What is a side hustle?
A side hustle refers to a secondary job or income-generating activity that individuals engage in alongside their primary source of income or main occupation. Side hustles are often pursued during one's free time, such as evenings, weekends, or after regular work hours. They can take various forms, including freelancing, consulting, selling products online, offering services, teaching, driving for ride-sharing apps, and more.
Side hustles are typically undertaken to supplement one's income, achieve financial goals, explore personal passions, or develop additional skills. In recent years, the concept of side hustles has gained popularity due to the increased ease of connecting with potential customers or clients through online platforms and marketplaces. Additionally, side hustles can offer a sense of flexibility, autonomy, and the potential to turn into full-time ventures if they become successful enough.
It's important to note that individuals should consider factors like time management, work-life balance, and any potential conflicts of interest with their primary job when pursuing a side hustle.
How to start a side hustle
Starting a side hustle involves careful planning and execution. Here's a step-by-step guide to help you get started:
1. Identify Your Skills and Passions
Consider what you're good at and what you enjoy doing. Your side hustle will be more sustainable and fulfilling if it aligns with your skills and interests.
2. Research and Idea Generation
Research different side hustle ideas that match your skills and interests. Look for opportunities in areas like freelancing, consulting, e-commerce, content creation, tutoring, and more.
3. Evaluate Market Demand
Once you have a few potential ideas, research the market demand for those products or services. Identify your target audience, competitors, and potential customers' needs.
4. Create a Business Plan
Outline your goals, target market, pricing strategy, marketing plan, and how you'll manage your time between your main job and side hustle. A business plan will serve as a roadmap for your venture.
5. Set Realistic Goals
Define both short-term and long-term goals for your side hustle. These goals can be financial, skill-related, or related to personal development.
6. Allocate Time and Resources
Determine how much time you can realistically dedicate to your side hustle without compromising your primary job or personal life. Also, consider the resources you'll need, such as equipment, software, or initial investments.
7. Legal and Financial Considerations
Depending on your location and the nature of your side hustle, you might need to register your business, obtain necessary licenses or permits, and understand tax implications. Consulting a legal or financial professional might be beneficial.
8. Build an Online Presence
In the digital age, having an online presence is crucial. Create a professional website, social media profiles, and any other platforms relevant to your side hustle. This will help you reach a wider audience.
9. Start Small and Test
Begin with a pilot project or a limited offering to test the waters. This allows you to refine your approach based on customer feedback and real-world experience.
10. Market Your Side Hustle
Use various marketing strategies to promote your side hustle. Leverage social media, content marketing, networking, and word-of-mouth to attract potential clients or customers.
11. Provide Excellent Customer Service
Deliver exceptional service or products to build a positive reputation and gain repeat business. Satisfied customers are more likely to recommend you to others.
12. Manage Your Time Wisely
Balancing your main job, side hustle, and personal life requires effective time management. Use tools like calendars, to-do lists, and productivity apps to stay organized.
13. Adapt and Evolve
Be open to adjusting your side hustle based on customer feedback and changing market trends. Adaptation is key to long-term success.
14. Monitor Finances
Keep track of your income and expenses related to your side hustle. This will help you understand your profitability and make informed financial decisions.
Remember, starting a side hustle requires dedication and perseverance. It may take time to see significant results, so stay patient and focused on your goals.
What is a good side hustle?
A good side hustle depends on your skills, interests, and the market demand in your area. Here are some popular and potentially profitable side hustle ideas to consider:
1. Freelancing
Offer your skills as a writer, graphic designer, web developer, social media manager, or any other service that you excel at.
2. Online Tutoring or Teaching
If you have expertise in a particular subject, you can offer online tutoring or teach courses on platforms like Udemy, Teachable, or Coursera.
3. E-commerce
Start an online store by selling products through platforms like Etsy, eBay, or Amazon. You could create your own unique products or source items to resell.
4. Delivery or Rideshare Driver
Drive for food delivery services like Uber Eats or DoorDash, or become a rideshare driver with platforms like Uber or Lyft.
5. Consulting
If you have industry expertise, offer consulting services to businesses or individuals seeking guidance in your field.
6. Photography
If you're a skilled photographer, offer your services for events, portraits, or stock photography.
7. Content Creation
Start a blog, YouTube channel, or podcast about a topic you're passionate about. Monetize through ads, sponsorships, or affiliate marketing.
8. Pet Sitting or Dog Walking
If you're an animal lover, provide pet sitting, dog walking, or pet grooming services in your local area.
9. Home Cleaning or Organizing
Offer cleaning or organizing services for busy individuals or those looking to declutter their homes.
10. Fitness Coaching
If you're into fitness, become a personal trainer or offer virtual fitness coaching services.
11. Baking or Cooking
If you enjoy baking or cooking, sell your baked goods or prepared meals locally or online.
