Why Consider A Side Hustle?

Flexibility & Financial Independence

Creating a side business allows you the flexibility and financial independence other jobs can not provide. If you decide to start a side business as a lone trader, you are solely responsible for the amount of time, energy, and money you invest in the venture. Another benefit of having a side business is that it gives you more financial stability and flexibility in terms of how much work you choose to put into the venture.

Following Your Passions

Your own hobbies and the growth of your possible side business are probably inextricably related. As a result, your company is probably built around a passion of yours that is utilised either entirely or in part in your day job. If you have an interest that you would like to pursue as a project, you should think about starting a side business. A passion and a company are fundamentally different from one another, but that doesn’t mean they shouldn’t overlap. Organising your side project around a love of yours will boost motivation and productivity, which will enhance the likelihood that your business will succeed.

Some Ideas for your New Side Hustle

1.  Launch A Channel on YouTube

Establishing a YouTube channel is an excellent side gig that only requires a basic understanding of video editing and internet navigation. Selecting the appropriate topic for your channel to explore is the only difficulty in launching a YouTube channel. Think about creating a list of your interests or hobbies and building your YouTube channel around it. There are lots of communities on YouTube, and if you can develop a sizable following, you might probably make some extra money.

2.  Delivery of Food

The demand for getting meals without having to leave the house is growing, thus food delivery companies are always looking to hire drivers. You can choose your hours and establish your work time based on how much money you want to make; food delivery businesses don’t provide you a roster or schedule. When you join a meal delivery service firm, there are a few things you should know. See MenuLog.com for ideas.

In order to work as an Uber driver for example, you must first apply for an Australian Business Number (ABN). See Uber website for more details.

3.  Utilise Your Skills by Freelancing on Airtasker

Do you have an artistic side and like to create in your own time? There is now a sizable market for artists to sell their work online, thanks to the digitisation of art consumption. Selling prints, flash pieces, or creating unique artwork for a client are a few examples of this. It is up to you to determine what kind of art you want to create; selling art online includes both physical art that is mailed to buyers and visual art that is received online. Starting an online art business is a way to add more money to your existing income.

Are you skilled in heavy lifting, repairing appliances, or building furniture? Whether you are skilled in website development or lawn mowing, using your abilities on Airtasker to get paid when needed is the ideal side gig for people with skills they aren’t using to make additional money.

4.  Take Part in Market Research and Surveys

Businesses frequently pay survey respondents in an effort to gather fresh data about their clientele and target audience. These services can be provided by market research firms or by the departments of corporations that conduct market research. You can make some extra money by taking part in these surveys; search online for any that are paying participants.

5.  Become a Personal Trainer

Do you like to work out and are you active? If so, working as a personal trainer is an excellent side gig to supplement your main income and work in a field you are enthusiastic about. A few legal requirements must be met, like creating a personal training service agreement and obtaining an ABN.

6.  Take Up Proofreading

Every industry’s businesses demand that people proofread their contracts, portfolios of work, and submissions. Being a proofreader could be the ideal side gig for you if you love to read and are meticulous. Investigate companies that employ proofreaders, or put your profile on freelance portals such as Fiverr or Airtasker.

Evaluating Your Capabilities and Interests

Since most of the work for your side project will take place in the evenings and on the weekends when you are not working your main job, it is critical that you create a business that fits your interests and skill set. You don’t want to waste more time researching topics you find uninteresting or picking up new abilities.

While you should be motivated to see your side project succeed, it’s equally important to consider your interests, desired career path, and nearly-perfected talents when selecting a side project. In today’s world, you may make money from any ability or passion you have, so it’s critical to pick one that will keep you interested over the long term and help your business succeed.

Analysing the Investment of Time and Resources

Making sure the time you devote to your side project doesn’t interfere with your main employment is crucial. You can achieve this by consulting a specialist who can offer you guidance on how to distribute your resources in the areas of finance, law, and economics. Making wise resource investments is essential to the success of your company.

Establishing a Home-Based Side Business

You don’t have to go shopping in order to launch a side gig. Nowadays, the majority of side gigs are launched online, from the convenience of your own home. The way consumers shop and how business owners supply their items has radically changed as a result of digitalisation. The good news is that more people are able to pursue their side projects because the work-from-home lifestyle has persisted.

Making Use of Resources Available

To establish a side business, all you need is some existing equipment like a laptop, phone, and workspace. Those who are beginning a side business almost always overspend on new things without knowing that they already own the tools needed to launch a company.

