Tori Dunlap and Mallory Rowan, who started side hustles that grew into businesses.
On a recent episode of Dunlap’s “Financial Feminist” podcast, the pair shared five ways to avoid common mistakes that stop people’s side hustles from taking off.
1. Know your specific audience
Rowan said she had to be able to connect with the specific group of people to make effective marketing content.
Dunlap said that one of her best moves was changing her platform’s name to “Her First 100K” in 2019 after she reached a milestone of saving $100,000 at age 25.
She said the name indicated that the blog was predominantly for women interested in basic starter personal finance.
2. Don’t neglect quick wins
“Start with something that is fast to deliver and testable,” Dunlap said, adding that side hustlers were often more focused on big projects.
Rowan suggested a quick win for entrepreneurs in the service industry could be live workshops or one-on-one sessions to get early feedback from potential customers.
If you sell products, a quick win could be a discounted pre-sale, she added.
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3. Set yourself smaller challenges
You should be setting mini challenges for yourself, such as making a certain amount of money in a given month, Dunlap said.
This will get you thinking about how you can be earning more, which “really forces you to start thinking more creatively,” she added.
4. Have a realistic timeline
“We have to create a timeline we can actually stick to, and we have to get honest with ourselves about what that timeline actually looks like,” Dunlap said, adding that this will differ for those with children or demanding full-time jobs.
5. Find your community
“Surround yourself with people who are also trying to be business owners, who are also side hustling, who are also building,” Dunlap said.
She added that her relationship with Rowan began when she reached out to her on social media with a question. Dunlap said that the best way to learn is to connect with people and ask them questions, instead of looking for answers online.
