Good to Great: How to Scale With an Outsourced CFO

Ever thought about giving your income a kick-start? Or dreamt of earning that little bit extra, just enough to put aside for a rainy day, car, home or holiday? If so, a side hustle may be the kick you need to start.

 

Making Money: What is a Side Hustle? 

The expression "side hustle" was initially coined for making extra money on the side, away from your 9-to-5 job and ordinary income. And while ideal for covering expenses, it also has the potential to turn into the real deal. As well as giving you the freedom to stretch your financial gains just that little bit further.

 

The World is Your Oyster

Below, straight from our Side Hustle School are 5 solid ideas to get the cash rolling.

1 | E-Commerce: Craft It. Sell It.

If you've ever wanted to make money from a hobby, crafting and selling your unique creations is a side hustle up your alley. And with platforms like Etsy making it easier for new entrepreneurs, there is no better time to get started. 

Etsy. It's an online platform where small businesses thrive, a place where users can sell their handmade and unique goods. Ironically in 2005, Etsy essentially started as a side hustle in a Brooklyn apartment where founders Rob Kalin, Chris Maguire, and Haim Schoppik created a company that would give the creators of the world an online platform to sell their goods. Fast forward to today, and Etsy has at least 2.1 million sellers and around 40 million buyers.

So if you're ready to start, all you need to do is think of something you enjoy: photography, painting, jewellery making, knitting, or simply crafting. Master your craft, and you're halfway there. Then head over to the online platform that is Etsy and sell away.

2 | Blogging

Love writing? Then blogging may be the side hustle for you. With low start-up costs and job flexibility, it has become a common way to bring in that additional income. You can monetise sharing your thoughts through sponsored posts, affiliate marketing, and display ads, to name a few. 

Builders like Wix make it easy to build a website for your blog. Once you've established your platform, you'll want to promote it over social media. Be prepared. It can take a little time to build your following. It generally needs to be sizable and consistent before an income is generated.

Stick it out. Persistence pays––some bloggers are so successful that they turn their side hustle into a full-time career. Take Chiara Ferrangi, for example, known for running the fashion brand 'The Blond Salad', who founded her blog in 2009. Initially, her blog centred on home life, making money, and her mother's life. She later leant toward fashion and lifestyle-centric blogs and, in 2021, was listed amongst one of the highest-paid bloggers in 2021––earning a whopping $35 million through her online shops, fashion brands, and affiliate links.

3 | Uber: “Get in the Driver’s Seat and Get Paid”

Driving for a rideshare company is the perfect way to gather that extra income. In all honesty, you're not going to get uber-rich (no pun intended) driving people around in your spare time, especially if that time is limited. It is, however, a flexible way to top up that account.

Uber connects drivers with passengers who need rides––passengers who order and pay for rides through the Uber app. Your side hustle income is determined by each ride's length (including time and distance). The more you work, the more you earn. Rumour has it that you can make anywhere between $8 and $15 per ride.

You'll have to factor in expenses as you use your car. These will most likely include wear and tear, insurance, fuel, cleaning supplies and self-employment taxes––the good news is that they're tax deductible come tax time.

Alternatively, if making small talk with random strangers in a confined space is not your thing, there is always the option of delivering food for services like Uber Eats. Just don't eat any along the way. You want to reach for the stars with that review.

4 | Walk the Dog

Want adorable clients? Then dog walking is where it's at. The cuddly canines will not only generate an income but will also help you meet your daily exercise requirement. The hours are short, yet the fun is long. Depending on what you choose to charge, you could potentially earn between $15 and $25 per hour.

And the best part, unlike other side hustles, the start-up fees for being a dog walker are next to none. Start by posting ads and flyers in pet stores and other high-traffic areas. Trust is important, and you are often given a key to your client's home to gain access and take responsibility for their beloved pet. So offering a meet and greet with a background check is recommended.

If you want to take that extra step further and garner a little extra cash, consider offering to supply poop bags and treats. And remember, more walking is more money.

5 | Start a YouTube Channel

Got a talent for something others consider special? Then creating content for YouTube may very well be the perfect platform for your side hustle. The bonus is that you don't need to be a graduate of the AFTRS to get started. A YouTube channel is a side hustle that will allow you to record and publish videos that educate viewers on a particular topic and bring in additional income. 

 

The Power of Small Wins

Getting a leg up in today's financial world is difficult enough, making a side hustle the perfect opportunity to gain an advantage. How so?

Side hustles are the epitome of small wins. Although the income from a side hustle may not be as significant as that from your day-to-day employment. It has power––the power to accumulate into something more significant. Something that will send you well on your way to winning the game of life. 

Get ahead and leverage the power of your side hustle with financial investing advice from Altus. Today that extra $10,000 a year might not be that much, but in 40 years if invested at 8% you’ll be sitting on a $240,000 pile of cash!