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Chapter 1: What is a side hustle and how can it benefit you?
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Welcome to the Australian Finance Podcast, a podcast for people who want to learn more about their personal finances and get the most from their money. This series is hosted by Kate Campbell from HowToMoney and Owen Rascovich from Rask Finance.
The Australian Finance Podcast is provided for educational purposes only. The information is general in nature and does not take into account your needs, goals or objectives. What that means is the information does not apply to you specifically. So consider getting the advice of a licensed and trusted professional before acting on the information.
Kate, welcome to this episode of the Australian Finance Podcast.
Yes, and today we're talking about one of the topics that's pretty interesting, which is side hustles.
Cool. What's a side hustle?
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Chapter 2: What are some creative ideas for starting a side hustle?
Well, I would say a side hustle is something you do on the side of a full-time or a part-time job for a bit of extra cash. It's not technically designed to replace your income. You're just doing something you enjoy and you're just getting a bit of extra money that you might use to boost your emergency fund or help pay the bills or something like that and you enjoy doing it.
So you're not telling us all to just, I don't know, start a fashion company and leave our jobs?
No.
Damn it.
No.
Okay. Cool. Well, this episode, I'm going to be guided by you because I reckon you're the expert on side hustles because you have a pretty cool one. And one of those is sitting here with me now, right? Like doing the podcast. That's a side hustle for you. Yeah. Yeah. So most people don't know this, but Kate also has a full-time job. Yes. In the finance industry.
Yep.
Every day. Yep. And she does this after hours. So we record this. It's currently a Monday evening. So Kate, this is your side hustle.
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Chapter 3: How can you start a side hustle without significant investment?
And it's a pretty good one to have.
And you've got another podcast series, so... Yeah, so that keeps me pretty busy.
Yeah, cool. I like it. All right, so I'll throw it over to you. Let's get stuck into it.
Yeah, so I thought pretty much I wanted to talk a little bit about what side hustles are generating some ideas for your side hustle, some of the important things to consider and... some of the experiences that we've had in the past from kids to grownups of side hustles.
I mean, some were put on us by force by our parents and just some interesting ideas and resources because there's, as you realize, as you look at some of the resources, we'll point you in the direction of there are an infinite number of potential side hustles and you probably never think of them until someone tells you that they do that.
I remember someone who had a secondary market for those fidget spinners when they were going crazy a few years ago. So they were just buying in bulk from Alibaba in China and just marking it up massively and selling them through just a really quickly created online website and now making a killing.
So just some of these interesting ideas that could spark some inspiration on your side hustle journey.
Sounds very entrepreneurial.
Yeah, so I feel like it's almost adding a little bit of entrepreneurship to your life without having to invest your life savings, put the house on the line. So I think that's definitely a key component of a side hustle. You're not putting a heap of money into it. I wouldn't be putting more than a grand into it at all. And I wouldn't be getting a business loan.
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Chapter 4: What are the common pitfalls to avoid when starting a side hustle?
And the analogy of Scott Pape was a trapeze. So you don't let go until you can see the other one in sight. And that's the right time to let go. And it's kind of like...
don't just go out and quit your job you build this up on the side you do all the things right and then you just slowly chip away at it because you don't want to take so much risk that uh end up losing out in the long run because you've taken so much risk you've taken undue risk and when you could have just started it slowly so this is actually you know i've learned by mistake here like trial by fire i um started the company that i had and i started a website before that and
just went into it way too soon I should have kept my job and just worked away on the side I did that for about a year but even longer still anyway I know some people have great when you listen to those business podcasts that talk about the success stories and some have complete success from going from just quitting the job with nothing and building their way up but I think those stories are pretty far and few between
Yeah, I think there's a bit of survivorship bias there. So you only hear about the really good ones. They don't invite the guy or girl who had this side hustle fail. That's not what people want to hear. So you have to also remember that we know that only 20% of businesses make it past one to two years and those types of things.
And I think a lot of people don't want their side hustle to become anything more than that. It's just a good way to add a little bit of income and have sort of a second income stream coming in. But they love what they do. They don't want to sort of turn their side hustle into a full time business.
um but then you have other cases and some of the recesses we'll point you to later actually talk about that where people have started a side hustle and it's just become such a successful product or service that they've been able to quit their day job and take it on full time yeah i think that's like that's the i think you touched on a point there about being like enjoying it like you have to enjoy what you want to do right like there's no point
hating your job and then starting something else that's just going to stress you out yeah do something that you're really passionate about and find something that adds value to other people's lives and you take a lot of pleasure from doing that and i think that's probably a good place to start kate is when people because people always think yeah i want to get a side hustle yeah i want passive income yeah i want all these kind of things but i don't know where to start so
In terms of generating ideas, what are some of the ways that people can start to think about finding a side hustle or developing a side hustle for themselves?
Yeah, so I think definitely thinking about what are some of the skills that you have, whether that's through work or out of work, that you might be able to monetize. So are people willing to pay you for your expertise in X, Y, Z area? Do you have something you can teach them? Maybe you're going to be teaching them in person, teach them online, teach them via Skype.
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Chapter 5: How should you manage your time between a side hustle and a full-time job?
And I think that's like how Airbnb all started because the guys wanted to monetize the spare mattress in their room when there was festivals on. I think that's a little bit. Yeah. And just how can you make your life easier? And I think I was reading about a great Australian startup that's sort of coming soon by a young university entrepreneur.
