12+ Best Side Hustles in Australia: Money Makers
Millennials know the story well, and Gen Z is starting to learn it too. It’s a tale as old as time (well, almost).
Stretching your paycheck all the way to next payday til it’s so thin it might — just — snap.
Watching your credit card repayments feed on your bank account each month — while the balance stays the same.
Grinding out the 9 to 5 just to stay alive — while your passion project sits abandoned in the living room. Cue violins.
Okay — wait! Stop. This doesn’t have to be your story.Â
Imagine how good it would feel to watch that debt melt away. To hit your savings goal months earlier. Or even to finally ditch the day job and start working on your business full-time.
A side hustle is your ticket to ride off into the sunset and leave that sad story behind. Byeee!
The 12 best side hustle ideas
Not all side hustles are created equal, and some can be hard to set up, unprofitable, or just straight-up boring. These side gigs are all great side hustle ideas to get you started because they check all these boxes:
Easy setup
Doesn’t require a lot of time and money to get started.
Rewarding
Uses your existing skills or assets to see results quickly.
Profitable
Good potential for return on investment (of time and money).
The 12 best side hustle ideas in Australia are:
What is a side hustle? How to make money from home
A side hustle is a way to make money outside of your day job. While it often takes the form of a part-time job, it can be so much more (or less) than that. Your way of making extra cash could also be as simple as renting out something you already own, or as ambitious as building out multiple online passive income streams.
Types of side hustle include:
1. Freelance writing
Did somebody tell you that writing doesn’t pay? Well, they were wrong. As online business booms, so does the demand for well-crafted copy, messaging, storytelling, articles, reports, email newsletters, and more. Even if writing comes easily to you, it can be a huge struggle and a roadblock to success for many small business owners. And that’s where you can help.
Freelance writing can be an enjoyable challenge and a way to stretch your abilities with new ways of writing. You’ll hone your ability to write with brevity, clarity, and flair. Starting is as easy as creating an account on a platform like Fiverr and getting a couple of finished jobs under your belt so that you can show them as examples.
As a side gig, it can also be very flexible, often done entirely online, and earn decent money. And if you’re interested in making this your career, it can build your resume — and even provide a stepping stone to writing as a full-time gig.
Income potential
$25-$250+ per hour
Rates go up with skill and experience — especially for certain kinds of copywriters.
Time and money commitment
Beckie Lee
Jazzy Words
Beckie turned a hobby into a business
Beckie runs a content writing side job, Jazzy Words, specialising in travel writing. She says it’s a perfect side hustle for mums who need flexibility.
Beckie started freelance writing as a hobby while she was pregnant, back in 2011. She’s always been passionate about writing and did well in that area in school, so it was a natural fit to pursue writing on the side.
Working with many sole traders and small businesses, she has the opportunity to help people feel confident with their website copy and blogging.
“The best part is having pride in my work, and receiving glowing feedback from clients.”
Hania Syed
Freelance Writer
Hania quit the 9-5 to earn more as a freelancer
Hania Syed landed a full-time content writing job after graduating from uni with a creative writing degree. “After starting another job, I was suddenly made redundant,†she says, “and decided I was going to go my own way by freelancing!â€
“There’s so much to love! The ability to choose what I work on, to set my own rates and the flexibility are major pluses.â€
Now, she’s working on her freelance writing business as a main gig. She now spends around 20-30 hours a week on writing, with a little extra on business admin. She’s optimistic about her future prospects. “I’ve now exceeded my previous full-time income, with the eventual goal being to reach six figures.â€
Skills for making this side hustle successful
As a freelancer, you are running your own mini-business. Excellent writing skills are a given — success depends on your business skills, like:
Serious about freelance writing? Consider a Certificate IV in New Small Business.
This self-paced online course equips you to start your freelance business off on the right foot and scale it up when you’re ready.
2. Create an online course
Online education is booming, and people are increasingly turning to online courses and tutorials to learn niche skills directly from expert teachers.
Do you have an in-demand skill that people would want to learn? Maybe you’re an expert watercolour painter, or you teach a programming language for a particular purpose.
