Overcome Fear of Starting a New Side Hustle: 7 Practical Tips
Starting a new side hustle can be intimidating. Fear of failure, financial insecurity, and lack of motivation are common roadblocks that can prevent you from leaping.
However, you can overcome these obstacles and achieve financial freedom with the right mindset and tools.
One of the biggest fears to overcome when starting a new side hustle is the fear of failure. It's easy to get caught up in the “what ifs” and worry about the possibility of not succeeding.
It's important to remember that failure is a natural part of the learning process. Every successful entrepreneur has experienced failure at some point, and those failures often lead to their greatest successes.
Ladies and gentlemen, entrepreneurs, and aspiring side hustlers, we're all in this together, sharing the same dreams of financial freedom, more time for our loved ones, and the chance to be our own bosses.
What are some steps, strategies, and stories that can help us overcome our fear and kickstart our own side hustle?
Identify the Root Cause of Your Fear of Starting a New Side Hustle
It's important to identify the root cause of your fear so that you can address it and move forward with confidence.
When starting a new side hustle, fear can be a significant challenge, lurking in the back of our minds, ready to sabotage our ambitions and aspirations. In some cases, we are our own enemy of progress.
Whether it's the fear of failure, the fear of the unknown, or simply the fear of not being “good enough,”, if we leave that fear unchecked, it has the power to hinder our dreams.
But fear is not undefeatable; it's a product of our thoughts and beliefs. And just as it stems from our minds, we have the power to dismantle it by identifying its root cause and moving forward with confidence.
The Power of Introspection
An introspection is a valuable tool in the journey to conquer fear. It involves turning our attention inward and examining our thoughts and emotions with honesty and clarity. When we begin on this introspective journey, we gain insights into the source of our fear.
Start by taking a quiet moment to reflect, take inventory, and let go of your intrusive thoughts. Ask yourself questions like, “What is it that I'm truly afraid of?”, “Why do I feel like I am not good enough” or “Why am I afraid of what others might think of me?”.
These questions and many others have served as a guide to develop strategies while taking the next step and walking on my path to self-discovery.
Confronting Limiting Beliefs
Once you've identified the root cause of your fear, it's time to confront the limiting beliefs that support it.
These beliefs often take the form of negative self-talk, self-doubt, or irrational assumptions about the future.
They create a mental barrier that keeps us trapped in our comfort zones, discomfort zones, or panic zones.
For example, you might believe that you're not creative enough to start a side hustle, that you are too old, or that you don't have the necessary skill sets.
These beliefs often resemble imposter syndrome, where we feel like frauds or undeserving of success even though we are qualified.
It's common to experience self-doubt and question whether we are truly qualified or competent to speak on our lived experiences or expertise.
Such thoughts can hold you back and prevent you from pursuing your goals. By challenging these beliefs and reframing them in a more positive light, you can build your confidence and overcome your fears.
One of my most significant limiting beliefs, influenced by my cultural and familial background, used to be the idea that to achieve my goals, I was required to ‘move in silence' to avoid negative influences or potential sabotage.
However, I've since begun a journey of unlearning these self-imposed limitations, getting unstuck from the fear of negative influences, and relearning the importance of believing in myself and my passion.
By challenging this limiting belief and taking confident strides, I've encountered numerous opportunities to both acquire and impart knowledge.
I've discovered that sharing my journey confidently is not only empowering but also a source of inspiration to others on a similar path.
Fear of the Unknown
You might be worried about the risks involved or unsure of what to expect. However, it's important to remember that everyone starts somewhere and that taking risks is a necessary part of growth and success.
By embracing the unknown and focusing on the opportunities rather than the risks, you can overcome your fear and move forward with confidence.
Negative Thoughts
You might be telling yourself that you're not good enough or that you'll never succeed. These thoughts can be self-fulfilling prophecies, so it's important to challenge them and replace them with more positive and empowering thoughts such as “I focus on solutions and not problems.” or “I am in control of my thoughts and emotions.”
