For most people, the fabled side hustle is a catch-all term that can give you so much freedom in different areas. We hear about side hustles as being the magic bullet that gives us some form of balance in our lives.
This is why so many parents choose side hustles rather than opting for a full-time career. However, there are many common mistakes that many of us parents can inadvertently make. What are these?
Underestimating the Commitment
The commitment we have to give to a side hustle is not just about the time commitment but about the learning commitment. Many parents can misunderstand how long it takes to set up, run, and deliver a side business. This is why we can all benefit from going into the process with our eyes open. Rather than learning on the fly, it’s far better for you to gain a deeper understanding of those initial components that contribute further down the line.
This could relate to, for example, processing payment transactions because of a lack of technical knowledge or learning how to be better with promotion, especially when there’s a lack of engagement with the website. When we underestimate the time and the tactics involved to run a side hustle, we can invariably end up being overwhelmed. Therefore, it is much better for us to go into the process with our eyes open and recognize that to do it successfully it may be more than just a side hustle at the outset.
Not Putting Boundaries in Place
If there’s one thing every parent can struggle with it is the failure of setting clear boundaries between work life and family life. Any business owner will tell you that you’ve got to set boundaries at the outset, but these boundaries are easily broken. But it’s essential to look at what will happen in the long run.
If you don’t set clear boundaries at the outset for the sake of yourself, not necessarily the business, you could run the risk of burning out very quickly. And burnout is not just going to negatively affect the side hustle but it will also impact your family life as well.
Having those boundaries will ensure that you don’t have those temptations to check emails at two o’clock in the morning. It’s about finding what actually works for you to keep those boundaries in place. Lots of people take their laptop and put it in the loft so it requires actual effort to get it. Whatever is best for you, keep those boundaries in place and you will feel the benefits in both areas of your life
Poor Financial Management
So many budding entrepreneurs believe that the finances will take care of themselves once the business hits a certain benchmark. But if there’s anything we can learn from as busy parents it’s that effective financial planning and keeping track of every expense will serve us well.
You may feel that you should be investing more than is necessary for your business to thrive, but what happens is that you get into a cycle where you use some of your savings or personal money to bail yourself out of this bump in the road, and every time there is a bump in the road you keep doing this. Be strict with your finances and know what is business and what is personal. Having two separate accounts is the best approach here.
Overloading Your Tasks
As parents, we can wear many hats and as business owners, we can also do the same thing. A side hustle is something that should remain on the side, but gradually what happens is that we feel that we need to give our business more time than we once considered. However, if you take on too many tasks, you are going to be inefficient and ultimately exhausted. You’ve got to think about what is actually worth your time and your effort.
Productivity is something that all depends on the individual and their approach to tackling a task. This is why you need to figure out where you could potentially benefit from streamlining or cutting corners. If you write a lot of emails, would you be better off using dictation software? Or if you are attempting to streamline certain practices, could you utilize the AI tools that are seemingly making life far easier?
Side hustles can cause a number of concerns. As parents, we could potentially make some or all of these mistakes. But by being aware of common issues and working to avoid them, you can increase your chances of running a far more successful business without it taking over your life.
