I experienced several years of fluctuating income when I initially launched my business. There were even moments when we struggled to cover our monthly expenses. Nonetheless, I persisted, and put in numerous late nights. Over time my network expanded, and I accumulated a greater portfolio of work and experience to rely on. Consequently, more work started coming as the days and weeks went by.
Remember, it took me 5 to 7 years until it became a reliable source of income. It doesn’t mean that you have to spend the same amount of time for you to achieve similar results. One way to ensure your financial success is by learning how to spot side hustle scams before you get burned.
After all, the Internet is filled with inflated promises and charismatic influencers. These people often claim that you can make over $10K+ a week. However, success is rarely that quick. Remember, building a sustainable business takes time, effort, and consistency. Many success stories you see online are often exaggerated or only true for those with large platforms.
Since I have you here right now, here are five ways to help you spot side hustle scams before it’s too late.
The Digital Marketing Trap
Open a browser and search for money-making techniques, and you’re bound to see digital marketers sparkle promises of “easy money” through various get-rich-quick schemes. Many influencers peddle their services as “30-day Masterclasses” or “Passive Income Blueprints,” which often don’t work for everybody and only a select few.
Bear in mind that these digital marketers enlist people to purchase into different side hustle scams. Some people buy into these products because they think the formula or blueprint also works for them. However, you must look into various factors to ensure long-term success.
With that, heed the following words mentioned by author and former dot-com business executive Seth Godin:
“Don’t find customers for your products; find products for your customers.”
Remember, spotting side hustle scams starts with some skepticisim. Avoid MLM-style business models, wherein you’ll resell courses and products that rarely work.
Search for vague claims, such as “Make $10K per month starting now” or “Get rich now without leaving your home!” Don't let the fear of missing out (FOMO) cloud your better judgment. Focus on opportunities that help you learn valuable skills and not only empty hype.
Why Success Can’t Be Guaranteed
Rome wasn’t built in a day, and so should your business empire. Keep in mind that most success story often begin with hard work. Bearing in mind that success is never guaranteed, regardless of the promise, can help you take that one step forward.
Start by staying away from side hustle scams promising a specific amount of money. These red flags include “Earn $5K monthly, guaranteed” and “How I earned $1K per week with this method.” The Federal Trade Commission (FTC) even tells consumers that scammers often highlight a problem or a prize to dig into a person’s need for financial success.
Instead, check market conditions, work on personal effort, and learn how to time your marketing efforts. These elements all play vital roles in building business success.
How to Spot a Scam
If an opportunity screams, “Make $50K in a month with no effort,” run. Scammers love over-the-top promises and flashy income screenshots. Some of them might only grab a picture of another person’s success from the Internet and sell it as their own.
Instead, look for stories and real-world experiences. Avoid business models that push you to buy a course so you can resell them, which is a classic MLM strategy. Remember, dig deeper into the narratives of successful people, particularly those who underwent legitimate hustles and not overnight riches.
Use tools like the Better Business Bureau’s (BBB) Scam Tracker. Alternatively, search for and employ legitimate services from freelance platforms like Upwork and Fiverr.
Don’t forget to remain skeptical when thinking about diving into a particular venture. Request help from communities, like those in Reddit, to check if certain offerings are side hustle scams or not.
The Importance of Building a Real Business
Legitimate side hustles demand patience, leading to providing clients with real value. Quick-cash schemes are like gambling at casinos, often preying on desperation through promising overnight riches with little to no effort.
Always keep in mind that side hustle scams fade over time, but real businesses endure by being built in real purpose. Side hustles often take time to grow, and they generally start small. Find your niche and refine your offer. Then, focus on long-term growth by focusing integrity over hype.
Also, take the time to test ideas and gather feedback from customers. Gather the results and scale your business intentionally.
With that, take into heart these words mentioned by Virgin Group co-founder Sir Richard Charles Nicholas Branson:
“Opportunities are like buses – there’s always another one coming!”
For example, you may start baking bread to give to friends and family. Then, gather feedback from your tasters to refine your baked goods. Over time, you might gather enough funds from other sources to fund your baking side hustle. Give it time, effort, and patience, and that side hustle may turn into a popular local bakery.
How to Start Smart
It’s not inherently bad to dream big for your business and financial freedom. However, blinding yourself to would-be opportunities can do more harm than good.
Remember, launching a side hustle starts with intentionality. Start by selecting a business model that fits your skills and values. Heed these words famously said by business, inventor, and co-founder of Apple Inc., Steve Jobs, at the 2005 Stanford Commencement Address:
“The only way to do great work is to love what you do.”
Note that if you love what you’re doing, then it won’t feel like work, reducing the risks of burnout. Select a side hustle that you won’t mind doing every day, perhaps even for the rest of your life. Embrace the long game, and you’re bound to be going in the right direction.
At the same time, stay sharp against side hustle scams. Charismatic influencers can still sway you into thinking their money-making process is better than everyone else's preferred method. So, here are some red flags that are indicative of side hustle scams to watch out for as you focus on your financial success:
- Upfront fees with vague return on investment (ROI) promises
- Pressure to recruit others so that “everyone” can become rich
- Too-good-to-be-true timelines
