The 7 biggest mistakes side hustlers make that quietly eat their profit
None of these need an accountant to fix. Each one has something you can start today with a notebook, and how MyProfits does it for you. Mistakes marked “A leak for you” came from your answers.
- 1
One pocket for every business
A leak for youWhen cake money pays for phone stock and your salary tops up both, you can’t tell which hustle is carrying the other.
Say the cakes make ₦ 40,000 a month and the accessories lose ₦ 10,000. From one pocket, it just looks like ₦ 30,000.
Do this today
Give each business its own page, or its own envelope. Never mix them.
Or let MyProfits do it
Run up to 10 businesses, each with its own products, costs and reports.
- 2
Counting money in as profit
A leak for youA big order feels like a big win. But flour, butter, boxes and gas came out of it first.
Say you sell a cake for ₦ 12,000. After ingredients and the box it made ₦ 4,500. That is the number to plan with.
Do this today
For every order, write the price and what it cost you to make. Plan with the difference only.
Or let MyProfits do it
Home shows “Money in today” and “Today’s profit” side by side for each business.
- 3
Ignoring the small costs
A leak for youTransport to buy supplies, data for Instagram, the dispatch rider. None looks big on its own.
Say each order costs ₦ 1,500 in small things you never count. Over 20 orders that is ₦ 30,000 of profit you thought you had.
Do this today
For one month, keep every small receipt in one envelope. Add it up at the end.
Or let MyProfits do it
Add costs per item, per sale or per batch. Delivery can be its own item with its own cost.
- 4
Taking money out with no record
A leak for youBorrowing from the business for a bill feels harmless, until the business can’t buy its next supplies.
Say you take ₦ 5,000 here and ₦ 8,000 there. By month end ₦ 30,000 is gone and the hustle looks like it failed.
Do this today
Write down everything you take out, even if you plan to put it back.
Or let MyProfits do it
Record “Money taken out” in two taps so it never gets mistaken for a loss.
- 5
Giving friends and family credit
A leak for youIt is hard to chase people you love. Unwritten debts are the easiest to forget, on both sides.
Say three friends each owe you ₦ 6,000 for cakes. That is ₦ 18,000, your next two orders’ supplies.
Do this today
Write every credit sale with a name and a date, even for family.
Or let MyProfits do it
“Owed to you” keeps the list, records part payments and sends friendly reminders.
- 6
Keeping records “later”
A leak for youYou’ll write it down tonight. Then tonight becomes Sunday, and Sunday becomes never.
Say you forget to record one order in five. Every report you ever look at is wrong by a fifth.
Do this today
Record each sale the moment you get paid. It takes less than a minute.
Or let MyProfits do it
Tap what you sold and it’s saved. It works offline, so there’s no waiting for network.
- 7
Forgetting tax on side income
A leak for youSide income is still income. Leaving tax until someone asks makes it a much bigger problem.
Say your hustles make ₦ 50,000 profit a month. Setting a share aside each month turns a scary bill into a small habit.
Do this today
Put a fixed share of every month’s profit into a separate account for tax.
Or let MyProfits do it
Set your income tax rate and home tells you how much to set aside from this month’s profit.
