Before I started Advisori, I was in this 50%. I tried MLMs but ended up spending more money on products and promotional materials than I made. 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 and this could take years.
I 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.
Do not choose the WRONG side hustle
There needs to be a NEED for what you offer. Choose a side hustle that is in high DEMAND. Advisori is successful because there is a high demand for digital advertising services. 90% of business 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 20 million small business 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 smallest to 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 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 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! ?
Do NOT trade time for money
The one limited resource you have is… time. And when you’re building a side hustle, you’re 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:
- 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 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
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 bing watching TV, going to the bar with your friends, and scrolling through Instagram. Those are all hours 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.
If you’d like to learn more about how I built a six-figure side hustle in less than two years, check out this free training:[optin-monster-shortcode id=”lzp8qjqunlcwy6siga8f”]