Do you ever feel as if you have a set of skills that aren’t being used in your primary job? Have you ever considered opening a side hustle which utilises these skills? Whether you are wanting to generate spare cash or purely turn your hobby into a money making job, we are here to help. Navigating the process of opening a side hustle can be complex and requires consideration of financial, legal and economic aspects of pursuing another job. We’ve written this in depth article to guide you in developing side hustles and ensuring you operate effectively.

Why Consider A Side Hustle?

Financial Freedom & Flexibility

Developing a side hustle grants you financial freedom and flexibility that workplaces do not offer. Creating a business on the side as a sole trader means your hours worked, effort put in and financial injections into the project is entirely up to you. Having another stream of income is another repercussion of having a side hustle, granting you more financial stability and flexibility in regards to how much effort you choose to put into the business.

Pursuing Passions

The development of your potential side hustle is likely to be intrinsically linked to your own passions. Consequently, your business is likely to be framed around a passion of yours which is partially or incompletely used in your primary job. You should consider opening a side business if you have a passion which you would like to turn into a project. There is a fundamental difference between a hobby and a business, however that does not indicate the two should avoid crossing over. Framing your side hustle around a passion of yours stimulates productivity and increases motivation, in response, leading to a higher success rate for your business.

The Top 20 Side Hustle Ideas in 2024

Freelance Web Theme Designer

If you have experience with coding languages, you could develop a side hustle that involved selling the website themes you design. Website platforms such as WordPress, Squarespace and Wix will buy website themes designed by individuals which are then sold to customers. The steps to becoming a website theme designer  are not strenuous, however there are tasks you must complete in order to be a successful website theme designer. Skills include HTML, C++ or Javascript.

Coin Laundry Business

Owning a coin laundry business is a great example of a passive income. The biggest hurdle in opening a coin laundry business is purchasing the machinery to operate the business. Excluding the occasional electrician or plumber required for maintenance and collecting coins, the laundry business would operate on its own. Lawpath has an article on the steps required to start a coin laundry business to assist you with this side hustle.

Start A Youtube Channel

Starting a YouTube channel is a great side hustle and does not require any experience other than knowing how to navigate the internet and basic video editing. The one challenge with starting a Youtube channel is picking the right content your channel would explore. Consider listing hobbies you have or interests you enjoy exploring and basing your YouTube channel off that. YouTube is full of different communities and it is likely you could generate some cash on the side by building a decent audience. 

Food Delivery

Food delivery businesses are constantly recruiting drivers as there is an increasing demand for receiving food without requiring to leave the house. Food delivery services do not provide you with a roster or schedule– you are able to choose your hours and set your work time relative to the amount of money you want to generate. There are a few requirements you should be informed on when joining a food delivery service company for your side hustle.

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Start A Vending Machine Business

Starting a vending machine business is another great example of generating passive income. The biggest challenge of operating a vending machine business is generating the cash to purchase vending machines, as they cost around $8000 onwards in Australia. The only tasks associated with using vending machines as a source of income is the process of refilling the machines, collecting any physical cash and general maintenance.

Tutoring High School Students

Tutoring high school students is a great way to earn some spare cash on your off hours. In response to the High School Certificate becoming vital to enter tertiary level education, there has been an increase in demand for tutoring services. The hourly rate for high school tutors ranges anywhere from $40 to $90 per hour depending on experience, results and subjects taught. Tutoring can also be done via Zoom calls and no longer requires you to travel, making it a flexible option for those wanting to earn a bit more money.

Logo Designing

If you have a passion for art or graphic design, consider logo designing as your side hustle. Businesses are always looking for designers to develop a meaningful and creative logo in response to businesses’ presence on social media and requiring a logo for their profile photo. It is recommended you start freelancing as a logo designer, and eventually expanding this side hustle into a business.

Dog Walking

Two in three Australian households own a dog, meaning there is a large market for people to start dog walking as a side hustle. Dog walking is a side hustle which can be performed by practically anyone, and is perfect for those wanting to spend some time outside and have another stream of income.

Renting out Assets

Do you have a car you rarely use? A spare bedroom you never sleep in? Maybe a camera you rarely take pictures with? Renting out your unused assets can be the perfect way to generate some cash on the side. You can rent out anything; your textbooks, clothes, instruments, sporting gear. Excluding the transferring of assets, this job requires minimal effort and is great for nyone wanting to have some spare cash on the side.

Start A Podcast

Podcast listeners have been increasing over the past decade and have left a large room of opportunities for potential podcasts. In response to generating an audience, royalties given to you by Spotify alongside any sponsorships is the perfect source of income for a side hustle. Practically any topics or ideas you find interesting can be turned into a podcast, leaving you a large opportunity to create a customisable side hustle.

Translator/Interpreter

Translators and interpreters are consistently needed in today’s multicultural society. If you are bilingual, look into companies or agencies that are hiring freelance translators. Being a translator on the side from your primary job grants you the flexibility to work when you want– during a workbreak, on your off hours or on the weekend, making this the perfect opportunity as a side hustle.

