Tricia Lee's rise from beauty mogul to real estate powerhouse offers a masterclass in entrepreneurial success. As a star of Netflix's Owning Manhattan and a leading figure in New York City's competitive real estate market, she turned her side hustle into a multimillion-dollar business.
In a recent interview with the Side Hustle Pro podcast, Tricia shared her top five tips for transforming passion projects into thriving enterprises.
1. Embrace The Power Of Pivoting
Tricia's journey began in the beauty industry, where she established Polish Bar, a boutique salon in Brooklyn. However, when the opportunity to venture into real estate presented itself, she seized the moment, demonstrating her ability to adapt and thrive in new industries.
"You have to be willing to change with the times," she says. "The market shifts, neighbourhoods change, and you have to be adaptable." Tricia's ability to embrace change has been instrumental in her success, enabling her to transition between industries effortlessly. If you're feeling stagnant in your side hustle, don't hesitate to pivot and explore new avenues.
2. Cultivate A Strong Brand Identity
Tricia's success in beauty and real estate is partly attributed to her exceptional marketing skills. From the outset, she treated her side hustle as a major brand. "People thought Polish Bar was a franchise because of how we branded it," Tricia recalls.
Tricia carried this same professionalism into the real estate industry, leveraging her marketing expertise to establish a strong brand and attract high-profile clients. She encourages entrepreneurs to prioritise marketing, regardless of their business's size.
"Your brand is how you present yourself to the world," she says. "Make sure it's consistent and professional."
3. Harness The Power Of Your Network
During her transition to real estate, Tricia effectively leveraged her existing network from the beauty industry. "When I started in real estate, I sent a letter to my Polish Bar clients, letting them know about my new venture," she explains.
This straightforward outreach quickly generated leads and helped her establish credibility in her new field. Your network is one of your most valuable resources — don't hesitate to leverage it as you expand your side hustle.
Your connections, including a former client base or a group of industry peers, have the potential to unlock opportunities you never knew existed.
4. Embrace Resilience In The Face Of Challenges
Entrepreneurship is a journey filled with twists and turns, and Tricia's path has been no exception. From the early days of managing a thriving beauty business to the hurdles of breaking into New York's competitive real estate market, Tricia has learned the value of resilience.
"You can't let setbacks stop you," she says. "Acknowledge your emotions, but don't let them dictate your actions." Resilience is crucial for sustaining a side hustle, particularly when setbacks arise.
The ability to persevere through challenges and remain steadfast differentiates successful entrepreneurs from those who falter. For instance, Paul Alex, a former police officer who invested £1,604.82 ($2,000) in an ATM, has built a multimillion-dollar business, generating a remarkable £2.81 million ($3.5 million) in just two years.
5. Believe In Your Value And Own It
Tricia exudes unwavering confidence in her abilities and encourages other entrepreneurs to do the same. "You have to know your worth and not be afraid to assert it," she says. Conveying the value you offer is essential whether you are negotiating a deal or promoting your services.
This self-assurance has enabled Tricia to attract high-profile clients and establish herself as a prominent figure in the real estate industry. For side hustlers seeking to expand their business, understanding and effectively communicating their value is essential for attracting the right opportunities.
Tricia Lee's journey from beauty entrepreneur to real estate titan is a compelling illustration of how a side hustle can transform into a thriving, full-time business. This is exemplified by Sam Hunt, a 61-year-old San Francisco resident, who generates an additional $54,000 annually by renting out unused parking spaces.
Tricia's experience offers invaluable insights for anyone aspiring to elevate their side hustle to new heights. You can transform your side hustle into a flourishing enterprise by embracing change, mastering marketing, leveraging your network, cultivating resilience, and recognising your worth.
