I’ve just booked my first market research gig for 2021, and it’s prompted me to start a new blog series here on Side Hustles. The first of which will be outlining the in’s and out’s of doing Market Research as a side hustle.
My experience doing Market Research?
I’ve been doing Market Research as a side hustle for many years now. I think its likely over 5 years (way before Frank on FIRE). On average I do a large market research opportunity every other month, and I’ve averaged about $500 a year (likely more). I also do a tonne of little market research jobs which I don’t really keep track of.
What does ‘Market Research’ as a side hustle entail?
Every single session of Market Research I’ve done has been completely different. I’ve completed group market research eg: in a large room with a group of people providing feedback on products to the researcher (often these are also filmed and / or there are mirrored windows with people watching you). I’ve completed 2 minute video tasks answering a question. Since Covid-19 there has been more emphasis on online tasks, and these have been via zoom usually (my last opportunity was testing a new website).
How much money can you make doing ‘Market Research’ as a side hustle?
The amount really varies. I’ve completed 2 minute filmed videos to answer one question for $5 (taking under 5 minutes work). I’ve also been paid $150 to do a 2 hour in-person group session that also provided free food and drink (pizza/sandwiches). More frequently I’m paid between $60-80 for between 30 minutes to a 1 hour session. The latest gig I’m doing next week is a 1 hour online session for $80.
I track all my side hustle income in my Income and Expense Tracker.
How do you get paid?
I’m paid by the companies I’ve signed up to in two ways either gift cards or via bank deposit (once I was given cash in an envelope which felt a little odd).
I also declare my side income at tax time so make sure you talk to your tax agent about your own requirements.
What is the time commitment?
One thing I love about doing Market Research over doing surveys for example is that I don’t spend a lot of time on it. You do have to typically apply for an opportunity, however this process usually takes under a minute (especially if you use pre-fill). The majority of time on this side hustle comes from when you are actually participating in the research itself, and this time you are remunerated for.
Is this a reliable source of side income?
No, unfortunately Market Research isn’t typically a reliable source of income. That said I seem to pick up a gig fairly frequently.
How do I sign up?
The best way to get started in Market Research is to register with companies to get on their mailing list for opportunities. You will be asked to complete a profile initially, which the company will use to line you up with appropriate opportunities. Below is the list of Market Research companies in Australia in recommended order (if you are from outside Australia I would recommend doing a search for some reputable ones in your local area):
- Research Connections
- Focus People
- Paid Focus Groups
- Farron Research
- Realtime Research
- KB Research
- Stable Research
- DML Research
- Chitchat Research
- The Purple Corporation
Some of these companies have Facebook sites, and I recommend following these as well. I’ve often found additional opportunities that were not sent to my email from the Facebook posts.
Feel free to add any other recommended market research companies in the comments below.
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