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13 Hard Truths About Blogging as a Side Hustle

February 1, 2024 By Catherine Reed Leave a Comment

Blogging has become a popular side hustle for many, lured by the promise of passive income, creative expression, and the flexibility to work from anywhere. However, the reality of blogging as a secondary income stream is often glossed over by success stories and income reports. Here’s a look at 13 hard truths about blogging as a side hustle, offering a realistic perspective for those considering or currently navigating this journey.

1. Success Takes Time

blogging success takes time

One of the most sobering truths about blogging is that success doesn’t happen overnight. Building a loyal readership, creating quality content, and establishing a presence in your niche can take years. The early stages of blogging are particularly challenging, with many bloggers giving up before seeing significant results. Patience and persistence are crucial, as is a long-term commitment to your blog’s growth.

2. Consistency is Key

consistency is key

Consistency in posting fresh, engaging content is non-negotiable for a successful blog. However, balancing content creation with other responsibilities can be overwhelming. Many aspiring bloggers underestimate the time and effort required to maintain a consistent posting schedule. Failure to do so can lead to a decline in readership and engagement, stalling your blog’s growth.

3. Quality Content Matters

The internet is saturated with blogs, making it difficult to stand out. High-quality, original content is essential to attract and retain readers. This requires not only excellent writing skills but also the ability to research, fact-check, and present information in a compelling way. Crafting such content takes significant time and effort, challenging the notion that blogging is an easy side hustle.

4. SEO Knowledge is Essential

seo knowledge

Understanding and implementing Search Engine Optimization (SEO) strategies is crucial for driving traffic to your blog. However, SEO is complex and constantly evolving, requiring bloggers to stay informed and adapt their strategies. Many bloggers struggle with the technical aspects of SEO, which can hinder their blog’s visibility and growth.

5. Monetization is Challenging

blog monetization

Monetizing a blog is more complicated than simply adding advertisements or affiliate links. It requires a strategic approach and a substantial audience to generate significant income. Many bloggers find it challenging to monetize their blogs effectively, with only a small percentage earning enough to consider it a viable side hustle.

6. Competition is Fierce

competition is fierce

The blogging world is highly competitive, with millions of blogs vying for attention. Standing out in a crowded niche requires creativity, innovation, and a unique voice. This competition can be daunting for new bloggers, making it difficult to gain traction and establish a loyal readership.

7. Reader Engagement is Unpredictable

reader engagement is unpredictable

Audience engagement can be unpredictable, with some posts resonating with readers more than others. This unpredictability can be frustrating, especially when a post you’ve poured your heart into receives little to no engagement. Understanding your audience’s preferences and adapting your content accordingly is a continuous and often challenging process.

8. Technical Skills are Necessary

Running a blog requires a certain level of technical expertise, including website design, maintenance, and troubleshooting. Many bloggers are unprepared for the technical challenges they encounter, which can lead to frustration and setbacks. Investing time in learning these skills or the money to hire experts is often necessary for a blog’s success.

9. Burnout is Real

blogging burnout

Juggling blogging with other commitments can lead to burnout. The constant pressure to create content, engage with readers, and promote your blog can be exhausting. Many bloggers struggle to maintain a healthy work-life balance, which can impact their productivity and overall well-being.

10. Adaptability is Crucial

The digital landscape is constantly changing, with new trends, algorithms, and platforms emerging regularly. Staying relevant requires adaptability and a willingness to learn and evolve your blogging strategies. What worked yesterday might not work tomorrow, so staying informed and flexible is crucial for long-term success.

11. Social Media is a Double-Edged Sword

Social Media is a Double-Edged Sword

While social media can be a powerful tool for promoting your blog, it can also be a significant time sink. Balancing content creation with social media promotion and engagement can be overwhelming. Furthermore, the pressure to maintain an active social media presence can detract from the time spent on actual blogging.