Creating an online course is your chance to share your know-how and ideas with the world. Plus, with courses platforms like Udemy, Podia, Teachable and Kajabi, the technical and marketing work is taken care of.
Income potential
$500-$50,000
Once you’ve done the work of creating the course content, this can be a great passive income earner.Â
Time and money commitment
Skills for making this side hustle successful
To run a wildly successful online course, you need skills in:
Want to take your online course to new heights? Consider a short course in marketing.
Fantastic content is required, of course, but the ability to effectively market your online course is the secret sauce.
3. Babysitting
Ah, the classic side gig. Babysitting is one of those jobs almost anyone can do to make some extra cash, even 13-year-olds. It does come with a lot of responsibility — you are taking care of a small human, after all! But if you’ve ever looked after a younger sibling or relative, you’ve already demonstrated that you’re up for the job.
If you want repeat work, make an effort to get along with the parents, too. The surly attitude babysitters have in movies ain’t gonna cut it.
Income potential
$20 to $30 per hour
Depending on demand and how much you want to work, you could make an extra $50-100 per week, easily.
Time and money commitment
Skills for making this side hustle successful
As a babysitter, you need skills like:
Love working with kids? Get your Cert III in Child Care and you could start a career guiding children through their early development.
4. Affiliate marketing
Ever wondered how bloggers make money from their sites? The answer is affiliate marketing — where you get paid commissions for promoting someone else’s products. If you include a link to your favourite cleaning product in a blog post, for instance, and people click on that link and buy it, a small percentage of the sale will go to you. It’s a bit like getting paid money for referrals, but on a large scale.
If you enjoy creating content, and you’re looking to create a passive income stream with growth potential, this could be the perfect side hustle for you.Â
The setup is pretty straightforward. First, you need to buy a domain and hosting, start writing content (or hire a freelancer), and sign up to the Adsense and affiliate network platforms. Boom – you’re affiliate marketing!Â
Once you’re up and running, the potential to scale this up is unlimited. You can set up as many sites and campaigns as you like.
Income potential
You could start with $50 of monthly passive income which, after a few months, grows to $2000+ per month
Time and money commitment
David James
Adsense marketer
David built multiple income streams while travelling the world
David got started with Adsense and suggests it as an easy first option to try. “You can get an idea set up from $40-100, and then see if you can get an ROI [return on investment]†he says. “Considering what the banks and investment houses pay, you would just need to make $10 or more to get a better ROI rate.â€Â
He stresses that to build it into something more profitable, it’s a good idea to diversify your income sources.
“I try to make an income from different sources on my sites. People can get started with Adsense, then add affiliates, then consulting, info products, courses, and more. So it’s possible to get started even with a credit card. Then make the money back.â€
If you’re keen to learn more, David breaks down how he earned $50,000 in one year while travelling the world.
Dennis Graham
Adsense marketer
Dennis carved out a niche in affiliate marketing
Affiliate marketing requires more time, but it still has a low barrier to entry, and can be a much bigger earner. Dennis Graham has been working in digital marketing for over fifteen years, and now runs affiliate websites in the finance niche, including bestfind.com.au and compareloans.co.za.
Dennis says that while initial returns may only be a few dollars per month, after a year or more, they can bring in thousands. He points to Finder.com.au as an example, and adds that “there are lots of other websites you might have never heard of, that make thousands of dollars every month… and they all started as a hobby/side project.â€
“Create a website around a specific niche (i.e. loans, sleeping products, coffee, etc.) and produce content such as reviews, product comparisons, answering common FAQs.â€
“I recommend starting in a niche that you understand or have some passion for. i.e. if you love dogs and know lots about them, then creating a blog reviewing dog products makes sense.†The secret to success, he says, is to “make great unique content, be persistent and learn a little about SEO.â€
Skills for making this side hustle successful
The great thing about this is that it’s low-risk, so you can experiment as you go and learn along the way. Helpful skills to pick up include:
Want the skills to grow fast? Consider a short course in digital marketing.
