What I've found with business owners who are operating a side hustle whilst also busy working in a full-time job.
There are five reasons why they've not quite been able to make enough money to walk away from their job and jump into their side hustle.
Here's what we talk about in this week's video:
0:00 - Why You Are Not Making Enough Money With Your Side Hustle
0:29 - Not marketing enough
2:00 - Not spending enough time on your side-hustle
3:05 - Side hustle branding isn't good enough
3:43 - How to be consistent with a Side Hustle
4:40 - Creating more time for your Side Hustle
Watch the full Side Hustle video here:
The Full Transcription:
In this video, I'm talking about why you are not making enough money with your side hustle.
What I've found with business owners who are trying to get a side hustle set up, who are may be working in a full-time job, and haven't quite been fearless enough in order to walk away from that job or even go part time and jump into their side hustle, is normally down to about five different reasons.
You're Not Marketing Your Side Hustle Enough
The first reason is that you are not marketing enough.
One of the things about running small businesses that, in this day and age, marketing is incredibly complex, that takes up a lot of time.
When you're working in a full-time job or even a part time job, you should be spending up to 80% of the time marketing your side hustle. It means that you don't have the time to be able to put into being present on Instagram, Facebook, and Twitter and LinkedIn and all the different social media platforms. Not only that but there are more platforms constantly coming onto the marketplace and it's incredibly confusing.
What tends to happen; procrastination kicks in all of a sudden and your marketing doesn't create the immediate results that you want to get.
You're doing the posts, blogging, social media and things like that, but we're not getting the leads, inquiries and sales. All the things the gurus and experts promised us yet your marketing just starts to slow down.
Marketing is a bit like paying a bit of money into a savings account that has compounding interest. You make most of your money in the last 10% of the time that your money is invested in wherever it's invested.
You just crawl along like that for weeks, months, or even years and then all of a sudden you get an uptick at the end. This is the trajectory of success.
A lot of people who are doing side hustles simply don't put enough time into marketing.
I don't mean you're not putting enough effort in; you're probably putting a tonne of effort in, you're just not spending enough time planning and putting a marketing campaign together and executing it consistently.
Not Running Experiments on Your Side Hustle
The second thing; when you're doing it as a side hustle, there's not enough time to experiment. Maybe you've got a product, for example, a lot of people talk about market niches, product niches and things like that, but it might be that you're targeting the wrong niche. If you're not targeting the right audience, it means that when you are cranking the handle on your marketing, your content's not being seen by the right people
But because it's a side hustle you also don't have the time to be able to experiment and do different marketing campaigns targeting different audiences.
The answer: find quick and easy ways to test out your marketing campaigns on different audiences.
Take Facebook ads, for example, you can target a million and one different audiences on Facebook. Set up your campaigns in such a way that at least you're testing different audiences, different segments and analysing it and measure where your leads and inquiries are coming from.
If you're not generating leads directly from the Facebook ad campaign, it will still give you valuable data back about who is interested in the products or services that you're selling.
Branding for Your Side Hustle
A lot of side hustles, I've noticed, have got either DIY branding or no branding at all. DIY branding is where you've made the logo yourself or got your sister, mother, brother, whoever to design the logo. The branding doesn't reflect the great products or services that you're selling as a side hustle, or you just don't have branding in place in the first place.
Now everybody says, don't judge a book by its cover, but unfortunately people do and so if you don't have cover at all, that's what branding is, people are just not going to take you seriously.
Is it any wonder that you're not getting traction with your side hustle.
How to be consistent with a Side Hustle
The other thing as well as around being consistent, but in the same way that you don't have time to do the marketing, but generally day-to-day being able to do your side hustle and treat it like a business by sitting down each and every day, cranking out the same message consistently. This takes a lot of time and effort, but if you gave yourself half an hour to an hour each day:
- you get home from work
- have your tea
- put the kids to bed
- then spend an hour making some videos
- which you put out onto YouTube
- etc etc
My advice would be to pick one platform, pick one form of media and do it consistently
What starts to happen is; imagine you've got a Facebook group with a thousand people in it, and you start doing a video at 8:00 PM every evening, the night you miss doing a video at 8:00 PM, people will send you messages going, "Hey, Rob is everything okay?"
Consistency is key to side hustle success because it starts to train people, a bit like Pavlov's dog, to show up at particular times and engage with you and your brand and your business.
Creating More Time for your Side Hustle
Finally, the other thing is generally not putting in enough time into your side hustle at all.
You see a lot of like these FBA drop shipping businesses, Bitcoin businesses etc blowing up all over the place, and there's loads of buzz about it but less than 1% are ever successful. They make it sound like it's easy to set up a Facebook ad campaign, never see a product that you've imported from China and boom, you've got a million pound business.
It's just not like that AT ALL.
Any business is going to take time, money and investment in order to get the success that you want to get out of it.
If you're spending like 30 minutes a week on your side hustle, you are just not going to get any success. And quite frankly, you might as well just give up. So either make the commitment to put some time into it or find other ways to make it work.
If you can, start outsourcing work.
You might have to invest some money in your side hustle in order to give it the momentum which it needs in order to grow. But if you're just putting half an hour a week, like the four hour work week, yeah, four hours is like eight times as much as doing half an hour a week - you MIGHT start to grow some kind of a side hustle or business on a four hour workweek.
The whole Tim Ferriss, four hour work week thing is a little bit of a myth. Most of his methodologies are based around, put in a shit tonne of effort to start off with and then once you've systemised it and made it teachable, learnable, and repeatable, then you can start to outsource some of that work and give it to other people. But you've got to create the systems processes in the first place before you can start to build and bring in other resources to help you out.
Hopefully that's given you a bit of a background in terms of why side hustles don't tend to work.
If you do the opposite of those things, i.e. if you market enough to the right audience, if you do niche and get your branding sorted out, if you are consistent and if you do show up regularly and often with that same consistent message how you put the time in, you will have monumental success with your side hustle.
You can make this work but be realistic about the goals that you're setting yourself.
Don't think that year one you're going to go out and build a million dollar a year side hustle. It works for 0.1% of the people who have side hustles and those are all of the good luck stories we hear about.
You would likely agree that a good success might be to start generating £200 a month or £500 a month, or even a thousand pounds a month through your side hustle.
That gives you the confidence to start stepping away from your job or whatever it is that you're committed to at the moment.
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