Side hustles are a big thing right now. They are so popular, that it might seem like everyone who you speak to has got something going on alongside their full-time job. They are very much a defining factor of the millennial generation as most young people now have multiple income streams.
But did you know that some side hustles are very short-lived? Even though the common perception is that many people are able to take their small projects and work on them until they become full-time jobs, things rarely work out like that. In fact, most people end their side hustle before it’s been going a full year. But why is that exactly? Here are a few reasons why that could be.
Individuals Don’t Follow Their Passions
If you want to stick at something for a long time, whether a full-time career or a side hustle, you need to make sure it is something that you are extremely passionate about. If it isn’t something that you truly believe in, you will find that you are quite likely to become bored with it. So, don’t just try to do something, such as become an Instagram influencer, just because you think it’s a quick way to get rich. Instead, follow your passions, and you will be a lot more likely to stick at it.
It Takes Time To Make Them Profitable
As I’ve mentioned in the point above, some people think that side hustles are just a quick way to get some extra cash. Unfortunately, though, this isn’t how it usually works out.
In most cases, it can be very difficult to start to generate an income from most kinds of hustles. After all, it will take you a couple of months before you can start to monetize your blog. It’s worth to remember this when you get started and then you will expect to not make any cash, or maybe even end up out of pocket. That way, you won’t get too disheartened in the early stages.
There Can Be Too Many Hurdles Along The Way
A side hustle is just like a mini job, so you should expect to face some of the same hurdles that most freelancers and business owners might face. For example, you might find it hard to find clients or sell your services when you are just starting out and don’t have a large portfolio. You might even run into some serious tech issues and require IT services to rescue you and your laptop. Money could also be an issue, especially if you are spending more than you are making when you are just starting out.
They Can Be Too Time Consuming
Side hustles will need a lot of your time if you are going to make a success out of them. Are you sure you have plenty of free time to spare? Some people think they do, but then end up giving up on the hustle when they realize just how time consuming they are.
Hopefully, yours will go the distance!
They Can Cost Money
Whether you choose to invest time or money, a side hustle will require one or the other (or both). For those who want to use a side hustle to make extra money, the prospect of spending money to make money can seem counterintuitive.
However, if you want to avoid some of the issues highlighted above, investing a small amount of money to keep your side hustle going might be necessary, so it’s important to consider the return on investment to ensure you get your money back.