The idea of making extra money is nothing new, and there’s never been a better time to boost your bank balance to pay bills, save for a rainy day or splurge on something special.
Thanks to the internet and the growing number of share economy platforms, the wonderful world of the side hustle is only a great idea and a click away.
Sounds interesting? Many Australians think so. The latest data from the Australian Bureau of Statistics shows that 867,000 Australians have a second job, so it’s no surprise that extra cash splashing around in our bank accounts is not just welcome, but necessary for many.
So what is a side hustle, and what isn’t?
You’d be forgiven for being misled about a side hustle. On the face of it, a side hustle does sound like extra, hard work.
But what if a side hustle was anything but another daily grind?
Successful side hustles have a special quality to them. Unlike a second job, side hustles are a way of earning extra money without giving up your 9 to 5, all while you’re doing something you’re good at and are passionate about.
Because it’s about making money from your passion, it shouldn’t feel like a drain on your time or resources. In fact, a side hustle should energise you because you’re doing an activity you enjoy and getting paid to do it.
Not needing to compromise stability of your daily work and taking greater control of your finances will give you the extra motivation to turn your passion into money that folds.
The real beauty of the side hustle is you may not even need to outlay much extra cash to get started. Chances are you’ve already got the tools and equipment you need. Now is the time to turn it all into cash.
Stuck for ideas? Keep reading.
The benefit of living in a global village is that almost anything you’re skilled at can be seen (and bought) by anyone, anywhere.
The tough part will be which passion project to share and sell.
Some ideas to consider:
- Walking tours of the place where you live;
- Online personal training, yoga or fitness classes;
- Cooking, food and wine services and courses, including food trail tours;
- Artisanal products including food, fibre and ceramic crafts;
- Artwork, including digital works;
- Specialty repairs and maintenance for technology or vintage items;
- Leather, wood and steel work;
- Clothing and footwear rental;
- Photography and other digital services;
- Self-publish a book.
The fine print
Depending on your side hustle you may need to consider personal liability and insurance. You might need to keep a record of your bills and expenses for tax purposes. Check out business.gov.au for more information.
Finally, keep your side hustle exactly where it is – on the side. Don’t let it get mixed up with your day job, and this way, you’ll keep the passion in the activity you’re now making extra cash from.
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