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In the age of the gig economy, the traditional 9-to-5 workday is no longer the only pathway to success.

" ["fulltext"]=> string(6162) "

Australians are increasingly turning their passions into paychecks by delving into side hustles. What starts as a part-time project or a hobby can often blossom into a full-time career, offering not just income but also the flexibility and personal satisfaction many workers crave.

Let’s explore some side hustles that have the potential to grow into flourishing full-time careers.

Side hustles that can turn into full-time careers

Freelance writing and content creation

The digital era has created a voracious demand for content. Skilled writers and content creators can find opportunities in blogging, copywriting, and social media management.

With a knack for words and an understanding of SEO (Search Engine Optimisation), one can start by taking on small freelance assignments.

Over time, building a strong portfolio and client base can lead to a lucrative full-time career, especially in niche markets that command specialised knowledge.

E-commerce and online retail

The world of online retail has exploded, with platforms like eBay, Etsy, and Shopify simplifying the process of setting up an online shop. Australians with an eye for market trends or a crafty hand can start small, using these platforms to sell products.

With the right product, marketing strategy, and customer service, this side hustle has the potential to become a thriving online business, with some entrepreneurs eventually expanding into brick-and-mortar stores.

Personal fitness training and wellness coaching

Health and wellness have become a priority for many, and this sector shows no signs of slowing down. If you have expertise and a passion for fitness, personal training can be an excellent side hustle.

Starting with a few clients can eventually lead to more referrals, and before you know it, you could be running your own fitness studio. Additionally, wellness coaching, which focuses on holistic health, is another avenue that has seen substantial growth.

Photography and videography

Photography and videography are highly versatile side hustles. Whether it’s weddings, corporate events, or portrait sessions, there’s always demand.

By building a strong portfolio and networking, this side hustle can become a full-fledged media production business. With the rise of digital marketing, the addition of drone photography and virtual tours can further expand your services.

Consulting and coaching

Professionals with experience in a specific industry can offer their expertise as consultants or coaches. Whether it’s business strategy, life coaching, or IT consulting, leveraging your professional network to find your first clients can set the foundation for a sustainable practice.

With the advent of remote work, consulting services can be offered to clients globally, significantly expanding the potential market.

App development and web design

For those with a technical bent, app development and web design can start as freelance projects and evolve into a full-time tech venture. With every business needing an online presence, skilled developers and designers are in high demand.

Starting with small projects can help you refine your skills, and as you build a reputation for quality work, larger projects and possibly even equity in start-ups could come your way.

Handmade crafts and artwork

Australia has a rich culture of art and craft, and platforms like Etsy have provided artisans with a global marketplace.

Whether it’s jewellery, home decor, or original artwork, turning a creative hobby into a business has never been easier. As your brand grows and you streamline your production, this artistic pursuit can become a significant source of income.

Tips for turning your side hustle into a career

1. Begin with manageable goals, but always have a vision for where you want to go.
2. Connect with others in your field and related fields to learn, find clients, and grow your presence.
3. Create a consistent brand across all your platforms to become easily identifiable and professional.
4. Markets change and new technologies emerge – adapt your business to stay ahead.
5. Use your initial earnings to improve and expand your services or products.

---

Side hustles offer a unique pathway to entrepreneurship. They allow individuals to test the waters of self-employment with relatively low risk and investment.

For many Australians, what begins as a way to earn a bit of extra cash can, with hard work and strategic planning, turn into a rewarding and profitable career.

So, if you have a passion or a skill currently on the sidelines, perhaps it’s time to consider how it might take centre stage in your professional life.

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• Yes

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In the age of the gig economy, the traditional 9-to-5 workday is no longer the only pathway to success.

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ChainCollective announced its soft launch on International Women’s Day.

" ["fulltext"]=> string(1666) "

An all-female start-up powered by the blockchain, ChainCollective, launched on Tuesday to empower everyday Aussies to take control of their data.

The platform was designed to allow consumers greater control over how their data is shared and to monetise it to earn a passive income, charging companies a fee to market and advertise to them directly.