Reselling: Clothes, Furniture, Items

The rise of sustainable purchasing practices is on the rise. Individuals are seeking to buy items that are second hand, leaving you the perfect opportunity to sell your items online. You can practically sell anything using platforms such as Depop, Ebay and FaceBook Marketplace, making this the perfect side hustle for those wanting to earn extra income.

Sell Art Online

Are you an artist and enjoy creating in your spare time? The digitalisation of consuming art has left a large market for artists to sell their work online. This can include selling prints, flash pieces or custom artworks for your client. Selling art online encompasses both graphic art which is received online, and the selling of physical art which would be shipped to customers, leaving you with the discretion to decide on the art you are wanting to create. Platforms such as Etsy and Patreon are a great place to start selling your art online.

Utilise Your Skills by Freelancing on Airtasker

Are you an artist and enjoy creating in your spare time? The digitalisation of consuming art has left a large market for artists to sell their work online. This can include selling prints, flash pieces or custom artworks for your client. Selling art online encompasses both graphic art which is received online, and the selling of physical art which would be shipped to customers, leaving you with the discretion to decide on the art you are wanting to create. Platforms such as Etsy and Patreon are a great place to start selling your art online.

Utilise Your Skills by Freelancing on Airtasker

Are you good at constructing furniture, fixing appliances or good with heavy lifting? Whether you know how to mow a lawn or construct a website, enlisting your skills on Airtasker to utilise them when needed is the perfect side hustle for those who have skills that are not being used to generate extra cash.

Babysit

Starting a babysitting business for yourself is simple and requires minimal steps. Babysitting is a great side hustle for those who have the interpersonal skills to communicate with children. There are some legal requirements such as obtaining a Working With Children Check (WWCC).

Start A Blog

Starting a blog is a great way to blend your passions with a side hustle. You can start a blog about anything– food, business, clothing, travel. Anything that you gravitate towards is likely to have potential for a startup blog. Through growing an audience, you can generate revenue through sponsorships, advertisements and partnerships.

Participate in Surveys/Market Research

Companies are often looking to attain new information on customers and their market through offering payments for those who participate in surveys. Both market research departments of businesses or market research companies themselves can offer these services. Participating in these surveys are a great way to earn some spare cash, look online to find any surveys that are paying participants.

Start A Twitch Channel

For those who enjoy gaming in their spare time, streaming your gameplay is a great way to have some leisure time, but also earn extra cash. Through partnerships, ads and sponsorships, starting a Twitch channel as a side hustle is a great way to enjoy your off hours whilst simultaneously generating extra income.

Become a Personal Trainer

Are you active and enjoy exercising? If you are, becoming a personal trainer is a great side hustle to earn cash outside of your primary job whilst concurrently operating in an industry you are passionate about. There are a few legalities required such as developing a personal training service agreement and attaining an ABN.

Become a Proofreader

Businesses operating in all industries require individuals to proofread their documents; contracts, bodies of work and submissions. If you are detailed oriented and enjoy reading, being a proofreader could be the perfect side hustle for you. Look into businesses that are hiring proofreaders or enlist your profile on freelancing websites like Airtasker or Fiverr.

How to Choose the Right Side Hustle for You

Assessing Your Skills and Interests

Considering the work associated with your side hustle will occur during your primary job’s off-time, it is important to develop a business that aligns with the skills you are capable of and the interests you are drawn to. You do not want to spend extra time learning new skills or researching ideas you do not find engaging.

Whilst you should be driven to watch your side hustle prosper, it is vital that you question what hobbies you have, skills you have almost perfected/want to develop or sectors you want to work in, when choosing your side hustle. Any skill or hobby is able to be monetized in today’s society and it is important you choose one which can keep you engaged in the long run to ensure your business is sustainable and profitable.

Evaluating Time and Resource Investment

It is important to ensure the time you invest into your side hustle does not impede on your primary job. You can do this by seeking advice from a professional who can provide you with financial, legal and economic advice regarding how to allocate your resources. Investing your resources effectively is vital to ensure your business prospers. More information on resources will be discussed further.

Starting Your Side Hustle From Home

Starting a side business does not require you to go on a shopping spree. Today, most side hustles are started online and from the comfort of your own home. Digitalisatio completely shifted the way customers shop and how business owners supply their goods. The good news is that the work-from-home lifestyle has continued, making it easier for people to pursue their side hustles.

Utilising Available Resources

Using items you already own such as your laptop, phone and working space, is all that is required to start a side hustle. More common than not, those who are starting up a side hustle will splurge on new items without realising that they already have the equipment necessary to start a business.

Time Management and Work-Life Balance

Developing a side hustle means sacrificing some free time. In response, it is important to manage time effectively and ensure you still have a work-life balance. Developing a detailed schedule, creating task management charts, or using critical path analysis can be effective time management strategies which can increase productivity but also ensure a work-life balance is still adhered to, even when attaining more responsibilities. Without a work-life balance and time management strategies you could lead to both your side hustle and primary job’s detriment. 

