Saving Your Side Hustle

Dual revenue streams is a dream when it works. In theory, you can have one job that handles your bill and general expenses, and another source of income that you can use for future plans. This applies whether you have retirement ambitions or are saving for a Ford Fiesta in Costa Mesa. In many cases, these revenue streams are an essential part of your future planning, so you want to do everything possible to keep it going. But what happens when that’s out of hand?

There are a number of different things that can be indicators of a rough patch. However, there are also symptoms that it may be too far gone to save. At the end of the day, if you have a day job, there are certain indications that you should throw in the towel for now for your side hustle.

For starters, have you not come up with any talk with new customers or clients for a long period of time? Dry spells are common, especially if you have seasonal work. But when it goes for too long, you may have either exhausted your potential base or found yourself grappling with another issue. Another thing to keep an eye out for is other aspects of your business. Not paying bills on time is one thing, but what about your employees? Is there a lot of turnover? Are you forced to constantly shuffle duties because there’s no one to take them? This may be an indicator that no one is interested in what you offer.

 In some cases, even outside your business, there may be indicators. What of your competitors? For many people, a market with no competition is a dream come true, but if this is the case and your work leaves something to be desired, it may be an indicator that your market is dead and your competitors didn’t jump ship.

Multi-tasking can help to a point in this scenario. Remember, you still have another job to focus on, but that doesn’t mean you can’t improve your situation in other ways. Start by putting all your tasks to paper in some sort of master chart or lists. When any one missed task can mean the end, you always want to have some quick references.

Then again, things may go too far, and you need to pursue bankruptcy. When we’re talking side businesses gone south, Chapter 7 bankruptcy is common. This is used by those who don’t have a lot of property or other assets. Assets, in this case can range from your home to your other property to your Ford Explorer in Costa Mesa. A trustee will help you through the process until your debt is discharged.

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