If you end up making a terrible character in The Outer Worlds, don't worry, you can respec your character at absolutely any time in the game after you have brought The Unreliable up in their air. It is aboard the ship that you can reset your character, by going to the machine called Vocational Competence Respecification Machine. This is found in the second floor of the ship, just above the Workbench.
When you use the Vocational Competence Respecification Machine to repec your character, all Skills and Perks will be reset. This allows you to instantly reallocate them, so it is fast and easy to completely change your character if you want to try a very different build.
Like in many other games, the price of resetting your skills and perks will be gradually more expensive. The first time you respec it will only cost you 500 Bits, but soon you will be shelling out thousands of Bits to repsec.
And that's all you need to know about respecing your character in The Outer Worlds. You are free to do it as many times as you want to, but keep in mind that the price will keep rising.