The Reality of It All
Starting a side hustle seems like the perfect way to make some extra cash on the side, especially if you’re already working a full-time job, like me. It can be a creative outlet, a way to build a business, or simply an opportunity to monetize a hobby you love. However, many people approach starting a side hustle with unrealistic expectations, thanks to pervasive myths that online experts and gurus make it look easy. Let’s explore 5 of these myths and offer practical tips for starting a side hustle that’s actually sustainable.
Myth #1: Starting a side hustle is easy.
The harsh truth is that starting a side hustle is not easy. It takes work, commitment, and patience. There’s no shortcut to success, and you can’t expect overnight results. Starting a side hustle requires planning, research, and a willingness to learn from your mistakes. You’ll need to put in the hours to build your product, promote it on social media, and connect with your target audience.
You’ll have to face rejection, setbacks, and frustration.
You’ll fail….a lot. You’ll try different things, get impatient, and quit out of lack of convenience.
Myth #2: Your side hustle will make you rich quickly.
One of the biggest myths surrounding side hustles is that they’re an easy way to get rich quickly. However, the reality is much different. While it’s true that some side hustles can be lucrative, most will not generate significant income right away.
In fact, many side hustles take months or years to become profitable.
Read the above quote AGAIN — months or even YEARS! Even then, the income may not be enough to replace a full-time job. Therefore, it’s important to give your expectations a reality check and avoid making financial decisions based solely on your side hustle income.
Myth #3: Starting a side hustle won’t impact your full-time job.
It’s easy to assume that your side hustle won’t impact your full-time job, but this is another myth that needs to be debunked. Building a side hustle requires time and energy, and it can be difficult to balance the demands of your full-time job with your side hustle responsibilities. You may find yourself working long hours, sacrificing sleep and personal time, or neglecting important relationships. Add to that kids….that’s an extra full-time job on top of your full-time paying job AND side hustle. Therefore, it’s important to create a work-life balance that allows you to pursue your side hustle without compromising your full-time job. And, mentally preparing to let your side-hustle slide for a few weeks if need be. You see that my last post (Understanding Enmeshment) before this one is dated 8/12. That’s not me being lazy, that’s me letting this small (VERY SMALL) source of income go for a couple of weeks, because back-to-school, single mom, full-time job and I was just plain-ass tired. It’s a lot…for anyone.
Myth #4: You don’t need a business plan or budget.
Many people believe that starting a side hustle is as simple as putting up a website or creating a social media account. However, this myth couldn’t be further from the truth. Before you start your side hustle, it’s critical to create a business plan that outlines your goals, target audience, marketing strategy, and financial projections. It’s also important to create a budget that accounts for your expenses, such as website hosting, supplies, marketing promotions, and taxes. If you think ANY side hustle is free…it’s not. They don’t tell you the big picture and back-end costs. They promote the shiny part of MORE money and no capital on your part. By taking the time to plan and budget accordingly, you’ll be better equipped to make informed decisions and avoid financial pitfalls.
Myth #5: You can do it alone.
While it’s possible to start a side hustle on your own, it’s important to remember that success often requires a team effort. Whether it’s collaborating with other entrepreneurs, hiring a virtual assistant, or seeking mentorship, building a network of support can make a huge difference in your side hustle success. I WISH I could hire someone to do my social media — it’s my business weakness and yet vital to an online business’s success. But, I have no extra capital to hire someone to take care of it. It’s a catch-22, right? I need the marketing to reach more of my audience yet I can’t afford someone to help me to get there. Nor do I have the extra hours to create content AND promote myself (please don’t come at me offering your services at a low cost, I truly have no money to give you at this moment).
So, I do what I can and realize that my growth will be slower than that of the people who either have more time or the capital to pay someone.
It’s also important to seek feedback from your customers and peers to help you improve your products, services, and marketing strategies. Again, money because your audience more than likely will be persuaded by some sort of gift/incentive to give you said feedback.
Starting a side hustle is an exciting adventure that offers endless possibilities for personal and financial fulfillment. However, it’s important to approach the journey with realistic expectations and practical strategies. By seeing through the shiny part that’s promoted out there and investing in your business, you’ll be well on your way to building a side hustle that’s both sustainable and fulfilling with less guilt and stress along the way.
