This Aspect Hustle Highlight Q&A options Maura Duggan, founder and CEO of Fancypants Baking Co. The CPG cookie enterprise sees top-line annual gross sales starting from $5 million to $10 million and is accessible in over 1,750 retailers, together with Central Market, Gelson’s and Mom’s Market. Responses have been edited for size and readability.
Picture Credit score: Courtesy of Fancypants Baking Co. Maura Duggan.
What was your day job or major occupation once you began your aspect hustle?
After incomes my bachelor’s in neuroscience and grasp’s in schooling from Harvard, I labored as a researcher for an schooling nonprofit. Whereas it was rewarding, I missed having a artistic outlet the place I might proceed to problem myself and be taught another way.
When did you begin your aspect hustle, and the place did you discover the inspiration for it?
Baking has all the time been a approach for me to reconnect with reminiscences of my mom and grandmother, so after I wished to usher in some additional revenue, I naturally gravitated towards the kitchen and my favourite dessert — cookies. In 2004, I began Fancypants in my tiny apartment kitchen. What started as a small enterprise rapidly became one thing extra, and shortly, I discovered myself asking, Why cannot I flip this into an actual enterprise?
What had been a number of the first steps you took to get your aspect hustle off the bottom?
Within the evenings, I baked batch after batch of cookies and enlisted family and friends as style testers. Whereas refining the product, I concurrently targeted on the enterprise aspect — securing a kitchen license, establishing a checking account and getting insurance coverage. Figuring out my pricing was additionally vital since I wished to make use of premium components however wanted a worth level that may enable for sustainable development. It was a steadiness of being accessible and guaranteeing we might scale successfully.
Picture Credit score: Courtesy of Fancypants Baking Co.
What had been a number of the largest challenges you confronted whereas constructing your aspect hustle, and the way did you navigate them?
Managing an extended to-do listing was a continuing problem; it might rapidly get overwhelming if I did not break it down into smaller duties. I labored 12-15 hours a day, seven days per week, with one after which two youngsters, so I leaned closely on family and friends for assist, whether or not delivering cookies or providing ethical help.
I will be sincere. Early on, my confidence might have been boosted by not absolutely realizing the complexities of producing. However as soon as I noticed the challenges, I leaned on my schooling background, reaching out to trade specialists, suppliers and retailer homeowners for steering. Whereas that suggestions was extremely useful, there was plenty of it! I noticed I additionally wanted to construct my very own self-confidence and be taught to belief my instincts.
How lengthy did it take you to see constant month-to-month income? How a lot did the aspect hustle earn?
Issues picked up quick. Simply three months in, I left my full-time job to deal with Fancypants, and throughout the first 10 months, we earned near $100,000. It was clear this could possibly be greater than only a aspect hustle and was a sustainable enterprise.
You have since turned the aspect hustle right into a full-time enterprise. What does development and income appear like now?
Over time, Fancypants has advanced from a primarily wholesale mannequin to include consumer-facing merchandise. For years, we targeted on iced ornamental cookies bought in bakery departments, with top-line annual gross sales starting from $5 to $10 million. This 12 months, we launched a brand new line of crispy cookies for center-store grocery aisle placement, and we anticipate to exceed $1 million in 2024 for simply these merchandise, with projections to double or triple that over the following 5 years.
Picture Credit score: Courtesy of Fancypants Baking Co.
What do you get pleasure from most about working this enterprise?
The variability retains me engaged and meets my preliminary want to all the time be studying and rising — in the future, I am engaged on a gross sales deck, and the following, I am overseeing a photograph shoot or testing a brand new recipe. However what I like most is working with stakeholders, from prospects to retailer patrons, and constructing a powerful crew. We’re proud to fabricate our cookies in Massachusetts and provide our manufacturing crew above minimal wage and advantages like 401k and medical health insurance. It feels good to champion small enterprise manufacturing when the trade typically depends on co-packers.
What’s your recommendation for others hoping to start out profitable aspect hustles or full-time companies of their very own
Discover your area of interest and lean into it — your perception in what you are doing will encourage others. Construct a community of advisors and friends; do not be afraid to lean on them for recommendation. We arrange a board of administrators in 2022, and their steering has been invaluable. Whereas it is simple to get tunnel imaginative and prescient, investing in relationships and face-to-face connections has been one of the rewarding components of the journey. Networking not solely brings sensible advantages but additionally helps scale back the isolation that always comes with entrepreneurship.