Hannah Williams hit quite a lot of milestones in 2023 — the 27-year-old ex-data analyst married her husband and business partner, James Daniels; landed on the Forbes’ 30 Under 30 list; and, in the primary full yr of running her business, Salary Transparent Street, brought in only over $1 million in revenue.
Williams recognized she had a smash hit on her hands when TikTok videos of her asking strangers how much money they make began going viral in early 2022. She realized she could monetize the concept through brand partnerships, and inside a couple of months, Williams and Daniels quit their six-figure 9-to-5s to dive into their very own business full-time.
“A part of me continues to be type of shocked at how big the number is,” Williams says of crossing the $1 million mark. “But then at the identical time, I’m like, that was quite a bit easier than I believed it was initially of the yr,” she adds. In 2024, she has her sights set on bringing in $2 million.
The bulk, 97%, of that revenue comes from brand partnerships with big names like Indeed, Capital One and The Knot, in accordance with documents reviewed by CNBC Make It, while about $30,000 got here from creator funds via YouTube, TikTok, Instagram and Facebook.
Despite the accomplishment, Williams is quick to notice that running a business with $1 million in revenue doesn’t suggest she herself is flying high — she’s making somewhat greater than she did working for an employer full-time, and her household earnings have taken a dip.
Williams was earning $115,000 as a senior data analyst before quitting her job to run Salary Transparent Street full-time in 2022. That yr, she paid herself roughly $150,000. In early 2023, Williams says she bumped her salary as much as $200,000. But by mid-year, her accounting team suggested she reign things in if she desired to expand her team to grow the business.
“As a founder, there’s been situations where I’ve needed to take less to ensure that that my business can last in the long term,” Williams says. “And the one reason that that is worked out for me is because I even have arrange a extremely successful budget for myself and my family. I do not live beyond my means. Though technically I even have a million-dollar business, I have not modified my lifestyle in any way.”
Williams has since brought her salary all the way down to $125,000 per yr. Daniels takes a $65,000 salary to work part-time hours as a videographer.
Daniels’s pay was also deliberately thought out, Williams says. As much as she’d wish to pay her co-founder his previous salary of $112,000, “I need to watch out about not only paying people more because they’re family versus what their market rate is,” she explains.
“If for whatever reason James desires to go do something else down the road, it’ll be bizarre to now be like, ‘Oh, we now have to rent a brand new videographer for 20 hours a month at $112,000.'”
The couple makes roughly $37,000 less today compared with two years ago. It’s “difficult to the budget,” Williams says, “but I feel we’re very comfortable.”
She adds that Williams receives disability payments from the military “that helps sustain us,” but “by all means, we’re still making somewhat under $200,000 as a household. I’d love more, but I can not complain with what I even have. I live a superb life.”
Since launching the business, Williams has hired a team of part-time employees and contractors, including an accountant, lawyer, social media manager, website development team, newsletter writers and blog author.
Becoming a boss had its challenges. Williams says the largest lesson she’s learned has been to rent slow and fire fast.
“It’s definitely something I’ve learned the hard way: Sometimes people make really great friends, but they do not make great employees,” she says.
Now, Williams assesses the worth of a candidate’s skills and what they deliver for the team.
She recognizes it’s “an anomaly” that she and her husband work so well together as co-founders. She boils it all the way down to consistent communication, transparency and a mutual respect for every others’ roles: “I do not step in his lane, and he doesn’t step in my lane.”
In the subsequent yr, Williams hopes to construct Salary Transparent Street right into a platform that discusses financial transparency at large and the way people spend their money on housing, insurance and other on a regular basis costs.
She’s also eager about the way to ensure transparency and equity discussions move beyond social media and into the actual world. Williams previously testified in front of the D.C. council in support of its Pay Range Act to require employers to list salary ranges on job postings.
She hopes to share what she’s heard from on a regular basis individuals with legislators to make sure the “information we collect is not going nowhere,” she says. “How can Salary Transparent Street take our interviews a step further to create protections and policies for employees within the workplace?”