Jocelyn Elizabeth never expected that a $5 lamp sold at a church sale would change her life.
In 2011, while the Pennsylvania mother was working part-time as a marketing executive, her father showed her a lamp he found at a churchyard sale and noticed a similar lamp was listed on eBay for $70, according to CNBC Make It.
The following weekend, Elizabeth went to a thrift store with her son in his stroller, hoping to replace her own cheap finds to earn extra income. (1)
He didn’t know it at the time, but this experiment would become the basis for a seven-figure business. Today, the 37-year-old actress runs a successful YouTube channel, Crazy Lamp Lady, and online thrift marketplace NikNax, which is home to more than 5,000 sellers.
NikNax alone has generated more than $5.2 million in revenue so far this year, and Elizabeth personally gets 5% of each sale, for a total of $260,000.
His YouTube channel generated another $298,000 in ad revenue and now employs two people, rents two commercial spaces, and works 50 to 100 hours a week.
“It was definitely risky,” he told CNBC Make It. But his philosophy never changed: “I think anyone can do this if they work.”
Elizabeth says starting a business is easy, but is it really something anyone can do? Understanding financial risks is a big component of the entrepreneurial mindset.
It’s important to start small. Turning a side hustle into a full-time job isn’t always easy, and many self-starters fail to take this step.
Across the country, Americans are opening businesses at record rates: 16 million job applications have been filed since 2021. But small business research shows that many founders underestimate the true cost of starting a business, which can lead to cash flow problems that sink new ventures early on. (2)
Here’s the truth about the cold, hard numbers:
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The cost of starting a business is between $3,000 and $500,000, depending on its type and location.
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Online or home-based ventures (such as resale stores) cost the lowest: $3,000 – $10,000.
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Retail storefronts and restaurants can ask for $50,000 to over $500,000 before opening day.
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About 20% of new businesses close within the first year, according to federal data.
Elizabeth took significant risks before the results came, but she also moved forward strategically. He only left his part-time job after changing his income.
It also invested in renting commercial space and hiring employees; These are both ongoing expenses. It didn’t work out so well: His company weathered declines in advertising revenue, especially during the pandemic.
Despite his financial success, working 50 to 100 hours a week may not be possible for most people.
His story shows what it takes to build a successful business.
Read more: This The quiet portfolio shift many wealthy investors will make in 2026. Should you consider this too?
If you’ve ever dreamed of turning a hobby or side hustle into a real business, Elizabeth’s story may be motivating, but inspiration alone isn’t enough. The real question is whether you are ready to take the risk financially and emotionally. Here’s how to make sure.
Many entrepreneurs significantly underestimate their early expenses, especially when hidden expenses like payroll taxes, software subscriptions, marketing and planning inefficiencies come into play. Outline your numbers up front to help you determine if your idea is feasible or if you need more time to save money.
Running the business is only part of the costs. You will also need to cover your own bills before you can make a profit. This means saving a few months of living expenses, as well as having enough cash to cover operating costs until the business is self-sustaining. If losing your job will immediately put you in debt, it’s too early to quit.
It’s also wise to test your idea with low-risk methods before taking the leap. If you plan to sell products, try listing them on an existing platform. If you offer a service, build a small customer base while you’re still operating. Early revenue, even in small amounts, is a strong indicator of real demand.
Many successful founders, including Elizabeth, have turned to entrepreneurship, maintaining a traditional job until their additional income became more reliable. There are a few important milestones that can help you decide when it is safe to transition to full-time work; for example:
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Consistently earn a meaningful share of your current income
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Saving at least three to six months of personal expenses
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Showing stable, predictable demand for your product or service
After all, the right time to start a business looks different for everyone. Elizabeth’s journey shows that you don’t need perfect conditions to get started, but you do need a plan.
With realistic expectations, financial support, and a willingness to start small, you can reduce risk and give your new venture a better chance of longevity.
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CNBC (1); home base (2).
This article provides information only and should not be construed as advice. It is provided without any warranty.
