Oftentimes, the biggest hurdle in homeownership is saving for the deposit. But as they say, if something is worth having, it’s worth working for. Saving for a home deposit might seem like a daunting task, but the cool news is it doesn’t really have to be!

With a little bit of planning and creative thinking, what is supposed to be a complicated process could be a fun and exciting adventure. The final stop? Homeownership!

In recent years, there has been a significant surge in the number of people starting side hustles as a way to earn extra money outside of their careers or full-time jobs. Not only can it be a great way to boost your income and achieve your financial goals quicker, but it can also help you unleash your creativity and pursue your passion. 

The rise of the gig economy and the ease of starting a business online has made it easier than ever before to start kicking butt at building a successful side hustle of your own.

Etsy, Upwork, and Fiverr. You might have heard one or all of these elsewhere and you might be wondering what they could offer. Well, one of these might just be the answer to your financial concerns. These platforms played a significant role in the growth of side hustles. 

They provide an accessible way for people to start selling their goods or services online and reach not only a wider audience but even target those who might be interested in availing your products/services.

Another reason contributing to the recent surge in side hustles is the impact brought by the pandemic on the economy. Many people have turned to launching their own side enterprises as a method to make ends meet when numerous firms have closed and people started to lose their jobs.

Fortunately, the pandemic situation has already improved today. But with more time spent at home, especially during its peak season, people have also had more time to explore their passions and pursue new opportunities.

From freelance writing to graphic designing, pet-sitting, virtual tutoring, social media management, and e-commerce stores, there are a lot of interesting side hustles out there that might interest and suit you and your skill sets. Heck, there is a market out there for nearly anything and if you are willing to give it a try, you can almost guarantee you’ll find someone willing to pay you for your services.

Other than the financial reward, starting a side hustle can also offer several benefits, including gaining new skills, providing a sense of purpose and fulfilment and improving time management and organisational skills. Since side hustles can often be a creative outlet, they can also help reduce stress and increase happiness. 

Additionally, starting a side business also gives one more flexibility and control over their work schedule. Side hustles are a terrific way to explore passions and enhance general well-being, whether for financial stability, personal fulfilment, or both.

So, with the rise in the cost of living hitting hard across the country, lots of Australians are looking for other ways to save. If the idea of saving for that home deposit seems almost unattainable currently, then setting up that side hustle could be the perfect booster your bank account needs.

We have collated some top tips to help you get started on your journey to financial independence, homeownership, and becoming your own BOSS.

Identify your skills and interests. 

The first step in setting up a side hustle is to figure out what you’re good at and what you enjoy doing. This could be anything from photography to tutoring, writing to design, and the like. 

Identifying your niche is a significant part of the process–just as important as finding your clients. Since you’ll be dealing with it and other related tasks most of the time, make sure that it is something close to your heart. The more you enjoy what you’re doing, the more motivated you’ll be to keep it going. Otherwise, it might lead to poor performance or worse, experiencing burnout. 

Research your market. 

Once you’ve identified your skills and interests, it’s time to research your market. Look for opportunities in your area and see what others are doing. You could also research through online platforms that are specific to your skills like Etsy, Upwork, or Fiverr. This will give you an idea of what services are in demand and how much you can charge based on the market. 

You might also want to join some online groups doing freelance work and side hustles. This could allow you to broaden your scope and network while you get updated with the latest trends in the market. Who knows? You might just get your first client’s big YES from there! 

Create a plan. 

Now that you have an idea of what you want to do and what the market looks like, it’s time to create a plan. This should include a budget, a schedule, and a list of the resources you’ll need. Make sure you have a clear understanding of the costs involved and how much you’re likely to earn.

Similar to playing any game, you need to have a good strategy to win. In this way, it will make the process easier and smoother both for you and your clients. You also need to ensure, though, that everyone is on the same page. A written document or contract may help this get sorted out. 

Set up a system for tracking your income and expenses. 

As you start earning money from your side hustle, it’s important to keep track of your income and expenses. Remember that your goal is to save for a deposit, so this should be a vital point to take note of. 

Consistently set aside a portion of your income and ensure you put it in the right place. The last thing you’d want to realise is that you’re overspending your freelance earnings on other things–which aren’t your priorities at the moment. You can use a spreadsheet or an app to track your income and expenses. This can help you stay organised and in ensuring you’re making a profit out of your efforts.

Start small and grow gradually. 

Starting a side hustle can be a little overwhelming, so it’s important to start small and grow gradually. This will give you time to learn the ropes and get a feel for the business.  During the process, you can also evaluate yourself and assess your strengths and weaknesses. Along the way, you may implement necessary changes for improvement.

You can start by offering your services to friends and family and then expand to a wider audience as you gain confidence and experience. You may also request testimonials from your past and existing clients which you can share with potential ones in the future. 

Be consistent and persistent. 

One of the most important things to remember when setting up a side hustle is to be consistent and persistent. It takes passion to pursue your dreams but it takes patience to reap your efforts. This is not an overnight process so, you have to be consistently and persistently working. 

It takes time and effort to build a successful side hustle, so don’t get discouraged if you don’t see results right away. Patience and determination could go a long way. Keep working at it and you’ll eventually see the fruits of your labour.

Utilise social media. 

If not the most powerful, social media is one of the most powerful tools that can help you promote your side hustle and reach a wider audience. Maximise it and create a social media account or page for your side hustle and use it to showcase your work and interact with customers. 

Establishing an online presence says a lot about you as a professional. It can also market the services you offer even while you’re offline or asleep. You can maximise it even more when you begin to learn and implement online marketing ads–both organic and paid. 

Network and collaborate. 

Lastly, don’t be afraid to network and collaborate with other people in your industry.  This can be a great way to gain exposure, build relationships, and learn from other people’s experiences.

By establishing connections with other people in the field, it can also uplift your credibility. Hence, more potential clients will put their trust in you. Not only that but learning from other people means improving oneself. You can give your clients a better service and experience without even spending anything from your pocket. 

There you go! What you’ve just read above are some of the points that you need to take note of should you decide to start working on that side hustle. Saving for a deposit can often be tiresome and challenging, but it’s not impossible. With the right mindset and strategy, you can certainly secure your first home. 

But just a friendly reminder to not overwork yourself, too. Yes, you have goals to achieve but your body is your investment. So, you have to keep it healthy both physically and mentally. The last thing you would want is to spend your side hustle savings on hospital bills. Take a break in between hustles and make sure you still spend time with the people near and dear to your heart. Without you even knowing it, you’re getting closer to your financial target. You’ve got this!

If you need any assistance with real estate in general, don’t hesitate to reach out to our team.