Setting up a side hustle from home

Staying at home more? Facing a Coronavirus-induced cash crunch? Industry super fund-owned bank ME share how the gig economy offers an opportunity to turn your skills and talents into extra funds.

Around one in four Australians are using a side gig to pump up their income[1]. According to Finder.com.au, the average side hustle is worth around $7,300 annually. But it may be possible to beef up your yearly income by as much $20,000[2].

That’s a lot of extra moula just for putting your spare time and talents to good use.

Show me the money

A report by the National Broadband Network (NBN) found the most popular gigs involve food and drinks, reviewing products/services and photography[3]. But there’s no shortage of ways to pocket extra coin. From renting out a spare room, to running errands through platforms like Fiverr, or selling handicrafts online, it’s all about channeling your inner entrepreneur.

Treat your side hustle like a small business

It’s worth doing some research around the rules that apply to business names, product safety and consumer rights in your area. Check your state’s Department of Fair Trading for information to stay on the right side of the law.

Do the maths to see if it’s worthwhile

Running a side gig will eat into your spare time, and you need to be sure the sacrifice stacks up financially. You need to consider how income tax and goods and services tax (GST) applies to your earnings.[4] If you need more help with your tax affairs, speak to a tax advisor.

Be mindful of your day job

 

It is important to check with your employer that your side hustle is permitted as part of your work contract and doesn’t present a conflict of interest.

A successful side gig shouldn’t compromise your main job – and holding two roles can be a juggling act. Allocate set hours for your hustle, while still allowing some personal downtime.

With planning, your side gig could leave you flush with extra cash and loving the rewards of running your own business.

This article is brought to you by ME. For more information, please visit www.mebank.com.au

Members Equity Bank Limited ABN 56 070 887 679 AFSL and Australian Credit Licence 229500.