When I started my first side business, I had no idea what I was doing. Since that time many years ago, I’ve learned the hard way what works and what doesn’t. I’ve also spent the last year and a half researching side businesses, and it’s incredible how many of our struggles are the same. We all tend to make the same mistakes that hold us back from pursuing our passions and succeeding at our dreams.
Whether you’ve been earning additional income on the side for years or you’ve just toyed with the idea and wondered what if, avoiding these three common mistakes will help you on your way.
- Not having a plan.
You don’t have to have a 15-page business document, but you need direction. What are your goals for the business? Why are you doing it? What do you hope it will do for you and your family? What hours will you work? Where will you work? So many people get started without knowing where they are going and quickly get off course. Instead, start out with a simple plan that answers basic questions. At my Business Boutique 1-Day events, Dave Ramsey and I will give you the plan you need to make money on your own terms, doing what you love!
- Not getting help.
When people burn out quickly in business, it usually isn’t because they’re lacking skills or ideas. It’s because they don’t get help. Anyone that is successful at anything got there with help. Asking for help isn’t showing weakness—it’s showing wisdom. So once you get your plan mapped out, figure out what things you aren’t good at, don’t enjoy or don’t have time for. Ask around, get creative and find help for those things. The more help you have, the more time you can spend doing what you love.
- Not making money.
You would think that making money would be the obvious point of starting a business. However, most people start a side business because they love what they are doing. That’s awesome, because people who love what they do are even better at business. But love isn’t enough to make a business work. You also need profits. If you want to build a line item in your budget for this thing, and you realize that it’s just a hobby and not a business, great. But if you want to share your gift with the world long-term and on a larger scale, you have to make a profit in order to continue doing it.
Turning your hobby into a business to make money on the side can be incredibly rewarding and a whole lot of fun. But trying something new and putting yourself out there can quickly become overwhelming. Minimize the stress on your journey by avoiding these common mistakes most side businesses make, and you’ll not only succeed in business, you’ll actually have fun along the way.