With work stability becoming more challenging during a pandemic, more Australians have turned to creating their own income streams outside office hours – or combining a few for full-time income. What types of side hustles are good money earners and is it right for you?
Why consider a side gig?
The main reason people consider a side hustle – that is, another job or entrepreneurial venture in addition to their main job – is simply to make additional income. But others use it as a way to indulge a passion, be it painting or walking dogs, or simply to try something new.
What are the benefits
A side hustle can be a way to put skills that you have, outside of your day job, to good use or to develop new skills that may boost your CV. Most don’t require large investment upfront, years of training or specialised skills. A lot of side hustles can be done from the comfort of your own home and are flexible around your schedule. You could decide to dedicate the income you make from your side hustle solely to one thing – such as saving for a big vacation or boosting your children’s higher education fund.
How to hustle
The world of side hustling is vast in this era of the gig economy. They can range from turning your spare room into an Airbnb or becoming a part-time Uber driver to setting up your own shop on Etsy to sell your crafting or becoming a regular at the farmers market with a handmade product. Other ideas include tutoring in your spare time, buying and selling things online or simply decluttering your home and making money by selling things online or at garage sales.
The highest paying side hustles, however, do require you to have or acquire professional skills. However, this could be a way to make a vertical move into a new career or expand your skill base to make yourself more marketable in the job market.
Canva researched the highest paying side hustles. If you have skills in digital 3D or 2D modelling, proofreading or editing, you’re in luck. Canva’s research found 3D and 2D modelling to be the most lucrative side hustle in Australia, followed by proofreading and editing, SEO services and website design. Illustration, blog post services and video making and editing also made the list of top ten best paid side hustles.
Secrets to success
Like any successful business venture, it pays to spend some time researching the market and local competition and figuring out if there’s a way you can stand out from the crowd or make your offer unique. Use your current connections if you can and set yourself some flexible goals around how much time you intend to devote and what you hope to earn.
Have a side gig or venture you want to turn into a fully-fledged small business? Download our FREE eBook on 10 Key Strategies to Grow Your Small Business.
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Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Please consider whether the information is appropriate to your circumstance before acting on it and, where appropriate, seek professional advice.