Side Hustles

Kendra Scott started her billion-dollar jewelry business with $500 – and this is the side hustle she'd start now

Kendra Scott

Kendra Scott knows how to turn a lucrative side gig into a massive business. In 2002, Scott started a jewelry line as a passion project with just $500, and ultimately built it into the Kendra Scott brand worth a reported $1 billion

And anyone can "turn a side hustle into a strong source of income if you lead with authentic passion, deliver with excellent service and are filling a true need," Scott tells CNBC Make It

So if Scott were to start a side gig today to make extra money, what would she do?

"My side gig would definitely be organizing virtual styling sessions," Scott says. "I've always loved fashion and helping other people feel like their most confident self." Even working from home, people need to look good for video meetings, she says. 

According to freelance platform Fiverr, rates for virtual coaching can range from $5 to $100 per session, depending on what you're coaching and your experience.

And "good reviews and word of mouth can go a long way in getting your small business idea off the ground," Scott says. 

Scott started her business out of her spare bedroom in Austin, Texas, just three months after having her first child.

Baby in tow, she went door-to-door pitching local boutiques to carry her product. First, she grew the Kendra Scott customer base locally, then landed major retailers like Nordstrom and Bloomingdale's.

In 2016, private equity firm Berkshire Partners acquired a minority stake in her company, The Wall Street Journal reported, which valued Scott's business at over $1 billion.

The key, for Scott, was passion. "Do something you're passionate about," Scott said during the Dell Women's Entrepreneur Network summit on July 9. "I love design and fashion."

Then, she says, "sky is the limit."

Check out: The best credit cards of 2020 could earn you over $1,000 in 5 years

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