Australia is called the lucky country for many reasons. But with the rising cost of living adding pressure to hip pockets of late, is our country’s luck changing? Well, given how easy it is to enter the ‘gig economy’ – a growing marketplace for freelancers and side hustlers – Aussies are cashing in by thinking outside of the box.
You don’t need to take our word for it. The latest data from the Australian Bureau of Statistics (ABS) reported that over 850,000 Aussies held more than one job as of March 2022. What’s more is the sheer amount of side money to be made if you have sought-after skills, with one savvy Australian able to rake in an extra $1,000-1,500 a month.
But is starting a side hustle a realistic approach to making more money on top of your day job? In this article, we’ll explore what’s driving this phenomenon (aside from boosting your savings) as well as what hurdles you can expect along the way.
Why start a side hustle?
Workers who take on side hustles do so for a range of reasons, with most turning to ‘moonlighting’ (having a second job, typically at night) for financial reasons – from keeping up with day-to-day living costs to boosting retirement savings.
Supporting this idea, a major survey conducted by Harvard Business Review recently found that 45% of those polled pointed to better pay and prestige for having a side hustle.
But the financial imperative is not the only reason. For many workers, side hustles are also driven by a pursuit of personal interests or to bolster their sense of autonomy and variety in their working lives.
What is an online side hustle?
An online side hustle is a side job that individuals can do from the comfort of their own home, and it typically involves utilising their skills and expertise in a particular area to complete tasks or provide services for others. Some of these gigs can vary from freelance writing to graphic design, to virtual assistant work.
With the rise of technology, the possibilities for online side hustles are endless, and individuals can turn their passions into profitable ventures through the power of the internet.
Read our blog on side hustle ideas in Australia for money-making inspiration
4 popular ways to make money online
There is an endless supply of ways to make extra money from home and people from all walks of life are jumping on board. Though finding a good side hustle online will ultimately depend on your interests and expertise, we’ve listed four common ideas below.
- Dropshipping: Running an online-based shopfront through a direct-to-consumer model. Dropshipping proposes a different way to build an e-commerce business by outsourcing the picking, packing and sending of goods to your customers. This approach usually comes with lower startup costs and more room for you to scale your business without being bogged down by inventory management
- Copywriting: Creating written copy for an organisation’s website, social media posts, and email marketing collateral can add more dollars to your bank account. Many businesses today frequently turn to copywriters of all creative backgrounds for their content. So, whether you’re an arts major, journalist, marketer or communications professional, this could be an easy way to stack some extra cash
- Proofreading and editing: Similar to the above, reviewing and editing copy for companies or individuals can pay dividends. All you have to do is jump online to Seek or Indeed and search for proofreading gigs. Professional networking site LinkedIn can also land you some pretty sweet opportunities once you’ve made the right connections
- Freelancing: Working independently with multiple clients rather than for one individual company can also be a game changer for your savings. Most industries are open to freelancing work provided you can collate useful information and string it together. Like the side hustle above, establish reputable connections and build an online content portfolio to attract more work
View our guide on setting up the perfect home office
Online side hustle vs full-time job
Like any business venture, operating a side hustle online has its pros and cons. That’s why it’s important to see how it compares to full-time work.
Side hustle pros
- Flexibility: Operating a side hustle often allows you to choose your own hours, allowing you to spend more time doing the things you love
- Financial independence: Making money online on top of your full-time job provides additional income, reducing cost-of-living pressures
- Creative outlet: For many, side hustles provide an opportunity for creativity, whether writing, illustration, web design or more
- Career development: Not only can a side hustle help to build new skills to further your full-time career, it can even evolve into a full-time career in itself
Side hustle cons
- Job security: Unlike full-time work, side hustles are market dependent with demand often fluctuating from low to high
- Benefits: Online side hustles also lack the benefits provided by full-time contracted work, such as sick leave and annual leave
- Operating costs: Depending on your chosen side hustle, operating your own business will often come with its own set of costs. This could be an initial investment for materials, increased power consumption, office/space rental and shipping fees
What is the best way to make money online?
There is no right or wrong answer to make more money (legally of course), whether it’s earning extra at home online or lending your physical skills. Adding an extra income stream can be highly rewarding, and with so many side hustle ideas out there to consider, the sky is the limit.
Passive income earners can also make great – and in some cases low-effort – side hustles. These include renting out extra office space, short-term accommodation listing, or even shifting your social media use into paid influencer work. Another popular choice is to live-stream your online gaming as well as participating in game tournaments that pay cash prizes or other incentives.
Whether it’s for quick cash or you just need something new, be sure to do your research before embarking on this journey.
For more helpful information, check out our guide on the dos and don’ts of starting your own business