Get a jumpstart in digital marketing channels, analytics, google search campaigns, and growth hacking so you can skip the trial-and-error phase.
5. Buy and sell vintage stuff
Are you a little bit handy? Maybe you spend a lot of time in front of a computer at work, and you’d like something a little more hands-on? Try your hand at flipping vintage goods — that is, buying things cheap, fixing them up, and selling them for a higher price.Â
For example, you may buy bikes that have seen better days, and transform them into fun, custom-built vintage bikes. Other examples include renovating vintage Combi vans, scooters, or vintage furniture.
To get started, gather some know-how relevant to the kind of upcycling you’d like to do, and buy your first down-and-out item for cheap. Once you’re done, list it on Gumtree, Facebook Marketplace or Instagram, and get the word out amongst your friends.
This can be easy to do around your day job, especially if you set up saved searches to notify you when new items come up. If your business starts to get a good reputation, you may be able to start your own bike shop or business specialising in overhauls of vintage furniture, for example.
Income potential
$100+ per item
Some items you can flip in a couple of hours, some might take weeks, but you’ll probably have a few on the go.
Time and money commitment
Skills for making this side hustle successful
To succeed in the flipping business, you’ll need a good eye for the type of goods you’re focusing on. Apart from that, these skills can help you thrive:
Love the idea of giving old things new life? You’ll be using social media to promote your business, so you could benefit from an online short course in social media management.
6. Virtual assistant
Becoming a VA is an excellent option for mums, carers, and creatives who need flexible work. Virtual assistants help businesses and individuals carry out administrative tasks online, including website maintenance, social media, customer service, research, and much more. They’re popular with startups and entrepreneurs. You’ll need top-notch organisational skills and communication skills to do this well.
To get started, sign up for a freelancing platform like Upwork. As you gain more experience, you can establish your own business or move to more VA-focused platforms. If you want to set your sights higher, you could start your own VA agency – take a look into drop servicing.
Income potential
$25+ per hour
At $25/hr, 10hrs a week, you could easily make an extra $1000 a month.
Time and money commitment
Skills for making this side hustle successful
If you want to niche in, say, social media management, make sure you’re all over what you need to know. It may be worth taking a short course in business administration.
Make Money with Drop Servicing: How to Get Started
While dropshipping businesses are all the rage at the moment, drop servicing is slowly starting to emerge as one of the best ways to make money online. So what’s all the fuss about?
7. Sell crafts on Etsy or social media
Do you love making arts and crafts? You could start selling your creations online. It’s pretty simple to get started – first, of course, is to start making things. Then photograph them, and start an Instagram page, or list them on Facebook marketplace.Â
If it starts taking off, you could consider setting up an Etsy storefront, which gives you the opportunity to reach more people but carries more fees. Eventually you may even want to create a website or run your store on Shopify.
If you can find a way to create your items in bulk you can increase your earning potential. And if you’re not just creative, but also have an entrepreneurial spirit, you may want to expand it — dream big!
Income potential
Varies depending on your business setup, but could eventually replace your full-time income.
Time and money commitment
Steph Comfort
@spicytofuceramics
Steph sells handmade ceramics online
Steph’s passion for ceramics was never intended to be a side business. “It started as something fun to do as a therapeutic break from my day job,†she says. “When I started listing on Facebook Marketplace just to see if anyone would buy it, the response was really overwhelming and exciting and I just wanted to see where it would go.â€
She laughs when she says her favourite part is receiving compliments for her work. “But really, it’s super humbling when you create something by hand out of nothing and receive the sweetest messages that support what you do.â€
“I spend a few nights a week to make the vessels and most of my weekend. When I pick up a batch from the kiln I’m so excited to glaze them that I often stay up until 1am hand-painting everything.â€
Steph says she’d prefer to keep this part-time, balancing it with her current job to give herself a varied week. But she believes that she could replace her income with this in a year. “That is, if I set up a good routine and do things in bulk, it could be a really strong system that brings in consistent income.â€
Adela Shen
Shop Bitsy
Adela makes pom-pom earrings
When Adela Shen saw people wearing pom-pom earrings in 2016, something clicked. “I thought, ‘Hey! I could make them too!’†she says – and Shop Bitsy was born.
