According to a survey from Griffith University, nearly half (48%) of the Australians surveyed have agreed to do a side hustle for different reasons.If the streets of Gold Coast, Australia, are lined with gold, so to speak, you might be surprised to learn that they’re not all glittering with promise. Several side hustles hack away more at your energy and time than they add to your pocket.Mancy Thurston, Head of Growth at JustBanter, proffers his wisdom, stating, “Not all hustles are good hustles.” With careful research backing up his claims, this article uncovers the worst side hustles in this shiny city.
The Reasons Behind The Hustle
People often engage in side hustles for various reasons, all of which seem reasonable and appealing until one profoundly delves into the details.
- Extra Cash
People often run side hustles to earn supplemental income. Although extra income is beneficial, it may become a financial struggle when the investment outweighs the profit.
- Passion Projects
Often, individuals take on side hustles that align with their hobbies or passions. While it’s noble to turn your passion into profit, the question inherently lies in whether or not there’s a market demand for it in the first place.
- Diversifying Income Streams
Diversity in income seems promising. But if the business doesn’t profit, it’s another financial drain and stress source.
- Gaining Professional Experience
Some side hustles provide relevant work experience but are financially unrewarding, or the time commitment for little return is unjustifiable.
- Networking
Business connections and personal relationships often originate from side hustles. However, socializing should be different from the financial success that the venture should bring about.
The Worst Side Hustles Unveiled
Based on backup data and research from HRM, here are six of the worst side hustles in Australia:
- Bike Courier
While getting paid to cycle may seem appealing, the average bike courier in the Gold Coast only makes about AU $60 per day and works an average of seven hours, according to data from Seek.
- Street Promotion
While flexible hours might draw you in, street promotion ranks low in income. Based on a report from Indeed, workers make an average of AU $29 per hour but often work less than part-time hours, making the financial gain lackluster.
- Car Washing
Establishing a car wash business has upfront costs that can make it a risky side hustle. Research shows a 60% failure rate within the first year of operation.
- Babysitting
According to PayScale’s report, babysitting usually earns around AU$19 per hour, but since jobs are rarely entire shifts, it generates little income.
- Food Delivery
This side hustle has proliferated but is often a financial road to nowhere. Drivers, on average, make AU $20 per hour, but the wear and tear on their vehicles and petrol usage can siphon off profits, according to Motiond’s data.
- Dog Walking
Getting paid to exercise with a furry friend sounds ideal. Regrettably, the income is inconsistent, with the average rate ranging from AU $18 to AU $23 per walk, according to a report from Care.
Making Your Side Hustle Safe
However, not all is doom and gloom. Here are five tips to ensure your side hustle flourishes:
- Do Your Research: Before launching any business venture, research the market demand, competition, and profitability.
- Set a Budget: Understand your financial boundaries by setting a strict budget for your side hustle.
- Time Investment and Reward: Evaluate your investment and the potential financial reward.
- Validate Your Ideas: Determine your business model using a small sample size to validate your proposition.
- Professional Advice: Seek professional advice before leaping into a new undertaking.
Key Takeaways
Not every side hustle is burdened with fool’s gold. The road to a successful side venture is paved with meticulous research, thoughtful planning, and realistic expectations. As Head of Growth Mancy Thurston says, “The best side hustles are profitable passion projects that withstand the test of time.”