“As the blockchain becomes more the ‘Internet of Money’, the functionality which follows should improve control of our financial opportunities and decisions, our online privacy and security,” said co-founder of ChainCollective, Jenny Walker.  

“Our vision is for ChainCollective to be the beginning of true democratisation of data and the future of consumers creating and monetising their ‘self-enriched’ data in a landscape of inclusivity and social responsibility, while giving businesses a more cost-effective and ethical way to market,” Ms Walker explained.

ChainCollective will begin trialling the beta platform product later this year.

"We're offering an alternative approach to enable companies to provide transparency of where and how they are using customer data,” said co-founder Greta Menzies.  

“Our platform simplifies the complex landscape and language around data policy so that consumers, regardless of their data literacy levels, can make informed choices to suit their needs."

According to recent research by the world’s largest market research stores, Research and Markets, the consumer data platform market is worth an estimated US$3.5 billion and will grow to over US$20.5 billion over the next five years.

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• Yes

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ChainCollective announced its soft launch on International Women’s Day.

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Podcasts have grown in both quality and quantity over the last 15 years. 

" ["fulltext"]=> string(5854) "

While many content creators produce podcasts as a hobby, more are looking to make it their side-hustle. Here’s what you need to know to monetise your podcast:

How much is the podcast market worth?

PWC has estimated podcast ad spend in 2020 was US$800 million. They predict that this figure will double to US$1.7 billion by 2024.

In Australia, podcasting revenues are expected to reach $50 million by the end of the year, with Delloite predicting that 1.6 million Australians are now downloading podcast content each year.

“Podcasts are outgrowing their niche status to emerge as a substantive market in their own right,” Delloite said.

How much can you make from podcasting?

Even if you approach your podcast as an enterprise rather than a hobby, the odds are that you might not make a single dollar from it. Podcasts are more popular than ever, but most aren’t profitable and those that are, vary wildly in their revenues.

While some estimates have suggested that popular podcasts like The Joe Rogan Experience can make as much as $800,000 per episode, they’re the exception, not the rule.

An audience of a thousand listeners might sound high, but if you’re only getting 1 per cent of that to support you on Patreon or purchase something via an affiliate program, then you’re only going to be generating somewhere between an extra $10 and $100 of income each month. That’s not nothing, but it’s not quite enough to live on either.

However, as your podcast grows in scale, your monetisation opportunities become a bit more generous, and you’ll be able to charge a bit more for ads.

How to make money from podcasting through sponsorships

The first and most common form of podcast monetisation is sponsorship. Through this business model, podcasters sell to advertisers looking to reach their audience.

In most cases, podcasters have several advertising slots to offer with each episode, such as the intro or intermission. If you’ve ever listened to a podcast that starts with an ad, you’ll know what to expect.

The positives of this model are that it’s fairly established and easy to implement.

Unfortunately, there are a number of negatives. For one, the onus is on you to seek out and find advertisers. This is especially problematic for smaller operators, who usually have a smaller audience and fewer resources to devote to finding advertisers.

How to make money from podcasting through subscriptions

With the rise of creator-based subscription platforms like Patreon and OnlyFans, it’s become increasingly common to monetise podcasts through premium subscription.

Some podcasters lock their entire archive behind a paywall, while others opt to reserve exclusive content for premium subscribers.

Earlier this year, two of the biggest names in podcast distribution – Spotify and Apple Music –- announced changes that made it much easier to make money from podcasting through subscriptions.

The Apple Podcasters Program allows podcasts to offer both monthly and annual plans across three pricing tiers. Apple podcasters are able to monetise their content around both freemium and paid subscription tiers, offering paid subscribers perks like ad-free listening, additional or early access to episodes.

Meanwhile, Spotify’s paid podcast plans are built into their podcast creation and distribution app, Anchor. Like Apple’s take on premium podcasting, Spotify’s paid subscription offering allows you to grow your subscriber base by offering unique perks like merch, promo codes and exclusive episodes.

How to make money from podcasting through affiliate marketing

The third major way that podcasts can be monetised is through affiliate marketing. As with traditional advertising, affiliate marketing is a bit more of a hands-on approach to monetisation.