Time management and balancing work and life

Creating a side business requires giving up some leisure time. As a result, it’s critical to practice time management skills and maintain a healthy work-life balance. Making a thorough schedule, making task management charts, or applying critical path analysis are some efficient time management techniques that help boost output while maintaining a work-life balance even as responsibilities grow. You run the risk of jeopardising your major job and side business if you don’t have a work-life balance and time management techniques.

Selecting a Structure for Your Business

Selecting the appropriate company structure for your side project is crucial. Think about whether you would prefer to have total ownership of your side project or not, as well as if you would rather run it alone or with others. Selecting the appropriate business structure will also impact the company’s operations and funding sources.

When selecting a business structure, you should be asking yourself the following questions:

  1. Is my business rife with risk? In the event of an issue, are my personal belongings at risk?
  2. Will I have to bring on contractors or employees?
  3. What is the anticipated revenue and cash flow for the business?
  4. Will the company be divided into other verticals?
  5. Do I share my salary with any family members?
  6. What is the current and anticipated profit margin for the company?
  7. When should I alter the way my business is structured?

Contractual Liabilities

Make sure you are not violating the terms of your work contract at your primary jobs when you begin a side hustle. Certain employment contracts have restrictions on working second job or non-compete/non-solicitation clauses that prohibit you from running a business in the same industry as your primary employment.

Recognising Tax Repercussions

Establishing your own firm has certain tax ramifications. These include making sure you abide by regulations regarding the Goods and Services Tax (GST) in the digital sphere and being aware of the taxes you should be paying because you work for yourself.

Establishing a side business does not absolve you from tax obligations, and you will frequently need to actively seek legal counsel. You can deduct certain expenses from your taxes when you work from home.

Handling Compliance and Legal Matters

Even though a side gig is not a big company, the activities of the firm nonetheless need to adhere to the law. You must abide by the law at all times, as long as your business is in operation and making money. If you don’t, you will be held responsible. Legal requirements include obtaining the necessary permissions, registering for the goods and services tax (GST), and making sure your business practices do not involve deceit or misleading behaviour. To make sure your side project stays out of difficulty with the law, we advise creating a legal budget.

Setting Up a Domain & Website to Begin Online

Creating a website is a crucial first step for any startup since it conveys legitimacy, expands your company’s reach internationally, and serves as an affordable marketing and research tool. Along with other things you need to think about when beginning a website, such creating terms and conditions and setting up payments if you want to sell things online, there are a few processes involved in setting up your company domain.

Establishing a Virtual Identity

In today’s highly digitalised world, creating an online presence and an online marketing plan are crucial for increasing brand recognition. Today’s consumers frequently search for a business’s social media accounts; therefore, having a great social media presence is directly related to your business’s success. We advise you to research legal advice before creating a social media presence.

How to Price Your Side Hustle

Depending on the objectives you wish to achieve, such as gaining market share, being profitable, or building brand awareness, you can use a variety of pricing techniques when you first launch your side business. There are legal requirements for setting a price for your products or services. It’s critical that you set your side gig’s fee honestly and without deceit.

Pricing Based on Costs

When you determine a price for your side project based on the costs associated with producing its good or service, you are using cost-based pricing. With this approach, your company’s success is largely dependent on the marketing techniques you use to advertise it.

How to Acquire Your First Client

Getting your first client is a sign of promise for your side business. But it may take some time to get your business off the ground. It takes extensive market research and making sure you comprehend your target demographic to make your first sale.

We advise you to make use of a few of the following tactics:

Recognise your USP, or unique selling proposition:

  • Recognise what makes your company unique from the competitors.
  • Utilise your social, familial, and professional networks when networking. Referrals from friends and family are essential for early success.
  • Provide a Launch Promotion: To draw in your initial clientele, think about providing a unique offer or discount. This can be a temporary promotion to instill a sense of urgency.

Getting your first client could be challenging and require some time.

In conclusion

Generally, there are a few obstacles involved in converting a pastime or under-utilised talent into a side gig. You are prepared to receive your first client once you have determined your prospective business, evaluated your financial situation, applied for the required licences, and maintained legal compliance. By employing the easily accessible resources needed for your side business, you can begin this path from the comfort of your home.

In summary, be sure your side project serves your interests and avoids putting you in danger financially or legally.