How to start a successful side hustle | Bank of us -->

So… how’s your side hustle going? You know, the one you’re always talking about? What? You haven’t started it yet?

Don’t worry, we’ve all been there. They say that the first step is the hardest, and this is true particularly for side hustles. Below are some tips you should consider when starting a side hustle:

Pick something you’re genuinely passionate about

We won’t lie to you – starting a side hustle can be challenging. But chances are that you will be much more motivated to put in the hard yards when you’re genuinely passionate about your work. Most hobbies can be monetized, like gardening, graphic design, crafts, writing, cooking, photography or even beauty services like hair and make-up.

Start small

When you first start, you’ll be filled with ideas. And that’s great! But less is more, especially at the start. Starting with small steps will put you ahead of the game, and help you avoid burnout.

Do your research and make a solid plan

A business plan is a very important tool for savvy side hustlers. Research and planning help you identify your goals, create milestones to measure your success and allow things to run smoothly.

Save, save, save

Let’s face it – lotto winners don’t often need side hustles. You’ll need to do some serious saving when you first start out. Chances are that at the beginning, you’ll need cash to cover any ongoing business costs until you have a solid client base, and your cash flow is positive.

Make the most of your spare time

We live in a “hustle-heavy” culture that feeds us this fake narrative that all entrepreneurs must eat, breathe and live working over-time. But you don’t have to come home from your 9 to 5 and look at spreadsheets until midnight. Plan your schedule ahead of time and make sure to include lots of time to rest and recharge.

Charge what you’re worth

It can be hard to know how much to charge when you’re first starting out. There are two main things to consider when pricing your services:

  • How much it costs you (time, materials, insurances, etc)
  • Your competitor’s prices

Learn the basics of marketing

You know your product or service is top notch, now it’s time to make sure others know that, too. You don’t need to get a marketing degree, but in a world full of advertising, you need to know how to cut through at least some of the noise. You don’t need to become a full-time social media influencer, but making a business account on your favourite social media platforms is a good place to start.

Set your side hustle up as a proper business

If things go well, there will come a time when you’re in a position to turn your side hustle into a legitimate business enterprise. This includes the not so glamorous tasks of registering a business name, applying for an ABN, registering for GST, and setting up your finances. Check out more information on the ATO website.

The bottom line is: starting a side hustle can be a great way to make money, get more involved in your community, or invest in yourself and your passions. No matter the reason, the most important part is simply getting started. Good luck!

The small, small print: Please note this information is general in nature and does not take into account your personal circumstances or objectives. You should consider this before acting on any of the information contained.