Things that made my side-hustle work
It wasn’t the big fancy idea that made me money. It was efficiency, focus and consistency.
I started getting into side-hustles during a time when stories of entrepreneurs being successful such as Filip Tysander with Daniel Wellington Watches were trending. He created a multi-million dollar global watch brand that has the seemingly perfect business model. They had it all- household brand recognition, low cost of components, consistent sales. However, interviews with these successful entrepreneurs, are elusive, having vague statements such as ‘start-up capital of $5,000 only’, ‘using social media to reach out’, etc. etc.
After years of making mistakes, I had a short side-hustle on eBay where I sold hobby accessories (e.g. trading cards and card sleeves). This generated more than a few hundred dollars of profits every month for numerous months.
Importantly, I was pursuing this as a side income stream- my main priority was still to complete my studies (and do reasonably well). The stint and the mistakes I made me realise these three shareable moments.
Efficiency was a priority with limited time
One of my greatest failures was that I spent an enormous amount of time meeting buyers to make sales, and going to the post office. In the beginning, it was exciting making the sales, arranging my schedule around these ‘meet-ups’ so I could complete the transactions. I was blinded by the fact my relationships with my friends and family were adversely affected because I lost countless of hours and caused inconveniences to them just to make a small profit of $10 to $20.
This led to me modelling my side-hustle with 2 key principles- High Volume and Less Time.
I decided to make sales through “Auctions” on eBay, where I upload 25–30 “Auction” listings lasting 7-days each. Essentially, I was collating orders such that all my orders came in on the same day each week (a minimum of 20 of my “Auctions” end in a sale at the end of the 7-day period). Then I would repeat the process every week.
This translated to me going to the post office only once in a week for all the successful products sold that week. This way, all the orders and mailings are consolidated, thereby ensuring I could work at my own pace and schedule when I had to prepare the orders and go to the post office every week.
While improving the efficiency of the shipping process, I also created a regularity which helped me manage my time. For example, I could plan my schedules much more efficiently, being able to focus on the business during the end of the week and engage with other activities on other days, just like how being an employee would in a typical 9–5 job.
If you spent 2 hours travelling for a $10 profit, you just made $5 an hour. Always factor in your time.
I should have focused on what’s important
Looking back, I should have evaluated the real potential of each venture. How much time and attention does this venture need? Will I really be able to focus on this if I pursue it and at what cost?
Back then, I had faced great stress that came from the feeling of losing money in the business. It created fear in myself and pressure from my family. I did not come from a well-to-do family or had strong financial backing.
This stress is unhealthy as you can guess, it made me lose focus and objectivity. I was reluctant to pull out of my first few businesses when it was losing money, and I began neglecting my school studies to try and save the business which I should have let go.
That period was when I lost both my business and my school grades.
However, the moment it hit the school holidays, I was able to focus on identifying things which didn’t work in the business and spend the time to continually research on potential products that may be sold on eBay. Eventually, I realised that sales of hobby accessories were trending for the moment. There seemed to be a growing demand, compared to my blog shop clothing sale and trading cards. I refocused my efforts on the winner and it turned out to be the right decision.
Reflecting on this, being focused really contributed to deciding how to commit my time and evaluating what was working and what did not. That pushed me toward a path to success. A few months later, demand started to drop and I ended the venture leaving me to focus on school and with some substantial pocket money after 6 months.
Focus on the priority of the day.
Consistent sales were important emotionally
As a student entrepreneur, I found that working towards a consistent monthly profit relieved me of the worry that my income is not secure. Even if it was small. That allowed me to be both productive in both school and the business. The monthly income gave predictability which allows me to make accurate projections and allows me to mentally compartmentalize all my tasks without worry.
Importantly, my primary focus is first to excel in my studies. The only way I felt I could juggle was to have a sense of security and consistency from my business. This is even if it was at the expense of a more lucrative opportunity.
Otherwise, I would be constantly worried that I cannot breakeven, let alone make a profit. This leads to problems with stress and focus.
I would rather make $10 per month knowing I will earn every month for the next 2 years than to make $240 in a single day in a way I cannot predict when I can make the next $240.
I hope my experience helps you in your endeavours. Keep on fighting!
