Why Most Side Hustles Fail (and How You Can Succeed)

Hey Gigsters,

It’s great to connect with you again in this week’s edition of the SideGig Newsletter! Today, I want to have an honest conversation about something that’s not often talked about: why most side hustles fail. But don’t worry—this isn’t about scaring you off. It’s about learning from the common mistakes others have made so that you can avoid them and set yourself up for success.

1. Jumping in Without a Plan

I’ve seen so many people get super excited about a side hustle idea, only to jump in without a clear plan or set of goals. It’s like heading out on a road trip without a map—you’ll probably end up lost or frustrated.

My Tip: Start by setting clear, achievable goals for your side hustle. Think about what you want to accomplish—whether it’s earning extra cash or building a brand—and write down a simple business plan to guide you. Trust me, having a plan makes a world of difference.

2. Underestimating the Time Commitment

We all know that balancing a full-time job and a side hustle can be a real challenge. It’s easy to underestimate how much time and effort it takes to grow a successful side gig.

My Tip: Be realistic about how much time you can dedicate to your side hustle. I recommend using tools like Google Calendar or Trello to block out specific times each week to work on your hustle. Consistency is key—even a few focused hours a week can make a big difference over time.

3. Not Keeping an Eye on Finances

One mistake I’ve seen over and over is people not tracking their side hustle finances closely. Whether it’s overspending or not setting aside money for taxes, poor financial management can quickly become a problem.

My Tip: Start tracking every dollar that comes in and goes out of your side hustle. Tools like MyGigsters can help you keep everything organized. And don’t forget to save for taxes—it’s better to be prepared than caught off guard.

4. Ignoring Market Research

Having a great idea is awesome, but if you don’t understand your market, it’s going to be tough to succeed. Many side hustlers skip the step of researching their audience or testing their idea before launching, and that’s a big risk.

My Tip: Spend time really understanding your target market. Use tools like Google Trends to see what’s trending, and consider running a small pilot of your product or service. Getting feedback early on can save you many headaches down the road.

5. Trying to Do Everything Yourself

I get it—we all want to save money and take control of our projects, but trying to do everything on our own can lead to burnout and missed opportunities.

My Tip: Don’t be afraid to ask for help or outsource tasks that aren’t your strong suit. Platforms like Fiverr or Upwork are great for finding freelancers who can take some of the load off your plate. Plus, connecting with other side hustlers can give you valuable support and advice.

Starting and growing a side hustle isn’t a walk in the park, but you'll be ahead of the game by being aware of and avoiding these common pitfalls. Remember, it’s all about learning, adapting, and staying focused on your goals.

What challenges have you faced with your side hustle? I’d love to hear your stories and tips!

I will see you soon in the next edition

Benji