June 5, 2023 | 5 min read
Summary: More people are turning to side hustles to supplement their income. We explore a range of side hustles that are accessible to people of all ages.
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 will explore a range of side hustles that are accessible to people of all ages. We also provide information on how to get started and what you need to succeed.
A popular side hustle 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 make it easy for anyone to start earning extra income on the side.
To get started as a delivery driver, you’ll need a reliable vehicle, a smartphone, and a driver’s license. It’s also important to have good time management skills and the ability to work independently.
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 hour .
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.
Another side hustle option 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 $150 per study but this can vary . 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.
If you have a talent for writing, photography, or video production, content creation could be an excellent side hustle 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 anywhere from $20 to $40 per hour .
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.
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 sharemarket 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 sharemarket 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.
While many side hustles sound like a no-brainer, there are a few things to consider.
Bottom line: with minimal investment and some spare time, anyone can start earning extra income on the side. It's essential to consider your skills and interests when selecting a side hustle and take the time to research and plan so you can turn it into a profitable venture.
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This article has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as trustee of the MLC Super Fund ABN 70 732 426 024. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (‘Insignia Financial Group’). The information in this article is current as at November 2023 and may be subject to change. This information may constitute general advice. The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider obtaining independent advice before making any financial decisions based on this information. It is recommended that you consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before you make any decisions about your superannuation. You can obtain the latest copy of the PDS (or other disclosure documents) and TMD by calling us on 132 652 or by searching for the applicable product at mlc.com.au. You should not rely on this article to determine your personal tax obligations. Please consult a registered tax agent for this purpose. Opinions constitute our judgement at the time of issue. The case study examples (if any) provided in this article have been included for illustrative purposes only and should not be relied upon for decision making. Subject to terms implied by law and which cannot be excluded, neither NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in the information in this communication.