Side Hustle Expert With £1M Business Shares Tricks To Beat Cost Of Living Crisis
- Jack Griffiths is an expert when it comes to making money
- He has launched businesses in multiple sectors, from ticket selling operations to car air freshener and hot tub brands
- Now he is Co-Founder of Snuggy, a luxury loungewear brand turning over £1 million a year
- He shares valuable lessons on how to make money online with profitable side hustles and where to find the best business ideas
‘Side hustle’ has become a household term these days, with many of us trying to launch our own source of secondary income to help us make ends meet. Google searches for ‘side hustle’ have increased by 58% in the last year, and with the Bank of England reporting that the UK is heading towards a massive recession, the desire to build multiple revenue streams isn’t going to go down any time soon.
Jack Griffiths, Co-Founder of luxury loungewear brand Snuggy, experimented with a range of successful side hustles and businesses before finding major success with the hooded blankets which are keeping Brits warm over the winter. He shared his story with money-saving community LatestDeals.co.uk.
‘When my friend Joel and I were 18, we went on holiday to Magaluf and saw an opportunity to make money selling tickets to boat parties. We found a way to take advantage of the way the process worked. We earned a 10 Euro commission for every ticket we sold, and there was no set wage or guaranteed income. As you get paid according to what you earn, we were motivated to go out there and work endlessly as our earning potential was uncapped.
‘When we came back to the role the following year, we decided to put posters up around the area, offering ticket-selling jobs to new workers. We explained the role, interviewed and trained them and offered them 5 Euros for every ticket sold. The commission was 10 Euros, but as we were offering training and giving them tips on where it was best to sell, we kept 5 Euros for every ticket sold by all our team members.
‘Looking back, this was surreal as we had up to 15 people coming to our daily meetings, some of them 10 years older than us, and we were earning 5 Euros for every ticket they sold without us having to go and do the work ourselves. We didn't really do anything special, we just had the courage to take a risk and give it a go!’
Ticket selling isn’t the only business Jack has been involved in. ‘I owned an events hire company, a car air freshener brand and more recently, I was part of a hot tub company that built high-quality spas in customers' gardens. This was something no one in Europe was offering at the time.
‘I have always been focused on making money. I had a paper round from the age of 11 up until I was about 14. I used to get up every morning at 6 am and ride 10 miles on my bike, delivering papers for an hour, to earn just £12 a WEEK. I genuinely believe having that sort of work ethic from such an early age is so valuable.
‘I could make a long list of side hustles that I did when I was young. Some of them got me banned from eBay and other selling platforms! They aren't things I brag about or particularly like speaking about, but the goal was always the same, to make extra money.
‘There is one side hustle I will confess to. (Sorry if you are reading this, Nando's!) When I was 16, over 10 years ago, I used to be a big Nando's fan (I still am), and I would go all the time. Back then, they used to give you a loyalty card which got stamped every time you went. Once you had 10 stamps, you would get a free meal worth about £20.
‘One night, I found a stamp supplier online that could create the exact stamp design Nando’s gave out on their cards, and I found a card supplier that could replicate the cards they gave out too.
‘I then sold fully stamped cards on eBay for £10, which buyers could use at a Nando's restaurant for the value of around £20, saving them £10. I did this for a good few weeks before I received a strongly worded letter from Nando's legal team, which scared the life out of me! I packed it in straight away! I am now of course fully aware this was very wrong to do, but at the young naive age of 16 I knew no better, and I just wanted to make money.’
Jack shares a good starting point for those wanting to explore making money online: ‘Alibaba is my go-to for starting any business or side hustle. It’s great to browse even if you don’t have an idea yet. For anyone that doesn't know what this is, it's a wholesale platform that you can browse through to find products to buy in small or large quantities. You contact the manufacturers directly and speak to them about prices, minimum order quantities, packaging, shipping, etc.
‘If you can find a product that is selling well in the UK and also find a supplier who can provide it at a competitive price, then take a punt, try and negotiate a low minimum order quantity to start with so you minimize the financial risk & place an order.
