One-in-four Australians is running a small business alongside their full-time job. So, if you want to be one of them and turn your hobby into a side-hustle, there’s a few things you need to know.
To hustle or not to hustle
From extra income to financial freedom, there are many benefits to starting a business of your own.
And easing into it while you have regular full-time employment gives you the security of a PAYG income while you set up.
This extra cash-flow could also help you get a loan and give you more options when it comes to securing finance in the future.
Before you start
When you start a small business, there are government and tax responsibilities you need to be aware of.
You will have an obligation to report and pay tax. The details of this will depend on the structure of your business, so you’ll need to check this with the ATO.
You’ll also need to register your business with an Australian Business Number. You can apply for an ABN online at no cost.
Find your crowd
Once you’ve ticked off the above, the next step is most important – find your customers.
Websites and online marketplaces are cheap, if not free, to set-up and allow you to sell your products or services to customers worldwide.
You may also want to create a profile for your business on social media. Platforms like Facebook and Instagram help you to reach new audiences and build your database.
Ready to launch?
For some, funding your project can be the hardest part. For help to kick-start your side-hustle, contact Liberty Adviser today.