Analyze the Risk of Taking That Step of Starting a New Side Hustle
The fear of starting a new side hustle stems from the unknown, especially if it is something we have never done before.
However, before you let fear take over, it's important to analyze the risks involved in taking that step.
By doing so, you can make an informed decision and feel more confident in your choice.
Family and Work-Life Balance
One of the biggest concerns when starting a side hustle is not having a lot of time to dedicate to your side business and trying to work through how it will affect your family and overall work-life balance.
It's important to consider how much time and energy you will need to devote to your new venture and how it will impact your existing commitments in your personal life and your day job.
It is a good thing to have an open and honest conversation with your family and employer, especially if you have a full time job, to ensure that everyone is on the same page and that you can balance your responsibilities effectively and take steps toward being your own boss.
Financial Education and Opportunity Costs
Before you invest time and money into a new venture, make sure to do your research and understand the potential risks and rewards.
Consider the opportunity costs of starting a side hustle, such as the time and resources that you could be devoting to other pursuits.
By understanding the financial implications of your decision, you can make a more informed choice by also making sure you are not settling on the next best thing.
Fear of Financial Insecurity
One of the biggest fears that people have when starting their own business is financial insecurity. It's important to acknowledge this fear and take steps to alleviate it.
Through my journey, I've learned not to be scared to invest in myself. To make money, we often find ourselves having to spend money.
Sometimes, the reluctance to invest in our growth keeps us at a standstill.
That is why it's important to create a budget and financial plan for your business idea and make sure to have a safety net in place in case things don't go as planned and you find yourself dealing with unexpected setbacks.
By being proactive and prepared, you can minimize the risk of financial insecurity and feel a little bit more confident in your decision to start a side hustle.
Evaluate Potential Challenges and Outcomes of Starting a New Side Hustle
Before starting a new side hustle, it's important to evaluate the potential challenges and outcomes to ensure that you are making informed decisions as you venture further into the world of entrepreneurship. Here are some key factors to consider:
Possible Outcomes
Before you start your big or small business, think about what you hope to achieve and set realistic goals. This will help you stay motivated and focused on your objectives.
Get Rich Quick Schemes
While it's very possible to make a good income from a side hustle, it's important to be realistic about the time and effort required to achieve success.
Avoid any schemes that seem too good to be true and instead focus on building a sustainable and profitable business.
Set Realistic Goals and Expectations for Starting a New Side Hustle
When starting a new side hustle, it's important to set realistic goals and expectations for yourself. This will help you stay focused and motivated as you work towards your goals of building a legacy while also prioritizing self-care to avoid burnout. Here are some tips to help you set realistic goals and expectations:
Legacy Building for Your Future and Your Children's
Starting a side hustle presents an opportunity to create a lasting legacy. Consider the impact of your efforts on both your financial future and your children's.
Your success can serve as a valuable lesson for them in entrepreneurship, diligence, and determination.
Breaking Big Goals into Smaller Steps
One of the most effective ways to set realistic goals is to break big goals into smaller steps. This will make it easier for you to track your progress and stay motivated.
For example, if your goal is to make $10,000 in the first year of your side hustle, you can break this goal down into smaller steps by setting a monthly income target of $833.
This way, you can focus on achieving this smaller goal each month, which will help you stay motivated and on track while celebrating your small achievements.
Defining Clear and Achievable Goals
Your goals should be specific, measurable, achievable, relevant, and time-bound. For example, instead of setting a goal to “make more money”, you can set a goal to “increase my side hustle income by 25% in the next six months”.
This goal is specific and easier to track your progress and stay motivated.
Give Yourself a Deadline to Complete a Particular Goal
Setting a deadline to accomplish a specific goal can be very beneficial to staying focused and motivated, especially for those of us prone to overthinking.
You create a sense of urgency and motivation by establishing a clear target date for achieving your goal.
