The last decade saw significant growth in the gig economy with platforms such as freelancer.com, Fiverr, and UpWork booming.
With these freelance marketplaces operating globally, entrepreneurs have made the most of the freedom of cost-efficient outsourcing. Some skilled freelancers have generated significant income streams but others failed to make anything from their side hustle.
In addition to freelancing, eCommerce opportunities continue to attract millions of would-be micro entrepreneurs across the globe. The likes of eBay, Amazon, and Etsy have helped thousands if not millions of people to generate a healthy side income through online sales.
However, if you’re yet to realise this kind of success, one of these 7 reasons could be to blame:
1. Rushing to Get Started
Since a side hustle is something that you work on alongside your day job, it can be hard to find time to develop a comprehensive strategy. It’s understandable that you may want to jump in and get started, but this can be a fatal mistake. Disappointed customers are never coming back and failing to deliver in the early stages will put your side hustle in an unrecoverable position. So, take your time and don’t launch your business until you have all your ducks in a row.
2. Lack of Fast and Secure Payment Options
A lack of payment options that meet your customers’ needs can also let your business down. PayPal for instance is the lifeline of Etsy sellers. The COVID-19 pandemic has made fast and secure contactless payment methods essential for any type of business. The pandemic has made secure contactless payment options one of the top priorities for most customers. Failing to provide a range of contemporary payment methods will disappoint potential clients and discourage sales.
3. “Get Rich Quick” Mindset
The only way to get rich overnight is to inherit millions and this happens to only a lucky few. Unrealistic expectations can be devastating to success. Ignore the “get rich quick” stories of motivational speakers – there’s no secret sauce or substitute for hard work. If you want to get your startup off the ground, you need to be willing to put in the work over the long term. Be prepare that your business may take months or even years to show positive results. This may mean a change of mindset and accept that growth is always gradual and requires constant effort.
4. Diminishing Passion
You might have started a side hustle with a whole lot of passion. Over time, some initial disappointing results, failing strategies, or other issues are bound to take a toll on your passion. Another reason could be the wrong choice of niche. You might have decided to start something because you’ve seen others do so and generate good results. However, when things don’t work out as planned, curiosity turns into sheer disappointment that could destroy your motivation completely.
5. Procrastination
Starting a side hustle is always a pleasure because you have dreams, a positive mindset, the anticipation of extra income, and the desire to achieve financial freedom. There is nothing wrong with that! However, taking advantage of this freedom to fail to meet your deadlines, delaying important tasks, and starting acting like a millionaire by just bingeing on Netflix, are deadly habits that will surely ruin your side hustle. A strict schedule, disciplined lifestyle, and agility are the vital ingredients for success in the long run. Early success can easily create the illusion of feeling that your side hustle is here to stay and will generate income on autopilot.
6. Quitting Early
If you put time, effort, and money into a side hustle but nothing works, revisit your strategy and try to fix the problems instead of abandoning it for good. You have already invested money, effort, and time so why throw away everything with no results? Often people quit too early because they didn’t expect immediate failure. Sheer disappointment forces them to take hasty decisions and throw away all the hard work they’ve already put in.
If you tried a few strategies and they did not work, you’ve already learned a lot, if only what not to do. Why not focus a little more, change a few things and give it another go?
7. Casual Approach
You either love and care about what you do or you should not do it at all. Not taking things seriously is a complete waste of time and effort right from the word go. If you want to get your side hustle off the ground you you need to take it seriously. You might be earning a good salary from your main job but if you to create new opportunities for yourself, it’s time to step out of your comfort zone and make the effort to build your side hustle!
