This transcript was generated from the episode audio and may contain minor errors.
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Is it better to have multiple projects for a single focus? Should you be trying to start several side hustles at once or even if you've got one off the ground running, should you then go and start another one or should you just go all in with that single minded focus? Is there a process driven way to make this decision? It's kind of an age old question, more than one project, a single focus, et cetera. I've heard multiple versions of each story.
I know people who have been successful with both approaches. So how can you make this decision for yourself? That's our question today from a listener. I actually heard a story recently of a lawyer who quit his job and has eight to 10 side hustles that all comprise more than a full time blended occupation. I tend to think eight to 10 is a lot, but let's talk about it a little bit.
How do you make this choice with the single focus with the world of side hustlers? Let's hear from our listener and consider what might be best for her and not just for her, but perhaps for you as well. Detailed question and my answer coming right up. [Music]
Hi Chris, my name is Laura and over the past year, I've been exploring a few different ideas and have made some progress, but I keep going back and forth about the goals of focus versus diversification. Am I going to be better off trying several things at once or identifying a single project that I can go all in with?
I know you've talked about this subject before, but I still don't know what's the best for me. If it helps, I do have a good amount of time I can devote to this and I really want to succeed. I would love any advice you can give me. Thanks. [Music]
All right, a couple of perspectives here.
If we think about diversification, the goal of diversification in terms of multiple streams of income, like people talk about, the goal is don't put all of your eggs in one basket or maybe that's the principle of it. It's better to have multiple projects and that way if one of them takes off, that's great. Some of them can fail or be less than successful, et cetera. Now, if we say the value or principle of focus, of choosing one, is that steady work over time is better than having your attention divided. Both of these things can be true and I've heard plenty of success stories on both sides.
I will say I think there's a bit of middle ground in that I don't think you should start half a dozen projects. Like the lawyer I mentioned who has eight to 10 projects, maybe that can work for some people, but I think it's wise to dabble and experiment a bit and there's a difference between these things, right? Dabbling and experimenting is not trying to divide your attention equally between eight to 12 different side hustles. A good model is to go with two ideas and make sure these ideas are substantially different from one another. Maybe you could say one is my main side hustle idea, the other is my secondary fun idea.
You can think of it like a side hustle to your side hustle, perhaps. And so one of the reasons we use storytelling here on Side Hustle School and some of my other teaching is because not everything works for everyone. So throughout all these years of producing the show, we've worked on many stories where the person really digs in and commits to one thing for a long time. But just as often, they have tried a couple of things at once and it was that combination or diversification that led to their success. So I don't mean to say split the difference.
I don't mean to give a half-hearted answer. I just say it really is up to you. And maybe don't do the eight to 10 things, but it's okay to dabble and experiment. Perhaps a little clarifying question for anybody in this situation. Does the idea of trying, let's say three or four projects at once, does it feel exciting or does it feel overwhelming?
And that might actually give you the ultimate answer as to what to do next. And I always want you to do what is best for you, of course. I'll do my best to provide lots of stories, tips, ideas, and such. If you have a question or a comment, sidehustleschool.com. Of course, much more is coming up.
You can access the complete archives of the show there at that website, all free download or stream to your heart's content. Subscribe or follow for more wherever you get your podcasts. My name's Chris Guillebeau. You're listening to "Side Hustle School." [Music]
From the Onward Project.
