There are some very obvious yet common side hustle mistakes that almost every side hustler ends up making especially in the initial stages. Those who recognise their mistakes and correct them are able to succeed. And those who are unable to work on their side hustle mistakes end up either with a stagnant side business or ending it completely.
If you have just started or are considering starting a side hustle, you need to know and avoid these common side hustle mistakes that can tank your side hustle business.
Not Investing Time in Learning
This is the first and one of the most common side hustle mistakes that every side hustler makes. They plan on starting a side hustle and simply go for it. No importance is given to learning about the service, market, and running the business.
When you are starting something without gaining prior knowledge about the current market and how businesses or side hustles work, you are setting yourself up for failure. You may think that having a skill that you are passionate about is enough for running a side hustle but that’s not true. Yes, it is a service you will be offering and your experience in that matters but that is not enough to meet the expectations of the market.
For instance, if you wish to be a content writer, simply knowing how to write in a specific language is not enough to be a content writer. You will have to learn the technicalities of working in the industry like Search Engine Optimisation, writing tools, keyword research, and content marketing.
The first step of starting a side hustle is to learn and prepare oneself for the side hustle and it includes everything from enhancing your skillset and knowledge regarding the service you wish to offer to learn how to grow and successfully run a business or side hustle.
Read more: Is Taking Online Courses Worth Your Money?
Expecting Perfection Right From the Beginning
When you are just starting, you can’t compete with people who are already successful in your field. You will start, learn, improve, and grow.
A lot of people make this mistake of waiting until they meet their expectations of perfection. This leads to procrastination in most of the cases.
This is a mistake that no matter at what stage of your side hustle you are at, you need to avoid. There is nothing called perfect. Nothing is and can ever be perfect. Your side hustle, mindset, performance, everything is going to improve with time and experience. Don’t expect yourself to be perfect right from the start. But don’t stop yourself from improving as you learn either.
Not Updating Portfolio From Time to Time
We all know how important it is to create a portfolio. But what people don’t realise is that it is equally, if not more, important to keep updating your portfolio from time to time. As you grow and learn, your working style and the quality of your work changes for the better. And updating your portfolio ensures that your potential clients get to see your improved work. That is the only way you can keep growing as a side hustler.
Entertaining Leads Who Can’t Afford Your Price
Even when you are a newbie, you know what you shall be quoting for a project. Entertaining leads that are either not interested in the services you offer or can’t afford your prices will only waste your time. Side hustlers fail to realise this initially but they know how disheartening it is when you invest a decent amount of time in explaining a prospect how your services can help them grow only to later find out that the prospect is willing to pay you peanuts.
Always make sure you start your conversation with giving a ballpark figure of what you charge for the kind of services they need so that neither of you waste time discussing something that isn’t even going to happen.
Agreeing to Work at Lower Price Than You Deserve
Another common side hustle mistake that specifically Indian freelancers and side hustlers make is agreeing to work at any price that is offered to them. Imagine getting INR 300 for a project that could easily get you INR 1500. Every Indian freelancer is guilty of this one mistake.
It is because of these freelancers who agree to work at lower prices, freelancers in general aren’t paid well by the Indian clients. It may not be possible for everyone to land international client as soon as they start but that does not mean they should agree to work for whatever the client pays them. Know the value of your work and effort and respect that.
It may take a little extra time to land a client who agrees to pay you what you deserve but it is okay to wait for such client than working for someone who does not even value your work or field.
Giving Up on Sleep
You start a side hustle on side, exactly how the name suggests. That means you already have something to primarily focus on and a life. Your side hustle comes third but demands equal attention and time. Although it is important to give it the time and attention it deserves and demands, it is not okay to give up on your life, health, or sleep for that.
Understand that a day consists of 24 hours. You just need to manage your time well and use your unproductive time for the side hustle. Giving up on your sleep makes no sense at all.
Treating Your Side Hustle Like a Hobby
Yes, it is highly recommended to turn your hobby into a side hustle but do not treat your side hustle as a hobby. Your side hustle should be your business, in which you need to invest yourself. When you consider your side hustle as a hobby you only work on it when you feel like and this leads you one step closer to failure.
Your side hustle is supposed to be a source of income for you, it is nothing less than a business even if you don’t intend to turn into a full time thing.
Not Improving With Time
You may consider yourself an expert in the field you have stepped into but you need to understand that market changes with time. There are advancements, developments, and more expectations. You, as a side hustler, need to meet these and stay updated. Not just that, with time you need to improve as well, otherwise landing a client will become diffiocuklt for you.
To understand this point, let’s take an example. Say, you started a side hustle of content writing, you have a specific style of writing and it is working in your favour for now. But as google algorithm changes, and as content market grows further, your writing style and tactics may get outdated. You will always have to keep improving yourself, in every aspect of your side hustle business, in order to grow and succeed.
Starting a side hustle business becomes extremely easy when you have an idea of what exactly you need to do in order to succeed.
And of course, it is difficult to know it all when you are just starting out.
Hustlepost Academy has a course called Side Hustle Formula that can give you a blueprint of everything you need to know and do in order to start and grow your side hustle business. Following this will help you avoid the side hustle mistakes that usually side hustlers make.