EARN AN EXTRA $ 7k P.A. Ramp up your income with a side hustle
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?
According to Morris, there is a whole range of reasons why we’re embracing side hustles. He points to stagnating salary growth coupled with cost-of-living increases. “It is understandable that workers are looking for innovative or alternative means to add to their standard income to simply cover day-to-day expenses, put money towards a home or travel plans, or generally build their savings.”
However, it’s not always about a fatter pay cheque.
A report by the NBN found 80% of us are looking for fulfilment outside work, and this is a key driver for launching a side hustle. Plenty of us see a side gig as a chance to learn new skills, work on a passion project or experience the flexibility of being our own
