Are you trying to start a reliable side hustle? Or maybe you want to turn your existing side hustle into a full-time gig?
There are many ways to find success, and many obstacles along the way. But there are fiThere are many ways to find success, and many obstacles along the way. But there are five myths that, if you believe them, can doom your side gig before it even gets started.ve myths that, if you believe them, can doom your side gig before it even gets started.
Here are the five most common myths about side hustles, and why they’re false.
Myth #1: I Don’t Have Anything to Offer
It can be easy to feel like you’ve got nothing to offer. Maybe you can’t drive for Lyft because you drive an old beater. Maybe you can’t do wedding photography because you can’t tell a Nikon from an iPhone.
Focus instead on what you’re good at, and what you enjoy doing. For example, if you like painting, you could sell some miniatures on Etsy. You might be surprised by how much demand there is!
Better yet, if your paintings don’t sell, at least you spent that time doing something you love.
Myth #2: The Broader Your Niche, the More Customers You’ll Have
Finding a good niche can be challenging, and many people avoid it altogether. After all, if you have a broad skill set, you’ll get more work, right?
Finding a profitable niche can sometimes mean narrowing your focus. For instance, if your Upwork profile says “computer programmer,” you’re not going to garner much attention. It doesn’t actually tell potential clients anything about your skills!
On the other hand, if you’re experienced in app development for the Samsung Galaxy, that’s a specific niche that tells potential clients about your skill set.
Myth #3: Don’t Sweat the Finances
Many people go into their side gig without understanding how to manage their finances. For instance, money from side gigs is subject to self-employment tax. You may also have to file taxes quarterly instead of annually. If you’re not managing your risks properly, an innocent mistake could cost you a boatload of money.
Myth #4: Don’t Quit Your Day Job
If your side gig is already successful, the next step is quitting your day job. But do you really want to take that leap?
If you’re not careful, it can be easy to fall into a cycle of negative thinking. You start questioning whether your gig will remain profitable. Soon, you start questioning whether you should even be hustling at all.
This is the opposite trap of running in blindly without understanding the risks; it’s a failure to take any risk at all. And without risk, there is no reward.
Myth #5: I’m Not Ready for This
When you’re starting a side hustle, it can be easy to get discouraged. For instance, if you’re starting a podcast, and your first episode gets three downloads including your mom, it can be easy to compare yourself to a heavy-hitter like Joe Rogan and get discouraged.
Remember, everybody has to start somewhere. You can do this, and you’ve never been more ready.