Everyone tries to make money to make their life better. With more cash comes greater financial security. You can pay off debts; you can spend without worrying if you’re plunging yourself into your overdraft, and you can treat yourself now and again.
But making money is never easy. Even if you feel your job is pretty cushy, you’ve still got to work hard and put in those hours, and often this wage isn’t enough. So instead you turn to a side hustle. You focus what remains of your remaining energy into a money-making venture in the hopes that those little digits on the ATM rise and rise and rise.
Still, this isn’t easy, either, and there are plenty of challenges you’ll encounter along the way. Here are the main ones you must look out for.
Life’s Too Stressful
Having a side project to help you make a little extra on the side is hard work. You can’t just get home after a long day with endless calls and traffic and switch on your computer hoping to see your bank account £100, £500, or £1000 richer.
Instead, you’ve got to find the time to dedicate to growing this side business. But life is never as easy as that. It would be nice, once you got home, to focus solely on your side hustle, but you can’t. You need to cook, clean, tidy, pick up, drop off, rearrange, plan, clean again, and then finally have some time to relax.
If you want to dedicate time to a business, you need to get organised. Life doesn’t care if you’re stressed, and if you’re going to make more money, the only way to do it is to find time every day to work on your company.
Technology was supposed to make our lives easier, but sometimes it can fail at the very worst moments and ruin everything. Small businesses can face some of the biggest IT challenges around, and for your side hustle, it can affect growth, sales, communication, and more.
When encountering an IT issue, it’s tempting to fling your laptop across the room and reconsider life altogether, maybe going nomad and living in the woods won’t be too bad. However, it’s essential to stay calm when an IT issue arises. Otherwise, you’ll end up going round in circles.
You can also prepare yourself before these problems occur because you never know when that might happen. It’s crucial to have backups of all data, information, invoices, and notes on external devices, while also ensuring your details are adequately protected from hackers and malicious threats. That way, should something terrible happen because of technology you’ll at least have something to fall back on and continue working towards making money.
A Lack of Awareness
You can’t expect to sell or buy or work with other companies in your industry if nobody knows who you are. This lack of awareness means you’ll struggle to get your name out there, which means the traffic to your website or online store is restricted to friends, relatives, and the lucky few who have stumbled upon it by accident.
For this reason, a decent marketing strategy can help get the word out, including paid-for ads and an online presence that will attract new customers. The problem with this is that you may not have a marketing background, and you’re not sure how to get your name out there without spamming your Facebook and Instagram page.
One solution is to invest in a marketing firm who can give you a leg up and advise on which strategies to follow. This does not need to be permanent, but can help you build early awareness and bring in more business. You can also collaborate with established sellers that can direct people to your page.
Everyone, whether they are running a side business or not, will experience self-doubt at some point. This self-doubt can wreak havoc on your mental state and also hurt your physical wellbeing, too.
Believing that you are not good enough to make more money and that you simply cannot do it is a natural response, especially if your business is not as profitable as you had initially hoped. However, it’s essential not to give in but instead take some time to reevaluate your situation.
It might be that you need to step back for a day or two and consider whether you are looking in the right areas to make more money. You can also slow things down and invest in yourself to help clear your head. You can do this through mindfulness and meditation, indulging in your hobbies, or reconnecting with friends and family who you may have neglected during your money-making odyssey.
Hopefully, this should put you back in control of your doubt and give you a renewed vigour for success.
And External Doubt
While self-doubt can be awful, so too can external doubt. With anything you do, there will be those who don’t believe you can do it, even if they don’t tell you to your face.
The thing is, you don’t need negativity in your life, even though it is easy to knock your confidence. Instead of letting it get to you, use it as motivation to succeed even more than you already are. They say that living well is the best revenge, and this is the perfect time to do it.
There will always be people who are not convinced you have what it takes, whether that’s friends, family, strangers, investors, or peers. But at the end of the day, their opinion doesn’t matter. All that matters is that you continue to work hard and deliver superb service to your clients and customers.
Challenge Accepted and Overcome
Everyone loves a challenge, and while there will be times where you get frustrated and think this isn’t for you, this isn’t the way to make more money. With every challenge you overcome, you will learn more and become more confident. Soon, you’ll be making the money you need to live a happy and (mostly) stress-free life.
This is a collaborative post.