If you have a great idea you want to work on to make some cash on the side, then the six tips below are going to help you get started and manage a side hustle while still working a full-time job:
1. Making the most of your spare time
Is it possible to get your business idea off the ground and not give up your job? While you might be 100% passionate about your full-time job, it gives you a stable income while you work on your true passion.
Work breaks are also considered work breaks too. You can spend your lunch breaks online researching your idea or learning more about the industry.
2. Checking whether your employer offers flexible working
There are some business ideas that will require your attention whether to suppliers or customers during the normal working hours. Check whether your employer offers flexibility when it comes to working hours. This way, you can adapt your existing working hours to your goals without affecting your job.
3. Start by doing the groundwork early
One of the first things you need to do when you want to start a new business is to establish social media presence and a website. Make it easy for people to find out what you are offering the moment they hear about your business. Look for ways of making your product stand out from the rest.
This is also the time to come up with a name for your business and register a trademark. You should do such things early because the approval process can take months.
4. Make sure you have enough cash to cover costs for 18 months
When in the process of building your side hustles and attracting clients, it is important to have enough cash that will be used in covering the costs of the business and other expenses that are going to come up in the process. This cash will keep you running until you have a positive cash flow. Look at the costs like rent, equipment, and inventory. It is important to protect your finances.
5. Making early use of your initial clients
Once the business is running, potential customers want to know any clients you have to see whether you are credible and can deliver. If you can manage to get a couple of clients while you are still on your job, it can help because you can get reviews, testimonials, and recommendations, and you can add these to your website.
6. Setting up the side hustle a proper business
To make it a legitimate enterprise, it is important to do a number of things to set up the business. You have to choose a business structure, register your business name, and apply for an ABN.
You also have to consider things like opening business bank accounts and registering for GST. If you plan on setting up as a sole trader, you should make sure you have separated your business finances from your personal finances. This is going to be even more important during tax time. It is going to be easy to tell your business expenses from your personal expenses.
It is also a good idea to use electronic payments any chance you get because these transactions are easier to track using small business accounting software like Xero.