Growing up, she enjoyed arts and crafts and remembers making her first pom-pom in primary school. “I’ve always been a more hands-on kind of person.â€
In the beginning, she made most of her income by selling her pom-pom earrings at market stalls. “I worked on my store every day, spending all my spare time either creating or marketing my earrings. I was quite active on Instagram and also booked at least one market to sell at each weekend while working at a full-time job!â€
After a year of pushing hard, Adela found working at this pace wasn’t sustainable. “I was exhausted!†she says. So she slowed down and focused on selling online.
“I believe you can earn as much as the effort put in, finding the right audience and making friends with fellow creatives to promote each other. It’s possible to earn thousands a month, though it’s important to price your work to reflect the time and materials spent, making sure you have a balance between your other commitments and the side hustle.”
Skills for making this side hustle successful
Steph says that, for her, some preparatory learning is crucial. “I definitely couldn’t have done this without taking a few classes first. There are a lot of things to know about making ceramics and I am still learning through reading books and getting feedback from other experienced ceramicists. “
Adela says that you can easily get started by watching YouTube tutorials. “Choose something you love and just go for it!â€
Think you might want to scale up? Unleash your imagination and create the business of your dreams with a small business management course.
8. Airbnb hosting
Becoming an Airbnb host can be a great money-maker, turning your biggest asset — your home — into a source of extra income. This involved offering your spare room (or granny flat) to guests for a fee, or even renting out your whole space for a short period of time.Â
Listing your space is free, and you have control over your calendar and pricing. Bear in mind that you will need to commit to some maintenance, cleaning and admin duties, but Airbnb will act as the middleman and mediate any issues that arise.
If you’re renting your house, this is more of a grey area — check the lease, and speak with your landlord first. You may be able to sublet your room.
Don’t want to rent out your space? You can also become an experience guide and show visitors around your home city, showing them something unique and memorable.
Income potential
$3700 per year
Experts estimate the average at around $3700 per year but varies dramatically based on location, type of property, and other factors. Read more on the profitability of an AirBnb.
Time and money commitment
Skills for making this side hustle successful
Being a great host isn’t easy, but it can be a lot of fun! To up your chances of becoming a Superhost, you need skills in:
Got the property bug? Unlock career opportunities in real estate with a Certificate IV in Property Services.
9. Share your car with Car Next Door
This is an oft-overlooked, but extremely easy side hustle that makes use of an asset that just sits there, bleeding money in your driveway.
If you need to use your car for most of your transportation, then this may not be for you. But if you live near a city and have a car mostly for convenience, road trips, and visiting relatives, this could be the perfect side hustle!
It’s one of the only side hustles that isn’t actually a side job – it requires no time commitment, apart from occasionally cleaning your car. Which, hopefully, you would do anyway. Right?
Income potential
$200 – $2000 per month
Average $550-$750 per month for a car or SUV in inner suburbs.
Average $750-$1000 for a tourist area (e.g. Hobart, Gold Coast, Cairns)Â
Time and money commitment
Adele Cochrane
Adele’s car earns its own keep
“I’ve been renting my car out with Car Next Door for a couple of year now. I started when I began full-time work, and I was taking public transport (I’d rather read a book than sit in traffic for two hours each day).
But I was having trouble justifying paying the insurance, servicing and registration costs. When I crunched a few numbers, I realised that simply having a car (without even driving it) cost around $170/month. I could cancel that out, effectively having a car for free, by sharing it on the Car Next Door app.
You just need to keep it reasonably clean, and make sure you block it out in advance if you’re planning a trip or a weekly grocery run, but the bit of extra admin is totally worth it.â€
10. Tutoring
Did you do well in a particular subject at school or university? Even if you aren’t a teacher, you can teach others and help them succeed, no qualifications necessary. Sometimes all it takes is someone to explain a key concept in a new way, and to provide an atmosphere that feels safe and encouraging.
