In this interview for The House of Wellness, Michelle explains how a growing number of Australians are turning their side hustle into a second income stream.
A growing number of Australians are starting side hustles, turning a hobby or a secret talent into a second income stream.
According to AMP Foundation research, around two thirds of Aussies turn an interest into a job on the side.
And the Australian Bureau of Statistics says around one million people have a second job that supplements their main job.
From dog walking and photography to childminding, web design and baking – there are plenty of potential activities and interests that can become a creative and fulfilling side hustle, says career expert and author Michelle Gibbings.
But how do you get started?
Be realistic about your ambitions
Will your product or service sell? Is there a market for it?
Not every hobby will make money, so talk to people about your idea and test the product, says Michelle.
“What is the market willing to pay and how much effort do you need to put in to sell it?” she says.
How much time can you devote to your side hustle if you work full-time and have family commitments?
“What needs to get done to make your side hustle work and how can you create the extra time you need?” says Michelle.
Set some goals and milestones and think about how much money you can also invest to get your side project off the ground.
You may need to save money to get started.
Be aware of work overload
Holding down two jobs for a while will be demanding so think about how long you can shoulder the extra workload.
“Take care of yourself and be conscious of how much you say ‘yes’ to,” says Michelle.
“If you take on too much you’ll find that your side hustle is no longer fun.”
Don’t let your side hustle encroach on your day job
Draw strict boundaries between your main job and your side hustle.
Don’t use work resources like a company laptop, printer and phone for your side hustle.
“Any work for your side hustle has to be done in your own time and using your own equipment. If you’re developing products with intellectual property and using company time and resources for that then, technically, the company could say they own that IP,” says Michelle.
Beware conflicts of interest
Is your side hustle in conflict or competition with your day job?
“If you work in a bank or call centre and take photographs at the weekend, most companies won’t see that as a problem,” says Michelle.
Your employment contract may spell out what you can and can’t do. Use your judgment to decide whether your boss needs to know.
Written by Sarah Marinos.