‘There are pages and pages of “trending products” on the site that you can search through and give yourself some inspiration from. Once you have an idea, get chatting with a couple of the manufacturers & don’t be afraid to ask lots of questions.
‘In the early stages of sourcing products from Alibaba, I always used to look for small ones that I thought would sell well and wouldn’t cost a lot to ship from China. The shipping and freight side of it can often put people off as it’s a bit of an unknown territory. However, really small products can give you a bit more flexibility in using air freight, sea freight or even railway.
‘Finding a good product to sell on eBay or Amazon without being flooded out with competition can take a while. I would look for a 'best-selling' product or a product with a lot of reviews. Have a look at the negative reviews on the product and take those points into account when launching the same product. You don't have to invent something new; just focus on improving something old.
‘Amazon and eBay are great marketplaces to test if a product will sell or not; it is a lot easier to start there as opposed to starting a brand and trying to bring in your customers through advertising.
- Who is my customer? Who do I think will be most likely to buy this product and why?
- Can I offer something different from the competition? Maybe undercut them on price, make the product bigger or thicker, or add an element to it?
- Is there room for me to make healthy profit margins after factoring in all costs? Try to at least double your money.
- Am I going to be breaking any laws regarding trademark infringement or design rights to another company?
- Can I expand on this product to introduce other relevant products further down the line?
Jack shared his tips for those who are beginning to think about side hustles alongside their 9-5: ‘Start local - find a service or a product that might be of interest to your local area and make it something that you can do on a weekend or for a couple of hours after work. It doesn't have to be something you are passionate about, it can be anything - making cakes, jet-washing driveways, dog walking and so on. This starting point will give you an understanding of how to treat customers, gain sales and earn money outside of your 9-5. Use social media to comment, like, message people and generate interest in what you are doing; it's FREE!
‘Another tip would be, DO NOT worry about what people might think. The biggest barrier people face when starting a business or side hustle for the first time is: 'Oh, I wonder what they will think about me if I do that, what if it fails’ and so on. If you stay in your head, you’ll never get anywhere.
‘Limit the risks where possible - if you have an idea for a business, but you are putting it off because you have a full-time secure job, get started on your idea in your spare time. You do not need to jump ship completely and quit your job straight away. Start your business as a side hustle; just get started in your spare time. You only need to decide whether to quit your job when business is going so well that you run out of time and it makes sense financially.
‘Be prepared to sacrifice parts of your social life to start a side hustle. The saying goes, 'If it was easy, everyone would be doing it'. Most people don't want to make the sacrifices needed to pursue a better lifestyle.
Now Jack is the proud Co-Founder of the luxury loungewear company Snuggy, which is making a whopping £1 million a year. Jack explained how the company began: ‘I have been working solely on Snuggy for the last 3 years, and all of my time is dedicated to growing this brand.
‘For anyone thinking about getting involved in business, the story of Snuggy shows what taking a risk can do for you.
‘When we started the business, we had no plan or long-term goals. We wanted to make some quick money over winter. Within the first few weeks, we sold a shedload of products, much to our surprise. What’s more, our customers wanted to know where to get more, if they could get them in different colours, and so on. It kept on snowballing, and we quickly realized we had a good opportunity to run with the wind and grow something big.
‘That was when we changed our mindset completely and decided it wasn’t just a little winter project, we were going to turn Snuggy into a big global brand. Sometimes you just stumble upon a winner and you have to take the plunge to make it a success. That’s what we did with Snuggy and now we couldn’t be happier.’
Tom Church, Co-Founder of LatestDeals.co.uk, said: ‘Jack has clearly lived an interesting and varied life, where he has learned all kinds of valuable lessons about how to make money. His tips will be incredibly useful for anyone seeking a side hustle or means of generating income to supplement their main job, and the story of how Snuggy began is a testament to how you can change your life if you’re willing to put the work in.
‘I got a Snuggy to save on energy bills. At first my girlfriend scoffed when she saw it. Almost choked on her dinner. Just try it I said. Oh that it is warm she said. Now everyone in my family wants one. Might look silly but we’re not putting the heating on yet and so far it’s already saved us about £100 in heating bills.’
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