Unless You Can Handle These 4 Basics You Aren't Ready for a Side Hustle
It's easy to see why many people quit building their business on the side while working full time.
There are many things that they face that make them stop building their business and give up. These are the four most common reasons people quit.
Managing your time.
This skill is probably the most important one you need to have in general but especially if you're working on the side. Getting more done in less time is critical, but many people don't know how to manage their time and aren't willing to spend the time to learn. If you are this type of person, then don't bother starting a side business.
If you're willing to start learning this skill, then start reading books on the subject and you'll get the hang of it as you go. Some good books to start with are Deep Work, Getting Things Done, Eat That Frog, 7 Habits of Highly Effective People, The Power of Habit and The Miracle Morning.
Related: 50 Ideas for a Lucrative Side Hustle
Choosing business you are passionate to pursue.
The next thing that makes people quit on their path to building their business is not being passionate about their business idea. Yes, you will need to do stuff that you're not passionate about, like coding or some repetitive boring tasks. If you aren't passionate about the business itself, then you won't be able to stick with it.
You can't expect to build a successful freelance writing business unless you're passionate about writing.
Can you hold yourself accountable?
This was huge for me. It's actually the reason why I failed the first time. Every day many people quit on their path, citing reasons like "I don't have time" or "I can't get anything going." Most of the time, the main reason is that they don't hold themselves accountable. No systems are present to make them progress forward or get eager to move on.
When you're excited about your business idea, set up accountability systems right away to help you get going. It could be as simple as being part of a mastermind group or giving a check to your friend to donate to a charity you hate (if you don't meet certain goals), and so on.
Be realistic about inevitable obstacles and necessary sacrifices.
Many people start trying to build a business unaware of the obstacles they're going to meet and the sacrifices they need to make in their lives to finally reach their goal. Not only is it a long-term process where you'll need some time before you see your business really get going, but you'll also need to sacrifice a lot of the time you spend with your friends.
You will face a lot of obstacles on the road. Financial obstacles, management obstacles and many others. You need to be aware that you're going to face these problems and be willing to face them before you start.
You need to pay the price. If you want to prepare yourself, read what other entrepreneurs have done to build their businesses. Read their autobiographies and stories to help you form a better idea of what you're going to face.
The road is not easy, but you can do it. All you need to do is to be aware, be prepared and start taking action right now to help you accomplish your goals.