Side hustles for supplementing income

Title
Side hustle ideas
Short description

More people are turning to side hustles to supplement their income. We explore a range of side hustle ideas that are accessible to people of all ages.

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mlc:Topics/news-and-updates
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Time to read/watch
5 min
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Effective date
2024-08-30 00:00

Side hustles

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 ideas that are accessible to people of all ages. We also provide information on how to get started and what you need to succeed.
 

#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 make it easy for anyone to start earning extra income on the side.

What you need

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.

Potential income

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.

Time requirements

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.

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#2 side hustle idea: market research

Another side hustle 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.

What you need

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.

Potential income

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.

Time requirements

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.

What you need

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.

Potential income

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.

Time requirements

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.

What you need

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.

Potential income

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.

Time requirements

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

While many side hustles sound like a no-brainer, there are a few things to consider.

  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.

Bottom line: with minimal investment and some spare time, anyone can start earning extra income with these side hustle ideas. 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.

 

 

* Based on KPMG Super Insights 2023 Report as at May 2023 KPMG Super Insights 2023 Report

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

Super with MLC

As one of the largest super providers in Australia,* we’re focused on delivering competitive returns, so your money continues to grow. When it comes to support, we go the extra mile— providing general super advice at no additional cost.

 

Become a member today

 

Related links

5 ideas for generating passive income

50/30/20 rule

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