With the costs of living rising left and right, a side hustle is proving more useful than ever.
New research from Airtasker shows that many Aussies are starting to monetise their skills to keep up with the surging prices. They’re also using the local service marketplace platform to kick off their side hustles to help them get through the immense financial pressure.
To help empower Aussies, Airtasker has launched the Side Hustle Calculator, a purpose-built profit calculator that provides estimated earnings across different industries.
Airtasker Co-founder and CEO Tim Fung expressed his excitement about launching the profit calculator. To him, it is a tangible tool to help Taskers leap into their next venture.
“I know first-hand how daunting it can be to start a side hustle and 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,” said Fung.
What side hustles can pay for
40% of side hustlers are turning to their businesses to pay for everyday essentials, and the numbers show it’s possible.
Taskers can earn an average of $250 per task from high-earning services such as translation & transcription ($627), interior design consulting ($550), and mentoring ($365). They can also take on other profitable such as concreting ($1,314), fence construction ($1,080.29), and general business admin ($652).
Findings further showed that trades are trending on Airtasker and most in-demand tasks look for water plumbers, mechanics, painting services, gardening, and general handypersons. Tradies can take advantage of this trend and earn extra for their valuable skills.
Aside from everyday essentials, having a side hustle has helped many Taskers with other financial matters. Almost a quarter are working towards availing of their first home, whilst a third are planning to spend on homewares, holiday travel, and other lifestyle purchases.
Gen Z Taskers have also learned how useful it’s been to have a side hustle. About 20% utilise their earnings to save up for their tertiary education, and some to secure their home deposit.
Motivators and catalysts for side hustlers
People have different motivations for starting their side hustles.
More than half want to increase their income to sustain themselves amid rising prices. Meanwhile, others take the opportunity to pursue their passions.
Major life milestones have also been a key motivator. 11% mended their broken hearts and relationship breakdowns by starting their side hustles, and 24% of people explored a different career path through these jobs.
Whatever the case is, starting is always the first and biggest step to take, despite their fears and challenges.
Barriers to starting a side hustle
New ventures present struggles and obstacles. With side hustles, many find themselves having a lack of financial expertise.
A quarter of side hustlers are still learning the ropes in managing business finances, whilst two-thirds are still not confident with forecasting profits.
In times like this, it’s good for both seasoned and budding Taskers to ask for a helping hand from friends and family who can help them. Getting the hang of a new business is tough, but experience and time will eventually make it easier.
Don’t hesitate to your new business venture. Access the Side Hustle Calculator and take on your first task on Airtasker today!
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