How can you be successful in a side business

How much money you earn depends on the side activity or side job you choose, the demand for what you offer, and the amount of time you can devote to the side activity. When estimating how much you can earn, it's also helpful to consider how much you'll have to pay in fees, platform costs, materials, shipping costs, insurance, etc.

Earnings from part-time jobs can vary widely. According to a study on digital platform jobs in Australia, some jobs are below the country's minimum wage.

This question is: How can I be successful in a side business?

They say a goal without a plan is just a desire. But how do you create a plan for a successful side business? Financial advisor and Canstar contributor Paul Benson suggest some important steps to consider on his blog, Financial Autonomy.

Research and select a side business and consider its strengths and weaknesses, as well as opportunities and threats that can help or hinder your success.

Develop a business plan that outlines a path to success, for example.

What success means to you and  How much extra money can I earn?

Think about your marketing, e.g. what you are better at than your competitors and how you will promote this to your customers.

Create a system, for example, register an Australian business number and company name. Also, think about how you will accept payments. Do you need a business service provider? Start a business, evaluate, learn and make changes.

What risks should I be aware of when running a side business?

Although side work is attractive, informal employment through digital platforms is not regulated in the same way as other forms of employment. According to Dr. Penny Williams from the University of Queensland Business School, one of the authors of the report "Working on Digital Platforms in Australia", this puts workers at-risk.

In a QUT ExecInsights podcast, she said these workers "are not entitled to superannuation, are not entitled to sick pay and are not necessarily entitled to the same safe working environment as salaried employees".

Dr. Williams also pointed out that although it is often assumed that these jobs offer higher incomes and greater flexibility, this may not be the case. According to his research, many people leave digital platforms because "they are not getting the hours they want or because they are spending a lot of time and effort for very little return."

Financial and personal considerations for working part-time.

According to the Australian Taxation Office (ATO), income above the minimum threshold is subject to taxation. Please note that annual income for tax purposes includes income from other gainful employment as well as income from secondary employment.

If you register your side income as a business and you meet the ATO's criteria, you will need to register for Goods and Services Tax (GST) on sales. There's no harm in seeking the help of an authorized tax adviser to understand what taxes you'll need to pay and what deductions you're entitled to.

You may want to consider some insurance policies to protect yourself against certain risks that may arise in your work.

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Most Americans view drivers as independent contractors

According to this survey, the majority of Americans (62%) believe that drivers for ride-sharing apps like Uber or Lyft are best described as independent contractors who provide services on behalf of these apps or websites. A smaller share of drivers (35%) says they work directly for these apps or websites as employees.

Public opinion is split along party lines on this issue. About 71% of Republican and independent respondents believe these drivers are independent contractors, while a quarter believes these drivers are employees working directly for these companies. Democrats and their supporters are divided, but still, consider drivers to be contractors (54%) rather than employees (44%).

There are ideological differences within the parties as well. Liberal Democrats are more likely than conservative or moderate Democrats to think it is best to call drivers who work for ridesharing apps employees. Moderate or liberal Republicans are more likely than conservatives to think that these drivers are workers.

Americans' attitudes toward the status of rideshare drivers also vary by age. Forty-eight percent of adults ages 18-29 think it is most appropriate to call drivers employees, compared to 38% of those ages 30-49 and even fewer (27%) of those ages 50 and older.

Many states, including California, are addressing the situation of bicyclists as voters and courts there have addressed the issue. In New York, ridesharing companies have tried to negotiate with unions as opposed to drivers being classified as contract workers, offering them bargaining rights and certain benefits. Massachusetts, however, requires rideshare drivers to be considered employees, while other proposals seek to classify them as contractors and give them more benefits.

Americans differ only slightly on which classification of rideshare drivers is most appropriate, based on their knowledge of this debate. Thirty-seven percent of adults who have heard a lot or a little about the debate think drivers are best classified as employees, compared with 32% of those who have heard nothing.

There is strong disagreement among the parties on whether broker drivers 

The debate over whether drivers should be considered employees or contractors is tied to the debate over what legal protections drivers should have. Industry experts point out that classifying drivers as employees in most cases would mean they would be entitled to certain benefits from their employer, such as minimum wage, unemployment insurance, and overtime pay.

About six in 10 Americans favor stronger legal protections for carsharing drivers, with Democrats more likely than Republicans to support them.

When asked if legal protections for carshare drivers are adequate, a majority of Americans said they should be stronger. Fifty-seven percent of American adults believe that rideshare drivers should have stronger legal protections against misconduct by rideshare companies, while 38% believe that drivers have sufficient legal protections to ensure that rideshare companies treat them fairly.

As with how ridesharing companies classify drivers, Americans' attitudes toward legal protections for employees of ridesharing companies vary by political party and ideology. Seven in 10 Democrats believe drivers should have stronger legal protections, compared to 30 percentage points fewer among Republicans (43%). There are also significant differences by ideology. Around 54% of conservative Republicans believe that motorists should be given greater protection under the law.