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These days, many workers hold down a side hustle, and if you're thinking of jumping on that bandwagon, you could benefit in more ways than one. Not only might a side hustle be your ticket to meeting a big financial goal, like paying off credit card debt, saving for a car, or buying a home, but it could give you solid experience that serves you well throughout your career.
Meanwhile, Shark Tank personality Barbara Corcoran knows a lot about side hustles. Although she's routinely recognized for her real estate prowess, she's also been a successful investor in many lucrative businesses. And she previously told Grow by Acorns that if you're going to take on a side hustle, you should keep these three things in mind.
1. Take on a gig you're passionate about
A side hustle, by nature, is a job you do on top of another one. And that's not an easy thing, especially if you work 40 hours or more at your main job. That's why it's important to pick up a side hustle you're passionate about. Not only are you more likely to be good at it, but you're less likely to burn out -- because rather than dread working that gig, you might look forward to it.
2. If you're selling something, test the market first
You might think you have a great product that people will jump on. But before you sink lots of money into it, test the waters.
Say you decide you'd like to start selling homemade jewelry online and at local markets and craft fairs. Before you pull $700 from your bank account to cover supplies, spend $70 and see if you have any takers. It may be that you're just not able to produce your jewelry at a price point that makes sense for consumers -- or for you.
And while you might enjoy making jewelry in your free time, let's face it -- if you're yielding $1 or $2 per piece and it takes an hour to produce each piece, that's probably not worth your time. Or, maybe it is worth your time -- but as a hobby, not an income source.
3. Be open to surprises
You never know when your side hustle might really take off or lead you on a path to another lucrative gig. Be open to that sort of thing and embrace it as it comes.
Going back to our example, say your jewelry business ends up being wildly successful, to the point where you're inundated with orders and you can command a much higher price for your wares than anticipated. You may, in turn, decide to build a small team of crafters who can help you produce more products. Or, you may decide to turn that side venture into your full-time job if the money is there.
Working a side hustle can mean sacrificing free time and energy, so it's important to approach yours with the right mindset. These tips from Barbara Corcoran could set you on the path to success, while helping you avoid the aggravation and frustration so many side hustlers fall victim to.
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