A side hustle is a form of job that you do that helps to provide additional income. Side hustles are great for people who have additional time to make income. Most people enjoy doing their side hustle rather than their full-time job because they have more control of their time and they are doing what they like. Having an additional source of income is important as it provides monetary security. In the event you are build replaced or fired from your full-time job, a side hustle income may be able to tide you through the tough times until the next opportunity arrises. We see this event happened during the Covid-19 2020 pandemic where many people lost their jobs. Therefore, we learnt full well the importance of side hustle. And to start one, we will look at what are things you need to know before starting a side hustle.
Why I love working a Side Hustle
Back in my early 20s, I started many side hustles and failed almost all of them. In total, I created 9 side hustles and only 3 succeed in the test of time. Those 3 are options trading, blogging, and Fiverr business. During those times, I manage to gain tremendous experience creating and building up businesses. Because of that, I managed to achieve $100,000 invested in a span of 4 years.
I am in my mid-20s currently, grateful for all the failure and success. Having done multiple experiences in different side hustles, I narrowed it down to the ones that suited me well. I now have 4 different income sources and on the way to building more. I hope that my failure and successes will guide me and make the lesser mistakes I did to build the type of income stream you are looking for.
Common Mistakes people make when Starting out
There are some mistakes that many beginners often make when starting out their side hustle and it affects not only making it into a big business but also their lifestyle and the people around them. It’s hard not to avoid these mistakes and learning how to deal with these challenges can be tough for side hustlers. So do take notes on what are things you need to know before starting a side hustle?
Using time wisely
It is important that you are able to find a side hustle that has a proper work-life balance that will not affect your studies or full-time job. This is really critical as most people forget that a side hustle is meant to provide small additional income. Whether that income is used to supplement daily expenses, bills or entertainment. This additional income should be look at proving you the ability to spend more time with love ones.
Not Level up yourself
If you are in a highly competitive niche side hustle like the E-commerce business, level uping yourself in your tech skill is crucial. Having the ability to be flexible in learning new things can be extra helpful when doing business. Reading, watching tutorial videos and going for courses can be a great way better ones mind. Being open to learning new information can allow you to find innovative solutions to stay ahead of the competitions. And learning new information can overcome past mistakes to better oneself.
Most side hustles fail because they lose interest or conviction in their business. Having the tenacity to grind through tough times and never lose faith is what makes a business successful. Just know that starting out with a side hustle would mean having some failures along the way. What makes successful businesses from a side hustle is overcoming failures and finding solutions to solve problems for others.
Starting a side hustle doesn’t guarantee huge reward or success at the start. Most people fail to see that. Often times, people believe that building a successful business should be a straight linear growth. However, it can be quite far from the truth as most business take a slow growth in the beginner that may last years before reaching success. That’s when most business fail because they fall into the trap of the Valley of Disappointment. That is why 90% businesses fail within 5 years, they do not have the tenacity to work long enough before they see their successes ripe.
If you would like to learn how to build tenacity and good habits for starting any business. I would totally recommend Atomic Habits. The book is so well read that It is rank the #1 best seller in Amazon in 2021.
The End Goal
Ultimately, the end goal of having a side hustle is building a legitimate money-making machine that allows you to quit your full-time job. The goal for my website HustleVentureSG is to share our journey doing our side hustle as a guideline. So that you would have a better systemic approach to building your side hustle project to hopefully become a successful business. If you would like to check out other side hustle ideas to choose from or learn tips and tricks on starting one. Be sure to check out Side Hustle 101.