For instance, if you aim to launch a new product, setting a realistic deadline can help you stay on track and minimize overthinking, allowing you to remain focused and driven as you work towards your goal.
Finding Motivation in Your Goals
Motivation acts as a driving force, especially during challenging times. When defining your side hustle goals, think about what truly drives you.
Is it the aspiration to secure a better future for your family? Or the satisfaction of achieving financial independence?
Aligning your goals with your motivations provides a potent source of inspiration to overcome obstacles.
Gather Knowledge and Skills for Starting a New Side Hustle
If you don't have prior experience in the niche or business you're interested in, starting can be intimidating.
However, with the right mindset and approach, you can gather the knowledge and skills you need to set yourself up for success.
Research Your Niche Thoroughly
One of the first and often hardest steps to take when starting a new side hustle is choosing a niche and researching said niche thoroughly.
This means identifying your target audience, understanding their pain points, and finding out what products or services are already available in the market.
You can use various resources such as YouTube, Pinterest, blog posts, and podcasts to learn about the latest trends and best practices in your niche.
Even if the niche seems saturated, the good news is, that your passion and unique perspective can be your greatest assets.
In a crowded field, it's your individuality that sets you apart.
Your voice, your experiences, and your style are what make your side hustle truly one-of-a-kind.
So, while there may be others in your niche, there's only one you, and only you can tell your story, share your knowledge, and provide your products or services in that certain authentic way.
Continuous learning is also very important to keep up with the latest developments. You can subscribe to relevant blogs and newsletters, attend webinars and conferences, and join online communities to stay up-to-date with the latest news and trends.
Seek Mentorship and Guidance from Experienced Individuals
Another way to gather knowledge and skills for our small businesses is to seek mentorship and guidance from experienced individuals.
Successful entrepreneurs who have already established their own businesses can provide valuable insights and advice on how to overcome common challenges and pitfalls. This has been such a game-changer for me.
In just two months of seeking mentorship, I've learned more than I did in my entire first year of starting my journey.
The key is not only seeking guidance but also asking questions. A lot of people are afraid to inquire, to delve deeper, and to ask for clarification.
Asking questions is a powerful way to extract the wisdom and experience that mentors are willing to share.”
Build a Supporting Network when Starting a New Side Hustle
Surrounding Yourself with Like-Minded Individuals
Surrounding yourself with like-minded individuals who share your passion and drive can be incredibly motivating.
Joining a community or local group related to your niche can help you connect with others who are on a similar path and also help you find an accountability partner along the way. You can share your challenges and successes, offer support and advice, and learn from each other's experiences.
Engage in Networking Events Related to Your Niche
Networking events related to your niche can provide you with valuable connections and opportunities.
Attend conferences, workshops, and meetups where you can meet other professionals in your industry.
You can learn from their experiences, gain insights into the latest trends and best practices, and even find potential clients or collaborators.
Seeking Advice and Feedback From Your Peers
Seeking advice and feedback from your peers can help you improve your skills and grow your business.
Connect with successful business owners in your industry and ask for their guidance and insights. You can also join mastermind groups or hire a business mindset coach to get personalized support and feedback.
Personally, establishing a circle of trusted peers or mentors who can provide honest feedback and guidance has been invaluable. Iron truly sharpens iron.
A fresh pair of eyes or a different perspective can lead to eye-opening solutions or the realization that a slight deviation from our current course can propel our side hustle forward.
Be open to constructive criticism and willing to make adjustments based on their insights. It's through this collaborative effort that we'll refine our strategies and grow as new entrepreneurs and our side hustle.
Embrace the power of collective knowledge and experience, and watch your business thrive.
Manage Risk and Fear of Failure of Starting a New Side Hustle
Develop Contingency Plans and Backup Strategies
One of the best ways to manage risk is to develop contingency plans and backup strategies.