First, you need to decide what need your tutoring services will fill. High school students struggling with VCE English or maths? Primary school students who need help with reading comprehension? Then you’ll need to learn the material you’ll be covering. You can start advertising your services on a tutoring website, social media, or online communities.
Income potential
$39+ per hour
If you worked 10 hours a week tutoring, you’d make an extra $390. That works out to around $1600 a month.
Time and money commitment
Skills for making this side hustle successful
To be an effective tutor, you’ll need these skills:
Ready to learn more about education? Find out how TAFE can help you get your dream teaching job.
11. Become a YouTube influencer
If you’re good in front of a camera, you could consider starting a YouTube channel. And while YouTube is more saturated than ever, there are dedicated fan bases you can tap into if you find the right niche. Obsessed with knitting? Start a knitting tutorial channel with a unique approach. Love gaming? Find a new angle and start thinking about what kind of videos to make.
Make a simple plan, including what your topic will be, your unique angle, and who your audience will be. What problems do they have that you can solve? Will your videos be funny, or serious? Can you find other YouTubers whose style you like? Then, you just need to create a YouTube account, plan out a few topics and start shooting. There are plenty of guides on YouTube Creators to help you out.
If you do really well, and manage to get very popular, you’ll definitely earn more money. Plus, if you’re looking at starting a career in media or social media management, this could be your way in.
Income potential
Fluctuates dramatically. For instance, if your videos get 4,500 views a day, you’ll earn between $6-10 a day – which translates into somewhere between $2,300-$3,900 a year. Have a play around on the Youtube Money Calculator to see how your earnings are affected by views and clicks.
Time and money commitment
Nicholas Muscat
AussieMoneyMan
Nicholas started a personal finance YouTube channel
Nicholas started AussieMoneyMan, a personal finance YouTube channel as a side hustle, and has managed to turn it into a full-time income earner.
“I started my first side hustle as a YouTuber at 13 years old making videos on tech and gaming. While this never made a lot of money it was a warm welcome into the world of side hustles.â€
He explored a few different online avenues, such as eCommerce and blogging, finally settling on his personal finance YouTube channel as the main focus.Â
“While I think there are numerous fantastic ways to make great money from a side hustle, YouTube still offers a tremendous opportunity for success for those with patience, a strong passion and some basic recording and editing skills.â€
Through exhaustive research and first-hand experience trying many different hustles, he says “YouTube is one of the most reading and profitable long-term options out there.â€
Skills for making this side hustle successful
To really stand out and get your message heard, these skills will help:
Curious about creating digital media? A short course in digital media can get your skills up to scratch in no time.
12. Become a pet sitter or dog walker
If the idea of cuddling puppies all day sounds like heaven, this one’s for you. Pet sitting is taking care of furry friends in your own home while their humans are away, and dog walking involves taking dogs out when their humans can’t.
Just like babysitting, this one comes with a lot of responsibilities, and expect to come up against some pets with challenging behaviours or needs. But on the other hand, it can also be a big source of joy and fun in your life, all while making some extra money and working with your schedule.
There are plenty of online platforms and marketplaces for pet sitters, making it easy to get started. Experience with animals will be a big plus on your profile, so make sure to include that.
Income potential
Up to $1600 a month
according to pet sitting platform MadPaws
Time and money commitment
Skills for making this side hustle successful
Any previous experience in animal care will be beneficial, as will these skills:
Ready to learn more about animal care? Take the next step on your journey to working with animals with a short course in animal care
80+ more side hustle ideas — extra money makers for every passion
Look at hobbies that make money, business ideas you can start in your spare time, and easy ways you can participate in the sharing economy. Whatever your passion, whatever your situation, we’ve got one for you.