12. Risky Revenue

Even for successful blogs, income can be unpredictable and fluctuate month to month. Relying on blog income as a stable source of revenue can be risky, particularly in the early stages. Diversifying income streams and having a financial buffer is crucial for bloggers relying on their blog income.

13. Legal and Ethical Responsibilities

Legal and Ethical Responsibilities

Bloggers have legal and ethical responsibilities, including copyright laws, disclosure of affiliate links, and privacy regulations. Navigating these legalities can be complex and requires due diligence. Ignorance of these responsibilities can lead to legal issues and damage your blog’s reputation.

Blogging as a Side Hustle Is a Journey

Ultimately, blogging as a side hustle offers an exciting opportunity for creative expression and potential income. However, the journey is fraught with challenges that require patience, persistence, and a willingness to learn. Understanding these hard truths can prepare aspiring bloggers for the realities of blogging, helping them navigate the hurdles with informed expectations and strategies for success.

Catherine Reed
Catherine Reed

Catherine is a tech-savvy writer who has focused on the personal finance space for more than eight years. She has a Bachelor’s in Information Technology and enjoys showcasing how tech can simplify everyday personal finance tasks like budgeting, spending tracking, and planning for the future. Additionally, she’s explored the ins and outs of the world of side hustles and loves to share what she’s learned along the way. When she’s not working, you can find her relaxing at home in the Pacific Northwest with her two cats or enjoying a cup of coffee at her neighborhood cafe.

Filed Under: Making Money Tagged With: blogging side hustle, extra income, Making money, side gig, side hustle

12 Financial Dangers of Being a Gig Worker

January 29, 2024 By Catherine Reed Leave a Comment

financial dangers of being a gig worker

In today’s economy, the gig workforce is expanding at an unprecedented rate. The allure of flexible hours, the ability to work from anywhere, and the promise of being your own boss has drawn many into the gig economy. However, this seemingly attractive work style comes with its own set of financial perils that are often overlooked. Here are 12 financial dangers that gig workers face, shedding light on the less glamorous side of being a gig worker.

1. Inconsistent Income

inconsistent income

The most glaring issue for gig workers is the lack of a stable income. Unlike traditional employment, gig jobs do not guarantee a fixed salary. Earnings can fluctuate wildly from month to month based on demand, competition, and the worker’s ability to secure gigs. This inconsistency makes it challenging to budget, save, and plan for the future, leading to financial instability.

2. Lack of Benefits

lack of benefits

Gig workers typically do not receive benefits like health insurance, paid leave, or retirement plans, which are standard in traditional employment. This lack of benefits means that gig workers must often pay out of pocket for healthcare, have no income during sick days or vacations, and need to be more proactive about their retirement savings, adding financial strain.

3. Tax Complications

tax implications

Gig workers are considered independent contractors, which complicates their tax situation. They are responsible for self-employment taxes and must keep meticulous records of their income and expenses. The need to set aside money for taxes and potentially pay quarterly estimated taxes adds an additional layer of financial management that many are unprepared for.

4. Job Security

lack of job security

The gig economy offers little in the way of job security. Work can dry up without warning, and gig workers have little recourse in such situations. The lack of long-term contracts and the ease with which clients can terminate services contribute to an environment of uncertainty and financial risk.

5. Overhead Costs

overhead costs

Gig workers often incur significant overhead costs, such as purchasing equipment, maintaining a home office, or using their own vehicles for work. These expenses can eat into earnings, and without a steady income, managing these costs can become a financial burden.

6. Lack of Career Progression

lack of career progression

The gig economy offers limited opportunities for career advancement. Without the traditional pathways of promotions and raises, gig workers may find their income plateauing. The absence of structured professional development can hinder long-term earning potential.

7. No Worker Protections

no worker protections

Unlike traditional employees, gig workers are not covered by labor laws that protect against unfair dismissal, guarantee minimum wage, or ensure safe working conditions. This lack of protection can lead to exploitation and financial instability.

