Updated: Sep 14, 2022
With no clear roadmap for business recovery on the landscape, it’s easy to feel despondent living under a rather draconian lockdown; an oncoming global recession and a highly uncertain future with Brexit.
However, this is not the time to rest on our laurels if you have a viable business idea or one you’ve parked for a while. Let me share this with you.
Successful side hustlers are earning a decent amount of money, but it takes planning and commitment to make it work. So it’s time to pump that motivation muscle as I give you three reasons why you should not give up your side hustle.
1. Keep Upskilling, Keep Motivated
Not surprising, the research shows that women in particular have shouldered much of the burden of caring responsibilities and financial insecurity, but nevertheless doing their best to stay afloat during the pandemic.
Ladies, don’t give up on your entrepreneurial dreams!
Like any other venture, it takes a lot of time to nurture and grow your side hustle into a money-making business. The commitment will be worth it in the end.
Being a visionary is great, but the business landscape is rapidly changing and complex, so it’s important that you stay ahead of the game. Use this time to ensure that you research and understand how new sectors and markets impact your business.
Ensure that you are enhancing your leadership and upskilling your business capabilities through additional education, learning and meaningful work. Failure to do so, means you will be left behind.
Remember, the technological and digital advancement waits for no one. The global economic eco systems that are more interconnected than in any other point in history. Know where you fit in.
2. Track The Metrics, Money Matters
Whatever your side hustle, your goal is to create revenue with the lowest investment of resources possible for you and your business.
By regularly tracking revenue, it will help you to be clear about how much you’re earning each month and to recognise the impact of trends e.g. seasonal. In addition, it will help you to track the major sources of your revenue i.e. is the bulk of your sales coming from one customer?
Understanding these trends will help you to continuously diversify your revenue streams and safeguard the long term health of your side hustle.
It’s important to note, are you getting paid what your worth? Selling yourself short is a common side hustler ailment.
Try to figure out what your worth before you agree to a fee because you can never anticipate how easy it is to be taken advantage of and difficult it is to actually get paid.
3. No Woman Left Behind
Now you know what you have to offer the marketplace, this is a great time to ramp up your networks. This provides a great opportunity to better understand and support your on-going business needs.
Social media is a powerful tool and can certainly be part of your overall marketing strategy but it’s key to connect with like-minded people and other side hustlers.
You have to get out and network.
Start preparing for the lifting of lockdown where you will be able to start attending networking events, conferences and meetings.
Why not even think about starting your own group? Facebook or LinkedIn Groups are simple ways to kick start your hustle.