Another common issue, is that StorageMgr can't read the SD2VITA, open the log.txt file and look for the GCD detection part.
If you see "GCD NOT DETECTED" in the log, then that means it couldn't read the SD2VITA.
There is 2 reason, you are the culprit or the SD2VITA is the culprit (there's always a small chance of you getting a bad build and its happened a lot in the community, the only solution is to buy another. We can't tell you a reliable source and we don't know in advance if the SD2VITA is well made or not. Although V6 exist for that purpose).