8. Dependency on Platforms

dependency on platforms

Many gig workers rely on third-party platforms to connect with clients. These platforms can change their terms of service, fees, or algorithms without notice, impacting gig workers’ ability to earn. Dependency on these platforms puts gig workers at the mercy of external companies’ decisions.

9. Market Saturation

gig worker market saturation

As more people turn to gig work, market saturation becomes a significant issue. Increased competition can drive down prices and make it harder for gig workers to secure jobs, directly impacting their earnings.

10. Isolation and Mental Health

isolation and mental health

The isolation of gig work can lead to mental health challenges, which can indirectly affect financial stability. Without the support network of a traditional workplace, gig workers may struggle with motivation, productivity, and the ability to network effectively for new opportunities.

11. Lack of Training and Development

lack of training and development

Gig workers are responsible for their own training and professional development. Without access to company-sponsored training or the time and resources to invest in skill development, gig workers may find themselves falling behind in an ever-evolving job market.

12. Difficulty in Obtaining Loans or Mortgages

difficulty obtaining loans or mortgages

The unpredictable income of gig work can make it difficult for gig workers to obtain loans or mortgages. Financial institutions often prefer applicants with a steady income, viewing gig workers as high-risk borrowers. This can limit gig workers’ ability to invest in their futures through home ownership or business expansion.

Navigating the Financial Risks of Being a Gig Worker

navigating financial risks of being a gig worker

The gig economy offers flexibility and independence, but it also comes with significant financial risks. Gig workers must navigate a landscape filled with income instability, lack of benefits, and the absence of traditional employment protections. Understanding these challenges is crucial for anyone considering gig work as a long-term career path. It’s essential to plan meticulously, save diligently, and continually adapt to mitigate these financial dangers.

Catherine Reed
Catherine Reed

Catherine is a tech-savvy writer who has focused on the personal finance space for more than eight years. She has a Bachelor’s in Information Technology and enjoys showcasing how tech can simplify everyday personal finance tasks like budgeting, spending tracking, and planning for the future. Additionally, she’s explored the ins and outs of the world of side hustles and loves to share what she’s learned along the way. When she’s not working, you can find her relaxing at home in the Pacific Northwest with her two cats or enjoying a cup of coffee at her neighborhood cafe.

Filed Under: Making Money Tagged With: extra income, gig economy, gig worker, Making money, self employment, self-employed, side gig, side hustle, side income

What to Do When You Have More Bills Than Income

November 2, 2020 By MelissaB Leave a Comment

It can happen to the best of us—we have more bills than income.  Every person’s situation is unique.  Maybe you lost your job, or you had a medical emergency, or you just went through a divorce.  The situation doesn’t matter.  What matters is that you find yourself in a desperate position.  Rather than panicking or ignoring the problem, know that there are strategies to implement to get yourself out of this position.

More Bills Than Income

Steps to Take When You Have More Bills Than Income

The process of getting out of this situation isn’t quick, but finding your financial footing again can be done.

Write Down Your Financials

The first step is to take an honest account of where you are.  How much money do you have coming in?  How much debt do you have?  What are your monthly payments and bills?

Cut Ruthlessly

Now that you have your financials on paper, you need to cut ruthlessly.  What do you pay for monthly that you can slash from your budget?  Start first with subscriptions like DisneyPlus, Netflix, Amazon, etc.  You can get those services back once you no longer have more bills than income.

Next, look at categories you can’t eliminate but can reduce.  We all have to eat, but we don’t have to go to a restaurant to do so.  If you’re not already cooking all of your meals at home, now is the time to start.  Also, make a plan to shift the type of food that you’re eating so you can lower your grocery bill.  Now might be the time to eat some beans and rice and vegetarian soups.

Learn how to lower your electric bill.  Turn off appliances and devices that you’re not using at night.

Consider switching cell phone providers so you don’t have a high monthly cell phone bill.  You might want to move to a lower cost provider like Ting or Tello Mobile.

In short, cut or reduce everything you can.  Then, you’re on to the next step.

