Michael Seaman Transforms Etsy Triumph into Swipesum’s Innovator-in-Chief

UNITED STATES: The co-founder and CEO of payment processing firm Swipesum, Michael Seaman, recently shared insights into his entrepreneurial journey, starting from a college side hustle to leading a company that combines industry knowledge, AI, and proprietary software. In an unbiased Side Hustle Spotlight Q&A with Entrepreneur (an American magazine), Seaman discussed his college Etsy side hustle, “Snappin Studio,” its success, and the valuable lessons that shaped his approach to Swipesum.

Crafting Success in College: Snappin Studio on Etsy

Seaman’s entrepreneurial spirit was cultivated in an environment of creativity and business acumen. Inspired by his parents, he embarked on a college side hustle during his sophomore year at Samford University. The catalyst was a craft show during the holidays, leading to the creation of “Snappin Studio” on Etsy. The side hustle focused on hand-stamped metal gifts, and its success surpassed $1 million in revenue.

The venture’s profitability reached impressive heights, with monthly revenues growing from $5,000 to $50,000 during peak times. Seaman emphasized the efficiency of Etsy’s platform in providing exposure and growth opportunities. The Etsy dominance allowed him to employ track teammates, generating more revenue than anticipated without a conventional job. Eventually, Seaman made a strategic decision to sell Snappin Studio, passing the business into capable hands.

Post-College Trajectory: Olympic Aspirations to Corporate Ventures

Seaman’s post-collegiate journey led him through diverse experiences, from pursuing Olympic dreams at the training center to entering the corporate world. His roles in sales and marketing, notably at Worldpay, MNTN, and Monotype, laid the groundwork for identifying a gap in the payment processing market.

Recognizing the complexities of payment processing rates, Seaman envisioned a transparent, customer-centric approach. This vision materialized in 2016 with the founding of Swipesum, aiming to revolutionize the industry with innovative software and expert consultancy. Swipesum’s growth has been notable, earning recognition on the Inc. 5000 list of the fastest-growing privately held companies in the U.S.

Translating Etsy Lessons to Swipesum’s Success

Seaman highlighted three key lessons from his Etsy side hustle that influenced Swipesum:

1. Customer-Centric Approach: The emphasis on customer delight in the Etsy venture translated into white glove customer support at Swipesum, addressing the typical issues associated with payment processing services.
2. Teamwork and Company Culture: Drawing from his athletic background, Seaman emphasized the importance of a strong team culture. At Swipesum, this culture fosters unity and a collective drive toward client goals.
3. Emphasis on Profitability: Early lessons in financial mindfulness from Etsy contributed to Swipesum’s focus on strategic growth while maintaining profitability, resisting the allure of excessive fundraising.

Looking Ahead: Innovations Excite Swipesum’s Future

Seaman expressed optimism about Swipesum’s future, particularly highlighting cutting-edge technologies. Staitment, an AI-powered tool for auditing merchant statements, and proprietary payment gateway technologies promise to enhance revenue and reduce costs for card-not-present clients.

Advice for Emerging Entrepreneurs

Seaman offered practical advice for emerging entrepreneurs:

1. Realistic Business Model: Develop a viable business model by understanding the market and identifying a unique value proposition. Be open to pivoting if necessary.
2. Prioritize Customer Experience: Exceed customer expectations to create advocates who contribute to business growth through positive word-of-mouth.
3. Financial Discipline: Stay lean, prioritize profitability, and be cautious about fundraising. Emphasize revenue generation from the outset.
4. Build a Strong Team Culture: Recruit individuals who share the vision and values of the business. Cultivate an environment where the team can thrive.
5. Never Stop Learning: Stay informed about industry trends, listen to customer feedback, and be adaptable. Successful businesses evolve with their market.

As Swipesum continues to evolve and innovate, Michael Seaman’s journey stands as a testament to the transformative power of entrepreneurship and adaptability.

Also Read: WeConnect.Chat Introduces No Code Chatbot Builder Blending AI with Human Interaction