Aleks Nikolic works full time as a lawyer.
She loves her job, but she's also passionate about sharing the career and budgeting lessons she's learned in life via her social media business.
She runs her small business — or side hustle — Broke Girl Wealth, out of her rented flat in Waterloo, in Sydney's inner west.
Ms Nikolic makes a point to share the highlights alongside the "mistakes and missteps", she says, "as I grew my career and also tried to grow my wealth as a young person in Australia – and making that journey relatable."
Not your traditional pay rise or promotion
Despite reaching close to "full employment", wage growth in Australia has remained stubbornly low for years.
It's a symptom of an economy that isn't functioning as it ought to.
An unprecedented number of Australians though are now thinking outside the box in terms of achieving a pay rise or a promotion.
Ms Nikolic says interest in her business grew from a combination of more people working from home, and younger Australians worrying about their careers and finances as the pandemic gripped the nation.
"I think a lot of people were at home during COVID, and there was a huge uptick in people using platforms like TikTok and Instagram just scrolling right through to avoid the news," she says.
"It was at that beautiful moment where everyone was thinking the same thing – everyone was wondering how do I invest? How do I get a promotion? How do I even ask for a pay rise?"
"So I think it was just right place, right time."
More Australians are monetising their hobbies than ever before
Ms Nikolic is one of a record number of Australians creating new businesses.
Last financial year, 167,646 businesses were created, an increase of 7 per cent on the previous year.
Of those businesses, more than 80 per cent were non-employing businesses or sole traders — many of them were Australians monetising a hobby.
"That's what our members are telling us; that there's an inherent flexibility in the system," Small Business Council CEO Alexi Boyd says.
"People may want to set up a side hustle, or earn some income in a different way, and that could take off and become an entirely new enterprise."
It pays to pursue your passion
Hundreds of thousands of Australians are starting a new business or a side hustle.
It's a chance to pursue a passion – also a chance to pursue a little extra income as the cost of living rises.
"We're in a place in society where Instagram — and social media in general — is no longer about glossy, manufactured content," Ms Nikolic says, "it's about people being real."
"I think … being authentic online, you can build a platform because people can feel you're actually being honest and yourself, and that resonates."
In some cases, the side hustle turns into a full-time job.
"Certainly for the professional industries, or people who are looking at that work-life balance, it's definitely an option to set up your own business," Ms Boyd says.
"That's exciting for the Australian economy because the more small businesses we have, the more flexibility, adaptability, and resources we have to sell into the rest of the world."
