Why Side Hustles Fail ?
Okay, not really.
But a lot of side hustles do.
In the past many years I've had the opportunity to work with a lot of entrepreneurs, some of them are still stuck with their regular job. Working with them I saw many patterns. Some side hustles failed, some succeeded while some even scaled their side hustles to full-time businesses.
Today, I am going to tell you some common patterns which I saw in the side hustles that failed.
Technician that suffers from an entrepreneurial seizure.
What I mean is sometimes people who're good at one skill think they can own a business on that skill. Like someone who might be good in SEO, thinks they can run an SEO Agency. While this is possible, but not always the case.
Knowing, and being good at a skill, and running a business, are two different things. To run a business, you need three types of people - technician, manager, entrepreneur.
An entrepreneur is someone who lives in the future. He brings ideas from competitors, users, and other places. He shapes the company he leads the path.
The manager is someone who plans for the future. He's the one who manages everything from the team, product, clients, payroll, and whatever is required.
The technician is someone who lives in present. He turns ideas into reality. He works on what has to be done.
For an ideal business, you either need these three people or someone who has these qualities in equal amounts. Usually, people who start a business because of their skill have them in unequal amounts; 70% technical 20% manager 10% entrepreneur, or whatever the proportions might be.
Not Wanting to Outsource
This is also a big reason why a lot of side hustles fail. People sticking too much to what they are doing. People assuming no one can do it better.
Look, I get it, you think no one is better than you when it comes to one particular task. That might even be true. But you don't have a lot of time to do it all by yourself.
Having a regular job you have limited hours to work on your side hustle. Always aim to work on your side hustle, not in your side hustle.
Poor Sales Knowledge
A lot of times side hustles die due to lack of customers or money which happens due to the founder's lack of knowledge of sales.
A lot of founders assume they need a lot of money to run ads or hire a marketing agency or whatnot. They never experiment with simple organic marketing channels like quora marketing, Facebook groups, social media specific to their product/service, and stuff like content marketing.
Or worst, they end up hiring the wrong marketing agency or put money into the wrong channels for sales. Which burns up their money and they now feel like they lost a battle.
A lot of founders don't know about sales, and that's okay. A simple way to handle this situation is going on Upwork and hiring a sales or online marketing consultant and asking him to tell you what to do. ( do this with caution ). Don't hire an idiot who tells you how to burn money.
Founders assume a lot of stuff. They think they don't have the skill, the time, the resources, and whatnot. Thinking all this, they never execute. They never start, let alone finish.
When I started, I had no clue how to edit audio, how to shoot videos, but I learned from youtube, udemy, and some other platforms and blog posts.
If you don't execute your ideas. Remember, your ideas are as good as seeds. If you don't execute, they'll die.