Jump to:
- Easy side hustles
- Side hustles for people persons
- Side hustles for the knowledgeable
- Side hustles for creatives
- Side hustles for the super-organised
- Side hustles for handypeople
- Side hustles for budding entrepreneurs
- Side hustles for tech lovers
- Side hustles for active people
- Side hustles for animal lovers
Easy side hustles
Sometimes, life is hard, so it makes sense to pick a side hustle that’s not. These side hustles might not be the most lucrative, but they demand only a minimum of skill, time and attention:
- Sell your old stuff
- Participate in marketing focus groups
- Complete online surveys
- Sign up for Swagbucks
- Become an Amazon Mechanical Turk
- Rent out your garage or driveway
Side hustles for people persons
If making people smile makes your day, chances are you’ll thrive in a side hustle that’s all about building relationships and creating positive experiences. Here are some ideas:
- Host Airbnb local tour
- Customer Service
- Mystery shopping
- Help People Grocery Shop
- Rent a Friend
- Babysitting
- Personal training
- At-home childcare
- Coaching
- Rideshare driving (Uber)
Side hustles for the knowledgeable
Do you have a deep knowledge or interest in something? Is there something you could talk about all day? Chances are, there are loads of people out there who’d love to learn from you, or who need your expertise. Here are some ideas:
- Blogging and affiliate marketing
- Start a youtube channel
- Writing eBooks
- Podcasting
- Youtube channel
- Write resumes
- Translation service
- Language tutoring
- Marking CPA exam papers online
- Transcription
- Digital marketing for local businesses
- Write resumes and LinkedIn profiles
Side hustles for creatives
Got creative flair? Maybe you’re in the creative industries, or you’re looking for a creative outlet outside work. Whether your thing is music, movies or painting, there are plenty of ways to share your passions with the world (and get paid for it).
- Selling crafts on Etsy
- Creating and licensing stock music
- Graphic design
- Personal shopper service
- Clothing alterations
- Event DJ
- Baking
- Interior decorating
- Voiceover acting
- Private chef
- Teach people arts and crafts
- Teach music
Side hustles for the super-organised
Some people are just born organised, while the rest of us could use a little help. If you’re in the first category, you could use your exceptional organisation skills to generate some extra income by:
- Bookkeeping
- Virtual assistant
- Housekeeping
- Ironing Service
- Proofreading
- Travel agent
- Home organiser
Side hustles for handypeople
People are always looking for help with things around the house, or chores they don’t have the time to do. You can easily make some extra cash with:
- Flipping cars
- Bidding on abandoned storage lockers
- Flipping bicycles
- Flipping campervans
- Flipping vintage furniture
- Recycling business
- Window cleaning
- Car washing
- Carpet cleaning
- Handyman services
Side hustles for budding entrepreneurs
Got the business brains to build an empire? These ideas offer great scalability and the opportunity to learn business management skills while keeping your risks low:
- Dropshipping (eCommerce)
- Print T-shirts
- Deliver and style houseplants
- eBay Store
- Amazon Store
- Vending machines
- Catering
- Small business marketing
- Cleaning business
- Kids birthday parties business
- Drop servicing
Side hustles for tech lovers
There are a surprising amount of ways to leverage technology to make cash. Here are a few:
- Develop an app
- Domain flipping
- Dividend investing
- Cryptocurrency trading
- Building niche websites (Squarespace, Wix)
- Computer repair
- Teach computer skills
Side hustles for active people
Looking for a side hustle to get you moving and keep you fit? Try these:
- Delivery rider (for UberEats, Deliveroo, Doordash)
- Help people move house/furniture
- Distribute flyers
- Yardwork
- Teaching yoga
- Coach a sports team
Side hustles for animal lovers
Just want to spend some time with critters while you’re getting paid? Try one of these:
- Pet grooming
- Dog walking
- Pet sitting
Why you should become a hustler
Some extra income hitting your account each month could help you:
Pay off debt (like a student loan) faster
Supplement a low income
Help you reach a savings goal faster
But a side hustle can be so much more than a money maker. It’s also a great way to explore new career opportunities without too much risk, allowing you to:
- Develop new skillsets
- Test out and explore career opportunities without quitting your job
- Build a network with people in a new field
- Start a business slowly and sustainably, so you can eventually transition to full-time
How to start your side hustle
1. Decide what you’re aiming for
Everyone has different life situations and goals, which means we’re all looking for something different out of a side hustle: enjoyment and satisfaction, a new source of income, career capital.Â
So what’s the best side hustle for you? The answer is: whatever works with the resources you have, aligns with your interests, and achieves the outcome you want. Ask yourself:Â
What do you have more of?
