ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / ECONOMY & WORK

Watch out for These Red Flags to Know When it's Time to Quit Your Side Hustle

Here are a few reasons why your side gig isn't worth your time and energy.
PUBLISHED MAR 23, 2024
Cover Image Source: Pexels | Photo by energepic.com
Cover Image Source: Pexels | Photo by energepic.com
Pexels | Photo by Andrea Piacquadio
Image Source: Pexels | Photo by Andrea Piacquadio

At a time when people have the need as well as a requirement for an extra income to make ends meet amidst economic uncertainty and remote working opportunities, many individuals turn to side hustles. However, recognizing the warning signs that indicate when it may be time to reassess or let go of a side job is essential for safeguarding one's well-being and maximizing productivity. In order to minimize losses and use time and resources for something more productive, it's better to know when to walk away. Here are critical indicators outlined by industry experts that signal when a side hustle may no longer be worth your time, energy, and resources.

Pexels | Photo by Ron Lach
Image Source: Pexels | Photo by Ron Lach

One unmistakable indicator of burnout in your side hustle is a dwindling sense of enthusiasm and excitement. According to Keith Donovan, a startup advisor and the founder of Startup Stumbles, this phenomenon is commonly referred to as passion fatigue. "In my early days, I once advised a young entrepreneur juggling a 9 to 5 job and a food delivery service side hustle. He was passionate about gourmet food but, over time, grew resentful of his own venture. When your side hustle feels more like a chokehold than a passion project, alarm bells should ring," he advises.

Pexels | Photo by Andrea Piacquadio
Image Source: Pexels | Photo by Andrea Piacquadio

Side hustles frequently demand sacrifices, ranging from missing family dinners and social events to sacrificing precious sleep, as noted by Donovan. "It’s essential to weigh these sacrifices against the tangible and intangible rewards," he says. If the sacrifices outweigh the benefits, reconsidering the side gig becomes imperative.

Unsplash | Photo by JESHOOTS.COM
Image Source: Unsplash | Photo by JESHOOTS.COM

Dennis Sanders, the founder and CEO of the renowned e-commerce platform Burning Daily, highlights the significance of consistency in a side hustle. "If the workload, client base, or project flow fluctuates unpredictably, it may suggest that the side hustle fails to offer a stable and sustainable income source," he suggests. Whether the inconsistency arises from seasonal fluctuations, varying time commitments, or other factors, it can hinder the reliability and effectiveness of the side hustle. Furthermore, a lack of consistent performance poses challenges in maintaining financial stability and may necessitate a reassessment of the viability of the endeavor. 

Unsplash | Photo by Patrick Hendry
Image Source: Unsplash | Photo by Patrick Hendry

"If your health is taking a beating due to your side hustle, no amount of money is worth it. I’ve seen driven individuals, brimming with ideas, burn out because they didn’t prioritize their well-being," Donovan advises. "I’ve come across numerous entrepreneurs who, after facing initial hurdles, pivoted or fine-tuned their approach. Others decided to let go, taking their invaluable experiences into new ventures or jobs. It’s never truly a loss, it’s a lesson," he adds.

Pexels | Photo by Hasan Albari
Image Source: Pexels | Photo by Hasan Albari

Max Wesman, COO of GoodHire, highlights that a clear indicator your side hustle isn't worthwhile is when it hinders your performance at your primary job. "If you don’t see any measurable success or visible progress over an extended period, it’s a red flag. It’s critical to have measurable success indicators and benchmarks. The absence of growth in these areas could signal the need for a change," he adds.

MORE ON MARKET REALIST
The card had a manufactuting defect but that is what made it so valuable.
7 hours ago
He didn't believe he'd make any money on them and offered a ridiculously low price.
9 hours ago
The contestant still managed to be in the lead after quickly learning from her mistake.
10 hours ago
The guest was surprised to learn that it was by one of the top artist's of the time.
11 hours ago
Despite the loss, the player called making it to the show a dream come true for her.
1 day ago
The host also poked fun at the contestant who answered for now knowing where the city was.
1 day ago
The guest ran a hard bargain, but the item was iconic enough to be worth that much money.
1 day ago
While the player, James, didn't get to play his dream game, he aced the one he got to play.
1 day ago
The best part was that a lot of those hilarious answers did appear on the board.
2 days ago
He got an expert to inspect the letter as it was too good to be true that it had landed in his shop.
2 days ago
The guest said that she often wore some of the jewels that were worth several thousands.
2 days ago
Mark Cuban described his business model as horrible, but still made an offer.
2 days ago
The expert had no idea whether the item was real without a test that could only be done in the US.
2 days ago
Harrison could have had a unique item in his store but his stubbornness cost him big time.
2 days ago
The shark had said that he was out earlier but came back in to swoop the deal away from the others.
3 days ago
The player was on a roll before she entered the bonus round and ran out of luck.
3 days ago
The item was gifted to the guest's grandfather by the Tsar of Russia towards the end of the empire.
3 days ago
Ozzy Osbourne recently passed away after delivering one of the most incredible farewell concerts.
3 days ago
It's rare to see contestants on the show refuse chances to win big, but the player was certain.
3 days ago
This contestant was on the verge of closing a multi-Shark deal when he thought he could use some extra support.
3 days ago