12. Language Tutoring
If you're fluent in multiple languages, offer language tutoring or translation services.
13. Handyman Services
If you're skilled at repairs and maintenance, offer handyman services to homeowners in your area.
14. Virtual Assistant
Provide administrative support services to entrepreneurs or businesses remotely.
15. Gardening or Landscaping
Offer gardening or landscaping services to help people beautify their outdoor spaces.
16. Arts and Crafts
Sell handmade crafts, artwork, or customized items on platforms like Etsy or at local craft fairs.
17. Event Planning
If you're organized and creative, offer event planning services for parties, weddings, or corporate events.
18. Car Detailing
Provide car cleaning and detailing services to car owners in your area.
19. Online Surveys or Market Research
Participate in online surveys, market research, or user testing to earn extra income.
20. Rent Your Property
If you have extra space, consider renting it out on platforms like Airbnb.
Ultimately, the best side hustle for you will align with your skills, interests, and available time. Before diving in, research the market demand and competition in your chosen field, and consider how your side hustle can provide value to your customers or clients.
What side hustles pay the most?
A good side hustle depends on your skills, interests, and the market demand in your area. Here are some popular and potentially profitable side hustle ideas to consider:
1. Freelancing
Offer your skills as a writer, graphic designer, web developer, social media manager, or any other service that you excel at. If you are good at what you do, you can charge premium prices.
2. Online Tutoring or Teaching
If you have expertise in a particular subject, you can offer online tutoring or teach courses on platforms like Udemy, Teachable, or Coursera. Particularly online language teaching can be quite profitable.
3. E-commerce
Start an online store by selling products through platforms like Etsy, eBay, or Amazon. You could create your own unique products or source items to resell. Dropshipping can make a lot of money if you get the product right.
4. Delivery or Rideshare Driver
Drive for food delivery services like Uber Eats or DoorDash, or become a rideshare driver with platforms like Uber or Lyft. If you work during peak hours you can make a lot of money.
5. Consulting
If you have industry expertise, offer consulting services to businesses or individuals seeking guidance in your field.
6. Photography
If you're a skilled photographer, offer your services for events, portraits, or stock photography. Stock photography is good for passive income.
7. Content Creation
Start a blog, YouTube channel, or podcast about a topic you're passionate about. Monetize through ads, sponsorships, or affiliate marketing.
8. Pet Sitting or Dog Walking
If you're an animal lover, provide pet sitting, dog walking, or pet grooming services in your local area. Dog walking in affluent areas can be a real money spinner.
9. Home Cleaning or Organizing
Offer cleaning or organizing services for busy individuals or those looking to declutter their homes.
10. Fitness Coaching
If you're into fitness, become a personal trainer or offer virtual fitness coaching services. Personal trainers in a gym have to pay rent, so this may be more profitable if you have your own equipment.
11. Baking or Cooking
If you enjoy baking or cooking, sell your baked goods or prepared meals locally or online.
12. Language Tutoring
If you're fluent in multiple languages, offer language tutoring or translation services.
13. Handyman Services
If you're skilled at repairs and maintenance, offer handyman services to homeowners in your area. If you have a trade or specialist skills this can earn you a lot of extra money on the side.
15. Gardening or Landscaping
Offer gardening or landscaping services to help people beautify their outdoor spaces. IF you already have your own mower and trimmer, you can make $50 - $100 per lawn - and if you get regular clients you will make good money!
18. Car Detailing
Provide car cleaning and detailing services to car owners in your area. By undercutting local detailers with a DIY approach, you can make more money for yourself and save your customer money too!
19. Online Surveys or Market Research
Participate in online surveys, market research, or user testing to earn extra income. See my article about online survey sites
20. Rent Your Property
If you have extra space, consider renting it out on platforms like Airbnb.
Ultimately, the best side hustle for you will align with your skills, interests, and available time. Before diving in, research the market demand and competition in your chosen field, and consider how your side hustle can provide value to your customers or clients.
Do I need an ABN for a side hustle?
That depends on how much money you are making. I would suggest getting an ABN when you start a side hustle so you can claim your expenses on tax. When you first start, you will have some set up expenses, and it may cost you more money than you are making. So for that reason alone it is worth getting an ABN! Registering for an ABN is free, so you have nothing to lose.
Do I have to pay taxes on a side hustle?
That depends on how much money you are earning from your side hustle. If the amounts you are earning are less than $75, you can use a statement from supplier form when invoicing. However, it is best to pay tax where it applies, so you don't get into trouble. Sites like youtube will automatically deduct tax as it applies in America. If you are elsewhere in the world you can apply for an exemption or reduction.
The Bottom Line
The best side hustles leverage your unique skills. Making money from nothing is not easy, so nurture your special skills and offer something that people can't get elsewhere, or won't do for themselves - and you can earn a good side income for yourself!