A recent survey by Omnisend reveals that side hustles are on the rise in Australia, with nearly half of respondents actively engaged in one. While many Aussies dream of turning their side gigs into full-time careers, the reality is often more challenging. Despite the potential for significant income, financial burdens, time constraints, and intense competition can hinder long-term sustainability.
Most earn less than $500, a lucky 5.6% earn more than $5,000
Money-wise, 57.3% of Aussies say their side hustle earns them less than $500 per month. Only 20.5% of respondents indicate that it earns them upwards of $1,000, with 5.6% earning $5,000 and more.
“What’s often overlooked is the growing competition in the side hustle space. As platforms make it easier to sell, crowded marketplaces for products or skills leave most people stuck earning smaller amounts,” says Omnisend’s Greg Zakowicz.
“Yet, with 20.5% of respondents earning more than $1,000 per month, there’s potential for significant income. However, scaling operations to reach beyond this level often requires making their side job their primary one — a risky step that 44% are considering, but way less end up going through with.”
Time constraints & financial burdens force many to quit early
Sustaining a side hustle over time proves difficult for many, as the majority of respondents have been engaged in their side hustle for less than a year (55.4%). A further 29.3% have been at it for between 2-5 years, and 15.3% have had their side hustle for more than 5 years.
Further data reveals that 37.3% of those who no longer have a side hustle, quit because of time constraints. Another 20.9% quoted health issues, while a further 16.7% said Burnout was the reason they had to stop.
Tips for side hustlers wanting to grow their venture
To grow your side hustle sustainably, Greg Zakowicz, Senior Ecommerce Expert at Omnisend recommends the following:
- Don’t quit your day job too soon. Quitting prematurely can lead to financial strain. Make sure your side job consistently generates a stable income before taking the leap.
- Time management isn’t always about efficiency. Instead of just working faster, focus on prioritizing the most profitable. Cutting non-essential tasks can save you from burnout.
- Reinvest earnings to grow. Reinvest a portion of your earnings into better tools, advertising, or outsourcing. Staying small might be easy, but it limits your potential.
- Focus on niche markets. Find a niche market where your skills or products stand out, instead of competing in oversaturated spaces.
- Set boundaries. To prevent your side hustle from spilling over into your day job’s time, set clear boundaries to avoid undermining both.
