Side hustles can help you pay off debt, save for a large purchase, help with everyday expenses, or pursue a passion, but…the reality is, the majority of side hustlers make less than $200 per month.
That truth hurts. Only $200 a month for all the effort put into side hustles.
And the side hustle is a reality for millennials, more than any other generation.
More than 30% of Americans have a side hustle, and more than 50% of millennials have one. More than half of us now! We are hustling for a better future and I want to help you hustle in a way that gets you the most for your time and effort.
Before I started Advisori, I was in this 50%.
I tried MLMs but ended up spending more than the money I made on products and promotional materials.
I also started a blog, but even with advertising and affiliate marketing I soon realized you need thousands of website visitors per day to make any money. This could take years. Major props to anyone that stuck it out on the blog long game.
I’m sure you know people who have these side hustles, and maybe you even tried or thought about it. I also know that many people make good livings with these types of side hustles, but there are certain things I’ve found that differentiate those side hustlers who make a few extra hundred dollars per month and those who make thousands.
Here are three of the biggest mistakes I see side hustlers make AND how to avoid them.
DON’T CHOOSE THE WRONG SIDE HUSTLE
There needs to be a NEED for what you offer. Someone has to want to buy it for it to be worth spending your free time doing.
Choose a side hustle that is in high DEMAND. Advisori is successful because there is a high demand for digital advertising services.
90% of businesses know digital marketing is important to their success, but only 10% feel like they have the internal expertise to implement digital marketing tactics. Additionally, there are over 27 million small businesses in the US alone, and 70 million Facebook pages worldwide — so what I do and the services I provide are in HIGH demand.
Also, the bigger the problem your side hustle solves, the more money you can make and the bigger impact you will have. Look at the three examples below from the smallest to the largest problem.
You sell jewelry. The problem you are solving is helping someone complete their outfit. It’s a problem, but a small one, and once someone purchases one or two pieces they might not purchase again for months.
You sell skin care. The problem you are solving is helping people feel confident when presenting themselves. Maybe you sell non-toxic skin care, so you also help people feel confident and a sense of relief about the products they are using. If your products provide a great result, your customers will be repeat customers and buy again and again. With this side hustle, you’re solving a bigger problem than providing jewelry, but it isn’t a really big problem.
You help businesses get more clients & customers. The problem you are solving is helping a business grow consistently, not worry about the highs and lows in their revenue, and be able to do things like add new employees. Now you are solving a really big problem, which means you can charge a lot more for your services. Hint: this is what I do! ?
And if someone is successful at a side hustle you’re looking at starting, that’s a good thing! That means there is a demand for what you’re doing.
DO NOT TRADE TIME FOR MONEY
The one limited resource you have is time. And when you’re building a side hustle, you’re likely balancing it with another full-time commitment whether that be a 9 to 5 job, school, or parenthood.
Since there is only so much time in a day, you are going to limit your earning potential if you choose a side hustle that trades time for money. Examples of these types of side hustles:
- Uber
- Babysitting
- Postmates
- Another job that pays hourly
- Offering a service for an hourly rate
The problem with these types of side hustles is your earning potential is completely based on how much time you put into it. Choose a side hustle that you can scale and charge the value of what you’re bringing — because remember, you’re solving a problem ?– not just the time you’re spending working on it. Examples of these types of side hustles:
- Website Development
- Digital Advertising
- E-commerce
Charging the value is charging for the amount of time and effort you put in to learn that skill, not just the time it takes you.
DO NOT TREAT IT LIKE A HOBBY
If you’re serious about making some dough, you need to treat your side hustle like a business.
This means:
- Set aside specific hours to dedicate to it each week.
- Make it a priority — think about how much time you spend binge watching TV, going to the bar with your friends, and scrolling through Instagram. Those are all hours that you could be working on building your dream life and business.
- Invest in things that are going to help you grow it and/or allow you to spend more time on profitable activities. This is a big one. Too many side hustlers are afraid to invest in their own business. Listen, the earlier you invest the quicker you’re going to grow. Buy that course, work with a mentor, and purchase that software. If it is going to help you grow more quickly, you will easily make the money back and then some.
Building a successful side hustle doesn’t have to be hard and that’s why I created…
[optin-monster-shortcode id=”lzp8qjqunlcwy6siga8f”]And for more tips, make sure to follow me on Facebook and Instagram!
Until next time… stay ambitious.
