Starting a side hustle is one of the most innovative ways to earn more money and take control of your financial future. But as with any other new activity, there are challenges you need to be prepared for.
In fact, there are certain mistakes that many people new to side hustling make, which can have an impact on their long-term success. It’s not difficult to start a side hustle but it does require some preparation and planning if you want it to be a successful venture.
These 4 common mistakes will set you up for failure from day one so read on to avoid them and increase your chances of success…
Lack of Research
I already wrote about this particular mistake I see many people make. It all comes down to people diving into this venture without doing proper research on the side hustle and what it takes to start it.
I also noticed that people not only fail to research the side hustle but also fail to research the platform they intend to sell their products on.
No Long-Term Strategy
This should be a no-brainer but yet many people driven by side hustle gurus forget to make the strategy (short or long term) on their future passive income stream.
Together with the lack of research makes the hustle hard or even impossible to start and succeed.
No Proper Marketing Plan
Good job, you started your side hustle and now you wait for passive income gods to look at your shop and magically send you customers. I’m sorry to be the one to shatter your “vision” but this is not how it works.
Having a marketing plan is as essential as having a product to sell. Do you know who is your target customer? Where to reach it? How your product solves their problem? Why should they buy from YOU?
These are just some of the questions you should answer before thinking about creating a marketing plan.
Working Too Many Hours
What makes starting a side hustle so attractive is the fact you are not supposed to invest many hours into it to start seeing some results.
If you spend more hours tweaking everything and not making any progress, you should think about changing the direction of your strategy or your marketing plan.
Before starting your side business, make sure that you have a good plan of attack. You don’t want to spend time or money on a business venture that isn’t going anywhere.
Be realistic and honest with yourself about what you’re getting into. If you set the groundwork now, you’ll be more successful when it comes time to grow your company or get customers.
This story was originally posted on Medium.