Simple Mistakes That Might Ruin Your Side Hustle’s Success

"Are You a CEO, Director, or Founder interested in a Feature Interview?"

All Interviews are 100% FREE of Charge

Ben Huffman CEO and Co-Founder Contra, knows what it takes to run a successful freelance side hustle. Huffman gained first-hand experience in the freelance field as a music producer, working with small labels and eventually Sony Music. Although he enjoyed his job, “the pay wasn’t great,” he says. entrepreneurSo he started designing apps, pitch decks, and websites. Huffman said he became a “power user” of Elance and Odesk, which would become Upwork after the merger, and quickly became “fascinated” by the idea of ​​building a global team.

^{Image credit: Courtesy of Contra. Ben Huffman.}

“I would find projects locally in New York and hire freelancers from all over the world to help with skills I didn’t have,” Huffman recalls. “I loved the freedom and autonomy of working independently, but even more, I loved working with people from different cultures and backgrounds. We realized the flaws in our business model.”

Huffman said the world is becoming more connected and the “take-rate model” that eBay has brought to the fore is especially important as workers increasingly seek flexibility and employers require more specialized skills. “It just didn’t make sense for people and working relationships,” he explains. So Huffman set out to create a platform that could address these pain points, and after interviewing thousands of independent employees, he discovered that to be successful, he needed to think about three things: did. It’s about establishing your identity and credibility, managing your business, and finding new leads. Contra, for which he has raised $45 million from venture capital firms, provides support in all these areas.

Related: How to start a freelance writing side hustle

“Contra is commission-free, so users keep 100% of their earnings.”

“Independent workers can create a profile that shows their skills and what they can actually do, rather than their past company roles,” Huffman says. “By focusing on projects and skills, independents can highlight the specific problems they solve and the value they provide. Find new projects from your clients and manage your business with our free invoices, contracts and proposals. “And most importantly, they get paid.” That’s right. Contra has no fees, so users keep 100% of their profits.”

According to one survey, nearly two in five adults in the United States currently have a side job, and one in three of them say they use the income from their side job to pay for everyday expenses. . bank rate investigation. Freelance projects are an accessible and flexible option for people who want to leverage their skill sets, but the most successful ones are those who avoid the common pitfalls of the job.

Related: 10 Most Profitable Side Husbands You Can Start with Little to No Money

Huffman shares four mistakes that can hinder your side hustle success.

1. Make your services low-priced to attract first customers

“If you go down this path, you could potentially devalue your work and make it more difficult to raise prices in the future. Before you commit to a price, know the market you’re entering. Track industry rates and consider years of experience,” Huffman explains. Then, outline your unique expertise. These variables will help you determine the right price for you and your clients. ”

2. Not prioritizing projects correctly

“It’s important to prioritize projects that perfectly match your skill set and politely decline projects where someone else might be a better fit,” Huffman says. “Many first-time freelancers may regret turning down new projects, but taking on too many jobs often leaves them overwhelmed and their work substandard.”

3. Not learning new skills that are in high demand

“Skills like framers for building websites, video animation, and social media management are in high demand right now,” Huffman says. “There is also a huge opportunity to upskill with the latest AI tools. Much of the world of work is changing thanks to AI, and there is a huge opportunity to get ahead of it all.”

Related: The skills gap is growing rapidly — here’s what we must do to close it.

4. Don’t go the extra mile for your customers

“Going above and beyond for your clients can lead to referrals, further projects in the future, and a reputation that helps you build long-term relationships,” says Huffman. “For a project to be successful, you need an extensive set of deliverables and a project timeline. Once you have this, you need to put everything into a contract to ensure there is a framework of agreement and protection in case something goes wrong. There is.’ Off track. ”

Any final advice for making your side hustle a success? Growing your network of clients is important, but don’t forget to cultivate your network of other independent consultants as well. “Having a community of fellow freelancers to bounce ideas off of and get advice from is invaluable and can lead to new leads in the future,” says Huffman.