Are you looking for ways to make some extra income fast? Whether you are trying to earn enough to go on a memorable holiday, want to save for a rainy day or need some extra money to pay your bills, waiting for that pay rise or bonus may not always come quick enough.
What is a side hustle?
One increasingly popular option to fast-track your earning potential is to start a side hustle. This is a way of earning money outside your regular 9 to 5 job.
A side hustle can come in all different shapes and sizes. You may be a talented photographer and decide to sell some of your photos or start a monetised blog. You could become a pet carer, interior decorator, artist, graphic designer/web designer, social media marketer, cybersecurity specialist, or graphic designer. The options are endless.
Why start a side hustle?
- You can earn some extra cash, giving you greater financial freedom.
- It can help to develop your skills and build a personal brand.
- It can be an opportunity to pursue a path you find meaningful.
- It can give you multiple income streams, making you more financially secure (remember the saying “don’t put all your eggs in one basket”).
- It can be a stepping stone towards finding a new career. Start your business with the safety net of another income, and once your side hustle has grown, this could become your full-time job.
How to start your side hustle?
1. Decide on your side hustle
Write a list of what you enjoy, where your talents lie and any gaps in markets you’ve identified. Keep in mind the reason for starting your side hustle to ensure your idea aligns. Make sure your concept is financially viable and consider the time it will require and whether this is feasible for you.
2. Check your contract
Before you start your side hustle, ensure you’re not breaching any clauses in your employment contract. You may also want to discuss your plans with your manager to avoid any conflicts of interest and to reassure them it won’t get in the way of your job.
3. Understand your responsibilities and finances
You’ll need to register for an Australian Business Number (ABN), understand your tax obligations and much more, so make sure you do your research! You may also need to invest some money into equipment and software to help your side hustle run smoothly.
4. Schedule time
We all live busy lives, but to ensure your side hustle doesn’t get pushed to one side or de-prioritised, schedule in regular time slots for evenings and/or weekends.
5. Look after your mental health
Don’t overstretch yourself, and make sure you find time to recharge. If you fail to prioritise your mental health, you’ll rapidly reach burnout!
6. Don’t be discouraged
It will take time and effort before you see results. However, if your idea doesn’t take off, don’t be discouraged. This is the perfect opportunity to try out ideas, so don’t be afraid to try something new.
How can upskilling help?
It is natural to feel nervous about starting a side hustle. Making sure you have the necessary skills though is a good start and can give you lots of confidence when it comes to marketing your business. There are lots of online courses that can help you.
At Open Colleges, we offer online courses in health, design, business, trades, childhood education and technology. So, whether you want to have a side hustle as a social media marketer, or a pet carer, we have a course for you. We also have courses helping you understand all you need to know about running your own small business. Learning is flexible too, so you can easily fit it around your employment and other commitments.
Are you ready to hustle? Get the professional skills you need to start and operate your own small business with the Certificate IV in Entrepreneurship and New Business.