Side hustles have become a crucial part of the American economy, with a significant percentage of the population now engaging in them. According to DollarSprout’s 2024 Side Hustle Report, 69.6% of Americans have a side hustle, and 77.2% of them rely heavily on the income generated from these additional ventures. With the economy being uncertain and the cost of living on the rise, it’s no wonder that more people are seeking out ways to supplement their income.
One of the advocates for side hustles is Barbara Corcoran, the well-known Shark Tank star and real estate business mogul. In an episode of her Business Unusual podcast, Corcoran shared valuable insights on how and when to pick a side hustle. She emphasized the importance of focusing on side hustles that align with your interests and skills. Corcoran advised against spreading oneself too thin by trying to juggle multiple side hustles at once, as this can lead to ineffective efforts.
Corcoran suggested making a list of potential side hustles and evaluating which ones you enjoy the most and have the best chances for success. By choosing a side hustle that you are passionate about and that utilizes your skills, you are more likely to achieve success and fulfillment. As the saying goes, when you love what you do, the money will follow.
Furthermore, Corcoran discussed the timing of when to pick a side hustle. She recommended giving a side hustle at least six months to see if it is working out. If after this period, it is not yielding the desired results, it may be time to move on to a different idea. Trying out multiple side hustle ideas simultaneously is not advisable, as it can hinder progress and prevent you from giving each venture the attention it deserves.
In conclusion, side hustles have become a vital source of income for many Americans, offering a way to supplement their earnings and pursue their passions. By following Barbara Corcoran’s advice on how and when to pick a side hustle, individuals can increase their chances of success and fulfillment in their entrepreneurial endeavors. It is essential to focus on what you enjoy, leverage your skills, and give each side hustle the time and attention it needs to thrive.
