Extra money from your skills and assets: work on the side surges
When money gets tight, people seek ways to make more, and it is fuelling the growth of freelance work and other side hustles.
Households are boosting their financial firepower by tens of thousands of dollars a year through side hustles amid rising demand for freelance work and asset sharing.
New research by global freelancing platform Fiverr has found people who commit to 15 hours a week can earn an average $41,000 a year.
It says demand for AI skills among freelancers has surged, while more traditional roles such as voiceovers, video editing and proofreading have seen solid growth too.
Among the money-makers is Kate Reynolds, who began freelancing as a voice actor to help her through rising living costs and set up a flexible income stream ahead of maternity leave.
She earned about $500 a month on the side from voice acting while working full time in 2021, then doubled it in 2022, and it has continued to grow.
SIX FIGURES
“Last year I earned a six-figure income from both part time work and my voice acting business,” Reynolds says.
“I now earn around $250 per hour and while each month varies in the number of jobs I pursue, my best month saw me earning $8000,” she says.
“I’ve always believed in having multiple streams of income, and this freelance side hustle offers a lifeline in these uncertain times.”
Fiverr chief marketing officer Matti Yahav says tapping into everyday skills is a “fantastic way” to monetise talents while dealing with the cost-of-living pinch.
“More and more businesses globally are becoming aware of the expertise that freelancers can bring to their companies,” he says.
“The amount of people engaging in independent work is also growing as people place more value on freedom and flexibility when it comes to integrating their work-life.”
Yahav says people wanting to succeed through freelancing should understand that it takes time and effort to build a successful side business.
“Patience is essential,” he says.
“For those beginning a side hustle try offering your service at lower prices than your competitors to gain customers’ attention.
STAND OUT
“Getting your first order is always the hardest part of starting a new business, but once you start gaining momentum of orders and build a good reputation, you will be able to start charging higher prices for your services.”
Yahav says freelancers using a platform such as Fiverr should:
• Make their profile stand out, showing their skills and a photograph.
• Display examples of their work on their profile.
• Become familiar with SEO principles to help them rank highly.
• Be willing to work hard.
It’s not just skills that are earning Australians extra money. Many employ assets such as cars, caravans, clothes, spare bedrooms and storage space to generate income via online platforms.
Car sharing platform Turo Australia’s managing director, Tim Rossanis, says Australians have embraced car sharing both as hosts and customers, “particularly over the last 18 months”.
Turo, a global company, launched in Australia in 2022 and already has more than 200,000 users.
“Hosts across Australia on average are earning just under $13,000 per vehicle,” Rossanis says.
Some have multiple cars and run it as a profitable business and full-time job, he says.
Scaling up using sharing platforms can be more lucrative for some than freelancing because people have finite hours to work in a week.
“You are monetising the asset – you are not monetising through labour,” Rossanis says.
He says car sharers should seek to differentiate themselves as a good host, be savvy and know their competition both in the car sharing and traditional car rental market.
“It’s all about offering outstanding service and convenience … going the extra mile.”
WHAT FREELANCE JOBS PAY
• Voiceover work $200-$400 per job
• TikTok video editing $500-$2000
• Instagram reels $300-$780
• Proofreading $200-$500
• Shopify marketing and store design $500-$3000
• Google ads campaign $500-$1600
• Social media content creation $500-$2000
Source: Fiverr
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