First, you decide what resources you have at your disposal: Spare time? Savings? A rare skill?
Long or short term?
Then, identify whether you’d rather have lower short-term gains or higher long-term gains. Do you want to build a passive income stream or replace your full-time job?
Which ideas match these criteria?
Your next step is to identify the ideas that fulfil your criteria on the table. We’ve marked the best side hustle ideas – ways to make cash that have the right balance between effort and payoff.
Looking for something you can do from home? Find the best ways to make extra money online.
2. It’s time to prove yourself (and your side hustle)
Don’t just take your own word for it. After selecting the side hustle that compliments your overall skills and personality, put it to the test.
How else can you prove that your online business can earn money if you don’t experiment? Before you start a side hustle, you need to find out if people are interested in the service you’re planning to provide.
It’s essential to ensure there is an abundance of market need related to the solution you’re offering, whether that’s as:
- A dog walker
- A tour guide
- A mystery shopper
This confirmation is not only valuable to be able to guarantee the longevity of your side hustle but also for ensuring there is the potential to earn more money online down the track.
Start by gauging the interest of a community around you. Go further than your family (who, let’s be honest, probably support anything you do). Gauge the interest of honest friends and strangers too.
3. Set some goals and milestones
The truth is, it’s not easy to commit to and to maintain progress when it comes to building a side hustle. Why? Because most of us are also balancing full-time jobs, families, friends, a social life — and many other things.
It’s important to set clear, manageable goals so you can ensure you see results with your side hustle. By setting deadlines in which you plan to reach each milestone, you’re avoiding the risk of staying stagnant.
Milestones also help to measure the success of your business objectively. When you don’t set goals for your small business, it’s far more difficult to discern what is and isn’t working. You can’t be sure when to give up or adapt and apply more effort.
Goals allow you to evaluate how much you’re putting in versus how much you’re getting out. They also allow you to break down the steps to building up our passive income.
It’s a daunting process at times, so make it easier on yourself by setting weekly goals that don’t feel too out of reach. That might mean dedicating a couple of hours of your free time to Upwork, perhaps through online courses. It might mean just a couple of hours a week for those who don’t have much time.
What matters for a successful side income is that you design goals that suit your lifestyle.
6 Things Small Business Owners Wish They’d Known Before They Started
Learn from their experiences and make your startup phase smoother.
But wait — there’s tax
Starting a side hustle can be thrilling. There are so many things to plan and do! And then there’s tax, which is arguably less thrilling – yet, left ignored, it can trip up your best-laid plans.
The money you earn from your side hustle is considered taxable income in Australia. If you have a job already, you can earn up to $18,200 in that job before you start paying tax; however, that doesn’t apply to your second source of income.
You can also claim expenses directly related to your side business on tax. For instance, you can claim your services, insurance, and registration if you rent out your car. The money you pay tax on is your profit — that is, the money left over after business expenses.
Here’s how much you should put aside into a separate ‘tax’ account out of everything you earn:
Taxable income (profit) |
Tax to put away |
0 – $18,200 |
19% (unless this is your only source of income) |
$18,201 – $45,000 |
19c of each $1 over $18,200 |
$45,001 – $120,000 |
$5,092 + 32.5c of each $1 over $45,000 |
$120,001 – $180,000 |
$29,467 + 37c of each $1 over $120,000 |
$180,001 and over |
$51,667 + 45c of each $1 over $180,000 |
Source: Individual income tax rates | Australian Taxation Office
Side Hustling? Here’s What You Need to Know About Tax
Get some clarity on those murky money mysteries with a little help from an expert.
FAQ
The most lucrative side hustles are often the ones that require the most upfront investment and ongoing attention. After all, as the adage goes, you get out what you put in.
These are some side hustles that can make you rich if you are successful:
- Real Estate Investing
- Management Consulting
- Investment management
- Investment banking
Source: Survey of 3560 readers of The Hustle (2018).
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