Beating the recession with a side hustle
OPINION: There’s a lot of chat out there about the rising cost of living and a looming recession, and what we can do to help our wallets out.
Short of winning Lotto (which is something we absolutely cannot rely on), now might be time to consider alternate ways of earning money.
The ‘side hustle’ is getting a name for itself as a way for the average Joe to earn a bit of cash in addition to their fulltime job. For some of us, a side hustle could eventually take over our main gig.
But for those of us simply looking for a way to earn some extra money while times are tough, a side hustle is a great way to complement our main source of income.
The best place to start is to figure out what you enjoy and what you’re good at.
You might work for a bank but you might really like meeting new people. Could you become an Uber driver? Or you might work in retail but you might love the cathartic action of transforming stained toilet bowls into sparkling works of art. Could you start a cleaning business on the side? Or you might be a teacher but love working one on one with kids. Could you do tutoring out of school hours?
There are myriad side hustle options, many with the potential to earn good money. But part of your decision-making process needs to consider how much time you have, whether you have enough emotional and physical capacity to burn the candle at both ends (literally if you decide soy candles are your thing), and whether sacrificing time with friends and family is worth the potentially small amount of extra cash you earn each week.
If your side hustle is something hands-on like cleaning, gardening, lawn mowing, or ironing, start by telling all your friends and family about your new gig.
Posting about your business online and adding it to your community noticeboard is an easy way to spread the word too.
A website is a great way to talk about yourself and make your business look legit (there are plenty of platforms that allow you to make a free or cheap website too), and if you have a marketing budget, social media advertising is a good place to start.
Don’t forget the boring but important stuff like paying tax. A side hustle doesn’t equal free money; we all have a responsibility to contribute to the running of our country via taxes.
Seek the advice of a friendly accountant, sign up with a service like Hnry which manages tax for self-employed people, or do it yourself through MyIRD.
If a side hustle is for you, awesome! If it’s not, also awesome! Regardless of what way you land, remember one thing: we’re all in this cost of living crisis together. If we can do more to earn more, great. And if not, ask for help. There are plenty of people and organisations out there who’ll answer the call.