So, you want to start your side hustle? Creating a business on the side is a great way to earn extra cash. You could even make it your full-time job eventually.
Follow our ultimate guide to building your own business; we’ll list the best side hustle ideas.
Let’s get to the following commonly asked questions:
A side hustle is a vague term — meaning anything from a part-time job to a source of passive income. A hustle business is any activity outside of your day job that helps you earn extra money.
You can find side hustles anywhere. Whether you sign up for a delivery app like Uber Eats or create your own business from scratch, it’s an innovative financial plan.
How much time, effort, and money you pour into your side hustle is up to you. Do you intend to keep it as a part-time commitment? Or do you one day hope to grow your business to earn a full-time income from what you love?
It’s one thing deciding to set up an easy side hustle in your spare time, another to come up with exciting business ideas.
We recommend the best way to settle on a side hustle idea is to focus on your passions and skill sets. Are you good at something that could earn you a little extra?
It’s sensible to choose something different from your day job. Of course, you can adapt your current skills. But keep in mind that if you do something the same, you might struggle to keep yourself inspired.
You want to do something that excites you. For example, if you work in digital marketing, becoming affiliate marketers with a blog might work. But, freelancing your digital marketing skills could feel like too much of an extension of your full-time job.
Here are some popular side hustles to consider:
There are plenty of benefits to side hustle jobs. Firstly, generating multiple income streams is empowering. Making extra cash is never a bad thing. Whether you want to begin saving money, pay off debt (like student loans), or strive for financial freedom — an additional income is advantageous.
Secondly, it enables a smoother transition to self-employment. Perhaps you’ve been aiming to become your own boss for a while. Taking the leap to quit your job is stressful.
Starting your own business as a side hustle is a great way to ease the transition and grow your business more stably.
Finally, side hustles are an excellent way to learn new skills. Say you want to begin freelance writing — this could be the perfect way to develop your talents and make money.
Important: If you’re entirely new to your side hustle idea, you may struggle to make a profit straight away. Take the time to improve your skills before marketing yourself to ensure success.
Side hustlers are business owners. Even if you start by just walking your neighbour’s dog for the extra money, you still need to establish your goals.
Do you want to begin offering your dog walking services to everyone in your street? All business owners need business plans.
Whether you plan to make ten dollars, a hundred dollars, or a thousand dollars, strategising is key. Follow our guide to starting lucrative side hustles and learn how to take yours to the next level.
Establish what you want from your business. What is it about this specific idea that holds your interest? Why are you starting a side hustle?
Your goal can be anything — from earning extra income to developing your skills. If you don’t set out what you want, you might spend a lot of time without getting anywhere.
The strategy you adopt will be vastly different, depending on your goals. You would approach it differently if you want extra savings for your holiday than if you planned to take it full time.
The next step is to research your ideas. Either take a look at our list above or brainstorm your ideas to start. If you want a bit of pocket money, you could walk dogs with relatively low commitment.
One way to find your niche is to create an online survey. You can also consider doing market research and studying online products to see if you can capture a profit.
Then you will need to determine your target market and begin to shape your brand.
Note: You can also use a business name generator to optimise your branding. Check out these brand name generators: Namelix, Shopify, and Looka. If you’re out of ideas, consider creating a portmanteau, adding prefixes, merging words, misspelling a word, or making a new word up.
Take a look at other business models to create your plan. Is there anyone else on the market you wish to emulate? Research what steps they took to get to the place they did.
To start earning money, you need to work out how your business will succeed. Different types of businesses approach this in various ways. For example, will you use Facebook ads to attract customers?
You’ll also need to assess your finances at this stage. Consider setting up a business bank account if your side hustle intends to make more than a few dollars. Moreover, determine if you have the skills to handle your business finances, such as cash flow or tax planning.
Finally, think about how you plan to grow. Consider how you can start your side hustle in the best position for expansion. Will you need to take on a virtual assistant to scale?
So, you have your business idea, branding, and plan. Now it’s time to smooth out the details.
There are several things to consider. For example, if you run an online store, where do you plan to keep your products? Consider whether you need to hire a storage unit. If you run an online course, will you create a home office?
Similarly, if you plan to sell products, think about the platform you will use. You could sell on Shopify using their trial of Shopify first. Or, there is also the option of selling on eBay or selling on Etsy.
These logistics may seem trivial at such an early stage. However, if you have every detail sorted out, you’ll be better to navigate your part-time business when it launches.
Unfortunately, very few side hustles cost nothing. As with any business venture, you need to consider the startup cost. If you have a savings account, your personal finance might be enough for smaller businesses.
However, consider taking out a personal loan if your side hustle has more overheads that you can reasonably cover. Seek professional advice if this is the case.
Note: If you’re considering launching a startup, check out the Australian Government’s Business grants and programs to see if any grants are available that may apply to your business idea.
Once you have everything sorted, you’re reading to start your business.
There are many reasons to start a side hustle. It’s an excellent way to save up money for the future. Whether it’s right for you is another matter. You don’t have to begin with a fully-fledged business. Instead, start small.
If you’re eager for financial independence or just fancying more money, starting your side hustle is a lucrative move. With everyone digitally connected, it’s easier than ever to create an online side hustle. You don’t even need to leave the comfort of your own home.
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Disclaimer: The author is not a financial advisor and the information provided is general in nature and was prepared for information purposes only. This article should not be considered to constitute financial advice. Accordingly, reliance should not be placed on this article as the basis for making an investment, financial or other decision. This information does not take into account your investment objectives, particular needs, or financial situation.