And it's actually all that stuff you have when you're at uni for parties and things, being able to rent that out for a day. So instead of having to buy all the decorations and equipment and you can just rent the stereo and rent the costumes and rent everything like that. So sort of unlocking the cash flow in your item.
Okay, cool. But it doesn't always have to be something like super impressive, right? No. I think that's where a lot of people think, oh, you know, I need something that's going to make me all this money or it's just one really good idea. And you, frankly, most people don't have them. Yeah.
Most people don't have the ability to create some sort of software product or an app or something like that, right, that goes viral and they make millions of dollars. And so, like, I think... One thing that I've noticed when I talk to successful investors or business people, what have you, a common trait they tend to have is that they experiment early on.
So this entrepreneurial streak tends to, I guess, show up again and again throughout their life, even if they've failed once before. And I'm not saying you need to just try everything and see what happens or just throw spaghetti at the wall and see what sticks.
What I tend to see is people who take a risk and they take it in like calculated ways, they tend to be willing to do that again and again and again. So it can start with something really small. Like even things like my wife and I were going through her wardrobe. She's going to love me saying this. We were going through her wardrobe and finding clothes that other people might buy secondhand.
It turns out that that's a really big thing.
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Chapter 6: What financial considerations should you keep in mind for your side hustle?
Yeah. And then you book a market stall and try and sell them.
Yeah, that's it. And you might find that, hey, this is actually easier than what I thought it was going to be and I can actually make money from this. So, you know, it doesn't have to be a glamorous thing that, you know, it's like you make your own clothes. It could be just that you sell secondhand clothes.
Yeah, and I know a few people that flip up shop goods. There you go. And then just sell them on eBay. So a lot of people, they use eBay for their side hustle by importing stuff, reselling it, getting things locally. And that's, I mean, that's recycling them as well and a bit of a profit there.
And I think you just need to give it a shot just to find out if it works sometimes. You just actually have to try it and you never know. So you've got podcasts. We've all heard the stories of Airbnbs and that type of thing. Are there any other really interesting ideas that you've seen pop up again and again over time?
Yes, I think often cooking is in some form, maybe if it's making cakes, a lot of people, that's kind of a one-off thing people need, but often, and people do this for Instagram. So a lot of more visual sort of side hustles, if you're selling makeup services, if you're selling even hairdressing, nail services, if you're selling...
Cake making, catering, a lot of people do catering on the side and that sort of stuff. You can just set up an Instagram page and start sharing that as well. I think maybe with the food, you probably have to have an appropriate kitchen.
You wouldn't want me cooking for you. No.
No. But I think with social media, especially you can start connecting with friends and family and sharing it through word of mouth really quickly.
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Chapter 7: How can you ensure your side hustle complies with legal requirements?
And what else? So probably produce. So maybe making jams. I don't know if that's kind of old-fashioned now. Honey. Beekeeping. Yeah, beekeeping's one. Gardening. Even going around and helping other people with their gardening because a lot of people, especially in a city, don't have time to deal with that. cleaning, even.
Yeah, these are all good side hustles, right? Those are ones that are accessible to anyone. Like young people, people that stay at home during the day. You can do all of these things that quite a bit of busy people can't do.
And even dogminding, because I have a few colleagues that have actually used, there's apps now, I'm not sure what, but
um you can say i can mine dogs in this area and they instead of sending it to a dog kennel which are really expensive or other pets they just drop them off locally so you get to meet local people and you get to look after animals now i heard of i heard of a few different ones recently um wait a sec did you say what did you say at the side hustle was early on minding children
I think that's the oldest one in the book. I think when I was sort of 10 or 11, I was for $5 an hour babysitting about three kids. And I'd just done the letterbox drop. I made my own flyers in Microsoft Word with those. You know that rainbow heading that you could get?
Like the word art?
Yeah, in the word art. So just sort of making flyers and putting them in letterboxes and babysitting strangers' kids for $5 an hour. And looking after their ferret too.
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Chapter 8: What are some successful examples of side hustles shared in this episode?
Speaking of minding, you actually reminded me of something. Ferret, that's a good one. You actually reminded me of people that do, I know a few people that do this now. They do house sitting.
Yeah.
That's a big thing. I did not know that. Like you actually go to people's houses. You register on websites and you pay like a small membership fee.
then you go and you live in their house and that's cool because you save on rent yeah or you don't have a mortgage obviously so you just you just go there that's just like reverse airbnb kind of thing you don't even have a property you're just finding a way to minimize your cost and that's entrepreneurial in itself and if you do that enough you're going to save a lot of money very quickly yeah that's house sitting full-time is a pretty lucrative side hustle you'd think in terms of the amount of rent you'd save
Absolutely. In some places, you know, it might be perks. You might get one with the pool. That's pretty cool.
Anyway... I think anything, like, especially service, especially if you can do something to make someone else's life easier, like, they're pretty transferable skills. You don't usually have to have any particular qualification and things like that. Maybe they'll want you to have a first aid certificate to look after someone's kids, but... Most of these things don't require much.
And then I actually had a few interesting ideas that a great author called Chris Guillebeau, who also runs a podcast. Is that the one you mentioned the other week? Yeah. It's called Side Hustle School. And for about two years now, he's published a five-minute podcast every day on a different side hustle idea that someone's told him about. Cool.
And if you want inspiration, you go there because, I mean, just a couple of the ideas that completely things you'd never think about. One was personalized funeral urns. Okay.
So someone would like paint an urn for you?
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