With all the great travel destinations, fine dining establishments, and innovative technology available today, you can always use a bit of extra money. But most people don’t have enough time to have a life with the job they have, so looking for a second one is not particularly desirable. This causes people to look to other sources for income. Of course, with the internet being what it is, get-rich-quick scams abound, but most people can see through these thinly veiled hoaxes and they are not the only danger that threatens those seeking auxiliary revenue. Here are some common mistakes that people make in their pursuit of extra spending money.
Lack of Research
You’re racking your brain for how you’re going to afford that music festival next month and then it hits you! People make money writing online all the time! You can do that! The next thing you know, you’ve submitted guest posts to 5 billion sites, heard nothing back and have been paid in nothing but lack of sleep. This is not the way to go. If you are trying to make money in a new way, look into how people before you have made money this way. Research what works and what doesn’t. Learning from other people’s mistakes means that you’re not going to waste any time.
Also, when selling products, you’ll want to research any laws, restrictions or guidelines that regulate how you should proceed. You do not want to get in trouble just because you don’t know what you’re doing.
Lack of Effort
If you’re knitting hats for extra funds, don’t skip steps or make a sub-par product. Even if you’ve taken orders and this hat is already sold, you’re not doing yourself any favors by taking shortcuts. If you do your best and deliver quality work, you’re more likely to get more business from that person and they will tell their friends how great you are.
You are more likely to be successful if you treat your fund-raising venture as a real job. Be dedicated, diligent, and just do your best. This way, you won’t have to kick yourself later for not trying hard enough and not putting enough work forward to make it worth it. You’re spending your time on this project, you might as well do what it takes to make it successful.
Giving Up Too Soon
So you’ve been trying to sell candles for a whole week and you’ve only sold 2. To your mom. It’s not going great. But don’t give up yet! You’ve barely begun. You can’t expect to break into a new business venture and immediately be raking in the dough. Look into how much you know about successful tactics (could that be… research?) and how much work you’re actually putting in (effort.. hmmm… sounds familiar) and see what you can do to improve your chances of success. If you give up immediately, you’ll just feel disappointed in yourself and you’ll spend any money you did manage to make on alcohol or ice cream.
So if you’re looking for some extra cash-flow, consider these mistakes that people often make and try to avoid them. Just because this isn’t your day job doesn’t mean it’s the lottery. You’ll most likely have to spend time, effort, and maybe even a bit of money to get anywhere. So make sure it’s something you enjoy, and put your best foot forward or you’ll end up firing yourself.
About the author: Stacy Lewis is an entrepreneur who likes to share tips about small business and alternate income with everyone she meets. She currently writes for the vending machines supplier vendingmachinesunlimited.com