Prioritize Payments

More Bills than Income
Photo by Scott Graham on Unsplash

If there’s not enough money even after slashing your expenses, there’s not enough.  Once you write down your financials, list your bills in order of importance.  Think survival here.

Survival Expenses Should Always Be Paid First

Bills and expenses that you likely want to be sure you pay every month can include:

Food,

Clothing,

Utilities,

Housing,

Transportation

The most important goals right now are to feed and clothe yourself as well as keep the lights on (along with the heat or air conditioning) and maintain your house and car.  Without the latter two, keeping and getting yourself to work is very difficult.

Keep in mind, you’ll still want to be conservative in these categories.  You won’t be eating fancy meals and you won’t be buying designer clothes.  You’ll spend the minimum you need to get yourself fed and clothed.

Expenses to Pay with the Remaining Money

After you’ve done looking at your spending priorities, look at how much money you have left.  You may find that you have many more bills to go and only a little money left.  That’s okay.  You knew you were in this position, and now you’re writing it all out and making a plan.  This is empowering even if it feels terrifying.

Let’s say you have four debts remaining and you only have $250 leftover.  Spread that $250 between each of your remaining debts.  For instance, let’s say your four debts have these balances:

CC #1: $10,000

CC #2: $3,500

CC #3: $5,000

CC #4: $1,500

At this point, don’t pay attention to the minimum payment.  Instead, add up all the debt, in this case, $20,000, and figure out which percentage of debt each is.  For example, CC #1 represents 50% of the remaining debt, so you’ll give it 50% of your remaining money each month, $125.  CC #2 is 17.5% of your remaining debt, so it will get 17.5% of your remaining money–$43.75, and so on.

Negotiate Credit Card Rates

If you think your current financial situation is temporary, call your credit card company and ask them to reduce the amount of interest you’re paying.  By doing this, more of your monthly payment will go to principal, lowering the overall amount that you owe.  You’ll likely be successful with agents lowering your rate about 50% of the time.

Negotiate Monthly Payments

If you feel your financial situation may last longer than a few months, call your lenders and explain your situation.

Credit card companies have the power to reduce your monthly payment.  When you negotiate with them, they will ask you how much you can pay monthly.  Using the math that you did above, let them know exactly how much you can pay a month.  (You’ll tell credit card company #2 you can only pay $43.75 even if your monthly payment is $70.)  The credit card companies will likely lower your payment to what you can pay because you’re making a good faith effort to meet your obligations.

Remember to call your other lenders.  Your mortgage company may be able to work with you to reduce or temporarily suspend payments.  You can also apply for deferrals on your student loans.

The important advice is to call these companies early, before you fall significantly behind.  Call them while you still have good credit.

Find a Side Hustle

More Bills than Income
Photo by Garrhet Sampson on Unsplash

Reducing expenses is important when you have more bills than income, but the flip side is just as important.  Can you start a side hustle as a way to make extra money and boost your income?  I started freelance writing 10 years ago when our youngest was a baby.  Now, my freelance work contributes 25% of our monthly income.  Imagine adding an extra 10 or 20 percent to your current income?  How would that money help you improve your financial situation?

Final Thoughts

If you’re in the unfortunate position of having more bills than income, know that you’re not alone.  There are steps you can take to improve your financial situation and help you survive this current financial difficulty.  Most importantly, remember that this situation is temporary.  Things will get better.

Read More

How to Pay Down Your Credit Card Faster Even If You Don’t Have Extra Money

How to Feed Your Family on a Low Budget

How to Create a Zero-Based Budget in Excel

MelissaB
MelissaB

Melissa is a writer and virtual assistant. She earned her Master’s from Southern Illinois University, and her Bachelor’s in English from the University of Michigan. When she’s not working, you can find her homeschooling her kids, reading a good book, or cooking. She resides in New York, where she loves the natural beauty of the area.

www.momsplans.com/

Filed Under: budget, General Finance Tagged With: budget, budgeting, debt, extra income, income

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