6 Reasons Your Once Profitable Side Gig Is Failing Now
Here are some of the ways to fix it
We’ve all been there. You’re stuck in a rut, not making ends meet, and you need to do something to bring in some extra cash. So you start scouring the internet for side hustles that could make you some quick and easy money. You find a few that look promising, and before you know it, you’re running a profitable side business…or so you thought.
There are a lot of advantages to having a profitable side gig. For example, it can help you pay off debt, save for a rainy day, or achieve financial independence. But what happens when your profitable side gig unexpectedly fails?
Here are six possible explanations for why your side hustle may have fizzled out:
You Haven’t Defined Your Target Market
Many people make the mistake of assuming that their target market is everyone — and that couldn’t be further from the truth. For a business to be successful, it needs to have a defined target market; otherwise, it will flounder.
Are you clear about who your target market is? Do you know what their specific needs and wants are? If not, now is the time to figure that out because, without a target market, your business doesn’t stand a chance.
You Defined The Market, but You Don’t Understand Its Changes
Let’s say you started a side business selling handmade jewelry. For a while, things were going great! You had a steady stream of customers and were making a nice profit. But then, suddenly, your sales started to dry up. What gives?
Well, it could be that the market for handmade jewelry has changed. Maybe there’s been an influx of cheap knockoffs from China, or perhaps mass-produced jewelry is now more popular than ever. Whatever the reason, your business is bound to suffer if the market changes and your product is no longer in demand.
You’re Not Passionate About What You’re Doing
When it comes to starting a business, passion is absolutely essential. If you’re not passionate about what you’re doing, chances are you won’t put in the extra effort required to make your business thrive. Conversely, apathy breeds mediocrity — and mediocrity will never lead to success.
So, if you find yourself constantly making excuses not to work on your side hustle or if you’re struggling to muster up the enthusiasm required to get things off the ground, it might be time to reconsider whether or not this is the right business venture for you.
You Lost Your Motivation
Running a successful business takes a lot of hard work and dedication. However, if you lose sight of your goals or become too complacent, it’s only natural that your business will suffer as well.
Maybe you got burnout from working on your side hustle too much, or maybe you just ran out of ideas. Either way, losing your motivation is often the kiss of death for a small business.
You Don’t Believe in Yourself
If you don’t believe in yourself, no one else will believe in you. It’s as simple as that. When it comes to being successful in any endeavor, confidence is critical. So, if you don’t believe your side hustle can be successful, chances are it won’t be.
This lack of belief manifests itself in a lot of different ways. Maybe you’re too afraid to put yourself out there and market your skillset. Maybe you don’t think you can do the work required to make a profit. Whatever the case, your side hustle is likely doomed to fail unless you find a way to increase your self-confidence.
You Bite Off More Than You Could Chew
Taking on too much can be one of the quickest ways to kill your side hustle. If you’re trying to do everything yourself — from marketing to manufacturing to shipping — chances are good that something is going to fall through the cracks.
When that happens, customers will quickly take their business elsewhere. Therefore, it’s essential to delegate and outsource when necessary so that you can focus on what you do best!
If your profitable side gig has failed, don’t despair! It doesn’t mean that you’re destined for failure; it could simply be that the market has changed or that you lost your motivation along the way. Or it could be that you took on too much and bit off more than you could chew!
Whatever the reason, there’s always an opportunity to learn from your mistakes and try again. Who knows? Your next attempt might be a resounding success!
