If your side hustle is going from strength to strength, you might be thinking about what the next best move is. Here are four steps to help see you through this phase of business growth.
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4 easy steps to level-up your side hustle game
1. Identify your goals and make a plan
If you haven't already planned your business growth, it's probably time to sit down and take stock of where you're wanting to go now that your idea has proven successful.
A great place to start when planning forward is to look back. Reflect on what's made your side hustle take off by performing a SWOT analysis to identify your Strengths, Weaknesses, Opportunities and Threats. This can help you see what you're doing well and find areas to work on.
2. Improve efficiency to grow your business
Unlock extra time and potential for growth by streamlining how you operate. You could:
- Ask your customers or trusted friends for feedback about your branding, product or service to help identify clear opportunities for improvement
- Outsource tasks, hire staff or get help
- Set up an online store, send e-invoices and receive payments online with Bankwest Simplify
- Go digital and establish your brand online
- Find more ways to grow your business on the WA government website.
3. Balance the (bigger) books
Once your side hustle starts to turn over $75k or more, you'll need to register for GST with the Australian Taxation Office (ATO). This will have to be done within 21 days of reaching the threshold, or if you expect to reach it within your first year of business.
If you're unsure of how to navigate bigger earnings, chat to a bookkeeper or accountant.
4. Is your side hustle turning into a full-time gig?
You can enjoy the stability of your full-time job while still benefiting from the independence and creativity your side hustle brings. However, you might also be thinking about ditching the day job and focusing on your side hustle.
Some signs you might be ready include:
- You're turning over stable sales each month
- You're finding it hard to juggle both your full-time job and side hustle
- You can prove the longevity of your side hustle.
Every business and situation is different and going full time with your side hustle is a big decision to make. If you're not sure what direction to take, it can help to talk to a business coach, mentor or consultant about the best move.
All your side hustle needs in one place
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.
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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.