Barbara Corcoran: How — And When — To Pick a Side Hustle
Written by
Adam Palasciano
Edited by
Amen Oyiboke
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Side hustles are the lifeblood of the American economy. In fact, according to DollarSprout’s 2024 Side Hustle Report, 69.6% of Americans now report having a side hustle. Additionally, 77.2% of side hustlers report being somewhat or highly dependent on income earned from their side hustle.
With an uncertain economy and a high cost of living, it’s no surprise that the vast majority of Americans are seeking out additional income streams. Some of America’s most successful business people are advocates of side hustles, including Barbara Corcoran.
Shark Tank star and real estate business mogul Barbara Corcoran weighed in about how and when to pick a side hustle in an episode of her Business Unusual podcast. She spoke with one caller who works a 9-to-5 corporate job but who’s interested in getting started with a side hustle. However, she’s having difficulty determining where she should distribute her focus. Here’s what Cocoran had to say:
“You really accomplish nothing … when your attention is divided in too many places,” said Corcoran.
The first point Corcoran makes is that if you spread yourself too thin and try to accomplish too many tasks at once, your efforts probably won’t be effective. Instead, you should focus on side hustles that you would enjoy.
“Make a list of those side hustles and ask yourself: ‘Which ones do I enjoy best, and which are the best chances for success,'” explained Corcoran.
Doing a side hustle you’re passionate about and that suits your skillset may result in more success than trying something you could care less about and doing it just to make extra cash. As they say, when you’re passionate about something, the money will follow.
She went on to talk more about when to pick a side hustle. If you try something for six months and it’s not working out, then it’s probably time to move on to your next idea. But, if you try all your side hustle ideas all at once, it probably won’t get you anywhere.
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