Lessons Learn From Starting, Failing, And Succeeding In My Side Hustles

It’s challenging to find success in any area of life. Often, we experience setbacks, and that’s completely fine. Each failure is an opportunity to learn and improve, or even to gracefully step back and realize that perhaps some paths aren’t meant for us.

I’ve pursued several side hustles myself, finding only modest success. Enough to generate a little extra spending money. And that’s okay. I’ve learned that success often depends on hard work, luck, talent, and timing. Reflecting on my journey, here are some key lessons I’ve picked up along the way:

1. Niche Down

Initially, I tried to cast a wide net, but I soon realized the value of narrowing my focus. Whether it’s honing in on a specific topic, industry, or audience, niching down allowed me to prioritize my efforts and clearly identify my ideal customer profile. By specializing, I avoided the distraction of too many directions at once.

The downside, of course, is a potentially smaller audience and limited earning potential. However, once you gain traction and profitability, you can always expand from there.

2. Visualize Potential Scenarios Early

You won’t anticipate every possibility, and you don’t need to act on them all right away, but imagining various outcomes early in the process has several benefits. First, it tests your commitment. How deeply invested are you in this venture? Second, it reveals your understanding of the industry, its terminology, and its processes. Lastly, it prepares you for future tasks such as pitching ideas and confidently answering challenging questions.

If you find yourself struggling with this exercise, it’s a clear indicator that more research and preparation are needed before moving forward.

3. Gain Industry Experience by Working in the Field

One of the most effective ways to learn is through direct experience. Taking a job within the industry you’re interested in can teach you far more than you anticipate. Each sector has unique processes, quirks, and required skill sets. My own roles have taught me invaluable insights and have provided a strong foundation to build upon.

4. Anticipate Higher Costs Than Expected

Costs will invariably exceed your initial estimates, so always add a buffer to your budget, not just for inflation, but also to account for vendor pricing changes. Third-party vendors, especially tech companies, often raise prices, limit services, or introduce premium features behind paywalls. Expect these adjustments as a standard part of doing business. Interestingly, I’ve found that physical product vendors typically have more stable pricing than their digital counterparts.

For example, for me specifically it was bandwidth. I didn’t think I would hit that many visitors so early. So I bought less bandwidth, but by the time I needed to upgrade the vendor decrease the next tier and increase their price. I couldn’t be grandfathered in. Well, lesson learnt and it was the risk I took.

I hope that helps!