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According to the Australian Bureau of Statistics, 63,000 Australians decided to take on another job last financial year, an annual change of 7 per cent. Given the rising cost of living, these could be interpreted as alarming statistics. However, there is something to be said about starting a side hustle.<\/p>\n
Side hustles \u2013 successful or not \u2013 are undoubtedly a learning experience. In some success stories, they become fruitful enough to live off entirely, where others can just be a nice way to supplement your income.<\/p>\n
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If you are contemplating starting a side hustle, here are some key things to consider.<\/span><\/p>\n \u201cUnlike 20 years ago, when there were so many hurdles to start a side business, it is easier to give yourself an opportunity generate extra revenue or even start a new career path,\u201d Oliver Woolrych, senior community manager at freelancing platform Fiverr says.<\/p>\n \u201cThat talent you have that you\u2019ve always wanted to express, it\u2019s a great opportunity to put yourself out there,\u201d he says.<\/p>\n If you are contemplating starting a side hustle, here are some key things to consider. These tips are based on my own experience as a freelance editor and writer, and what Woolrych has observed during his time at Fiverr.<\/p>\n The simplest side hustle to start is one that leverages your existing skills \u2013 those that you might use in your everyday employment, which might be particularly sought after. The advantage here is being able to start your side hustle immediately.<\/p>\n \u201cA great example is a Melbourne-based English teacher by day who is a proofreader and copy editor at night,\u201d says Woolrych. \u201cShe\u2019s got that great skill set from her day job and uses those same skills for her side hustle.\u201d<\/p>\n If you do want to pursue something entirely new, my advice would be to ensure it\u2019s something you\u2019re genuinely interested in or passionate about. That way, you\u2019re more likely to continue dedicating extra time to it outside your regular job.<\/p>\n It\u2019s encouraging knowing the niche side hustles can do surprisingly well too. \u201cWe\u2019ve got someone in Cronulla, Sydney who does professional puppet shows \u2013 and he\u2019s really popular,\u201d says Woolrych.<\/p>\n Curious about what services are seeing significant growth in Australia? According to Fiverr, searches for AI art services have gone up 3731 per cent since November. That\u2019s followed by accounting and finance, which saw 1788 per cent growth in the same period.<\/p>\n If you are working part-time or full-time, you\u2019ll need to think about how much time you have in a week to put towards your side hustle. Being overly ambitious here is a trap, given the time that also goes into learning and managing inevitable speed bumps along the way.<\/p>\n Depending on the service, it can be better to dedicate a shorter amount of time at the start, then increase if you can handle more.<\/p>\n If you\u2019re using global marketplace platforms to advertise your side hustle, \u201ca lot of your customers could be overseas and as such in different time zones,\u201d says Woolrych. \u201cYour ability to be available to communicate with those individuals in the morning or evening is important.\u201d<\/p>\n It\u2019s worth researching how other freelancers in the same or similar fields price. You could charge an hourly rate for your services, a day rate, or per-project rate.<\/p>\n Your personal pricing depends on a few factors. Of course, there\u2019s the value of the work and the time it takes to complete it. You\u2019ll also need to consider your experience level, time spent liaising with clients, tax and super contributions, as well as any overheads.<\/p>\n It can be understandable for people to underquote as they\u2019re starting out. But know it can be difficult to explain a large jump in pricing to existing clients in a short period of time. Set pricing that you are satisfied with, and importantly, won\u2019t make you feel like you\u2019re being taken advantage of.<\/p>\n To start your side hustle, you\u2019ll need to register an Australian business number or Australian company number. You might have to organise merchant facilities, such as an EFTPOS machine, set up an e-commerce website, and potentially, accounting software.<\/p>\n And finally, you\u2019ll need to keep on top of what tax obligations come with your side hustle. The most reliable information can be found on the Australian Taxation Office (ATO) website. If in doubt, you can read ATO community forums, contact the ATO, or seek tailored advice from an accountant.<\/p>\nLook at your existing skills<\/b><\/h3>\n
Be realistic with how much time you can dedicate<\/b><\/h3>\n
Think carefully about your pricing<\/b><\/h3>\n
Don\u2019t forget about the housekeeping<\/b><\/h3>\n