How to make more money with a side hustle

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New technologies and the accessibility of on-demand app services has led to the rise of the gig economy. Freelance, short-term jobs are now a staple of everyday life, from food-delivery services to lawn mowing, ride-sharing and much more.

While in the past these jobs were typically seen as only suitable as entry-level positions or to help uni students pay their school fees, today having a side hustle is incredibly common. In fact, universities are now preparing students for the future of work as part of the gig economy. So, could it be a way for you to earn some extra money on the side? Here’s what you need to know.

What is a side hustle and why are they becoming so common?

Having a job on the side – aka a ‘side hustle’ – is additional work you take on to supplement your main income. There are many reasons you might want to take on these extra tasks. Maybe you’re saving up for your first house, perhaps you’ve started a family and need a little extra cash, or maybe you just enjoy being around other people and working for a ride-sharing service is more entertaining than lounging around at home.

Whatever the motive, having a side hustle is attractive because it can bring in a bit of money very quickly, you usually don’t have to undergo a lengthy hiring process, and there are few – if any – strings attached when you want to stop doing it. Remember to get professional advice on the tax implications of a side hustle as well, as any income will need to be declared and taxed.

Pros and cons of taking up a side hustle

There are many pros and cons to consider when deciding whether a side hustle might be something you want to consider.

Pros

  • Your side hustle could actually boost your career by helping you develop more skills to bring into the workplace – it’s well worth bringing this up when it’s time for your yearly salary review.
  • Rather than working for an organisation that only sees you as an employee, building your own business on the side can mean you’re in total control, and that ownership can be great for your self-esteem.
  • Depending on how hard you work at it, a side hustle could earn you a decent amount of money.
  • A job on the side can help you grow your professional network and get your foot in the door of an industry that you are really passionate about.

Cons

  • If you spend too much time focused on building your side job, you could end up neglecting your day job – which is your main source of income.
  • There are only 24 hours in a day, and a side hustle can sometimes add more stress to your life – and less downtime.
  • Depending on the type of work you’re doing, you probably won’t get any sick pay or paid time off. The same goes if you put in a lot of time and effort in setting up a side business; if something goes wrong, it may cost you financially putting you further out of pocket. It may even be worth  considering business insurance, depending on what your side hustle is and how big it becomes.

3 potential side hustles you might not have considered

There really are endless possibilities when it comes to taking on a side hustle. Maybe you have valuable items in storage that you can sell through your own eBay store. Perhaps you’re in a position where you have an investment property – renting it out via Airbnb could be a handy passive income. Or maybe you just want to kill a few hours in the car after work, in which case driving for Uber or delivering food through Menulog could be the ideal fit.

Here are a few ideas you might not have considered:

  • Flex your English skills: Are you a great wordsmith who loves to read and write solid copy? Then setting up your own proofreading service could be a wise move. You only need your computer to get started – reach out to some local content agencies or set up and start blogging on your own website to bring in the customers. If you prefer to work for an established company, transcription services like Rev and GoTranscript are always looking for new transcribers.
  • Virtual assistance: In the age of COVID-19 where most people are still working from home, there’s a very real need for virtual assistants. By providing remote assistance to business owners and entrepreneurs, you can do this work entirely from home – part-time, full-time or just on a casual basis.
  • Jack of all trades: If you’re not interested in starting a whole new business for yourself, then you can easily jump on apps like Airtasker to hire yourself out for everyday jobs. The online marketplace is hugely popular, and you can set your profile to work a range of different tasks – handyman, removals, IT work, hairdressing, pet care, rubbish removal and so much more.

Think outside the box and it could pay off

Starting something new can be extremely exciting – and super rewarding if you put your mind to it! The best part about a side gig is that you can start small and build up over time. Just don’t burn yourself out so much that it starts affecting your day job!

Business insurance might be one way to give you extra confidence with your side hustle, as it can help provide financial cover for material damage to your business premises and its contents, (including loss, damage, or theft) as well as cover against any resulting financial loss from an insured event which was caused by business interruption.

Start comparing business insurance quotes today, and set yourself up for success.

Posted: 19 Mar 2021

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