With the rise of the sharing economy, more and more millennials have side hustles to support their lifestyle. A side hustle can vary from freelance photography to social media management. However although side hustles can look appealing, one has to have to proper mindset and dispositions to make them successful.
Here are a few reasons why some side hustles fail and don’t become full time gigs
-Lack of dedication/commitment
This is why most side hustles tend to fail. People are often unwilling to dedicate proper the time and commitment that side hustles require. As a freelancer, you will have to make tough choices. Going out with your friends on a Saturday night or learn about that new software that’s gonna help you generate more views on your blog. I have definitely been a situation similar to this. You have to be able to prioritize. By that I don’t mean to miss out on all social occasions, you do have to get out there and network but you could set up a schedule that keeps you on track with your goals. For example, I do this exercise where I write down weekly all of the goals that I need to accomplish. If by the weekend 75% of them are not done, I tend to hibernate until I have finished. It’s important for you to take the necessary time to work on your passion project.
-Unwillingness to invest
If you really believe in your side hustle then it should not be an issue for you to invest a few dollars on your passion project. Often times, people tend to get so focused on the short term goal that they forget what their actual dreams are. For instance, if you’re a photographer buy the necessary tools for you to be able to do the work professionally. Now I’m not necessarily saying buying the latest camera but you could look into other ways to buy one such as second hand etc. Investing on your side hustle could also be by taking the time to learn something that will benefit you in the future. For example if you’re a freelance photographer and a new version of this editing software comes out, take the time to learn it. It could be the difference between you getting a gig by having more knowledge than your competitor. Investing on your side hustle doesn’t only have to be limited to monetary contributions. Investing your time can be just as important if not complimentary.
-No added value
While side hustle can take on different forms; it’s important for one to keep in mind of their end goal and how they will satisfy a certain need. We have all heard about the notion of supply and demand. Don’t worry I will spare you the economic jargon. Bu the key thing to remember that in order for people to pay for your services there needs to be: a) a demand for it and b)a perceived value. For instance, in the summer it only makes sense for you to set up your dog walking services because it is warm out compared to the winter you could focus on more indoor activities. It’s important for you to adjust to your industry’s standards. Moreover the perceived value needs to be something that only you are able to offer the customers. It could be your stellar and original graphic design skills. When choosing a side hustle, put yourself in the place of your ideal customer.
–Not flexible in terms of industry adjustment
As Gary Vaynerchuck always says: “Don’t get romantic about the way things are done”. By that he means that people often get caught up in the traditional way of doing things, that they are unwilling to adapt and meet the new industry’s standards. This can be applied to side hustles as well. For instance some graphic designers who were unwilling to adapt to the new editing software are now feeling the result of their decisions. They have observed that they have an overall decrease in clients.
In order to have a successful side hustle, one has to dedicate the proper time and have the right mindset.
If you are looking for short-term gigs, sign up here and find the right career for you.
Christy Joseph, Writer, Shortstints