8 Best Side Hustle Ideas For 2023

8 Best Side Hustle Ideas For 2023

Freelance Skills Freelance Tips Uncategorized Work From Home - Other

Editorial note: Forbes Advisor Australia may earn revenue from this story in the manner disclosed here . Read our editorial disclaimer here . Table of Contents What Is a Side Hustle? 8 Best Side Hustle Ideas What Are the Most Profitable Side Hustles? The Pros and Cons of a Side Hustle How are Side Hustles Taxed? Frequently Asked Questions (FAQs) Show more High inflation and stagnant wage growth are contributing to cost-of-living pressures, with more Australians than ever launching a side hustle to make extra money. Here’s a few ideas to get you started. Forty per cent of Australians were experiencing some form of financial hardship at the end of 2022, which is the highest level since before the Covid-19 pandemic began, according to a survey by NAB . It is therefore unsurprising that the number of people holding more than one job is at a record high in Australia, with 925,000 people reporting a side hustle. Almost 7% of all workers have multiple jobs, according to the Australian Bureau of Statistics (ABS). At the same time, the tight jobs market appears to be cooling, with vacancies falling by more than 11% from September to December. Those most likely to have a second or even third job are employees in comparatively low paid sectors that include education and training, healthcare and administrative support, according to the ABS. Related: Best Passive Income Investments What Is a Side Hustle? “A side hustle is a way of generating income that someone pursues in addition to their full-time employment or main source of income,” says Michael Nuciforo, CEO at financial management platform, Thriday. “Most side hustles are undertaken on a part-time basis which is usually after hours or on weekends.” Side hustles can include freelance work, selling goods or services online, tutoring, dog walking or sub-leasing a room. They are different from taking on a second job in that the person with a side hustle is usually self-employed Many people launched side hustles during the pandemic when existing sources of income dried up and they had extra time on their hands during lockdowns. Pro Tip Side hustles can include freelance work, selling goods or services online, tutoring, dog walking or sub-leasing a room. While the goal is typically to make some extra money, side hustles can turn into a full-time business opportunity. For many, they are an enjoyable way of creating a new professional network and pursuing latent talents. How To Find The Perfect Side Hustle For You A side hustle typically requires initiative to turn a profit, so finding the right side hustle will be key to success. For most people, a side hustle takes up their only spare time outside of work or eats into time with family and friends—so ideally, it ought to be an activity that appeals. Think about your strengths and look for ways to leverage them. If you love cooking, for example, consider selling your home-made creations. Related: How to Make Money from Home In Australia 8 […]

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