft, I googled “crafts for males.” I stumbled upon hand-stamped steel items whereas looking on-line and thought it seemed simple sufficient. My “aha second” was after I found conventional anniversary items, reminiscent of copper for the seventh anniversary and tin for the tenth anniversary. Pairing hand-stamped steel with ecommerce offered a profitable alternative. These supplies had been inexpensive and had a big emotional worth connected to them, so I may mark them up. I started creating customized items for these particular milestones and promoting them on-line.
As I developed my web site, I turned conscious of Etsy, which was not as well known as it’s at the moment. Recognizing Etsy’s potential and its funding in changing into a family identify, I launched “Snappin Studio” on the platform. This resolution proved to be pivotal.
My enterprise into the world of ecommerce and crafts was successful. I shortly profited $3,500 and purchased a bike. Throughout my school years, Snappin Studio flourished on Etsy, promoting over 35,000 items. With a mean order worth of $30, I generated over $1 million in income, a testomony to the facility of mixing a easy but distinctive enterprise thought throughout the booming ecommerce trade. This expertise was financially rewarding and a useful lesson within the energy of innovation, timing and understanding market tendencies.
On the aspect hustle’s peak, how a lot was it incomes on a month-to-month/yearly foundation? How lengthy did it take to see these numbers? Is that enterprise nonetheless energetic?
On the peak of my aspect hustle with Snappin Studio, the vacation season was a very affluent time. Within the first yr, reaching month-to-month revenues of $5,000 was a trigger for celebration. Nevertheless, because the enterprise matured into its third yr, we skilled a big surge, hitting $50,000 in month-to-month gross revenues. This development trajectory was outstanding; we had quite a lot of enjoyable, nevertheless it took all of my time away from having the ability to spend the earnings!
Our presence on Etsy was so dominant that I did not must divert my focus to increasing a separate ecommerce web site. Etsy’s platform offered the required publicity and development alternatives, making Snappin Studio the go-to vacation spot for hand-stamped items. It is fascinating to see how the panorama has developed since then; as of 2023, there at the moment are hundreds of sellers providing comparable merchandise on Etsy.
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Throughout these peak occasions, I employed lots of my monitor teammates, who would collect in my house to stamp, paint and ship these little copper items. I paid them $25 per hour, which was fairly profitable for student-athletes on the time. This endeavor enabled me to build up extra cash than I had ever imagined with no standard job.
Upon graduating from school, I made a decision to promote the enterprise. The customer was a teammate who had not too long ago accomplished his MBA. He noticed potential within the enterprise and aimed to scale it additional, treating it as a full-time dedication. Beneath his stewardship, the enterprise underwent a rebranding and a shift in its product choices. He managed it for a few years earlier than ultimately passing the baton to a different purchaser.
Might you give me a quick overview of your skilled path after school and the way it led to your present enterprise, Swipesum? What does Swipesum do?
Submit-graduation from Samford College, the place I had a profitable stint in pole vaulting and earned a spot of their Athletics Corridor of Fame, I had Olympic desires and a bit of cash to chase them. These aspirations took me to the Olympic Coaching Heart in Chula Vista, California. Sadly, my Olympic aspirations didn’t materialize, and my post-collegiate vaulting profession was temporary.
Discovering myself at knowledgeable crossroads, with the proceeds from the sale of my Etsy store dwindling, I turned my consideration to the company world. I had at all times been drawn to gross sales and advertising, believing these abilities could be essential for any future entrepreneurial endeavor. A household pal’s success in creating software program for the cost processing trade piqued my curiosity, main me to safe a place in Worldpay’s outdoors gross sales group. My time at Worldpay was marked by speedy development; inside a yr, I used to be dealing with built-in partnerships and managing bigger accounts, ultimately changing into a high performer on the West Coast.
Regardless of my success, I yearned for higher challenges and duties. After being ignored for a promotion at Worldpay, I transitioned to MNTN, specializing in digital promoting, after which to Monotype, managing West Coast Enterprise gross sales. Concurrently, I had been informally advising associates, household {and professional} contacts on navigating the complexities of cost processing charges, that are complicated on goal.
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This expertise highlighted a big hole out there and the concept for Swipesum: the necessity for a extra clear, customer-centric strategy to purchasing service provider companies. That is when the idea of Swipesum.com crystallized. I envisioned a platform that will revolutionize the cost processing trade by empowering retailers in negotiations, simplifying the choice course of among the many myriad cost options and providing unparalleled buyer assist.
In 2016, with the collaboration of my brother Stephen, Swipesum was born. Our mission was clear: remodeling the service provider companies trade with a mix of progressive software program and knowledgeable consultancy. We aimed to alleviate the frequent ache factors related to sourcing options, negotiating charges or switching cost suppliers.
