This means things like...
A separate business email will help you to easily keep all the communication with clients or customers in the same place. Plus, it keeps things professional – you don’t have to worry about people seeing that lame email address you made in high school.
Bit of an Instagram junkie? Now’s the time to make your brand shine. Making a separate account that consistently showcases your product or service will go a long way in building your brand voice and connecting with your target audience. Not sure who you’re targeting? Go back to basics.
Remember – you could still link to your personal account from your new account. After all, it might work for your brand if people see the brains behind the biz.
Now that sales are picking up, you’re going to need somewhere to stash that cash. Getting a new bank account strictly for your business can help make it easier for you to keep track of what you’ve earned, as well as manage things like tax and super. Plus, you’ll get a linked debit card to pay your expenses.
Our Business Zero Transaction Account is designed for managing the everyday.
Keeping up with the not-so-glamorous business-y stuff is definitely worth the effort. It’ll also come in handy if you want to take your side hustle to the next level. Some things to think about:
Tracking things like your business expenses, income and invoices will make your life a lot easier when it comes to tax time. The ATO has a handy app that lets you keep track of everything as you go.
Hot tip: you don’t need to register your business for GST until it earns more than $75k.
Then there’s your superannuation. You might want to consider regularly paying a percentage of your side hustle income directly to your super fund each pay, or putting money aside and making a quarterly contribution.
Keep in mind – if you've got a HECS debt, paying it off depends on your overall earnings over the financial year. It's a good idea to chat to an accountant to find out more.
When deciding how much to charge customers and clients, think about:
Depending on what you’re offering, you might want to come up with an hourly rate, or consider the price on a case-by-case basis.
Hot tip: Make sure you include a due date on your invoice so you can plan your cash flow accordingly.
Speaking of invoices, they're just one of the things Bankwest Simplify, our handy business tool, can help you out with.
When it comes to managing the day to day, Bankwest Simplify could be your new secret weapon. It lets you set up a secure and easy online payment system, so you can keep the ball rolling on your side business while you’re busy living your life. Plus, you can design a personalised shopfront to suit your business perfectly.
We’ve got some handy tips to help make sure you’re keeping all your hard work safe and staying one step ahead of scammers.
We've compiled the important tools and guidance you need, from our accounts and software to general advice and tips. Think of it as your one-stop side hustle shop.
Terms and conditions apply to the use of Bankwest Simplify and are available on request. Service is available for eligible customers with a Bankwest Business Transaction Account and linked to a merchant facility. Fees and charges apply.
The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.