The ways we make money are changing.

Millions of people have been inspired and seized the opportunity to launch and grow side hustles to generate additional income streams. Interested in finding yours?

What is a side hustle?

Side hustles come in all shapes and sizes. Anything you do that you #GetPaid for, outside of your standard day job, is a side hustle.

According to research, around 35% of 16-24 year olds already have at least one.

Technology has revolutionised side hustling for Gen-Z and Millennials. We can launch a business, use apps or sites to find flexible work or customers and get paid in minutes, not weeks.

The best side hustles go way beyond earning you a sporadic cash boost. They grow with you, challenge you to discover and learn new skills, ignite entrepreneurship, and can even evolve into your primary source of income.

Finding your side hustle

Knowing what to try first can seem daunting. There are three key things to consider to help you choose: passions, skills, and financial viability

1. Identify your passions

This is the most obvious starting point. Doing something you love can give you the belief and essential motivation to get started and keep going.

  • Avid gamer? If you’re an entertainer, streaming could be lucrative.
  • Love vintage? Find and buy garms you can model and resell for a profit.
  • Enjoy teaching or studying? Become a tutor in your area of expertise.
  • Fitness fanatic? Offering personal training or workout plans could be an option.
  • Got a niche hobby? Successfully build an engaged social following and brands will want to work with you.

If there’s anything you already enjoy spending time doing, you’ve likely already got in-depth knowledge of an activity, so you’re a step ahead of the game.

2. Assess your skills

Think about your existing skill set. Then think about how you could apply any of those to to build your brand, create a product or provide a service.

  • Got crafting skills? Get creative and upcycle furniture or produce artisan candles, wax melts soaps etc.
  • Strong writer? Find freelance editing or writing opportunities.
  • Creative tailor or painter? There’s a market for custom sneakers and apparel.
  • Adept Illustrator or artist? Get paid for prints or commissions.

Use the skills you have, or develop the skills you need, to create a brand you can be proud to put your name to.

3. Evaluate financial viability

Making money is what differentiates a hobby from a side hustle.

It’s essential to run the numbers on how much money and time you put into producing, marketing and selling your products or service versus how much you’ll get paid. Things to consider include:

  • Pricing your products or services
  • Tech expenses e.g. cameras, microphones or lighting
  • Marketing expenses  e.g. website creation
  • Production expenses e.g. raw materials, tools

Likewise, you need to do your research on the market you want to enter to see who you’ll be competing against, and how you can stand out from the competition.

The best time to start is...now!

Ideas are worth nothing unless executed. Having a willingness to build, learn and fail fast are essential ingredients that give side hustlers the best chance of success.

And never forget that a side hustle is completely owned by you. They give you the unique opportunity to follow a passion or explore a new challenge that most people simply don't get in their standard job.

Beyond getting paid, launching a side hustle will also teach you valuable skills and help yourself grow as a professional and as an entrepreneur...so take time to enjoy the journey!