11 mistakes to avoid if you want to set up a successful side hustle
Planning to start a business while you are employed? Discover 11 mistakes to avoid if you want to set up a successful side hustle.
More than 40% of workers in the US now have some kind of side hustle to bring in extra cash. And out of the other 60%, just under a quarter are planning to set up a second income stream within the next 12 months.
Side hustles are traditionally about turning your passion, hobbies, or interests into a little business. They’re an excellent way to satisfy your creative or entrepreneurial interests without giving up the much-needed security of a full-time salary.
And some side hustles are just fun, like dog walking or pet sitting. Imagine getting paid to hang out with cute dogs? Other popular side hustles include:
- Selling art or handmade crafts online
- Freelance writing or design
- Running a food truck or stand at events and festivals
- Teaching online or at night school
- Blogging or vlogging
But side hustling is no longer just a luxury for many people. Instead, it’s becoming a necessity.
Prices are rising, wages are stagnating, and everyone is getting less for their money. In fact almost half of US workers with a side hustle say they couldn’t make it to the end of the month without one!
So now that more people want (or simply need) a side hustle, small business lender OnDeck decided to do some research into what it takes to become a successful side hustler.
OnDeck’s researchers gathered the best advice from employment experts and business websites to create a list of the 11 most common mistakes first-time side hustlers make. And they added some helpful tips on what to do instead.
OnDeck covered the simple things that many new side hustlers overlook, including setting aside enough profits for tax, calculating income and outcome streams, and opening a business account.
And there are some crucial tips on how to balance side-hustling with your day job and personal responsibilities.
Photo by Ave Calvar