Side Hustles That Don’t Work Well In 2023

Side Hustles That Don’t Work Anymore In 2023

 

The team here at WhatDoesSheDoAllDay.com is constantly evaluating, trying and reviewing the newest side hustles.  Over a little over a year we’ve noticed that some side hustles that were really popular last year or two, have become less popular. Let’s take a look at the top reasons side hustles fall out of favour. – price to get started – market doesn’t want it anymore – some are just scams – some take to long to see income

Table of Contents:

• The Changing Landscape of Side Hustles
• Unpacking the Side Hustle Starts That No Longer Work
  • The Decline of Online Surveys and Affiliate Marketing
  • The Reality Behind Being a Social Media Influencer or Investing in NFTs
• When Your Side Hustle Doesn’t Align With Your Values Anymore
  • Letting Go of Self-Judgment and Perfectionism
  • Aligning Your Side Hustle with Your Personal Values
• The Reality Behind Turning Hobbies into Businesses
  • Lack of Market Demand
  • The High Startup Costs Dilemma
• Seeking Sustainable Alternatives in Today’s Gig Economy
  • Becoming a Career Coach or Life Coach
  • Leveraging Cash Back Rewards Programs
  • The Power of Freelancing Based on Professional Skills
• FAQs in Relation to Side Hustles That Don’t Work Very Well Anymore
  • Why do side hustles fail?
  • What is the negative of a side hustle?
  • Are there any side hustles that actually work?
  • Does the IRS care about side hustles?
• Conclusion

The Changing Landscape of Side Hustles

Alright, let’s get down to it.

We need to talk about the shifting world of side hustles. It used to be that certain gigs were a surefire way for folks looking for some extra cash or wanting something fun on the side. However, times have changed and so has what makes a great side hustle in today’s gig economy.

Traditional high-profile jobs are not as appealing anymore – think freelance graphic design or event planning. Once hot tickets in the gig game, they’ve lost their shine due largely to market saturation and stiff competition. Surely you’ve heard stories of people making millions from blogging or YouTube channels? Beware of the tales of overnight success; it’s more often than not an exaggeration. The reality is that building substantial revenue through these mediums takes excessive time – often more than most can commit alongside their day job.

Finding Your Niche Amidst Change

This evolution signifies an important point: Not all changes are negative. The decline in popularity of some traditional side hustles opens doors for innovative ideas tailored better towards modern lifestyles and needs. If you’re brainstorming solutions, next remember a good understanding of current trends enables informed decisions on where to best invest your energy and resources.

Navigating Through New Opportunities.

Critical amidst change comes opportunity. Fresh ones emerge, waiting for exploration and discovery. Rather than focusing solely on well-trodden paths, consider seeking out unique niches that align closely with your individual strengths and abilities. Success is defined by following your own path based on personal values and aspirations, leading to unexpected rewards and fulfillment beyond simple monetary gain.

Unpacking the Side Hustle Starts That No Longer Work

All right, let’s get this straight.

We’ve all heard about side hustles that promise easy extra income. But not every side hustle starts off on a profitable note or remains lucrative over time. Some have lost their charm and profitability in recent years due to various factors such as market saturation, low pay rates, and excessive time requirements (ConsumerGravity).

The Decline of Online Surveys and Affiliate Marketing

First up: online surveys.

Taking online surveys used to be a popular way for people looking to make money outside of their regular job. However, with an oversaturated market and declining pay rates – it just isn’t fun anymore. The rewards offered by many survey sites simply aren’t worth the effort required these days.

Then there’s affiliate marketing…

Promoting services or products through a website or social media in exchange for payment based on any sales driven by your referral links is called affiliate marketing. Sounds like a great side hustle option? Well…not so much now.

Surely some are still making millions from it but realistically speaking most beginners struggle with generating significant traffic volumes needed for meaningful earnings amidst increased competition (ConsumerGravity). Standing out amongst the crowd has become harder than ever before.

Without a budget to push your affiliate link to a LOT of people, this can be a frustrating side hustle.

Moving onto:

The Reality Behind Being a Social Media Influencer or Investing in NFTs

When Your Side Hustle Doesn’t Align With Your Values Anymore

All right, let’s get this straight.

Your side hustle is supposed to be a source of extra income and personal satisfaction. What if it no longer fits with your values or passions? It can feel more like an obligation than an opportunity for creative success.

Research indicates that individuals who participate in work which is consistent with their fundamental principles have higher job satisfaction and overall contentment. So, the importance of choosing a side gig that not only brings you some cash but also fulfills you on a deeper level cannot be overstated.

Letting Go of Self-Judgment and Perfectionism

We often fall into the trap of self-judgment and perfectionism while trying to make our side gigs successful. We become overly critical about our performance or obsess over making everything perfect before launching our ideas into the world – which takes excessive time away from enjoying life outside work.

The key here is learning how to embrace “prototyping”. This approach involves taking small steps towards your goals without waiting for conditions to be perfect first – quite similar to starting up any great side hustle.

