With rising interest rates and the cost-of-living creep, it’s no wonder we’re all on the lookout for ways to make some extra coin.
And, while your boss will probably be reluctant to grant you a wage increase, having a hobby or favourite pastime that you enjoy might be a way to supplement your income.
No hobby or pastime? No problem, because Aussies are an enterprising lot, and there’s always side hustle out there that we can take on in a bid to bring home some extra bacon.
Now could be a perfect time to put the thinking cap on and figure out if what you do away from the workplace to relax could somehow be monetised.
Working out your side hustle
If you have a particular set of skills, you might already be ahead of the game.
For example, if you play a musical instrument, speak another language, know your way around woodworking tools, etc., those skills could be put to good use. Likewise, any hobbies or home-based crafts you enjoy making could become nice little earners too if you can decide on the best way to let people know what you make is available for sale.
Failing that, there are dozens of side hustle ideas you can tap into. All you need to do is decide which one appeals and if you have the time and inclination to take it on.
A couple of examples.
#1 A friend has a side hustle as a beekeeper. She started fostering out a few hives a couple of years ago and now has so many that she turns the honey and beeswax into products she sells online and through a part-time store from her home. She is thinking of taking it full-time at the end of the year.
#2 A bloke we know started putting together flat-packed furniture for friends and family in his spare time and on weekends. His renown is such that he is now a recommended installer/assembler by many furniture places and is so busy that his previous business is now a part-time gig.
Easy vs skilled side hustles
There are some relatively easy ways to make extra income with minimal fuss. Think selling unwanted household items, furniture, and personal items like clothing or jewellery. Even a garage sale can make you some fast money. There are also heaps of online services where you can make some extra cash simply by sharing your opinion or taking a survey.
Another easy option is to rent out items you think could be used by others, like your car, caravan, camping equipment, old clothing, a room in your home, or even your garage or driveway. Could you turn part of your home into an AirB&B?
More skills are needed for tutoring, coaching, child minding, clothing alterations, food prep, online teaching, home maintenance, or online course creation.
And if you’re into the arts and creativity, freelance writing, photography, craft-making, podcasting, painting, graphic design, and making YouTube videos are all worth looking at.
There are so many creative ideas just waiting for you to tap into. Look here for some more inspiration.
Tips for success
While it may be exciting to find different ways to make extra money, there are some things you’ll need to keep in mind.
- Research your hustle — consider your strengths and weaknesses, plus opportunities and threats that can affect your success.
- Make sure you enjoy what you do — hey, if you already enjoy doing it, why not try to make some money from it?
- Consider the costs — how much is required to ensure you’ve got a tidy little earner?
- Flexibility matters — be sure to fit your side hustle around your current job and family time.
- Appreciate what your hustle makes — don’t despair if you’re not raking in cash straight away – every dollar of profit you make counts.
- Think about marketing — what ideas do you have for letting people know about your side hustle?
- Be proactive with the certifications you may need — ensure your Working with Children Check, Police Clearance Certificate or council registrations (if needed) are up to date.
Some other considerations
As with most businesses, you’ll likely need to consider the boring stuff as well.
Tax — any extra income above the minimum threshold will be subject to taxation, according to the Australian Tax Office (ATO). You need to be aware that your total annual income for tax purposes includes your side hustle earnings combined with the income from your other employment. If your side hustle gains momentum, there are all sorts of other considerations, so it pays to chat with your friendly tax advisor.
Insurance — protection against risks that may crop up as part of your side hustle work is a good idea. Think vehicle, public liability, and income protection insurance. Talk to someone with the skinny on what insurance you might need.
Superannuation — you’re likely to be classified as ‘self-employed’ for your side hustle, so it might be wise to consider making voluntary contributions to your existing super fund using the money you earn. Again, find a superannuation superstar to get the best advice.
Platforms — if using a third-party platform to advertise your services or arrange jobs, be sure to read and understand the terms and conditions, fees, and protections (like insurance and security) they offer their users. Do some research, look at reviews and contact other people who have used the platform you’re interested in before you take the plunge.
The McGrath Real Estate Group’s professional sales and property management team know a thing or two about side hustles. Who knows, they might even show you how to turn all that extra coin you’ll make into a nice little property earner.
Phone our office on 8350 4200, or drop into 42 Brighton Road, Glenelg.