This means thinking ahead and considering what could go wrong with your side hustle. For example, what if your product doesn't sell as well as you hoped? What if you lose your biggest client? What if you get sick and can't work for a few weeks?
By identifying potential risks, you can create a plan to mitigate them. This might include diversifying your product line, building relationships with multiple clients, or hiring a backup freelancer to help out when you're sick.
Having a backup plan in place will give you peace of mind and help you feel more confident in your side hustle.
Embrace Failures as Learning Opportunities and Reframing Setbacks
Fear of failure can hold you back from taking risks and trying new things. However, it's important to remember that failure is a natural part of the learning experience.
Many successful entrepreneurs have failed multiple times before achieving their goals.
Rather than seeing failures as a negative, try reframing them as learning opportunities. What did you learn from the experience?
How can you apply that knowledge to your future endeavors? Has this closed door opened an even better one?
“Success is not final, failure is not fatal: It is the courage to continue that counts.” –
Winston Churchill
Whether it's your main hustle or a side hustle, remember this: don't overthink it, and stop second-guessing yourself.
Starting a new side hustle can feel like a big mountain to climb, but guess what? Feeling a little fear is perfectly normal.
The trick is to face those fears head-on. Take some time to figure out what's holding you back, and then make a plan to tackle the most common fears. You've got this!
Here are some key takeaways to keep in mind: set realistic goals, take small steps toward those goals, and don't be afraid to lean on others for support.
Remember that Rome wasn't built in a day. It's okay to stumble along the way; that's how we all learn.
If you're ever feeling overwhelmed, take a breather and remind yourself why you started this hustle in the first place.
Whether it's to make some extra money for you and your family, achieve financial freedom, or chase a passion, keeping your end goal in sight can keep you motivated.
In the end, what matters most is believing in yourself and your abilities. With a healthy dose of hard work and dedication, you can conquer those fears and find success in your side hustle.
Every step you take brings you closer to your goals. The fear of the unknown might linger, but it's your bravery that defines your journey.
Whether you're thinking about starting a blog, selling printables, a podcast, diving into affiliate marketing, launching a YouTube channel, or any other side hustle, just remember that the best way to beat fear is to take that first step.
In the wise words of Eleanor Roosevelt, ‘You must do the thing you think you cannot do.' Your new side hustle is waiting, and the possibilities are endless. Here's to our shared success
Frequently Asked Questions
How can you balance a side hustle with your full-time job?
Balancing a side hustle with a full-time job can be challenging, but it is possible. One effective strategy is to create a schedule and stick to it. Set aside specific times during the week to work on your side hustle and make sure to prioritize your full-time job during your regular working hours. You can also consider delegating tasks or outsourcing certain aspects of your side hustle to free up more time.
What is the difference between active income and passive income?
Active income is money earned through active efforts, typically from a job or a trade where you exchange your time and expertise for compensation. Passive income, on the other hand, is income generated with little to no direct involvement, often from investments, rental properties, or income-generating assets. Notably, passive income sources can evolve from active income, such as investments that initially require active participation but later become self-sustaining income streams.
What are the common pitfalls to avoid when embarking on a side enterprise?
One common pitfall when starting a side enterprise is taking on too much too quickly. It's important to start small and focus on one project at a time. Another pitfall is not having a clear plan or goal in mind. Make sure to have a clear vision for your side enterprise and set specific goals to work towards. Finally, be prepared for setbacks and challenges, and don't be afraid to pivot or make changes if things aren't working out.
What are comfort zones, discomfort zones, or panic zones?
- Comfort Zone:
- A state of feeling safe and in control in familiar situations.
- Can lead to stagnation if prolonged.
- Discomfort Zone:
- A state of slight unease when venturing beyond the comfort zone.
- Encourages personal growth and challenges.
- Panic Zone:
- A state of extreme stress and overwhelm.
- Occurs when pushed too far outside the comfort zone.
- Offers potential for breakthroughs if managed effectively.
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