Legal and Financial Considerations for Side Hustlers

Choosing a Business Structure

Choosing the correct business structure is important for your side hustle. Consider whether or not you want to operate your side hustle alone or with other people, and question if you would rather have complete ownership or not. Choosing the right business structure will also determine the operations and finance source of the business. Lawpath has a free quiz on what business structure would be best for you!

Questions you should be asking yourself in regards to choosing a business structure include:

• Is there much risk in my business? Are my personal assets at risk if something goes wrong?
• Will I need to hire employees and/or contractors?
• How much income and cash will be within the business?
• Will there be different verticals within the business?
• Do I have any family members to split income with?
• How much profit is there/expected to be within the business?
• At what point do I change my business structure?

Contractual Obligations

When starting a side hustle, it is important to ensure you are not breaching your employment contract to your primary jobs. In some employment contracts, there are clauses which restrict working another job or may include non-compete/non-solicit clauses, preventing you from operating a business that is in the same sector as your primary job.

Understanding Tax Implications

Starting your own business comes with a few tax implications. These include ensuring you adhere to laws on the Goods and Services Tax (GST) within the digital realm and knowing what tax you should be paying in response to being self-employed. 

Starting a side hustle does not mean you are exempt from taxation laws and often requires you to actively seek legal advice. Working from home also enables you to claim tax on some expenses. 

Managing Legalities and Compliance

Whilst a side hustle is not a large corporation, you are still required to be legally compliant in the business’s operations. As long as you are an operating business generating revenue, you are required to be legally compliant and held accountable during times where you have not been compliant. Legalities include registering for goods and services tax (GST), applying for the correct permits and ensuring you are not deceptive or misleading in your operations. We recommend developing a legal budget to ensure your side hustle does not get into any legal trouble. 

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How Much Is It Going to Cost?

There are various tasks and costs involved with starting a business. You are likely to come face to face these when your side hustle takes off. Some steps include registering for an Australian Business Number (ABN), registering a business name and applying for any licences or permits necessary for your side hustle to operate.

Getting Started Online

Domain & Website Setup

Building a website is an important step in starting your business as it signals credibility, catalyses global reach and acts as a cost effective marketing tool and research mechanism. There are a few steps required to setting up your business domain alongside other aspects you must consider when starting a website such as developing website terms & conditions and setting up payments if you choose to sell items online.

Building an Online Presence

In today’s heavily digital society, it is important to build an online presence to promote brand awareness, but also developing an online marketing strategy. Lawpath offers a workflow service that contextualises and assesses your needs to assist you in building an online presence. Having a social media presence that is successful directly correlates to the success of your business as customers in today’s society will often seek a business’s social media accounts. We recommend you look into some legal tips to build a social media presence.

How to Price Your Side Hustle

There are a few different pricing strategies you can employ when first starting your side hustle depending on the goals you want to set: market share, profitability or developing brand awareness. Pricing your goods or service also comes with legal obligations. It is important you price your side hustle without being deceptive or misleading. 

Price Skimming

If you are solely based on generating profit when starting off your business, price skimming your products/services would enable this. Price skimming occurs when you charge the highest price possible that customers are willing to pay and gradually lower this price over time. It is important to ensure you are branding your products/services as ones of high quality to ensure your customers do not feel ripped off. 

Price Penetration

Penetration pricing is the inverse of price skimming, where you price your side hustle at a lower price and gradually increase it over time. In response, you attain a higher market share by sacrificing a potentially higher amount of revenue. This strategy is proactive and considers how difficult it can be to establish a business in a market. 

Cost-Based Pricing

Cost-based pricing occurs when you consider how much it costs you to produce your side hustle’s product or service and base a price off these expenses. This strategy leaves the success of your business primarily reliant on the marketing strategies you employ for promotion.

How To Get Your First Customer

Getting your first customer signifies that your side hustle has potential. However, getting the ball rolling for your business can take some time. Making your first sale requires a lot of market research and ensuring you understand your target audience.

We recommend you use some of the following strategies:

• Understand your unique selling proposition (USP): Know what sets your business apart from the competition.
• Networking: Leverage friends, family and professional networks. Word-of-mouth referrals are critical to early success
• Offer a Launch Promotion: Consider offering a special deal or discount to attract your first customers. This could be a limited-time offer to create a sense of urgency.

Attaining your first customer may be difficult, and could possibly take some time. However, it is important to stay motivated and set long term goals to achieve over time.

Conclusion

Overall, turning a hobby or unused skills into a side hustle comes with a few challenges. After identifying your potential business, assessing your financial status, applying for the necessary licenses and managing legal compliance, you are ready to get your first customer. Starting this journey from home is possible through using your readily available resources required for your side business. Overall, ensure your side hustle is in alignment with your own interests and prevent any legal or financial detriments.