This 30-year-old quit her job for a side hustle that now brings in seven figures a year. Here’s how

Jocelyn Elizabeth never expected a $5 church-sale lamp to change her life.

In 2011, the Pennsylvania mom was working part-time as a marketing administrator when her father showed her a lamp he had found at a church yard sale and noted that a similar lamp was listed for $70 on eBay, according to CNBC Make It.

The following weekend, Elizabeth headed to a thrift store with her son in a stroller, hoping to flip her own bargain finds for extra income. (1)

She didn’t know it at the time, but that experiment would become the foundation of a seven-figure business. Today, the 37-year-old runs Crazy Lamp Lady, a thriving YouTube channel, and NikNax, an online thrifting marketplace that hosts more than 5,000 sellers.

NikNax alone brought in more than $5.2 million in revenue so far this year, and Elizabeth personally nets 5% of each sale, for a total of $260,000.

Her YouTube channel has generated another $298,000 in ad revenue, and she now employs two people, rents two commercial spaces — and works anywhere from 50 to 100 hours each week.

“It was definitely risky,” she told CNBC Make It. But her philosophy never changed: “I think anyone can do it if they put the work in.”

Elizabeth makes it sound easy to start a business, but is it really something anyone can do? Understanding the financial risks is a big component of the entrepreneur mindset.

Starting small is key. Turning a side hustle into a full-time job is not always easy, and many self-starters don’t make the leap.

Nationally, Americans are opening businesses at record rates: 16 million business applications have been filed since 2021. But many founders underestimate the true cost of starting a business, which can lead to cash-flow issues that sink new ventures early, according to small-business research. (2)

Here’s the reality in cold, hard numbers:

• Starting a business costs anywhere from $3,000 to $500,000, depending on the type and location.

• Online or home-based ventures (like resale stores) are on the lower end: $3,000–$10,000.

• Retail storefronts and restaurants can require $50,000–$500,000+ before opening day.

• About 20% of new businesses close within the first year, according to federal data.

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Elizabeth took significant risks before the payoff arrived, but also proceeded strategically. She quit her part-time job only after she had replaced the income.

She also invested in renting commercial space and hiring employees, both of which are ongoing expenses. It hasn’t been smooth sailing: her company weathered drops in ad revenue, especially during the pandemic.

Even with her financial success, her 50 to 100-hour work weeks may not be possible for many.

Her story shows what it takes to build a successful business.

Read More: This is the quiet portfolio shift many wealthy investors are making in 2026. Should you consider it too?

Elizabeth’s story can be motivating if you’ve dreamed of turning a hobby or side gig into a real business, but inspiration alone isn’t enough. The real question is whether you’re financially and emotionally prepared to take on the risks. Here’s how to make sure.

Many entrepreneurs dramatically underestimate their early spending, especially when hidden expenses such as payroll taxes, software subscriptions, marketing, and scheduling inefficiencies kick in. Lay out your numbers in advance to help determine whether your idea is feasible or if you need more time to save.

Running the business is only part of the costs. You’ll also have to cover your own bills before you make a profit. That means having several months of living expenses saved, plus sufficient cash to cover the business’s operating costs until it becomes self-sustaining. If losing your job would immediately put you in debt, it’s too early to quit.

Before taking the leap, it’s also smart to test your idea in low-risk ways. If you plan to sell products, try listing items on an existing platform. If you’re offering a service, build a small client base while still employed. Early revenue, even in small amounts, is a strong indicator of real demand.

Many successful founders, including Elizabeth, eased into entrepreneurship by keeping a traditional job until their side hustle income became more reliable. A few key milestones can help you decide when it’s safe to transition to full-time, such as:

• Consistently earning a meaningful share of your current income

• Saving at least three–six months of personal expenses

• Showing steady, predictable demand for your product or service

Ultimately, the right time to start a business looks different for everyone. Elizabeth’s journey shows that you don’t need perfect conditions to begin, but you do need a plan.

With realistic expectations, financial cushioning, and a willingness to start small, you can reduce risk and give your new venture a better chance of lasting.

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CNBC (1); homebase (2).

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.