Turning a Low-Cost Side Hustle into a Multi-Million Dollar Business: A Case Study

From purchasing a $5 lamp at a church sale in 2011, Jocelyn Elizabeth built a successful online resale marketplace, NikNax, now generating over $5.2 million annually. This unconventional career path offers several personal finance insights that can benefit you.

Establishing a Side Business

Elizabeth’s entrepreneurial journey began when she discovered that a $5 lamp purchased at a church sale could be sold for $70 on eBay. Armed with this knowledge, she started visiting thrift stores, searching for items that she could resell for profit.

In April 2016, while still working her $14-per-hour marketing job, Elizabeth launched her Crazy Lamp Lady YouTube channel. Her breakthrough moment came when she earned $600 in a day from YouTube ad revenue. Six months later, she hired a team of five to help with managing the growing inventory.

Achieving Seven-Figure Business Growth

Elizabeth’s business growth strategy was built on four main principles that prioritized sustainability over hasty expansion.

• Minimizing Costs, Maximizing Profits: She bought discarded items at thrift stores and antique shows and sold them at premium prices. Her knowledge of vintage collectibles allowed her to spot undervalued items that could be resold at higher prices.
• Investing in the Business Over Lifestyle Upgrades: Profits were allocated towards tools, marketing, inventory, and eventually, two commercial spaces. She avoided unnecessary personal spending, channelling earnings into growing her business.
• Strategic Use of Platforms: Elizabeth built her audience through YouTube and then launched NikNax on the District platform in October 2023. The platform now hosts over 5,000 sellers and generated $5.2 million in revenue by October 2025, according to a CNBC analysis.
• Financial Discipline: Elizabeth kept her business and personal finances separate and managed her cash flow judiciously to avoid debt. She now employs two assistants and dedicates 50 to 100 hours weekly to her enterprises.

Implications for Your Personal Finance

Elizabeth’s success shows that side businesses don’t necessarily need technical expertise or large capital to generate substantial income. Low-risk ventures in areas you’re already familiar with can significantly improve your financial status. Strategic reinvestment can often contribute more to wealth building than extreme budgeting.

The Impact on Personal Finance

Elizabeth used her profits to invest in real estate, acquiring two three-bedroom rental properties in Pennsylvania for around $300,000 each. One property serves as an Airbnb, generating approximately $300 per night. Her diversified income sources have reduced her financial stress and offered alternatives beyond traditional employment.

Risks and Realities: A Look at the Challenges

Building a successful business like Elizabeth’s requires a significant investment of time and effort. She travels across the country monthly to source inventory and spends 50 to 100 hours a week managing business operations, enforcing marketplace rules, and resolving customer disputes. Moreover, it took years to get where she is today; she started in 2011, launched YouTube in 2016, and didn’t establish NikNax until 2023.

Key Takeaways from Elizabeth’s Journey

Elizabeth’s story provides valuable insights that you can apply to your own financial circumstances:

• Leverage Existing Skills or Interests: Rather than pursuing popular trends that may require a steep learning curve, start with what you already know.
• Track Your Finances From the Get-Go: Keep track of which activities are genuinely profitable versus those that consume your time without yielding financial returns.
• Maintain Financial Stability: Keep your primary source of income until your side business consistently generates more income than your salary for a minimum of six months.
• Strategic Reinvestment: Reinvest early profits back into the business to accelerate long-term growth, rather than increasing personal expenses.
• Test Before Scaling Up: Elizabeth spent years understanding what buyers valued before she quit her job, thereby minimizing her financial risk.

Financial progress often comes from creating value in unexpected ways, not just cutting expenses. Elizabeth told CNBC, “anyone could visit Goodwill, pick something up, and discover it’s worth $50” if they’re willing to understand what buyers value. Combining creativity with financial discipline can lead to substantial wealth-building opportunities for those willing to invest time and effort.