There are a number of different affiliate marketing platforms and services out there, but they all basically work the same way.

After partnering with a platform like Amazon or a vendor directly, you simply include a promotional discount code or a link in episodes of your podcast. When listeners use the discount code or link attached to your podcast to spend money, you – as the affiliate – get a cut.

The upside here is that affiliate marketing streams can be more lucrative than the other options if your podcast doesn’t have the volume to command large ad deals or subscription revenues. It’s also fairly easy to set up.

The downside is that your success can vary, and you have to be careful about the products you promote as an affiliate. If you promote a product or service that ends up disappointing your listeners, it could cost you listeners.

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• Yes

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Podcasts have grown in both quality and quantity over the last 15 years. 

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Side-hustlers looking to make the most from offloading their second-hand goods online may want to keep a few things in mind.

" ["fulltext"]=> string(2989) "

Flipping your old phone or furniture online via platforms like Facebook Marketplace is hardly a new phenomenon, but it’s also never been easier.

Gumtree Australia spokesperson David Low told nestegg that savvy Aussies could start the holiday season with a few extra bucks by cashing in on their pre-loved items via online shopping platforms.

Pointing to the company’s recent Gumtree Trading in the Circular Economy report, he suggested that each Australian household has around 21 unwanted items that could be sold.

“These items could translate into approximately $5,300 to boost Aussies’ Christmas spend or savings,” Mr Low said.

Speaking to nestegg, Gumtree said that the most popular items on the platform are typically priced between $210 and $1,927.

Bikes, surfboards and fridges topped the list here. However, second-hand furniture and smartphones also proved popular.

Of the top 10 most searched items, Gumtree found that ride-on mowers had the highest average listing price. 

For those looking to follow up their spring cleaning by selling off their second-hand goods online, Mr Low had a number of tips.

The first of these was to pay attention to timing.

“A great way to decide what to sell and when is to look at the time of the year and the latest trends,” he said.

For instance, with summer around the corner, Mr Low said that sellers are likely to find heightened interest around items like surfboards, BBQs and outdoor furniture.

By offering what’s in demand, he said that Aussies might be able to find more motivated buyers and come away with a cheekier profit.

Another thing he recommended to side hustlers was to pay attention to what’s happening in the market.

“New product launches are also a useful guide to know what and when to sell or buy,” Mr Low said.

According to Gumtree data, the launch of the latest Samsung and Apple smartphones typically coincides with a spike in searches for the previous model.

“By trading pre-loved items, Australians can not only make money but they’re also doing something good for the environment by giving goods an extended life instead of sending them to landfill,” Mr Low said.

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• Yes

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Side-hustlers looking to make the most from offloading their second-hand goods online may want to keep a few things in mind.

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Side hustle-friendly apps continue to be most popular among younger generations.

" ["fulltext"]=> string(3869) "

Amid the uncertainty of the coronavirus pandemic, Gen Z have flocked to gig economy platforms to get by.

Research released by Airtasker has suggested that as many as two-third of “Zoomers” have either made money via “flexibly economy” apps or were planning to do so in the future.

“As work/life balance becomes more of a priority, and Gen Z have had the opportunity to experience flexible working, it’s not surprising that we’re seeing this shift in the way they view work,” said Airtasker CEO Tim Fung.

The biggest drawcard for Gen Z, according to the research, is the ability to make additional money on top of other jobs, with 41 per cent admitting that the extra cash motivates them towards gig economy platforms like Airtasker.

Another 26 per cent said that they were motivated by the possibility of making money doing something they enjoy.

Airtasker found that, on average, Gen Z said they earned around $429 in extra income each month.

App development proved to be the most in-demand skill, with graphic design and social media following closely.

Asked by Airtasker to describe their preferred work situation, 36 per cent of Gen Z said that they would prefer multiple income streams to relying on a single job with fixed hours.

“We’re really proud that Airtasker is able to connect Gen Z with meaningful work opportunities to monetise their skills and to help build career momentum,” Mr Fung said.

No matter their employment type, however, 52 per cent of Gen Z said that flexibility in work hours and location continued to be a key consideration.

