One of the most popular ways to save extra cash is to start a side hustle. In the UK, around one in three people have their own side hustle, and many more have set goals to start one in 2022. To help you stay on track if you’re planning to start a side hustle, here are six mistakes that you should avoid this year!
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1. Copying the masses
Every year, a new side hustle trend emerges and thousands of keen entrepreneurs jump on the bandwagon. However, mimicking what thousands of others are doing could be a barrier to your success.
This is mainly due to the fact that everyone has different talents, so what works for other side hustlers might not work as well for you! Instead, take time to conduct research into what side hustles are out there and pick something that you will be genuinely good at.
2. Failing to separate your finances
If you are balancing your side hustle with a full-time job, it’s vital that you keep your finances separate! Otherwise, you may end up spending your personal allowance and not leaving yourself with enough funds to pay the bills.
A good idea might be to set up a separate bank account for any money that you make from your side hustle. This way, it will be easy to distinguish between your main income and your side income stream.
Starting a side hustle is only one piece of the puzzle. In order for people to know that your side hustle exists, you need to invest in marketing! Too many small business owners miss out this important step and end up losing customers to other businesses that market their services effectively.
If you don’t have the funds to invest in advertising, you could market your side hustle across social media, in the local paper or even through word of mouth. You don’t have to be a marketing pro, you just need to raise awareness of the services you offer.
4. Putting too much on your plate
The excitement of generating a second stream of income can make it easy to get carried away. As a result, many side hustlers end up burning themselves out and giving up early in the process.
The best way to avoid this side hustle burnout is to make a clear business plan and spread tasks over a reasonable period of time. Be sure to give yourself plenty of downtime, as well as time to focus on your full-time job and your hobbies.
5. Not setting priorities
Every side hustle has many elements, and some of these will be more important than others. One mistake that you should try to avoid is over-prioritising small tasks or simply not setting any priorities at all!
Understanding what parts of your side hustle require more attention will make it easier to plan out your day. As well as this, setting priorities will prevent you from spending too much time on unimportant tasks.
6. Doing everything yourself
Starting a successful business yourself can be very rewarding. However, failing to ask others for help could lead to missed opportunities! You could be surprised at how much the people around you have to offer. You may have friends who could help you with your finances, advertising or even social media.
There is no shame in reaching out for help, and doing so will often save you money in the long run. Asking for a favour from a family member is usually much cheaper than hiring a professional to fix any mistakes that you could make when taking on difficult tasks yourself.