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Summary.
Nearly 40% of Americans now have a “side hustle” or outside source of income beyond their day job, according to one recent survey, and many more are at least contemplating the possibility. If you’re interested in a side hustle but are finding it difficult to get started, you need to understand the source of your hesitation. What’s holding you back? There are four common challenges that can derail aspiring entrepreneurs-on-the-side. The first is focusing on the wrong initial steps. Instead of getting hung up on a fancy logo or website or whether to incorporate as an S-Corporation or an LLC, focus instead on running small, inexpensive tests to see if there’s preliminary interest. The second challenge is lack of confidence. You may be able to overcome your feelings of insecurity by doing some marketplace research. The third challenge is diminishing commitment. Find someone who can keep you accountable. And finally, don’t let time management issues get in the way.Nearly 40% of Americans now have a “side hustle” or outside source of income beyond their day job, according to one recent survey, and many more are at least contemplating the possibility. Indeed, a Deloitte survey of millennial and Gen Z workers showed that nearly two-thirds of respondents would consider a side gig to supplement their full-time work.