A side hustle, more formally known as a side gig or side job, is another job a person takes on as an added income in order to supplement the income they make from their main job. A side hustle can be freelance work, part-time job, or full-time job, and come in many shapes and forms.
The most common way to do a side business is to offer your own services or products. This can be anything, from a blog or website to a new business you are launching. Another way is by setting up your own eBay store, selling things like crafts, or selling items on consignment.
In either case, you will need to have some product or service to sell, which is usually provided through a merchant account or by selling your own products.
Full-time jobs are very different from part-time jobs. A full-time job is a full-time employment where an individual works a certain number of hours as defined by the company.
Full-time employment generally comes with a variety of benefits that are usually not offered to temporary, part-time, or flexible employees, including annual leave, health insurance, and more. In addition, full-time positions are also sometimes referred to as executive-level jobs.
A side hustle seems to be the only solution to make money in times of financial crisis. However, managing a fulltime job with a side hustle comes with its own set of problems. It can abrupt your work-life balance to the extent that you might feel exhausted.
Your productivity and quality of work will get affected by diverted attention. Here are the most common problems you might face if you have a full-time job and a side hustle.
Lack of Focus on the Full-time Job
A side hustle can distract you while you are a full-time job. It will not only affect your performance at work but also cause people to notice this distraction. It can lead to certain consequences that include losing the job.
You need to focus on the full-time job while you’re at the office. The goal should be to perform at least the same if not better. However, it is always recommended to increase the efficiency to make time for the side hustle
Take Enormous Debt
You may have to find a fast loan with no guarantor to start a side hustle. But the amount should not be more than required. You will end up with huge instalments each month, creating further stress on the budget.
Try to save a fair amount of money to invest in the side business. This way, you can reduce the loan amount and save on the interest. Use the items in your household to raise money by selling them.
Use Side Hustle as Mean to Buy Stuff
Many people start an additional workload to make enough money to buy stuff. These items are generally the one you don’t need, just want. Sometimes, these materialistic pleasures are not worth the trouble and stress of opening a side business.
If possible, try to save money from your current income. Many side-hustles fail because the primary goal is to buy a better car, not expanding the business.
You have saved enough money, and the lender approves the loan amount. The next challenge is to make the best use of this capital. Do not buy the product or upgrade it if it doesn’t add value to the business.
No Schedule for Side Hustle
A strict schedule is significant to run a side-business alongside a regular job successfully. There will be little to no progress if there is no fixed timing to work. Procrastination can take hold of the project quite easily in such scenarios.
Allocate enough time to the side hustle after the office hours. Work on it with no excuses, even on weekends.
No Small Goals
Converting a side hustle into a successful business is a long-term goal that might take months to achieve. During this time, you must have small goals or subgoals to complete the bigger picture. Instead of finding one big client, focus on gaining experience with a hundred customers.
You can use this customer base to establish your business. Some people try to do the opposite. They search for more prominent clients and end up with a disappointing outcome.
You cannot waste much of your time on designing spreadsheet or selecting the furniture for the workspace. Instead, it should be spent on some activities that return income. Prioritize the activities that generate income and work on them for the most time.
The question “How do I make or need money now?” will not get solved with these unproductive activities. Try to cut the activities that don’t generate revenue.
Spend Excess Time on Planning
Planning is essential to run a side business successfully. But sometimes, people spend too much of their time planning instead of doing something. All the planning will return no good if you are not working on it. Start somewhere. Spend a little time planning different activities and more on performing them.
Take Side Hustle as Another Job
Make sure whatever the side business you start, it is something you love to do. The idea is to make more money with a sense of freedom and enjoyment. It should not be another job that may become drag over time.
The sense of achievement with the goal should come with an element of fun and personal happiness. You are investing personal time for the business, make sure it is somehow equivalent to watching your favourite show or reading a novel.
No Mentor or Niche Community
Every new side-hustler requires someone to fall back during the time of crisis. It could be a mentor or a group of like-minded people. Without them, decision making can get extremely tough whenever you encounter a roadblock. Join a Facebook group or ask some experts in your field to mentor you for the side-hustle.
In the end, you will get valuable experience with these problems. Remember, running a successful side hustle is a long-term goal that requires constant efforts with determination. But make sure you put enough effort into the full-time job as well to excel in it.
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