Ever wonder why some side gigs fizzle out while others flourish? In episode #715 of Build Your Tribe, I dive deep into the treacherous waters of side hustles—uncovering the hidden pitfalls that could be sabotaging your success!
Stick around, and let’s crack the code on how to steer clear of those make-or-break mistakes. Let’s explore this journey together and set your side hustle up for some serious wins
Finding Your Niche is Critical for Side Hustle Success
One of the main reasons side hustles fail is because people don’t truly understand their niche. You need to get really specific about who you want to serve. Don’t just say your offer will work for anyone – that’s a guaranteed way to see your side hustle stagnate. Figure out exactly who you want to help and what their specific problems are.
Outsource What You’re Not Good At for Your Side Hustle
Another big mistake is trying to do everything yourself to save money. Especially when you’re first starting out, you can’t afford to be the expert in everything from branding to web design to marketing. Find freelancers who can handle the tasks you aren’t skilled in for cheap. This will free up your time to focus on what only you can do – your unique offer.
Don’t Just Duplicate – Find Inspiration for Your Side Hustle
When you’re looking at what others in your industry are doing, use it as inspiration but don’t just duplicate. Put your own unique spin on proven offers and strategies. For example, when I created “CarSmart”, I took inspiration from Tony Robbins but made the content my own.
Keep Your Side Hustle Relevant By Watching Industry Trends
Stay on top of changes happening in your industry and adjust accordingly. If you see your offer declining in popularity, create a transition plan. Don’t jump ship, but start building towards the next stream of income so you have something solid in place when it’s time to switch.
I hope these tips help you avoid common side hustle failures! Let me know in a comment if you want me to do a follow-up post on building multiple streams of income.