Common Beginner’s Mistakes
Making mistakes when you're trying something new is so normal and so okay. Some people will let the fear of failure keep them from trying new things, but I'm here to try to bring common mistakes to your attention ahead of the game, so that you start off on the right foot and don't let that fear keep you from reaching your full potential.
These mistakes include poor financial planning, starting with the wrong side hustle, letting fear of failure and intimidation get the better of you, and not seeing the process through to fruition. This is definitely a more general list, and not necessarily specific to one type of side hustle, so if you’re looking for more specific info on one particular niche, use the search bar on my home page to see if I’ve covered your topic yet. If I haven’t reach out! There’s a contact form on my About page.
Let's start with the one that I think could be the most detrimental mistake: money and, more specifically, your initial investment. There are SO many different considerations for this one. How committed are you to this particular side hustle? Can your investment be easily transferred to a different side hustle if you decide to pivot? How well researched are you on this side hustle? How financially stable are you coming into this new venture? What is the potential for a recurring investment?
The best general rule for your initial investment is to not spend it if you don't have it. If you feel for some reason that you have to spend it even if you don't have it, ensure that you have a way to earn it back that is NOT your new side hustle. So, if you invested $300 in a liquidation pallet to resell on eBay, make sure your next paycheck from your regular job has $300 set aside in it to pay off what you just invested. Do NOT count on your new side hustle to immediately pay you back because it may not happen like that, and now you have debt. Yes, there are plenty of success stories out there that tell you about a struggling entrepreneur who spent their last $100 on a business investment and now that person flies private and drives a G-Wagon. I fully respect and admire that, and if you want to bank your financial wellness on a risk like that, then more power to you. But, if we are trying to go the route with the least amount of up front financial risk, set some cash aside for this new venture, even if it takes a little time to build that up, and don't spend more than you are comfortable with. The best way to track your investments and profit margin are to use this Expense and Earnings Tracker. This will be one of the best tools you have in your tool belt.
Next, is closely related to the last point, but on a slightly different note: choosing an appropriate side hustle for what you have/are willing to invest. Honestly, most of the side hustle's I have tried have not required very much up front. In fairness, I have started some side hustles with very little research and a "just see what happens" attitude, and this is fine because now I’ve made these rookie mistakes for you and have lived to tell the tale so that you don’t make them too. However, I've made money with every side hustle I've tried. The ones I've decided I liked and kept moving forward with, I made larger investments on at later times. So, take comfort in knowing that you can try something out to see if you like it for very little investment, but the main point is, if you really want to get into the previously mentioned side hustle of reselling liquidation pallets, but only have $35 to invest up front, you may be going a little too big a little too quickly. I won't ever tell you your dreams are too big, but maybe you pivot a little bit at the get go. For example, you do some major spring cleaning, and sell some things you already have, put that money aside and then get a pallet, or maybe you go thrift for some treasure to resell first. You'll still gain experience on your chosen selling platform, get a feel for listing items and interacting with customers, and eventually still be able to live out that dream of being a pallet reseller (which is a really fun one).
Another option in this same vein is to try a totally different side hustle that requires little to no investment. First one that comes to mind for this is publishing low content books through Amazon KDP. You can literally do this without spending a dime. Amazon KDP is one of my favorite side hustles, and while slow on the earning front sometimes, it’s really fun and artsy and SO rewarding if you order your own book and get to hold your set and bound creation in your hands- too cool. Decide what sort of route is best for you before you just jump in. A little research and devising a strategy to get the biggest possible financial pay out for the lowest financial risk is your best bet.
Now, what about the fear of competition in a potentially oversaturated market? Surely you are not the only pallet reseller, book designer, or thrift flipper out there. I mean, yeah, you're not, but that should not scare you off from starting something new. It can be really intimidating to peruse your chosen market and see really experienced people doing what you're trying to do but they're just too good at it. Their photos are aesthetically pleasing, their descriptions sell their products seamlessly, and they have 3,500 excellent reviews. Remember this, no one can design the exact same books as you, not everyone can go into a thrift shop and see the value in that fab 1970's stained glass lamp like you, no one else is you and that is what you must lean into if you’re going to try something new. Be yourself, and give it your best. Don't let the fear of seeming amateur keep you from going for it. We all start somewhere! That's not a shameful thing. That's a bold thing to be proud of because, honestly, a lot of people do let fear stop them, but that's NOT gonna be you, babe. Use those intimidating shops as your muses and emulate the parts of their shops that you admire the most. I'm not saying to copy them, but if they do really cute flat lay style photography to display their items and you want to try your hand at that, then do it!
This last one I hold in high respect, as I did with the first one. Quitting is probably the most common beginner mistake. Starting a side hustle can be great for you financially, but the payout is often not an immediate thing. I've seen TONS of people decide they're just going to pull their listings from Poshmark, or other reselling apps, and take their clothes down to their local consignment shop to get a couple of bucks per item instead of just being patient and letting their item sell organically on Poshmark. As with many things, patience pays off. To give you an example- in my early years of selling on Poshmark, I had found a brand new with tags Free People sweater. Retail on it was like $130, and I, of course, got it for a fraction of that. You would think that sold immediately, but alas that was not the case. I had that thing for what felt like forever, so I took it to Platos Closet (which is a consignment shop if you're not familiar) and they offered me $7 for that sweater. Like...girl, what??? I did NOT sell to them and I ended up selling it on Poshmark eventually and made more than $7 on it.
Yes, it can be super annoying to think you've found treasure only for the internet to make you feel dumb and wrong about that. But, what would actually be dumb, is to quit, lose money on your investment, and not see the process through when you were excited to do that in the first place. Don't let the amount of time an item sits in your shop dull your sparkle. It will sell eventually. And in the rare case that it doesn't, use that as a learning opportunity to not buy an item like that again. You're excited about starting, don't be so quick to quit. Have patience and trust the process. The people who fail are the ones who quit. The ones who succeed are the ones who never gave up. Use the Side Hustle & Self Care Planner to make some commitments that will help you stay the course.
Let's recap some of these beginner mistakes. Not all side hustles require an up front investment, but you want to position yourself to invest comfortably and responsibly if you do choose to invest in something. Remember to use the Expense & Earnings Tracker to stay on top of your finances. Research and strategy can make a big difference in the long run. Fear of the competition and those more established in the market is normal, but not necessary. Be bold and start something new, and be kind to others when you turn around down the road and see that you are now the experienced one. Remember how it felt when you started. And lastly, don't be a quitter. You'll never succeed if you quit. Pivot, yes, but quit, no. Manage your time and side hustle commitments using the Planner. This is certainly not a comprehensive list of side hustles or their related mistakes, but I do hope that this list has brought some things to your attention that you may not have considered or sparked some thought provoking ideas for you to take into your new business venture.
I'm proud of you for being here and making the effort to plan for your business. Take some time for yourself now and head over to the Self Care side of the blog. You deserve it ❤️