Where’s The Money Leaking Out Of Your Side Hustle?
Your side hustle could be costing you a lot of profit – there could be many areas where money is leaking out of your business and right down the drain, and you may not even realise it right now. So, in the interest of saving you money whilst you’re trying to make money, let’s go through some of the parts of your side hustle that might be costing you a few pennies too much. Plus, it’s always a good idea to double check your business from time to time, to ensure you’re never missing out on the little details that’ll cost a lot in the long term.
Missed Opportunities
Any missed opportunities, such as not showing up for that networking event, or not taking the time to shop around for new software deals that are cheaper than what you’re working with, could be tanking your company by thousands per year. You could be wasting pocket change on not switching out suppliers or software providers here and there, but it’s the missed networking opportunities that could really be costing you.
The value of one good networking connection could be in the hundreds of thousands, as their connections can branch out even further than you ever dreamed. Plus, if you get close to another business like yours, or a professional with a skill you’re in desperate need of, you could make a lot more money via collaborating.
Wrong Insurance Plans
The insurance you’re working with, to keep your liability off of your side hustle, could be the wrong deal for you. Yes, Rhino Trade Insurance offer leading insurance for plumbers, and if you’re a plumber that may be a very attractive prospect for you. However, it’s key to shop around before you settle into a contract, to ensure you know about all the other deals out there.
There are so many insurance providers out there – how many did you look through before you signed up to a policy? Don’t get drawn in by shiny promises and big banners, make sure you compare, because it could save you hundreds per year.
Old or Useless Inventory
How much old stock, or old equipment, are you still holding onto? How long has it been since you used that old computer, or since you sold those old hoodies? And how much money have you missed out on by not putting them out for sale as well? Don’t worry, you can pick up the slack here via exchanges, limited time sales, and a hint of exclusivity.
Clear some space in your office; you’re working from home, and you’re going to need more space as your side hustle gets bigger and bigger. Old and useless inventory is just costing you, the longer you hold onto it, and it’s time to make a bit of that lost money back!
Your side hustle might be leaking money in some places, but there’s plenty you can do about this. Make sure you take a look through the details.
*This is a collaborative post.
