How To Make Money In Australia’s Gig Economy

How To Make Money In Australias Gig Economy What do you get when technology merges with retail? A thriving gig economy. Why work the traditional 9-5 when you could be making money from home? Gig economy jobs continue to rise, especially in the COVID-era. This past March alone saw a 63 per cent increase in online shopping, according to the Artnet Price Database.

People are spending most of their time at home, and as a result, online spending has spiked. Good news for those looking to learn how to make money in Australia’s gig economy!

Treasures worldwide network has sold over one million gemstones and jewellery pieces on our collective global platforms. Since we opened in 2004, our founder Wayne has observed distinct patterns emerging in buying and reselling.

With thousands of buyers and feedback on purchases, we’ve noticed an uptick in resales. Not surprising, given the robust state of Australia’s gig economy.

What Is The Gig Economy in Australia?

Have you ever craved the freedom and independence of working in the gig industry? Aside from the obvious benefits — working from home, being your own boss — you can make a great living online.

And we’ve witnessed many people like you doing exactly that. Ten years ago, Wayne identified the second-tier market, a pattern in which certain buyers purchased from his sites and remarketed the items under their own businesses. Today, we call this the gig economy, and it’s booming.

As of 2020, experts project massive expansion of the Australian gig economy. More than just a side hustle, we’ve never seen more money-making opportunities online.

Currently, those working in the gig economy comprise 25 per cent of the international workforce, according to Yahoo! Finance. And the numbers only continue to rise. By 2025, nearly half of workers will enter the gig economy.

Considering more and more organisations are transferring business operations online, there’s seemingly no cap to the potential of joining the gig workforce.

But how can you break into the market and make money? Treasures Auctions is here to guide the way!

A New Way To Resell Items

In previous years, we’d see many second-tier buyers purchase items to sell at weekend markets. Others bought a hand-picked collection to curate their own style to sell in stores and boutiques.

However, there’s a newer, more convenient and cost-effective way to make money as a second-tier buyer.

Our acute computer systems track data entries and have shown a distinct pattern: repeat buyers have a method to market their wins and build a successful business.

gig economy

How To Enter the Gig Economy

Below is our step by step guide for how to enter the gig economy and make money online:

Step 1: Choose Your Niche

Your first order of business is to decide which product niche interests you. Yes, you will be working in the gig economy, but not every corner of the market is enjoyable or essential to you.

One person might prefer selling antiques and collectibles while another favours gemstones and jewellery. The goal is to settle on a market you enjoy; that way, your passion drives you through the inevitable peaks and valleys of owning a business.

Aussie gig workers might be tempted to try dropshipping or selling on Amazon, but we don’t recommend wasting your time or money on these short-term businesses. Overall, you need extreme luck to find a hot product, but for most people, these ventures only fail.

Instead, it’s a lower-risk investment to start a gig economy job that’s proven successful!

Step 2: Write A Business Plan

Once you’ve settled on your niche market, it’s time to write a serious business plan. Having one will highlight what you need to get operations up and running. Here are a few factors to consider:

Will you remarket items, or will you add value to existing products?

Ultimately, this depends on your niche and personal preference. Some people remarket items while others purchase loose stones and add value by creating their own jewellery designs. Adding your personal touch adds value to your product line-up. You don’t have to alter the product, either. For example, you can buy amethyst stones and market them as holistic healing crystals showcased with beautiful imagery.

Add your assets and liabilities to execute your business plan.

How much product do you need to buy? Where will you primarily sell your items? And don’t forget about sweat equity! Can you join forces with a business partner or family member, or do you prefer to be the sole operator?

Do you need to register your company, and do you have to pay the 10% GST?

Currently, Aussie businesses that fall under the A$75,000 turnover don’t have to register to pay GST.

Of course, if you expand, you’ll need to factor this into your long-term business plan and costs.

Step 3: Test Your Products On Social Media

It’s time to conduct market research without spending a fortune on advertising. Social media platforms like Facebook and Instagram are great spaces to roll out your business idea to the public. Not only is the cost minimal, but you’ll be able to get a read on the market.

Start by choosing a small product line-up and creating social media accounts. Post your products via shoppable posts and include the corresponding hashtags.

When in doubt, look at your competitors. What type of content do they post? How often do they post? What hashtags are they using?

Step 4: Plan For Expansion

You’ve written a business plan, but you’ll no doubt have to refine it as your business grows. Thousands of people overseas buy products, start a business, come out of the gates fast only to close within a year.

There’s no denying it: to run a successful business, it has to be profitable. The best way to build a profitable business is to have backup and support with your business operations.

Above all, it’s essential not to treat your business as a “side hustle” to make a few extra bucks. Sure, it beats laborious jobs, but it’s not necessarily sustainable or lucrative.

Often, people’s businesses expand faster than they are ready to accommodate. If there’s anything we’ve learned from this crazy year; it’s that things happen outside of our control. That’s why you'll need systems that foster expansion.

When you operate a business solely, you heighten the risk of having to temporarily close or pause operations due to family problems, personal issues, or maternity. However, if you have help, you can successfully continue operations no matter what personal events come your way.

We’ve all heard of a business that starts up and suddenly goes wild with success. What we don’t see is that the internal structure of the company is set up for success. Partnerships tend to succeed more than sole operations because if you have a duo or team, you can save time and divide and conquer.

Step 5: Don’t Wear All The Hats

Time and time again, new business owners make the mistake of thinking they have to wear all the hats of their business. Unfortunately, this is simply not beneficial for longevity. If you have to bounce around from shipping to marketing to website maintenance to social media, you’re on the fast-track to burnout.

Inevitably, you’ll struggle to keep up with all the demands of running a business in the gig economy. If you have to design a piece, source a new product, pack and ship items, or answer emails and inquiries — you’ll quickly realise you don’t have enough hands on deck.

Every single one of these tasks is time-consuming, which is why you need to build a team or at least have a partner to tackle the tasks together.

Step 6: Calculate Your Time And Wages

Another task to consider is how much you want to make and how long your tasks take. I once spoke to a lady who spent so much time selling $20 items that she couldn’t expand her business.

She would send 2-8 messages just to make a $20 sale. Then, she would buy ingredients and make candles and add the gemstones. Sadly, her business was never profitable as she wasn’t even making livable wages.

The goal is to ensure that the time you invest in your business yields a solid return. Your best approach is to examine how long it takes for you to conduct your business activities.

You’ll be surprised at how time-consuming daily tasks are. You’ll want to consider how long it takes to:

Source new items

Purchase items

Message sellers

Pack and ship items

List items

Reply to customers

Track expenses and sales

Every task on this list adds up big time, and if you’re not careful about your product price range, you could end up selling yourself short. Calculate precisely how long each one of these tasks costs you by using the following formula.

Step 7: Create A Formula For Success

Think about how much you want to make per hour. Now calculate the minutes it’ll take to do each of the above tasks. Then add up all those tasks and see how much they cost.

If a specific task costs you $10 per hour, and you’re only charging $10 per product, you won’t make money easily.

You’ll need a system to upgrade your business from $30 per hour to $100 to $300 per hour. My system designed by Australians on the Gold Coast has proven efficient and trustworthy to buy from my verified sellers. Once you have a system, nothing is standing in the way of you and success.

Starting a business can feel scary. However, if you follow these steps and stay persistent, you can absolutely make money in the gig economy doing what you love!