Whether it’s juggling entrepreneurship on top of a day job or owning the freelance economy, side hustles have become quintessential to millennial work culture.
In fact, a study by Manpower Group confirms that two out of five Australian millennials prefer to work a string of part-time jobs instead of following the 9-5 standard.
What’s more, as we previously wrote about, side hustles are a great way to double your savings.
Yes, we’ve all got bills to pay and dreams to achieve, but a side hustle could also make for a good hedge for whenever you feel bogged down by your day job.
So, if you’ve been looking to make some extra income but don’t know where to start, you could try one of these five side hustles:
1. Open an online store
Get into e-commerce, as the possibilities in terms of which products you can sell are pretty much endless. You could scour the racks of flea markets and sell your vintage finds on eBay, or get crafty and sell handmade goods on Etsy. They don’t even have to be physical products – digital designs for wallpaper, prints, and templates can all be put up for sale. If opening a permanent online store seems too daunting at first, try hosting a virtual garage sale as a way to experiment with selling items online. It’s a great way to declutter your home while making a little extra cash on the side.
2. Get writing
Writing is one of the best skills to have because you can apply it virtually everywhere and do it anywhere. You could proofread essays, craft captions for social media, edit resumes, and much more. If you’re passionate and willing to put in even more work, having your own blog could also be highly rewarding because you may be able to monetise it.
There’s always something you know that other people would pay to learn. If you like being in front of a camera, you could turn to platforms like YouTube and make instructional videos. Whether it’s make-up tutorials or cooking lessons, you can sell advertising spots on these videos and cash in. You could also try your hand at online coaching, which marketing expert John LaRosa predicts will become one of the most exciting and lucrative industries in the coming years.
4. Invest your money
The world of investment can be a little intimidating, but it does provide excellent ways to earn money while you sleep. It doesn’t always have to involve too much financial jargon or mounds of cash. For instance, micro-investing apps like Raiz or Amber provide an efficient way to ease yourself into investing. Of course, if you’re more serious about your venture and have a bigger budget to spare, FXCM recommends looking into forex, or foreign exchange trading. As the largest trading market in the world, it can usually get you faster returns. Just be sure to brush up on the various strategies and get a grip of how it works to really reap the long-term benefits.
5. Share your space
Whether it’s a spare room, a storage area, or your car, don’t leave that extra space to waste. When not in use, consider renting it out via a platform like Airbnb is a great way to earn extra income. According to research by Finder, driving for Uber is one of the most lucrative side hustles at the moment, while renting out a spare room and finding freelance work through sites like Airtasker or Fiverr are other popular ways that Australians are making extra money on the side.
This article was written by Emma Norris and originally published on A Girl In Progress.
Editor’s note: This article was originally published on June 30, 2019 and has since been updated to include new content.
Do you have a side hustle or any great ideas for earning extra money on the side? Share your tips in the comments section below.