What is a side hustle?
Second job, casual job, job on the side. These days the term ‘side hustle’ is used loosely to describe the broad and creative ways people make money in addition to their primary income. days.
Why start a side hustle?
Even though taking on more work takes time and effort, a side hustle doesn’t have to be a hassle.
Side hustles can be a hobby or creative outlet with untapped earning potential. In fact, many small business owners dipped their toe in the water with a side hustle, only for it to grow into a full-time profession.
If this is your goal, a side hustle job is a great way to test the market for the product or service you’re offering, before going all-in with a small business.
Our top 5 small business side hustles
The best place to start when choosing the best side hustle for you is to identify what you’re already good at. This experience and passion not only gives you confidence in what you’re doing, but you’ve got history you can sell to your customers.
1. Freelancing
If you love your day job, why not do more of it in the form of freelancing?
Graphic design, social media marketing, bookkeeping and even coding are all examples of highly skilled and highly sought-after roles where your experience can translate into extra cash.
Become a provider on sites such as Upwork, Fiverr and Freelancer so potential customers can find you. And remember to use your own social network so your friends can spread the word for you.
2. Work with animals
If you’re an animal lover, consider pet sitting. Whether it’s for a day, a week, or longer, pet owners want to know their furry family member is in safe hands.
Dog walking is also an easy side hustle as it’s ideal for those who work during the day but have time in the early morning or evening.
3. Music teacher
Play guitar like Slash, piano like Yuja Wang, or violin like Warren Ellis? If so, forget a side hustle, quit your day job and do this instead.
If your skills are merely better than average, consider teaching beginners what you know. From preppies to pensioners, the dream of learning a musical instrument never dies, so turn your keyboard into a cash machine.
4. Market maker
Do people go crazy over your cakes or crafts? Consider a stall at your local market.
Homemade goods are in high demand. And when word spreads and your confidence grows, you can broaden your reach with a website to sell your products online.
Online side hustles can be more flexible. You can take bookings or block out time in your calendar to fit in with your lifestyle.
5. Garden maintenance
As long as the sun shines and the rain falls, there’ll be a demand for gardeners.
So, grab your gloves, mower and whipper snipper and see your bank balance grow faster than your neighbour’s weeds.
How to start a side hustle
There’s plenty to consider when starting a side hustle. Here are just a few things to keep in mind:
- Do you have all the equipment you need?
- Will you need insurance?
- Will you need a Working With Children Check or council permit?
- Do you need an Australian Business Number (ABN)?
- How will you get paid? Cash, card or direct credit?
It’s a good idea to open a business transaction account to keep your side hustle money separate from your personal money. A Business+ Account has $0 monthly account fees with unlimited free electronic transactions1 and can be opened using the Great Southern Bank Business+ app in minutes (just saying).
The Australian Government provides plenty of information for people starting a small business.
So, take the plunge. Who knows where a side hustle could take you?
3 side hustles to leave to the professionals
Before you go, remember the golden rule of side hustles – stick with what you know. Here are three areas of expertise you should definitely avoid:
1. Surgeon
Arj Barker once joked about volunteering for Doctors Without Degrees. Best to keep untrained surgeons on the stand-up stage.
2. Hostage Negotiator
What could possibly go wrong?
3. Electrician
A friendly reminder to all the wannabe sparkies out there. Leave the high voltage work to those in the know, or you might find yourself hustling to the hospital.
For everything you need to know about running a successful business, visit our online Business Hub.
1 For a full list of fees, please refer to the Schedule of Fees.
