If you dread going to work every day, you might find yourself daydreaming about starting a side hustle to earn more money doing something you actually enjoy.
You’re not alone. About 15% of Americans work some kind of side job in addition to their full-time gig.
Before you fully dive into this exciting new adventure, however, it’s important to learn from the mistakes of others.
Keep reading to learn about 5 of the most common side job mistakes and how to avoid making them yourself.
1. Trying to Do Too Many Things
Once you get a taste for making a little extra money on the side, it can be tempting to try out several different side jobs.
Your thought process may be that the more jobs you take on, the more money you’ll make, by leveraging multiple sources of income. However, that’s not always the case. By spreading yourself too thin, you won’t be able to really excel in anything.
Instead, focus on one side hustle and really put your all into it in order to see the best results.
2. Letting Yourself Get Burnt Out
Once you find a side job that you’re passionate about, you might find that you’re spending every waking moment outside of your full-time job supporting your new dream.
That passion is great and can lead to plenty of extra money. But, the downside is that you run the risk of getting burnt out. If that happens, you won’t be able to sustain your side hustle for very long and you’ll be right back where you started.
3. Not Setting Aside Money for Taxes
When you work a regular 9 to 5 job at a traditional company, you never have to think about your tax dollars. Everything is automatically taken out of your pay check for you.
As an independent contractor, setting aside money for taxes falls on your shoulders.
While it can be tempting to spend all of the extra money you’re making, a good rule of thumb is to set aside 30% of your income for taxes.
Then, make sure you know the self-employment tax regulations so you stay compliant.
4. Undervaluing Yourself
When you’re just starting out with a side job, it’s easy to let insecurities set in. You might start to doubt yourself, and as a result, price your products or services lower than you should.
Don’t undervalue yourself! Instead, do some research about people doing similar types of jobs and what they charge. A little research can help you make sure you’re charging what you’re worth.
5. Not Marketing and Networking
You can make the best product in the world or offer the best services, but what good does it do if no one knows about it?
Once you’ve got a good rhythm with your side job, start spreading the word. Using social media and telling your friends and family members about your new business venture is a free, but effective method of marketing.
Avoid These Side Job Mistakes and Watch the Money Roll In
Now that you know the most common side job mistakes, you know what not to do when starting your side hustle. All that’s left to do is get to work and watch the number in your bank account increase.
For more helpful advice like this, be sure to check out our other articles before you go!
