Side hustle is the additional job you do to supplement your daily job. Most people have side hustles that fit in with their current work schedule while others do not. Using this article, I will be explaining some of the mistakes people make and I also made while working on a side hustle. Some of these mistakes are done intentionally, while the rest can be unintentional but whatever the case might be, we should be willing to look deep into them and correct them before it becomes too late.
So why you continue reading through this article, we will like you to deep reflect on your side hustle and check if you are making these same mistakes.
Top 5 Mistakes Most People Make When Considering Side Hustles
Here are some of the top mistakes most people make when considering side hustles and they include:
Going all in
The first mistake most people make in their first time with their hustle is going all in without safety measures. This involve putting all your eggs in one basket by investing all your money in a business without testing the potential of that business with little fund you can afford to lose. Such decision can lead to disaster and trust me, there are so many side businesses that have failed because of such decision. The best way to go is by starting your side hustle in a small scale and with little money you can afford to lose. With time, you will be able to scale up the business after monitoring the potentials of the business.
Not scaling the side hustle into a legitimate business
The second mistake most people make on their side hustle is not scaling it up into a legitimate business. This simply means that they are not laying foundations to convert their side hustle into a full time legitimate business. Such decision is very bad and most people still find themselves doing it till today. They spend all the profits that comes out of the side hustle without reinvesting. This common mistake can easily lead to the downfall of the business.
Shining object syndrome
The shining object syndrome comes in when you have a side hustle but you keep admiring the side hustle of other people because you feel they are doing better. For example you have a blog and you run a growing affiliate business then you see a close friend or you-tuber running an online tutorial business which seems very successful, then you start growing cravings and looking at building your own online tutorial business instead of focusing on building your affiliate network. Such situations leads to distraction and diversion of interest and can possibly lead to the failure of your side hustle.
Spending money on unnecessary things
Another mistake most people make with side hustles is spending money on unnecessary things they shouldn’t spend on. For example, spending money on some courses which you can learn freely on youtube or spending money on materials you probably think you want but you don’t need them. So as an entrepreneur looking to build a solid side hustle, you should be willing to sacrifice small pleasure for the big day. You should be willing to invest money on only activities that will improve your business and not activities that are not of any usefulness to your business.
Not ensuring the side hustle aligns with your skill set
When building a side hustle you should be willing to ensure that your side hustle aligns or matches with your skill set. This will help you get things done the easy way. You wouldn’t want to start a side hustle and become confused along the way. So if you are good at a skill for example, coding skills, you should be willing to work on a side hustle related to coding, either building websites and blogs, online coding classes and so on.
If you find this article interesting, do leave us a positive feedback using the comment section and also lets us know about your side hustle and how you have been maintaining success with your side hustle.