Having just one job is so yesterday. More than two million Australians have multiple jobs; one in four of us runs a small business on the side – and it’s putting valuable extra cash in our pockets.
How much extra? Research by Finder shows that side hustlers are earning an average of $7300 a year from their side income.
According to Finder, putting your car to work with a ride-sharing service like Uber can see you earn $10,490 a year. Renting out a spare room on online platforms such as Airbnb could put an average of $8140 in your pockets. Have a go at both and it can be possible to earn an extra $20,000 in 12 months.
Andrew Morris, director of specialist recruitment firm Robert Half, says new technology and collaboration tools are having “a huge impact on how people expect to work”, and are allowing people from all industries and walks of life to supplement the income from their main job with a secondary gig.
“With the rise of collaborative economy platforms like Fiverr or Airtasker, it has never been easier for individuals to monetise their skills and services according to their schedule,” adds Morris.
Some extra income never goes astray. But running a side gig often means growing and managing your own small business, and this calls for plenty of planning.
From getting started to juggling your day job with a side hustle, we look at what’s involved – backed by the experience of a number of successful hustlers.
What’s in it for you?
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
An outrageous, beautiful monopoly
Telstra's mobile business is a cash machine with few competitors, giving it the highest returns in the world.
Drop the anchor to judge value
Buying and selling decisions should be based on where a stock price is going, not where it has been.
Powering the AI boom
Beyond the software and chipmakers, where will the energy come from?
Get into life
Tucked inside super are products that can protect you from life's inevitable uncertainties.
Paths to home ownership
Taking the road less travelled can sometimes deliver unexpected benefits.
Sold! Quick ways to add value
Small, strategic changes can have a big impact on the look and feel of your home. And get you a better price on auction day.
Money lessons the kids need to know
Your children can learn a lot from your past money mishaps. Here are eight financial conversations I have had with mine.
Property-investing rules: are they likely to change?
The pressure for the government to curb the tax benefits of tax concessions, such as negative gearing and the capital gains tax discount, is unrelenting. Most recently, independent senators David Pocock and Jacqui Lambie proposed five options for paring back investment property tax concessions, with savings to the Federal budget of up to $60 billion over the next decade.
What's love got to do with it?
A rollercoaster of emotions could be driving poor crypto behaviour.
Are we ready to be cash-free?
Saying goodbye to our piggy banks too soon could leave small businesses in the dark when problems arise.
