The rising cost of living is causing a strain on household budgets for many Australians. As a result, more are turning to side hustles and passive income opportunities to supplement their income.

In this article, we explore a range of side hustles accessible to people of all ages.

#1 side hustle idea: deliveries

A popular side hustle idea that has emerged in recent years is delivery services. There are now more opportunities than ever to earn money as a delivery driver or ride service through companies like Uber, Uber Eats and DoorDash.

These services are simple to sign up for, require minimal investment and offer flexible schedules to

To get started as a delivery driver, you’ll need a reliable vehicle, a smartphone and a driver’s license.

The income you can expect to receive from deliveries will depend on the specific delivery service you choose and the number of deliveries you complete. On average, delivery drivers in Australia can earn anywhere from $20 to $40 per hour¹.

The time commitment required for deliveries can vary but it is generally quite flexible. Most delivery services allow you to choose your own hours and work as much or as little as you want.

#2 side hustle idea: market research

Another idea is market research. Companies are always looking for feedback from consumers on their products and services and they’re willing to pay for it!

Market research can involve anything from filling out surveys to participating in focus groups or product testing.

To get started in market research, you’ll need good communication skills and the ability to follow instructions. You may also need access to a computer or smartphone, as many market research companies conduct their surveys online. Some companies may require you to have certain demographic characteristics too.

From participating in market research studies, you can expect to earn between $80 to $120 per study but this can vary². Some in person focus groups or product testing may pay even more.

The time commitment required for market research studies can vary. Online surveys can typically be completed in a few minutes to an hour, while focus groups or product testing may require a few hours of your time.

#3 side hustle idea: content creation

If you have a talent for writing, photography, or video production, content creation could be an excellent side hustle idea for you.

Many businesses and individuals require content for their websites, social media accounts and other digital platforms. This includes creating blog posts, videos, social media content and more.

If you have an interest or experience in graphic design, photography, or video editing, you can offer these services as well.

To get started in content creation, you’ll need a good portfolio that showcases your skills and experience. You may also need equipment like a camera or microphone, depending on the type of content you want to create.

The income you can earn will depend on the type of services you offer, your level of experience and the demand. On average, content creators in Australia can earn an average of $109 per hour³.

The time commitment required for content creation will depend on the specific services you offer and the amount of work you take on. You could spend anywhere from 5 to 20 hours per week.

#4 side hustle idea: investing in shares

Investing in shares can be a great way to earn passive income over the long term.

While it is not a get rich quick scheme, it can be a positive way to grow your wealth over time.

Before investing, it’s essential to educate yourself on how the share market works. You may also consider ways to mitigate risks through investment strategies like diversification.

Depending on your level of knowledge and experience, you may need to considering working (or engaging) with a financial coach or investment firm to help you make informed decisions about your investments.

The income you can earn from investing in shares can vary widely, but over the long term, the share market could provide positive returns.

It’s important to remember that investing in shares comes with risk and it’s not a guaranteed source of income.

The time commitment required for investing in shares can vary depending on your investment strategy.

If you’re investing in shares, you’ll need to research and keep up to date on the companies you invest in. You can expect to spend at least a few hours per week on this side hustle idea.

Important considerations before starting a side hustle

1. Time commitment: before starting a side hustle, it’s important to evaluate how much time you can realistically commit to it. Will it interfere with your primary job or personal life? Make sure you can balance your time effectively.
2. Legal requirements: depending on the type of side hustle you choose, you may need to obtain permits, licenses or register a business name. Be sure to research and comply with any legal requirements.
3. Financial investment: while many side hustles require minimal investment, some ask for significant investment upfront. Make sure you understand the costs involved and budget accordingly.
4. Skills and experience: consider your existing skills and experience when selecting a side hustle. Choose something that aligns with your strengths and interests to increase your chances of success.
5. Market demand: research the market for the side hustle idea you’re considering to determine if there’s a need for it. Will you be able to earn enough income to make it worthwhile?
6. Work life balance: consider whether your side hustle idea will add more stress to your already busy schedule or provide a fulfilling way to earn extra income.

¹ Indeed: Delivery driver salary in Australia https://au.indeed.com/career/delivery-driver/salaries/

² Research Connections – Paid market research: https://researchconnections.com.au/paid-market-research-faq

³ Adobe future of Creativity: https://www.adobe.com/content/dam/cc/au/newsroom/pdf/2022/Adobe_Future_of_Creativity_2022.pdf

 

Source: MLC