Fashion is a hobby for some people and they earn a lot of money to use it as side hustles, but one expert warns them there are also some risks to take care of.
As inflation is at a high peak, Australians want to do a side hustle as they find new ways to earn extra cash.
Associate Professor Simone Scagnelli, from Edith Cowan University’s School of Business and Law, said, a thing that you should consider is to work on a hobby that you love the most.
He said in NCA NewsWire, “people who like something, start to enjoy doing it or maybe they are good at the thing if not, it’s still alright because they utilize their time on things in which they’re interested.”
“It’s a learning phase that will help them to improve themselves. So, don’t worry if it goes wrong, it's a side opportunity, not a permanent thing.”
When you start a side business, he alerts you that you may pay some costs like tax implications and advertising.
He said, “you should do the paperwork or make a recording to deal with administration if it takes off as a business”.
“The better option is you should register your business and keep records like accounting records and bookkeeping”.
There will be some indications regarding income taxes & potential capital gains tax.
A side business can be profitable or even become a relaxed way to earn money if you work hard and give your 100%.
Sydney citizen Melissa Howard has managed money for her wedding and also her honeymoon because she rents out her designer dresses.
Giving dresses for rent is one of the best money-saving methods, she earns more than $20,000 by sharing her clothes through The Volte (a dress-sharing platform).
As designer clothes are so costly, for example, the price of a Racheal Gilbert dress design is $1250, Ms. Howard said she had already earned money on it twice over because it was rented on a regular basis.
Now she has more than 15 dresses, including from Zimmerman and Aje, and sends them for up to $550 from side to side in Australia.
As women spend much more on fashion they have also the option of using
discounts on clothes,
using coupons is so easy to save money, the more you use coupons, the more you will have a chance to save more.
Ms. Howard has done a good job, but now she has left her job in retail.
The renting money-saving technique became so popular. The Volte co-founder Bernadette Olivier said, “this platform was growing day by day as more people became used to sharing instead of keeping dresses”.
She said, “this shows people now see fashion as an investment rather than as expendable”.
This is possible to dramatically disturb the $3 trillion fast fashion industry.
There is an important thing to focus on that you can buy that Zimmermann dress and it pays itself off, so that dress can easily become cost-neutral, or your money can be invested.
No one misses the chance to earn the extra money, almost 48% of Australians either have or are planning to start a side hustle, according to the
Australian Bureau of Statistics.
Published on: August 26, 2022
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