Learn street tested approaches in finding a side hustle that really works. Although it only takes a few minutes to get and set up one, not everything that you read online works. You still have to find out what works, what doesn’t work and why it works or why not.
Side hustles are fun but it can ruin your life if you are not able to balance and manage time spent with your day job and side gig. Here are 27 things to avoid when starting a new side hustle:
1 Never take on debt. Businesses require investments. If you are just beginning with your side hustle, just work hard but never take a loan for it. Work hard and get things done. Many startups fail because they are unable to turn a profit and pay back their investment.
2 Never take your day job for granted. Losing your full time job is the last thing you would want. Pursue your dreams build your business, but never forget your bread and butter.
3 Never over spend. Don’t count the chickens when the eggs are not hatched yet. Buy only the things you need. You still need to turn a profit and it won’t help if you go into debt at an early phase. Do not spend the money you haven’t received yet. Manage your finances well.
4 Don’t stop learning. Dream big but divide your actions into smaller goals. Build your skills. Upgrade your knowledge.
5 Never ignore simple bookkeeping. Do what generates revenue. Grow your customers. Work hard, dream big, but never ignore reports. Track your sales as well as your expenses.
6 Never forget to evaluate performance. Create a balanced scorecard. Established KPIs.
7 Do not do many things at once. Take one step at a time. One product at a time. People who are too excited to make big money often end up taking up multiple side hustles at one time. This may not make a lot of money. Focus is important.
Work on one side hustle at a time. If you want to change your financial situation, do not mess up your time and attention. Put your focus on one side hustle at a time and one smaller goal at a time.
Narrowing down the list of your side hustles can make you better money rather than working on too many and spreading yourself too thin.
8 Do not start a side hustle without understanding what it is all about. Understand your side hustle. Clearly define what you are trying to do and what you are trying to achieve. This will save you time, money and effort.
9 Never do a side hustle you are not passionate about. Many people start one and then stopped. Make sure you are passionate with what you do and are happy doing it.
10 Do not accept a side hustle that gives you a very low rate. Freelance side hustlers who are beginners often accept rates that are too low because they are desperate. Find yourself working too hard but not earning sufficiently? Increase your rates. Work and meet your needs. Don’t beat yourself working too low fees that may not even bring enough food on the table.
11 Never copy the side hustle of your friends. If you are not passionate about it, then you won’t likely succeed. Be comfortable and happy with what you do and not just because your friends are doing it.
Don’t waste your time on a side gig you are not truly interested. If they want you to join them, just simply ignore them and go start what you really love doing.
Do not pick a side gig that everyone else is doing. Come up with better ideas and start on it.
12 Do not attempt to do something you know you cannot do. If you think you do not have the talent or the skill set to be the best in that side hustle, then please do not continue with it. Focus on your strengths and weaknesses. Understand how your skill set can help you complete your job.
13 Do not do more than you can handle. I do not believe in multitasking. You become inefficient when you do multiple tasks at the same time. This means you do not pick more than one side hustle. If you really like to succeed, make sure you do one side hustle at a time.
14 Do not get a side hustle that competes with the product or services offered by your day job employer. That would be a clear definition of conflict of interest. Look into the terms and conditions of your employment contract first. Build a business, just don’t get fired right away!
15 Do not use proprietary information from your employer. You cannot use the proprietary information of your employer for personal use. Proprietary intellectual properties are patented. Using it can get you into trouble. Avoid legal problems. Do not do anything that can jeopardize your job.
16 Try to list down your goals. Know what you want to accomplish and make a timeline. It may not be perfect. Just try out a variety of options and strategies until you get the right one. You need a good plan to turn your side hustle into a profit.
17 Never start anything without the right mindset. You persevere only when you have the right mindset. If you are seriously building up a business, don’t just take it as a hobby. Move it and grow it!
18 Eliminate bad habits. Stick to a work schedule. Be consistent and soon it will become a habit. Try not to use your mobile phone a lot while you are working with your side hustle.
Avoid distractions and be productive. Potential distractions can be TV, couch, social media and mobile phone. Get up early and try to exercise.
19 Avoid being sleep deprived. This is super simple but super important. Try to get as much as 8 hours of sleep to remain healthy. Make sure you manage your sleeping hours because it has a huge impact on your ability to focus on work.
20 Never forget your notebook. It doesn’t matter where you go, make sure you always bring your notebook. Ideas pop out anytime. You are likely to forget great ideas within 15 to 30 minutes. At least bring a small notebook so you can write it down straight away.
21 Never ignore the value of tools and apps. Tools and apps can make your work easier and faster. Choose free tools.
22 Don’t forget to outsource. Outsource the technical tasks you find difficult to complete. If you are terrible in copywriting, then outsource the task with a copywriter.
23 Do not lose patience and hope. Remember that the wealthy people who had achieved success have failed so many times they cannot count anymore. Do not lose your cool, because that will radiate to the people around you.
24 Do not forget to take responsibility for your actions. Treat your side hustle like a real business.
25 Never let your attitude ruin your business. You need to be more smiling and friendly so people will buy your products or hire your services.
26 Never forget to spend at least an hour a day reading. Build up your skills by reading every night. Make it a habit to read at the same time every day.