Are You Doing the Wrong Side Hustle
There is a laundry list of reasons why people choose a side hustle. Money is typically at the top of that list, but you might just be interested in trying out a new hobby. You could view your side hustle as an internship of sorts, except with pay. However, one of the downsides is that you might end up with a gig that isn’t right for you. Here are some warning signs to look out for.
You Are Not Passionate About Your Products
Image via Flickr by sheldonscwartz
Imagine this scenario. A friend of yours is making extra money by selling products made overseas. You mention that you want to learn how to do this, too. Your friend shows you the ropes and you begin your business. However, you are not satisfied with the quality of the products. It is difficult for you to overcome the customer complaints that you receive. You refund half of the earnings that you receive monthly.
Locate quality products that you enjoy and are knowledgeable about. A great place to start is by selling Amway products that are made in the United States. The top direct selling company prides itself on not wanting their representatives to defend the effectiveness of their products. The company does all that they can to make sure that the products work properly. If you can back up what you are selling and providing, you could advance further in the marketplace.
Your Expenses Exceed Your Profits
When you dive into a side hustle without the proper preparation, you could find yourself spending more than you earn. The first $100 that you receive could persuade you that it will be plentiful and repetitive. But does your inventory cost more than the profit that you stand to earn? How much gas are you using to visit clients or get supplies and inventory? Crunch the numbers and figure out the margins.
Track every dollar and cent that you spend for your business for a month. Are you spending more than you are earning? Create a budget and stick to it. If it costs you more to buy products and distribute them than what you receive in revenue, it is time to make a change. You should not be paying a customer to do business with you. Cut costs where needed to earn more profits.
Your Inventory Is Always Low
Your customers order items from you that you cannot deliver because you do not have any in stock. You sold items to customers that you no longer have on hand. Are you pre-selling products and services before purchasing them? This could lead to unhappy customers and fraudulent practices.
Keep a well-stocked supply of products. Sounds simple, right? Yes, but be diligent about it. Locate more than one wholesaler to provide you with plenty of items. Do not take for granted that one of them will always have what you need. If you cannot meet the demand, your customers could go somewhere else.
You Are Isolated
Your side gig is no longer providing the excitement that it once did. The money is welcome when it is generated, but you are finding yourself alone and bored daily. The operations are becoming mundane, not because of the products, but because of the same old routine.
You might be familiar with Lyft, the rideshare company based in San Francisco. Did you know that you could land a job as a driver for them? You could experience new people and conversations while earning money. There is a similar side hustle that you could explore. It’s for a company called Postmates. Employees deliver goods, services, groceries, and more to local customers. Check out their website to see if they operate in your area.
Are you motivated by your extra gig? If not, figure out what it is you dislike about it. You probably don’t want to give up the money, so identify the issues and make some changes. Love what you do so it doesn’t feel like work.