Applications to start new businesses in the US have risen 12.5% annually between 2020 and 2023. TD Bank estimates 1.7 million new businesses may form in the next year. 36% of Americans have side hustles, boosting income. Abby Price’s success story with Abbode shows dedication and smart business decisions pay off.

Abby Price launched Abbode in 2019, selling dried floral arrangements. In 2022, she splurged on a $15,000 embroidery machine, leading to a revenue boost. Abbode shifted to personalized embroidered products, doubling revenue to $1.59 million by 2024, projecting $4 million in 2025.

Starting a new business involves substantial costs, with an average small business spending around $40,000 in the first year. Brick-and-mortar shops are pricier, while online businesses and service businesses have lower upfront costs. Timing and financial planning are crucial for success.

Before turning a side hustle into a full-time business, calculate startup costs and break-even points. Build a financial runway, confirm demand, and scale intentionally. Choose the right legal structure, get insurance, and open a separate business bank account. Start small, run the numbers, confirm demand, then scale intentionally.

Read more at Yahoo Finance: This 29-year-old spent $20K on a ‘whim’ to open a New York embroidery shop. Now it pulls in $1.6M a year