Starting a side hustle can be a great way to supplement income or even replace lost income after job loss. However, building a side hustle is not always a smooth ride. Many entrepreneurs face obstacles and challenges along the way. In this article, we will explore the stories of people who faced challenges while building their side hustle after job loss and how they overcame them.
Financial Challenges
When starting a side hustle, finances can be a major obstacle for many entrepreneurs. After job loss, it can be difficult to invest in a new business venture. But for Janelle, a 35-year-old mother of two who lost her job due to the pandemic, starting her own home cleaning business was her only option.
“I was scared at first. I had no savings and no idea how I would finance my new business,” Janelle shared. “But I knew I had to take a risk and invest in myself.”
Janelle decided to take out a small business loan to finance her cleaning business. She also started networking with other small business owners and attending free webinars and workshops to learn more about finance and budgeting. By staying committed and persistent, Janelle was able to grow her business and pay off her loan within the first year.
Lack of Resources
For some entrepreneurs, a lack of resources can be a major obstacle in building their side hustle. After losing her job as a marketing manager, 28-year-old Anna wanted to start her own marketing consulting business. However, she lacked the resources and connections needed to grow her business.
“I felt lost and overwhelmed. I didn’t know where to start,” Anna shared.
To overcome her lack of resources, Anna started attending local business networking events and reaching out to other marketing professionals on LinkedIn. She also took advantage of free online resources such as webinars and courses on marketing and business development. By networking and staying persistent, Anna was able to build her consulting business and gain new clients.
Time Management
Time management can be a major challenge for entrepreneurs, especially those who are also job searching or working part-time jobs. After losing her job as a freelance writer, 32-year-old Sarah decided to start her own content writing business. However, she found it difficult to balance her time between building her business and job searching.
“I was constantly torn between working on my business and applying for jobs,” Sarah shared. “It was hard to find a balance.”
To overcome her time management challenges, Sarah started setting daily goals and creating a schedule that allowed her to dedicate time to both her business and job search. She also hired a virtual assistant to help with administrative tasks and streamline her workflow. By prioritizing her time and delegating tasks, Sarah was able to grow her business and eventually find a new full-time job.
Mental Health
Building a side hustle can be mentally taxing, especially after job loss. For 40-year-old Mark, who lost his job as a construction worker, starting his own woodworking business was a way to cope with his depression and anxiety.
“Building things with my hands has always been therapeutic for me,” Mark shared. “Starting my own business gave me a purpose and helped me stay focused.”
However, Mark faced challenges with self-doubt and negative self-talk along the way. To overcome these mental health challenges, Mark started seeing a therapist and practicing mindfulness and meditation. He also started reaching out to other small business owners for support and advice. By prioritizing his mental health and seeking support, Mark was able to build a successful woodworking business and improve his overall well-being.
In conclusion
Building a side hustle after job loss can be a challenging journey. However, by staying committed, persistent, and resilient, entrepreneurs can overcome obstacles and turn their side hustle dreams into reality.