Since its inception, Swipesum has skilled exponential development. Our group has expanded to over 20 devoted professionals. Our efforts have been acknowledged with a coveted spot on the Inc. 5000 listing of the fastest-growing privately held firms within the U.S. Our journey at Swipesum is a testomony to the facility of figuring out market wants, leveraging expertise and offering a service that actually provides worth to our shopper’s companies.
Did any early classes discovered with the Etsy aspect hustle translate to or assist construct Swipesum? How so?
1. Buyer delight over easy satisfaction: In my Etsy enterprise, I discovered that prospects sought greater than only a product; they wished an expertise that made them pleased with their buy, particularly since these had been items for others. We devoted additional time to partaking with prospects, soliciting evaluations and addressing any dissatisfaction. This emphasis on buyer interplay and inspiring social media engagement considerably contributed to our development and success on Etsy. At Swipesum, we utilized this ethos to an trade sometimes marred by poor customer support. We have now applied white glove buyer assist, a characteristic persistently famous in our evaluations. Our strategy ensures that every account is managed by somebody deeply accustomed to the shopper’s enterprise, eliminating wait occasions and frustrations generally related to cost processing companies.
2. Teamwork and a robust firm tradition: My athletic background and expertise working with group members underscored the significance of a robust group tradition. At Swipesum, now we have cultivated an organization tradition akin to that of an Olympic group. Every member of our group is elite of their respective fields, contributing to a lean but extremely efficient group. This tradition is central to our recruitment course of and units the expectations for roles throughout the firm. It fosters unity and a collective drive in direction of reaching our purchasers’ targets, which is a cornerstone of our success.
3. Emphasis on profitability: The distinction between working a small Etsy store and a venture-backed startup like Swipesum is stark, particularly when it comes to obtainable capital. At Swipesum, now we have been even handed in elevating funds, specializing in strategic development whereas sustaining a eager eye on profitability. This strategy stems from my early experiences with Etsy, the place monetary mindfulness was essential. This focus has saved us grounded and revenue-driven from day one at Swipesum, guaranteeing that we don’t deviate from monetary prudence even within the face of speedy development.
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As you look forward, how do you hope to proceed rising Swipesum? What excites you essentially the most about its future?
I’m past optimistic in regards to the cutting-edge applied sciences we’re creating at Swipesum. Certainly one of our groundbreaking improvements is the launch of Staitment, which makes use of AI to audit service provider statements. A job that sometimes takes 2-3 days for a small enterprise or is a year-long undertaking for a big enterprise we are able to full it in seconds. This software is not only a software for our present retailers, aiding them in figuring out financial savings and optimizing cost processes, nevertheless it has additionally attracted a big variety of large-scale prospects. These purchasers typically grapple with intensive knowledge units that make well timed and sensible auditing of their firm’s cost processing reviews difficult. Staitment addresses this want effectively and is lastly acknowledged by retailers with giant volumes.
Moreover, we’re obsessed with our proprietary cost gateway and the usage of community tokens. This expertise guarantees to reinforce income whereas decreasing prices for our card-not-present purchasers, an important phase in at the moment’s digital transaction house.
At Swipesum, our ardour for our work is relentless. Witnessing our purchasers’ initiatives evolve from preliminary audits and consultations to success tales is immensely fulfilling.
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What’s your recommendation for different side-hustlers or rising entrepreneurs who hope to show their ventures into profitable full-time companies?
Your aspect hustle possible began as a ardour undertaking, however to show it right into a profitable full-time enterprise, you want a sensible and viable enterprise mannequin. Speak to everybody you may and discover one. Perceive your market, determine a singular worth proposition and do not be afraid to pivot if essential.
Second, prioritize buyer expertise, as this technique at all times wins and is usually ignored. In my journey from working an Etsy store to main Swipesum, I discovered that actually understanding and exceeding buyer expectations is vital. Completely happy prospects are your finest advocates. They supply useful suggestions and assist your small business develop via word-of-mouth.
Third, concentrate on monetary self-discipline. Whereas enterprise funding may be alluring, it is essential to keep up a lean operation and guarantee profitability. This strategy has been instrumental at Swipesum. We have been cautious about fundraising and maintained a robust emphasis on income technology from day one.
Fourth, construct a robust group tradition. The fitting group will propel your enterprise ahead; the incorrect group will allow you to burn quite a lot of money. Search for individuals who share your imaginative and prescient and values, and create an setting the place they’ll thrive.
Lastly, by no means cease studying. The entrepreneurial journey is a steady studying curve. Keep knowledgeable about trade tendencies, hearken to buyer suggestions and be keen to adapt. Bear in mind, essentially the most profitable companies are those who evolve with their market.
