Stress management needs to be a very important part of our lives. The American Psychological Association found that 70% of Americans feel a significant source of stress about the direction of our country. Around 70% of people also feel stress at work.
Many people try to make changes in their lives to reduce stress that might prove counterproductive. For example, some people try to start their own business to alleviate stress about finances. However, many feel even more stressed after their business doesn’t take off or they spend a lot of time on wasted efforts.
If you are looking to start your own business, then you have to know how to manage your stress in the process. This is going to entail practicing good stress management techniques and knowing how to manage your business efficiently.
Good Stress Management Skills Are Crucial for Your Mental Health When Running a Side Hustle
Today it seems like everyone is starting their own side hustle, but does that mean you need to, as well? It depends.
There are a lot of great reasons to consider running a side hustle. Unfortunately, it can often be stressful as well. You need to make sure that you practice good stress management skills and know what you can do to keep your mental health in check.
Side gigs are typically done after work hours to generate more income in order to reach a specific goal. The goal is different for everyone, but popular reasons for starting your own business include quitting your day job, earning more money to buy a house (or other large purchase), retiring faster, or getting out of debt.
If you’re considering a side hustle due to debt, you should keep in mind that there are startup costs associated with most businesses, and it might take time before making your first sale. It might be easier to instead research actionable ways you can get out of debt using your current income. Consider looking into the pros and cons of debt consolidation to evaluate if you could get out of debt now or if starting another income stream would make it more feasible.
Don’t feel pressured to decide to start a side hustle or not. But if you’re convinced another income stream is the way to go, here are a few things you should do to ensure your business is profitable and keep your stress levels in check.
The biggest expense a business can have are products or services that cost more than the revenue they produce. If you’re looking to improve your revenue stream in 2022, consider niching down and only offering a few products or services that are both high-selling and low-effort. For example, if you’re running a bookkeeping service on the side that also offers year-end tax filing, weigh the cost and benefit of removing your tax services (which is intensive and typically a one-time or quarterly charge) and solely focusing on the bookkeeping (which usually takes a few hours per month per customer and has a monthly subscription fee). You will see results more quickly, which will improve your mental outlook.
Reduce Financial Stress by Using Your Extra Income to Pay Down Debts
Running a side hustle is going to be extra work, which can increase stress in some ways. However, you can also reduce your stress levels by paying off your debts with the extra money you bring in. You want to use this opportunity to your advantage.
Avoid Wasting Time on Unnecessary Tasks
You should also avoid wasting time on tasks that are not going to lead to success. Extra work is going to leave you burned out, which doesn’t make sense if you aren’t going to realize any benefits from it.
Alternatively, if culling your product line isn’t the right solution, then consider expanding your menu of products or services. You can create a complimentary line or start an entirely new offering. For instance, if you’re a soapmaker, you could create a collection of soy candles that has the same scent as your soaps, or if you’re a social media manager, you could expand from just Instagram to Instagram and TikTok. Remember to do plenty of research ahead of time to see what problem you can solve for your customer that no one else is doing well.
This year, make it a priority to better engage with your current customers as a way to save money and boost loyalty. There’s a cost associated with converting lookers into buyers known as the “Acquisition Cost,” and the actual expense for your business varies for every entrepreneur. However, studies show that the cost to maintain a customer is much lower than the acquisition cost for new customers, no matter which business you’re in. Even if it’s only $5 more to acquire a new customer, that $5 adds up quickly when you’re trying to reach multiple new customers. Plus, you’re putting more effort into newcomers while former fans that already know and support you could be dropping off.
Side hustles can offer a lot of wonderful benefits, but they can also create a lot of stress too. You have to make mental health one of your top priorities. To run a lucrative side hustle, you need to ensure your products or services solve a specific problem for your customers. If you feel like your business spending is getting out of hand and you need to generate more revenue, use these tips to grow your side gig and earn as much income as possible.