5 must-dos when starting a small business

Getting stuck into your new side hustle? From demystifying the dull stuff to deciphering business lingo, here are five things to do to keep it going strong.

1. Keep business and personal stuff separate

This means things like...

Your email addresses

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.

Your social media accounts

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.

Your bank accounts

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.

2. Brush up behind the scenes

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:

Start keeping a record

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.

Get savvy about tax and super

Tax doesn’t have to be a dirty word. The Australian Tax Office (ATO) has some helpful info on reporting and paying tax when you start a business, as well as how much tax you’ll need to pay on your side hustle.

Not sure where to start? We’ve got you covered.

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.

3. Learn how to invoice like a boss

When deciding how much to charge customers and clients, think about:

  • The cost of similar products or services on the market
  • Any materials you bought to create your product
  • The time it took to work on your product or service
  • The experience and qualifications that back up your expertise.

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.

4. Get on board with Bankwest Simplify

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.

5. Keep an eye on your security

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.

How can we help?

Business Specialists Team

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