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A side hustle is a wonderful way to make a little extra money. Something we could all stand to do in an era of wage repression where our employers keep our wages low to inflate their own profit margins. But more than that, a side hustle can be your liberation. It can help you to chart a path to full-time entrepreneurship and liberate you from a day job where your talents are going to waste. Still, picking up a side hustle doesn’t necessarily guarantee success. There are many chancers who assume that they will achieve success with their side hustle then abandon it the moment they feel it’s no longer worth their time.
Here we’ll look at some reasons why side hustles fail and what you can learn from them.
There are all kinds of ways in which one can side hustle from walking the neighbors dogs to blogging to CFD trading in your free time with mobile apps. But in order to be successful, a side hustle needs to be about more than merely making money. It needs to be linked to something you’re passionate about, something with which you have a personal investment. The most successful side hustles are those that are backed by passion. Ask yourself “would you love to do this for the rest of your life”. If the answer is yes, you’ve found your perfect side hustle.
Related to why side hustles fail:
Another reason why side hustles fail is because the people behind them fail to adopt the proper mindset. A side hustle is a business, and it needs to be treated like one if it is to have any hope of success. If you decide to give yourself a day off because you’re too tired when you get back from your day job you can expect your side hustle to fail. If you fail to deliver consistently for your customers because your scheduled fishing trip gets in the way, you can expect your side hustle to fail.
Your side hustle is not about you. It’s about providing a service to a customer. It doesn’t matter if that service is feeding their cat or designing a logo for their cafe, the customer needs to come first if you’re to establish a brand for your side hustle. A brand is so much more than a pretty logo and a handful of social media feeds. It should make a promise to the customer and represent a series of standards and ideals that are meaningful to them. Fail to put the customer first and follow through on the promise your brand makes, and you can’t possibly expect their loyalty.
Finally, a side hustle is not a get rich quick scheme. It’s not a means by which you’ll be able to quit your day job within a month. It may take months or even years for your side hustle to become your living. It’s essential that you keep your expectations realistic and stick with your side hustle. Many a potentially excellent business has been abandoned because the people behind it expected too much too quickly.
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