If you’ve just moved to the other end of the world, pursuing higher education or a better career, you will find yourself asking this question more and more often: “where can I find a job to sustain myself?”
You have landed perfectly on the right concern because your student loan will not be covering miscellaneous or petty expenses. Moreover if you start earning part-time it will help accumulate wealth for the future.
How much are we talking about? Part-time freelancers in Australia can earn between $50,000 to $ 70,000 a year.
The best and the most difficult sides merge together because, being a part-timer or full-timer, in the freelance economy you are your own boss!
Once you’re done cheering for the flexibility we’ll come to the real challenge. You are basically a single-person-operated business with an ABN, on your own to find customers, set working hours and manage your expenses.
That’s why we’re friends, right? Let us help you through a list of 5 essentials to becoming an independent contractor in Australia:
Apply for registering yourself as a self-operated business owner since your labour will be traded independently for compensation. You will receive an Australian Business Number to officially become available to potential clients via freelancing or gig work platforms.
You can then partner up with rideshare platforms like DiDi, GoCatch or food delivery platforms like UberEats. You might be required to renew your ABN in the future with the same documents submitted with your original application.
Remember to record and manage receipts of even the smallest costs you pay in day-to-day business operations.
This is important to manage future expenses, differentiate between personal and business expenses, create a budget and increase your profits. Also, these are legal proofs or warranties against any kind of untowardly situation. You can repurpose these receipts to file for annual tax returns!
The government is ready to help you run your independent business. When you are paying your income tax at the end of each financial year, you will be entitled to receive a ‘return’ against all the expenses you have incurred to maintain your business including daily expenses like fuel, electricity, toll tickets etc.
Insuring for your own health and safety increases efficiency to work. Especially when working gigs, many platforms will promise compensation for injuries or hazards caused on-duty.
But more than often the coverage will be conditioned. You don’t want to go through that hassle. Get reasonable insurance for yourself and your vehicle (e-bike, car) and sign up with multiple rideshare or delivery platforms to maximize your earning!
Compare between different insurance schemes available and choose the best!
We saved the best for the last. Consider any unavoidable situation that causes you to sit off work for days, weeks or months. Is it impossible? Don’t take the risk of assuming it is.
In a foreign place, by yourself, you should be able to prioritize your health, safety and recovery more than the need to pay your bills. Income protection can help with that. You sign up for an insurance cover that pays you during brief unemployment, all you have to do is pay minimal weekly or monthly installments to create a ‘safety net’ for any future challenges.
We are proud to partner with Hustle by CoverHero who are smart and innovative thinkers of change! They are Australia’s leading insur-tech who cover more than 1200 freelancers, gig workers and independent contractors for their income.
The claiming process is really easy and quick. You can claim coverage as many times as you need to provide you have the proof and cause of unemployment. You can trust them with your money as you get to monitor what happens to your safety fund and hustle hard towards your passion!
The minimum installment starts from as low as $15! They have partnered with excelling brands like Treiner and you’ve got to see for yourself why Hustle was awarded finalist for 2020 Australian Fintech awards!
Trust us, you will get there. Even without experience it is not impossible to land a decent part-time job that earns you good money. For that to happen you must make a checklist of:
When you are clear on these, use your answers to filter through jobs. Compare between several job options and remember to apply for multiple jobs.
Let us think, do you like money? We are not saying there are not any other options but gig work is the most flexible, easy to get and customer heavy option to avail.
Besides it is possible to leverage your gig experience into your CV while applying for your dream job and actually impress the employers!
Every day the freelance economy is getting more and more competitive. Barely anybody would say no to earning money in their own time, by their own standards. But the challenge is with management.
Even if you are signed up with multiple freelance or gig platforms they will only show you the available client base. It is up to you to gather loyal customers. On top of that comes the stress of financial management.
There are very few financial solutions that automate your income and expense management all the while costing you next to nothing. What about tax? That is an entirely different story.
However, as long as you remember that it is never too early to learn finance, you are unbeatable! We are here to help you with just that. Keep an eye on this space to not miss out on the future of finance, freelance and financial freedom!