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 Vanessa Makuare
The emerging trend of side hustles is becoming more popular among Australians. Side hustles provide an extra source of income outside of regular work hours and occupations for those looking for more. Most side hustles are pursued by people who find something they are passionate about and are motivated to promote this product or service.
According to the Australian Bureau of Statistics, approximately 958, 600 Australians hold multiple jobs, those based in community and personal services were more likely to hold multiple jobs. There is no better time to start than now. Side hustles can include freelance work, Uber driving and even signing up for temporary positions at big events such as the Brisbane Ekka.
The list of possible side hustles is endless and the motivations behind side hustles contribute to the pursuit of these. The emerging trend of side hustles is linked to the marketing theory of motives. The motivations behind side hustles are the driving force of those choosing to dabble in side hustles.
Top eight motivational driving forces behind side hustlers:
#1: Social motives allow side hustlers to feel their impact on society, and the ability to provide products and services that solve social and environmental issues. Side hustlers have the opportunity to express their values and beliefs through their work by providing benefits to others, in turn giving them a sense of fulfillment.
#2: Emotional motivation provides side hustlers with a meaningful impact. The profound sense of happiness and satisfaction from sharing something they love and are passionate about is a key driving force behind the rise of side hustles.
#3: Situational motives are the reason for people starting side hustles some use it as retirement planning. Young families looking for flexible income between children may find side hustles attractive. Empty nesters looking for that little bit extra may embark on side hustles also, no matter what stage in life side hustles make a perfect fit.
#4: Self-expressive motives allow individuals to be 100% authentic and true to themselves. Personalities, styles, and opinions are expressed without corporate constraints. Self-expressive brands build relationships of love with consumers leading to word-of-mouth promotion.
#5: Flexibility motives of side hustles are very attractive to marketers as they choose work hours and locations. The improved work-life balance is an attractive driving force behind side hustles.
#6: Career development provided by side hustles increases workforce skills and provides career enhancement. Side hustles lead to new career paths and open up opportunities that a day job could not provide.
#7: Financial security is a key motive in the side hustle choice, with economic uncertainty and the rising costs of living people seek alternate avenues of income. Job loss protection is provided by side hustles especially when they become the main source of income. Examples of these side hustles include Uber and Airbnb, which have grown into successful business models.
Supplemental income often becomes the main source of income as Susie Moore talks about the side hustle that allowed her to quit her six-figure day job. The motivation behind starting her side hustle was flexibility and the ability to be creative. Something that her day job could not provide.
Financial benefits are a significant motivation behind side hustles. The deeper sense of fulfilment and purpose are important motivators contributing to the rise of side hustles. ABC News recently reported on how side hustles are helping alleviate financial uncertainties.
Specific financial goals, whether small or big are driving motivators for side hustles including paying off debts quicker, helping with household bills, and saving for that family holiday. The income potential from side hustles is an undeniable motive.
#8: Diversification of income motivates side hustlers as providing security from one income source is unreliable in today’s economic uncertainty. Multiple streams of income provide financial security and the ability to not feel so much pressure from regular day jobs.
#9: Pursuing a passion is one of the contributing motives behind side hustles as those with entrepreneurial ambitions test opportunities and take steps towards something bigger. Having the backup of regular income allows people to pursue their passion without financial pressure. Airbnb and Uber started as side hustles and have transformed into billion-dollar enterprises replacing day jobs.
The passion economy is the emerging cultural and economic trend driving people to work in careers they are curious and passionate about. Side hustles allow people to share something they actually love. Having a keen eye for arts and crafts, and music, and exerting a passion attracts consumers that follow the genuine nature of the owner. The passion motive Is incredibly rewarding for side hustlers.
My question to you is what would you truly do when you find the motivation needed to start your own side hustle? I will leave you with Indeed’s top 60 online side hustles for 2023 to explore possible opportunities.