Our PR Director, Michelle Smytheman, is passionate about helping emerging professionals in the communications industry and teaches at the University of the Sunshine Coast. As part of an assessment task this year, there have been some excellent blogs written by first-year students about emerging business trends. We are proud to share their work.
By Charisma Faber
In March 2021 nearly half (48%) of Australians surveyed either have or are planning to start a side hustle. This upcoming trend has turned the heads of many Australians wishing to transform their passions into profit. Side hustles have been around since the 1950s when they were referred to as moonlighting, it is an opportunity to generate a second income and progress towards financial freedom and independence.
Although this concept has been around for many years it has gained popularity since the covid-19 crisis, due to many individuals working from home people discovered how their laptop could work for them to create an additional employment opportunity outside their full-time job. A side hustle gives the individual more freedom and control over what they do, when they do it and how many hours they devote to it.
Cost of Living Crisis
Australians have been forced to create strict budgets and cut back on expenses during this cost of living crisis to improve quality of life and to avoid stress and overwhelm. A side hustle is a chance to create financial stability, a way to break free from the financial struggle caused by high levels of inflation, successive rate rises causing mortgage stress and the skyrocketing cost of living.
Many side hustles are simple to begin and maintain from the comfort of your own home and better yet from bed such as publishing, creating tutorials, selling products online, tutoring and blogging. Utilising skills and free time by; driving, renting a room, dog walking/sitting, cleaning and babysitting are a few of the many ways to earn extra money through this cost-of-living crisis.
While earning extra money is always a bonus, this is not the only motive for starting a side hustle. This trend brings the possibility to become financially free much sooner and gives people the chance to work for something they are passionate about. Hence, encouraging their personal development while maintaining little to no risk as they continue full-time/part-time employment.
Motives are inspired when many needs are combined. Side hustles accommodate multiple needs from Maslow’s hierarchy of needs including; freedom through an individual’s financial security, self-esteem, confidence, achievement and respect is curated through the success of the side hustle and creativity is able to blossom from the beginning. As inflation and cost-of-living pressures increase the possibility to generate a second income becomes more enticing.
The chance of a recession creates a fear factor lurking in the back of many minds, with recessions come loss of jobs and hardships promoting financial motivation. Covid-19 was a time when many people found themselves out of work with no income, trapped and in fear of the future, this dramatically promoted the idea of side hustles to the world. This upcoming trend allows its creators to add security to their financial situation at all times, for many of these side hustles the entire internet world would have to shut down to cut off their income.
A chance to work for yourself
Reducing financial anxiety takes a huge weight off anyone’s shoulders, the opportunity to become a semi-retirees is one any sane person would take. To quit your job and do something you love, something you are truly passionate about is an opportunity anyone would take…for the right price. This trend gives entrepreneurs the chance to do what they love and earn great money for it, while learning new skills, being creative and promoting their personal development.
There are many success stories of average people working average jobs who stepped out of the bubble and started to do something for them while earning money to do it. People like Brain Thompson who earns $1,500 a month turning website tweets into physical artwork and Nicole Buergers earning $4,000 a month with her commercial and backyard beekeeping service. People started small and made it their full-time career, they turned their average rat race job into something they would’ve only dreamed about years ago.
Retiring early is a part of life many people dream about, however what steps are they actually taking to get there? This huge goal is a major motivator when working on a side hustle, with hard work comes rewards and success. The chance at financial independence brings freedom and time to do what you please, depending on your side hustle you may still be generating income even after retirement as your assets and business will be working for you.
Forming a life full of freedom, great achievements, confidence and creativity is becoming a reality for many Australians. It is clear that in the face of rising cost of living pressures, many Australians are embracing the entrepreneurial spirit, launching side hustles to take control of their financial futures and ease the burden of stress. They are proving that determination and innovation can pave the way to a more secure and fulfilling life.