How to Use a Side Hustle to Pay Off Debt

After Kristen Heaton graduated from Ryerson University in Toronto, Canada in 2006, she knew she wanted to start her own business. She had $70,000 in college debt and needed $700 to buy her first set of inventory, but that didn’t stop her. In 2013, she launched a brand on Amazon called Desire for natural products.

“I didn’t even have $700 in my name, so I had to ask my best friend’s husband for that money,” Heaton said. “And because he believed in me, he was happy to help.

“So one piece of advice I would give is don’t be afraid to ask for help, especially when you have people in your life that you know believe in you,” she added.

Almost a decade later, she has sold over a million signatures of her brand Glide Thru Detangling Brushes. The product has over 60,500 reviews on Amazon, and Heaton has garnered nearly $15 million in total revenue during that time. When the money started coming in from the sales, she knew she wanted to use it to pay off her student loans.

“When I started the business, all I thought was that it would be the perfect side hustle,” Heaton said. “And whatever I earn from here, I’ll just throw it away for my student debt and just the bills I had.”

In two years, she was able to pay off that $70,000 student debt.

“I focused more on growing the business and getting to a level where we had inventory constantly, we weren’t running out of stock,” Heaton said. “And then once we got to that point and were profitable, I started paying off the debts.”

Learn more about Investing in You:
How to save $1 million for retirement if you make $90,000 a year
Meet a human trafficking survivor who started her own business with $400
How to get a free pair of Nike sneakers and other life hacks

Passion was important in helping Heaton through the early days as she juggled her full-time job and running a business on the side.

“When it was my lunch, I would phone the vendors,” she said. “I was constantly chatting with them and checking my emails when it was late.

“I never really felt like it was something I didn’t want to do,” Heaton added. “So finding something that you really love and are passionate about, I think will help you have fun along the way.”

The success of Crave Naturals brought her to a crossroads familiar to those who have followed her entrepreneurial journey: quitting her full-time job and accepting that her side hustle is now her main event.

“I definitely chose the path to continue to grow the brand because I also saw the opportunity for brand growth,” Heaton said. “But not only that, it really made me happy.”

In July 2021, Heaton sold Crave Naturals to aggregator Amazon Perch in a seven-figure deal. Now she wants to pay it back so her own kids won’t have to worry about student debt.

“We can fund their creative ideas and any business they want to start down the road,” she said. “And I think it’s important that you do what makes you happy and follow that passion.”

REGISTER: Money 101 is an 8-week financial freedom learning course, delivered weekly to your inbox. For the Spanish Dinero 101 version, click here.

TO VERIFY: Meet a 34-year-old man who has sold over 11,000 items on Etsy and earns nearly $3,500/month in passive income with Tassels + CNBC

Disclosure: NBCUniversal and Comcast Ventures are investors in tassels.

About Jason Norton

Check Also

With Twitter Delisted, Put Your Money Into These Stocks Instead

It’s official, Twitter is no longer available to the general public. With Elon Musk already …