The Motley Fool Starting a side hustle can be a great way to boost your income , improve your skills, and save more money. A study done by Zapier found that one in three Americans currently have a side hustle. That number is expected to grow this year and beyond. While this kind of opportunity can be great for your finances and life, you want to make sure that you’re prepared. Doing your research and knowing what to expect can help you avoid frustrating hurdles along the way. Do you want to begin a side hustle ? Here are some mistakes to avoid when starting out. 1. Choosing a side hustle that requires a big financial investment >Some side hustles require no financial investment or almost no money to start. These opportunities can provide a great way to bring in extra funds without having to spend a lot upfront. Unfortunately, some people don’t do research and choose opportunities that require a significant financial investment. This can make the whole process more stressful, and for some, it may result in wasted money if they don’t continue to pursue the side hustle long-term. 2. Ignoring marketing efforts Many side hustles require you to handle your marketing and sales efforts. If you’re working through a platform, there may be a lot of other people offering the same services as you. That means it’ll be harder to get noticed. You need to consider what marketing and sales strategies you will use to bring in more business. Additionally, you need to allow time in your schedule for marketing efforts. If you ignore marketing completely, you may struggle to get business, or your extra income may not amount to much. 3. Charging too little You may decide to freelance or do consulting work as a side hustle. Doing this can be an excellent way to use your skills and knowledge to bring in extra income. But you should consider your level of experience and charge accordingly. If you charge too little, it can be challenging to bring in enough extra money, and you may end up feeling burnt out too quickly. Charge enough to make your time worthwhile. If anyone has a problem with your higher rates, remind them that they get what they pay for, and they’re paying you for your expertise. 4. Overworking yourself Some people struggle with managing their time when they have a side hustle. They may get too excited about the prospect of an extra work opportunity and overbook themselves. It’s important to give yourself plenty of time for your regular work commitments, family and friend responsibilities, and enough time to rest. 5. Choosing a side hustle that you don’t love >You want to choose a side hustle that you enjoy. Otherwise, it will become a chore, and you won’t want to devote your time or energy to it. Consider your passions and interests and see if you can find a side hustle that brings you joy. If you don’t, […]
