Chieh Huang, the CEO and co-founder of the grocery e-commerce startup Boxed, has undoubtedly put in the work to succeed in such a competitive space.
Despite having already made his way up to be a millionaire though, he continues to think about possible side hustles, which can help him earn some extra cash.
Find out his creative and unique take on a classic business model.
An Ice Cream Truck
The business magnate shares that he’d probably be operating an ice cream truck specially targeted for adult consumers. That is if he ever needed to make money on the side today.
As Huang shared with CNBC, he’d buy a used van and equip it to sell alcohol-infused frozen treats and actual cocktails, too.
He then expressed how adults can return to a simpler time while they run after the truck the same way they did when they were children. And given people’s love for boozy drinks, this scenario might really just play out should Huang push through with the idea.
The businessman’s plan also comes at a perfect time. Apparently, there has been a significant increase in the retail sales of wine and beer during the pandemic.
According to Nielsen, a 34.1% increase in off-premise sales of liquor products in just the nine-week period preceding May 2. Wines were particularly much more in demand compared to beer as the sales data show.
Since bars and restaurants have had to temporarily close their doors to patrons, people have also resorted to making simple cocktails at home. This is according to Bombay Sapphire’s Tom Spaven, who also noted a rise in the sales of premium mixers.
To take advantage of these consumption spikes, Huang would have to immediately get to work on his mobile ice cream bar. Operations would entail a liquor license and the observation of proper serving practices to ensure food safety.
Although Huang may not execute his side hustle idea, it’s safe to say that he’ll do a good job should he change his mind. After all, he has already proven his business acumen with Boxed already.
Dubbed as the Costco for millennials, the company began with Huang and a few friends operating Boxed from Huang’s parents’ own garage. After proving Boxed’s profitability, the CEO sold a stake of it to Aeon Group in 2018.
The sale valued the company at $600 million