How to Avoid Common Mistakes When Choosing a Side Hustle
How to Avoid Common Mistakes When Choosing a Side Hustle
Mistake #1: Choosing a side hustle that requires a big financial investment
Some side hustles may seem appealing because they promise high returns, but they also come with high risks and upfront costs. For example, you may need to buy expensive equipment, inventory, or licenses before you can start making money. This can put you in debt or drain your savings, and there is no guarantee that you will recoup your investment.
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Fix: Choose a side hustle that has low or no startup costs, and that leverages your existing skills, resources, or network. For example, you could offer your services as a freelancer, consultant, tutor, coach, or pet sitter. You could also sell your creations online, such as crafts, art, or digital products.
Mistake #2: Ignoring marketing efforts
Even if you have a great product or service, you won't make any money if no one knows about it. Marketing is essential for any side hustle, as it helps you reach your target audience, build trust, and generate sales. However, many side hustlers neglect marketing because they think it's too expensive, time-consuming, or complicated.
Fix: Marketing doesn't have to be hard or costly. You can start by creating a simple website or social media page for your side hustle, and use it to showcase your work, share testimonials, and collect leads. You can also use free or low-cost tools like email marketing, blogging, podcasting, or video marketing to educate your audience and demonstrate your value. Finally, don't forget to ask for referrals from your existing customers or network.
Mistake #3: Charging too little
One of the biggest challenges of any side hustle is setting the right price for your product or service. Many side hustlers tend to undervalue their work and charge too little, either because they lack confidence, want to attract more customers, or don't know their market value. However, this can backfire in several ways. You may end up working more for less money, attracting low-quality customers who don't appreciate your work, or losing money due to expenses or taxes.
Fix: Do some research on what others are charging for similar products or services in your niche or area. Consider factors like your skills, experience, quality of work, and demand. Then set a fair and realistic price that reflects your value and covers your costs. Don't be afraid to raise your prices as you gain more skills, reputation, or customers.
Mistake #4: Overworking yourself
A side hustle is supposed to be a source of extra income and satisfaction, not stress and burnout. However, many side hustlers end up overworking themselves by taking on too many projects, working long hours, or neglecting their health and well-being. This can lead to poor quality of work, loss of motivation, or physical and mental exhaustion.
Fix: Set clear boundaries and limits for your side hustle. Decide how much time and energy you can realistically devote to it without compromising your main job, your family, or your personal life. Learn to say no to projects or clients that are not worth it, or outsource some tasks if you can afford it. Also, make sure to take breaks, rest, and recharge regularly.
Mistake #5: Choosing a side hustle that you don't love
While a side hustle doesn't have to be your passion, it should at least be something that you enjoy doing or are interested in learning. Otherwise, you may soon lose interest, get bored, or resent your side hustle. This can affect your performance, your satisfaction, and your income.
Fix: Choose a side hustle that aligns with your strengths, your values, and your goals. Think about what skills you have or want to develop, what problems you want to solve, what causes you care about, or what hobbies you like. Then find a way to turn them into a profitable and enjoyable side hustle.
Mistake #6: Never starting
Perhaps the biggest mistake of all is never starting a side hustle at all. Some people may have great ideas or intentions, but they never take action because they are afraid of failure, rejection, or criticism. They may also suffer from analysis paralysis, procrastination, or perfectionism. However, these are all excuses that prevent them from pursuing their dreams and achieving their potential.
Fix: The only way to overcome fear or inertia is to take action. Start small and simple, and test your idea or product with a few potential customers or clients. Get feedback, learn from your mistakes, and improve as you go. Don't wait for the perfect time, the perfect plan, or the perfect outcome. Just start.
Mistake #7: Spending all your extra money
One of the main benefits of having a side hustle is earning some extra money that you can use to pay off debt, save for a goal, or invest for the future. However, some side hustlers may fall into the trap of spending all their extra money on things they don't need or want. This can defeat the purpose of having a side hustle and prevent them from achieving financial freedom.
Fix: Have a clear purpose and plan for your side hustle income. Set a budget and track your income and expenses. Pay yourself first by setting aside a percentage of your income for savings or investments. Then use the rest to pay off debt or cover your needs or wants. Be mindful of your spending habits and avoid impulse purchases or lifestyle inflation.
Mistake #8: Not considering taxes
Depending on your location and income level, you may have to pay taxes on your side hustle income. Many side hustlers may not be aware of this or may not keep track of their income and expenses properly. This can result in tax penalties, audits, or fines.
