So, you’ve decided to start a side hustle! Good for you! You’re not alone; almost 40% of Americans have a side hustle! A side hustle can help you make extra money and pursue your passions, but there are some common mistakes people make when starting one. Here are the top 7 mistakes to avoid when starting a side hustle.

1. Jumping In Without Researching

Don’t dive in without doing your research first! Research your competitors, the target market, and any legal requirements. Test your idea with friends and family to get real feedback. This can save you a lot of time and money down the line.

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2. Failing to Set Clear Goals

Setting clear goals for your side hustle is essential to stay on track and measure progress. Make sure your goals are SMART (Specific, Measurable, Achievable, Relevant, and Time-bound). This allows you to define what success means to you and helps you make better decisions.

A person writing down goals with a pen and paper

3. Not Treating It Like a Business

Side hustles require effort and attention like an actual business. Dedicate regular time to work on it, keep detailed records, and separate your personal and business finances. This helps keep your books organized, with tax time less stressful.

A person wearing a suit and tie, sitting at a desk with a laptop and documents

4. Trying to Do It All Alone

Don’t try to do everything yourself! Build a network, hire help, and delegate tasks that you’re not so great. Consider collaborating with others in your niche to support and generate creative ideas. Working with others also helps you learn from their experiences.

A group of people brainstorming and laughing together in an office

5. Forgetting to Market and Promote

Marketing is just as important as the work itself! It doesn’t matter how great your products or services are if no one knows about them. Use social media to create buzz and engage with your audience. Network and attend local events or conferences to meet potential clients or customers.

A person with a megaphone, promoting something to a crowd

6. Underpricing and Overworking

Setting your pricing is tricky; it’s essential to ensure you’re making a profit, yet aren’t charging so much that your competition appears more attractive. It’s important to find the sweet spot - not too expensive, not too cheap. Also, avoid overworking. Keep track of your work hours and your earnings to help you find work-life balance.

A person juggling coins and working on a laptop in front of a clock

7. Not Evaluating the Performance

Regularly evaluate your progress and make tweaks as needed. Analyze your financials, customer feedback, and marketing strategies to see what works and what doesn’t. And, don’t forget to celebrate your successes and milestones.

A person looking at a graph of their progress over time

Wrapping Up 🎉

Starting a side hustle is exciting, but it can also be overwhelming. Remember to research thoroughly, set clear goals, treat it like a business, build your network, market and promote, set your pricing, evaluate your performance regularly, and enjoy the ride!

A person smiling with a thumbs up and a check mark next to them