Aussies plan to turn their side hustle into their full time gig
- Written by Airtasker
SIDE HUSTLE BOOM: 4 IN 5 AUSSIES TURN SIDE HUSTLE DREAMS INTO DOLLARS
New research reveals more than three quarters (78%) of Aussies plan to turn their side hustle into their full time gig
With the rise in cost of living putting immense financial pressure on society, new research from local services marketplace Airtasker, has unveiled that Aussies are using the platform to monetise their skills to keep up with surging costs including supermarket groceries, petrol and interest rates.
Entrepreneurial Aussies are earning an average of $250 per task on Airtasker with some of the highest earning services being translation and transcription ($627), interior design consulting ($550), and mentoring ($365).
To empower Aussies to monetise their skills and realise their value, Airtasker has launched the Side Hustle Calculator – a purpose built, profit calculator that provides estimated earnings across a myriad of industries, helping Aussies unearth their business’ potential.
Side hustle spendings: Holidays, property, and skincare – oh my!
With rising inflation and stagnant wages, almost half (40%) of side hustlers are turning to their business to pay for everyday essentials, and almost a quarter (22%) are working to purchase their first home. Other monetary motivators include a third (31%) who are planning to spend their earnings on lifestyle purchases such as homewares, skincare products, a new pet or a holiday.
What are the barriers for Aussies to start a side hustle?
Despite side hustles gaining popularity, financial expertise is a barrier for many, with a quarter (27%) not knowing how to manage their business’ finances and more than two thirds (69%) not confident with forecasting profits. Organisation and bookwork also seem to be issues for side hustlers, with 1 in 5 (20%) admitting they don’t know if their business is making a profit because they can’t keep track.
From full time relationship to part time hustle
Major life milestones are a key motivating factor for many Australians, with 1 in 10 (11%) kickstarting a side-hustle after a relationship breakdown. Increasing income (56%), pursuing a passion (32%) and looking for a career change (24%) also all identified as catalysts to explore new ways of earning money.
The generation that hustles the hardest? Gen Z
Gen Z seem to have their goals clearly set in their sights. In the past financial year, 1 in 5 (20%) Gen Z have taken up a side hustle to save for tertiary education. A third (35%) are also planning to use their earnings for a home deposit, compared to a quarter (25%) of millennials.
Tim Fung, Co-founder and CEO of Airtasker says, “I know first hand how daunting it can be to start a side hustle, and also to commit to it full-time, which is why we’re always looking for ways to support our Taskers to better understand the profit potential of their pursuits.”
“With the new financial year and all the fresh opportunities it brings, it’s exciting to be able to launch the Airtasker Side Hustle Calculator in Australia and provide a tangible tool to help our Taskers take the leap – whatever that may be.”
- New waves of high earners: other high earning tasks include concreting ($1,314), fence construction ($1,080.29), painting ($695), general business admin ($652)
- Trades are trending: Currently the most in-demand tasks on Airtasker include, water plumbers, mechanics, painting services, gardening, and general handyperson.
- Bossing confidence: Almost half (47%) of side hustlers said they would turn their side hustle into a full-time job when they’re confident in the earning potential of their side hustle and have enough regular clients
To access the Airtasker Side Hustle Calculator, head to https://www.airtasker.com/au/earn-money/side-hustle-calculator/