Forty-nine per cent of Gen Zer surveyed said that competitive pay remains high on the agenda, 33 per cent saw a job that would let them monetise skills or hobbies as more important than one that paid well.

While the data here does indicate that these platforms remain popular among younger demographics, it’s worth noting that the core audience for many of these gig economy platforms are, informally but by definition, underemployed.

Baby Bboomers might have grown up in a time without these platforms, but they also grew up in a time with wage growth, a more affordable property market and as participants in an economy that was itself significantly less casualised.

As per data released by the Reserve Bank of Australia and the Australian Bureau of Statistics, underemployment in Australia is at a historical high, rising from around 15 per cent in the 1970s to almost one-third of the workforce.

Back in March, research by Westpac found that 36 per cent of Zoomers felt negatively about their job security.

Commenting on the data, Bankwest general manager for home buying Peter Bouhlas said that the next generation is finding it harder than ever to achieve their financial goals.

“We know the challenges of 2020 remain for many, and Gen Z, representing much of the young, casualised workforce of the country, often balancing study commitments, are greatly impacted by those challenges,” Mr Bouhlas said.

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Side hustle-friendly apps continue to be most popular among younger generations.

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The government is set to launch a new compulsory reporting scheme, targeted at stopping share economy participants from skipping out on their tax obligations.

" ["fulltext"]=> string(2261) "

Uber drivers and users of Airbnb are among the share economy participants that will soon have to adhere to a new compulsory reporting regime, which will be implemented by applying the taxable payments reporting system (TPRS) to certain transactions undertaken through these platforms. 

Ride-sourcing and short-term accommodation platforms will be first up, with the likes of Uber and Airbnb expected to report information of all transactions to the ATO from 1 July next year.

Asset sharing, food delivery, tasking-based services and other services will be included from 1 July 2023.

The upcoming rules, first announced in late 2019, are expected to apply to “operators of an electronic service”, such as a website, internet portal, app, gateway, store or marketplace, that allow buyers and sellers to transact.

According to the draft legislation, published late last week, transactions relating to the transfer of ownership of real property, such as those facilitated by platforms such as eBay or Gumtree, will be excluded.

Back in 2019, both Airbnb and Uber said they support the plan.

The government has touted the planned rules as the means to bridge a “transparency gap” created by the rapid growth of Australia’s sharing economy and the current inadequacy of the tax reporting system to capture data about transactions that take place there.

Not only is the tax authority’s lack of oversight providing an unfair advantage to share economy participants against those who undertake similar activities and comply with their tax obligations, but the Treasury’s Black Economy Taskforce – established in 2016 – believes the sector is feeding the black economy.

As such, the Taskforce has recommended to government that a compulsory reporting regime be implemented. It argued that in the absence of such a regime, it would be difficult for the ATO to gain information on compliance of sharing economy participants unless targeted audits were used.

The Taskforce also added that formalising reporting requirements would send a clear signal to sharing economy participants that in most cases payments would be taxable.

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The government is set to launch a new compulsory reporting scheme, targeted at stopping share economy participants from skipping out on their tax obligations.

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"" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#11412 (33) { ["id"]=> int(4) ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> int(2351) ["ordering"]=> int(1) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11041 (3) { ["data":protected]=> object(stdClass)#11039 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11040 (3) { ["data":protected]=> object(stdClass)#11068 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" 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NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#11420 (33) { ["id"]=> int(2) ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> NULL ["checked_out_time"]=> NULL ["note"]=> string(0) "" ["state"]=> int(1) ["access"]=> int(1) ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> int(2351) ["ordering"]=> int(5) ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#11080 (3) { ["data":protected]=> object(stdClass)#11085 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#11082 (3) { ["data":protected]=> object(stdClass)#11087 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator":protected]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> int(2) ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> int(0) ["only_use_in_subform"]=> int(0) ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> int(1) ["group_state"]=> int(1) ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(77) "/earn-money/side-hustle/gig-economy-workers-brace-for-new-tax-reporting-rules" ["image"]=> string(41) "images/article-826x550/Uber-driver-ne.jpg" ["image_alt"]=> string(53) "Gig economy workers brace for new tax reporting rules" } }