Side hustles are a great way to make extra income or are the stepping stones to launching a business that can grow your wealth. However, many people fall into side hustle traps that reduce the quality of their experience.
The average person makes $810 per month from extra work, which can be a big difference to the quality of life. You can spend more money on leisure activities or use the funds to save for retirement. If you would like to make the same amount or more, then read on for the top side hustle traps to avoid.
Trap 1: Choosing the Wrong Side Hustle
Just because a side hustle has worked for others doesn’t mean that it’s a good match for you. It’s important to carefully select your side hustle so that you’re able to have the highest chance of success. To help you choose the best side hustle, let’s look at a few of the top options and why they could be a great match for you:
- Amazon FBA: choosing to get into Amazon FBA is great for those who have around $5,000 to invest and are looking for a business idea that can start off small and grow into something big. Also, it’s a good side hustle because there is no need to manually package the products, thus allowing you to scale.
- Freelancing: you could do a bit of freelancing on the side to earn extra money. This includes writing, video editing, virtual assistant, and much more. If you get enough quality clients, then you might be tempted to do it full-time.
- Retail arbitrage: this process involves looking for products at a lower price and selling them for a higher one at e-commerce websites. For example, you want to visit your local Walmart or Target store, and sell the products on Amazon, eBay, or Etsy.
Trap 2: Not Focusing on One
It’s important to pick only one side hustle at a time to avoid spreading yourself too thin. Some side hustles can take a lot of work to get going, and you may find that you end up not getting to the part that makes money if you are going after too many of them.
For instance, with Amazon FBA it can take up to 6 months of work before you start selling your first batch of products and earning profit. Therefore, you need to stick with the entire process and not quit at some point in the middle.
However, if after an extended period of time you realize that a side hustle is not for you, then you can shift gears and select another one. Make sure you put in enough work first and give the side hustle an honest try.
Trap 3: Not Understanding What it Takes
It’s important to determine what side hustle requires to get going and make money. For example, do you have the required skills to complete the task? If not, this is not a problem since there is a lot of training material online. However, you must be willing and enthusiastic about learning the training material to ensure that you can acquire the right skills.
Take the time to do extensive research on a specific side hustle to ensure that you understand what’s involved. You can learn from case studies and watching interviews with those that have succeeded in the past.
Taking time to avoid this side hustle trap will help you find the right venture. Thus, make sure it matches your interests, and you’ll have more fun along the way. This is important since it increases the odds of sticking with something for the long term.
Trap 4: Not Getting the Right Help
It’s important to increase your odds of guessing with a side hustle by ensuring that you get the help you need. There are many forms of help you can acquire, and here are some of the top ones:
- Partner: you can get help from a partner to help you manage the load. For instance, when doing Amazon FBA you can split up the tasks. One person can look for products and speak to suppliers, while the other deals with listing optimization and generating reviews.
- Mentors: you can look for mentors, paid and unpaid, that have success with the side hustle you’re interested in. This reduces the chances of making a mistake. Instead, you can look at what has worked the same and copy the winning methods.
- Courses: you can purchase courses that teach you the skills and actions needed to take for your side hustle. The investment for this type of help can pay for itself in the form of more profit.
Trap 5: Not Staying Up To Date
Most side hustles have a changing dynamic that requires you to alter your approach. For example, Amazon FBA is becoming more competitive as the quality of product listing is improving. Also, some product categories are becoming saturated while new ones are appearing that you can get started with.
Therefore, it’s a good idea to constantly stay updated with the side hustle so that you are using the best strategies. This requires you to spend extra time digesting news, but it will be worth it in the end.
Also, if you are not going after more than 1 side hustle at a time, then this will be easier to do. Eventually, you’ll become an expert at your side hustle, and you can make it your full-time job.
To conclude, the side hustle traps in this article will help you avoid making big mistakes that set you back. Instead, take these tips and increase your goddess of success. These are the tips of strategies that new business owners use to ensure their venture has a good chance.
Also, with so many side hustles out there, you can take the time to find one that you are passionate about. This ensures you find one that’s going to make you want to work more and pull through the difficult times.