Fix: Educate yourself on the tax laws and regulations that apply to your side hustle. Consult a tax professional if you are unsure or need help. Keep accurate and organized records of your income and expenses throughout the year. Use a software or app to make it easier. Set aside some money for taxes each month and pay them on time.
Mistake #9: Considering your side hustle a hobby
A hobby is something that you do for fun or pleasure, without expecting any financial reward or recognition. A side hustle is something that you do for profit or purpose, with the intention of creating value or solving a problem for others. While some hobbies can be turned into side hustles, not all side hustles are hobbies. If you treat your side hustle like a hobby, you may not take it seriously enough or give it the attention and effort it deserves.
Fix: Treat your side hustle like a business, not a hobby. Have a clear vision and mission for your side hustle. Set SMART goals and track your progress and results. Create a business plan and strategy for your side hustle. Invest in your skills and tools to improve your quality and efficiency. Network with other side hustlers and potential customers or clients.
Mistake #10: Thinking only large chunks of time will move your business forward
Some side hustlers may think that they need to dedicate hours or days to their side hustle in order to make any progress or achieve any results. However, this can be unrealistic, impractical, or unsustainable, especially if they have a full-time job, family, or other commitments. They may end up feeling overwhelmed, frustrated, or guilty for not having enough time or energy for their side hustle.
Fix: Instead of focusing on the quantity of time, focus on the quality of time. Use the time you have wisely and efficiently. Break down your tasks into smaller and manageable chunks that you can complete in 15, 30, or 60 minutes. Schedule these tasks into your calendar and stick to them. Use tools like timers, alarms, or apps to help you stay focused and productive. Celebrate your small wins and achievements.
Mistake #11: Using contracted teaching hours to work on your side hustle
Fix: Respect your contract and employer's policies and expectations. Do not use any of your contracted teaching hours or resources for your side hustle. Keep your main job and side hustle separate and distinct. Do not let one interfere with the other. Use only your own time, equipment, and space for your side hustle. If possible, avoid working on your side hustle at school or near school premises.
Mistake #12: Choosing a side hustle because it's what others are doing
With the popularity and accessibility of social media, blogs, podcasts, and online courses, it's easy to get influenced by what others are doing or saying about their side hustles. You may see someone who claims to make six figures from blogging, podcasting, dropshipping, or coaching, and think that you should do the same. However, this can be a mistake for several reasons. First, you may not have the same skills, resources, or passion as the person you are following. Second, you may not have the same goals, values, or vision as the person you are following. Third, you may not have the same market, audience, or demand as the person you are following. Fourth, you may not have the same results, challenges, or opportunities as the person you are following.
Fix: Choose a side hustle that suits you, not someone else. Do your own research and analysis of your strengths, interests, and goals. Find a niche or problem that you can solve or serve with your unique value proposition. Test your idea or product with your own potential customers or clients. Learn from others, but don't copy them.
Mistake #13: Continuing to do something that isn't working
Sometimes, despite your best efforts and intentions, your side hustle may not work out as you hoped or planned. You may not get enough customers or clients, make enough money, or enjoy enough satisfaction from your side hustle. You may also face unexpected challenges, obstacles, or changes in your market, industry, or situation. However, some side hustlers may be reluctant to admit that their side hustle isn't working, and continue to do the same thing over and over again, hoping for a different outcome.
Fix: Be willing to admit when your side hustle isn't working, and be open to change. Evaluate your side hustle regularly and honestly. Use data and feedback to measure your progress and results. Identify what is working and what is not working. Then make adjustments or improvements accordingly. If necessary, pivot to a different product, service, niche, or strategy. Or even quit your side hustle and start a new one.
Conclusion
Having a side hustle can be a terrific way to supplement your income, follow your passions, and reach your financial objectives. They do, however, also come with difficulties and traps that might prevent your achievement or happiness. You can improve your chances of developing a lucrative and pleasurable side hustle by staying away from these typical side hustle blunders.
I hope this blog post helps you avoid some common mistakes when choosing a side hustle. Remember that a side hustle is a journey of learning and growth, not a destination of perfection and success. Enjoy the process and have fun! 😊
Do you currently work a side hustle or have any plans to do so? What are some of the difficulties or errors you've made—or avoided making? Please share your ideas and experiences in the section below.
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