Rain, risk, and revenue: Young founders on taking a side hustle full time

[SINGAPORE] Coleman Chua buzzed with excitement on the opening day of The Digicam Depository’s first pop-up stall in Chinatown in 2024. 

After a year of selling retro digital cameras on Carousell and Instagram, this would be the moment he felt his side hustle was becoming a full-fledged business. 

Then, it rained. And not a single customer showed up.

“I’m not a religious person by any chance. But I was so distraught that day that I prayed for help.” 

His prayers were seemingly answered. The next day, the skies cleared and a line of customers formed at the stall before it opened. 

Speaking at a fireside chat on Wednesday (Aug 12) held as part of Thriving: In Progress, an event organised by Thrive, the now 24-year-old described this as one of the biggest setbacks since starting the business in 2023.

The event drew a mix of budding entrepreneurs and those curious about starting a business, who showed up to network with like-minded young adults over light bites.  

Some whipped out slideshow decks to share about their ventures, while others sought advice from the panellists and exchanged contacts with new connections they had made at the event.

On the panel, Chua was joined by Audrey Hong, co-founder of vintage fashion chain Un.Wastelands and Lee Haoming, chief executive officer of brand-led management consultancy and venture-builder Louken Group.

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Learning to ride out the dips

Early in the session, the panellists were quick to stress that running your own business means learning to be comfortable with setbacks.

Sales tend to fluctuate throughout the year, said Hong and Chua, who both run retail stores at Haji Lane, an area popular with tourists. 

Footfall, for instance, can be affected by seasonal shifts and major events such as Formula 1.

Lee stressed the need to distinguish between shifts in seasonal demand and losses that stem from operational issues. 

“(It’s important to) ask ourselves what caused the dip? Was (the business) doing well before or was it always bad in the first place?

“Not doing well is just a symptom… It’s like a doctor trying to find their patient’s pain point. The same goes for a business, if you’re not feeling too well, you press till it hurts,” he said.

Know what your brand stands for

During the discussion, attendees also raised questions about how to market a business effectively. 

Lee advised attendees to first be clear about why people should care about their business and what it stands for.

Branding is the soul of the business, said Lee, who co-founded lifestyle event Artbox Singapore and was formerly a managing partner of Huggs Coffee.

“Most businesses brand their company based on products, and products are just concepts,” he said. “But concepts change all the time. Once (the concept) goes away... your entire brand collapses.”

He added that entrepreneurs should ask themselves: “Why am I doing this? There has to be a wrong you want to right.

“It can’t be about profit. It has to be something you care about more than anything else in this world. That is what will get you through hard days.”

Once the branding is right, marketing becomes easier, he said, because founders have a clear sense of which channels and partners make sense for the business.

Be prepared to evolve

For Hong, 26, being in the fashion business means trends heavily influence the decisions she makes. 

“When it comes to fashion, it’s always evolving…  We don’t try to identify too strongly with a certain (style). When it’s time for a change in trends, we’ll go along with it,” she said. 

Un.Wastelands is also diversifying its revenue streams by exploring live-selling and relooking its online presence. 

Likewise for Chua, The Digicam Depository has since become an authorised distributor for Sony, Kodak, and Insta360, bringing brand new cameras to its catalogue to complement its staple range of second-hand models.

While this marks a shift from the brand’s roots in sourcing and repairing pre-loved digital cameras, he believes it is natural for a business’ direction to evolve over time. 

Before you go all in

Before closing the session, panellists were asked what aspiring entrepreneurs should consider before taking their side hustle full time. 

Lee cautioned against expanding too quickly. Instead, founders should first find out if there is genuine market demand and pressure-test their business concept before fully committing to it.   

Hong asked attendees to consider the opportunity cost of pursuing their business full time and what they would be giving up in the process.

“Do you have any proof that whatever you’re doing provides a certain amount of value to allow you to continue?

“At the end of the day, while it’s not all about profit, there has to be a certain level of sustainability,” she said.