Aligning Your Side Hustle with Your Personal Values

Finding alignment between your personal values and your chosen venture plays a crucial role in long-term fulfillment as per experts’ opinions worldwide. If there’s discordance between these two aspects, chances are high you might find yourself feeling unfulfilled despite achieving financial gains from such endeavors.

To ensure alignment, one must identify what truly matters most – whether it’s creativity, freedom or social impact – and find ways to incorporate those elements within the business endeavor undertaken next after letting go of ones that no longer serve purposefully in the current life context.

The Reality Behind Turning Hobbies into Businesses

Let’s get down to brass tacks.

We’ve all been there. Daydreaming about transforming our favorite pastimes into a profitable side hustle. The concept is simple and enticing: doing what you love while earning extra money on the side.

However, as with most things in life, the reality may not always be that simple. Let me break this down for you:

Lack of Market Demand

Hurdle #1: Not every hobby has an ample market demand ready to pay for your product or service. For instance, if your passion lies in creating intricate origami sculptures – yes they’re beautiful but are people willing to buy them? A study by CB Insights, found that 42% of startups fail because they don’t meet a market need. This highlights the importance of conducting thorough research before diving headfirst into turning hobbies into businesses.

The High Startup Costs Dilemma

Hurdle #2: There’s also the issue of high startup costs associated with launching any new ventureur be it selling handmade jewelry online or opening up a yoga studio downtown. According to data compiled by Small Biz Trends, approximately 33% of businesses start with less than $5k; however, many entrepreneurs underestimate the total cost involved until it’s too late, which can lead to financial strain or even failure, especially when one’s life savings are at stake.

Hobby Becomes Work – And It Isn’t Fun Anymore

The third challenge arises when the boundary between work and play blurs, converting leisure activities into income-generating ventures. What was once an enjoyable pastime can quickly turn tedious when faced with deadlines and the pressure to deliver on client expectations. All typical aspects of running a successful enterprise.

 

Seeking Sustainable Alternatives in Today’s Gig Economy

The gig economy has been evolving rapidly and traditional side hustles aren’t what they used to be. Some require cash upfront or take excessive time away from your regular job which isn’t feasible for everyone. But don’t fret. Don’t worry, there are still loads of methods for earning extra cash without having to give up too much time from your normal job or pay out upfront.

Becoming a Career Coach or Life Coach

So here’s an idea: becoming a career coach or life coach. Why? Because people are constantly seeking guidance – whether it’s about their careers, personal lives, achieving goals…you name it.

A life coach helps clients identify objectives and navigate through obstacles while making changes in their lives, whereas a career coach assists individuals with exploring various professional avenues along with providing practical advice related to job hunting strategies such as resume writing and interview skills.

Leveraging Cash Back Rewards Programs

Moving onto another brilliant marketing idea – leveraging cash back rewards programs. These programs offer an easy way to earn some additional income without much effort involved at all; simply shop using specific platforms or certain credit cards that provide this service.

Cash back rewards programs work by partnering up with retailers so when you shop via the program platform (or use the affiliated card), voila – you get part of your purchase price returned as ‘cashback’. It might not seem like much initially but trust me, over time this adds up into substantial savings supplementing your regular income effortlessly.

The Power of Freelancing Based on Professional Skills

Possibly my favorite option is freelancing based on professional skills. If coaching doesn’t quite resonate but something flexible does, then freelancing could just hit a home run for you.

Firms often hire freelance professionals for project-based tasks ranging from graphic design services to even administrative support roles being outsourced increasingly nowadays. You need no special equipment beyond internet connection proficiency within chosen skill area(s). Websites such as Fiverr and Freelancer provide platforms where one can find projects matching their expertise.

FAQs in Relation to Side Hustles That Don’t Work Very Well Anymore

Why do side hustles fail?

Side hustles often fail due to a lack of planning, poor market research, or unrealistic expectations. They can also falter if they don’t align with personal values and interests.

What is the negative of a side hustle?

The downsides of a side hustle include potential burnout from juggling multiple responsibilities, financial risk, and possible conflicts with your primary job or personal life.

Are there any side hustles that actually work?

Absolutely. Side hustles like freelancing based on professional skills, career coaching, or leveraging cash back rewards programs can be viable ways to earn extra income.  The reality we’ve seen.  Most side hustles work if you put enough time and energy into them. Some also need a lot of cash to get them going.

Try to find the easier ones and enjoy life

You can make money, and enjoy the process

Conclusion

Side hustles can be a source of supplemental income, but not all are as profitable or gratifying in the current climate.

The landscape has changed and some traditional gigs aren’t as lucrative or enjoyable anymore.

We’ve unpacked why online surveys, affiliate marketing, social media influencing, and NFT investments might not be your best bet for easy cash.

Remember that aligning your side hustle with your personal values is key for long-term success. Let go of self-judgment and perfectionism – they’re creativity killers!

If you were thinking about turning hobbies into businesses… think again. It often doesn’t pan out due to lack of market demand or high startup costs.

But don’t lose hope! There are sustainable alternatives in today’s gig economy like career coaching, leveraging cash back rewards programs or freelancing based on professional skills.

Your perfect side hustle could just be around the corner!