Starting your side hustle business

Starting your new side hustle can be really exciting, but it often comes with several common challenges. Here are some of the main obstacles you may face and strategies to overcome them:

Time Management

One of the biggest challenges is balancing time between a day job, family responsibilities, and the side hustle.  In order to overcome this:

- Set realistic goals and stick to a schedule

- Prioritise your tasks and allocate time effectively

- Create dedicated time slots for working on your side hustle

- Ignore those distractions during your 'designated' side hustle time

Funding and Finances

Securing the money needed to launch and grow a side business can be difficult, but there are some ways to overcome this which include:

- Start small and reinvest profits back into the business

- Consider crowdfunding or asking friends/family for support

- Look for free or low-cost resources and services when possible

- Carefully plan and manage finances to ensure profitability.

Marketing and Branding

With a limited budget, marketing can be a challenge for side hustlers, but there are ways you can do this without it costing the earth:

- Make use of free social media platforms to promote your brand

- Collaborate with influencers or bloggers in your industry 

- Focus on providing the best customer experience to generate word-of-mouth business

- Find ways to make yourself stand out from competitors.

Staying Motivated

Sometimes it can be really easy to lose that motivation, especially when you don't see immediate results. In order to stay motivated:

- Set achievable, measurable goals and celebrate every small win

- Constantly remind yourself of your reasons for starting the side hustle

- Surround yourself with supportive people

- Join communities and networks of other side hustlers for encouragement

Skill and Personal Development

Many side hustles may require specific knowledge and expertise that you may lack initially, but to overcome this:

- Invest time in learning and developing necessary skills

- Take online courses or attend workshops and events 

- Find a mentor who can guide you

- Start with projects that match your current skill level and gradually expand

Legal and Tax Considerations

Understanding the legal and tax implications of a side business is really important, so make sure that you do your research on the the relevant laws, compliance and regulatory requirements for your type of business.

Consider consulting an accountant for tax and self assessment guidance and keep thorough records of all business income and associated expenses.  Most importantly, make sure you set aside money for taxes if your side hustle starts to generate significant income.

By anticipating these challenges and implementing strategies to overcome them, you can increase your chances of success.

A few helpful websites

[1] https://www.cleverlistings.com/post/how-to-overcome-common-challenges-faced-by-side-hustle-entrepreneurs

[2] https://youexec.com/questions/what-are-some-common-challenges-faced-by-those-starting

[3] https://scottmilne6.wordpress.com/2023/03/23/overcoming-common-side-hustle-challenges

/[4] https://jasonrepovs.com/starting-a-side-hustle-avoid-these-pitfalls/

[5] https://www.linkedin.com/pulse/9-essential-considerations-before-starting-side-hustle-alex-solti

[6] https://startupnation.com/start-your-business/common-challenges-side-hustle/

[7] https://www.coursera.org/articles/side-hustle

[8] https://looka.com/blog/side-hustle-how-to-succeed/