Turn last year’s lockdown hobby into this year’s side hustle

Was 2020 the year you mastered the art of knitting, baking sourdough or making jewellery? Maybe you rediscovered your love for gardening, woodwork, cake decorating or drawing. In this new gig economy, you might now be wondering how you could turn your skill or passion into a nice little side hustle.

Before you take the leap, here are some questions to ask yourself.

Could it be a side hustle?

Consider things like:

Could I make a profit?

In other words, would your costs be lower than your potential income? Think about things like potential set up costs, ongoing expenses, what you’d need to charge and estimated sales.

To help you write it all down, we’ve got a business plan template (word) you can download.

Is there a market for it?

Put simply, will people want to buy what you’re selling? There could be a gap in the market, or a problem you’re solving for customers. Perhaps you’re offering something that makes you stand out from the competition.

Our marketing plan template (word) outlines some key questions to help you figure things out, like your unique selling point, the strengths and weaknesses of your competitors, and the needs of your customers.

You could also check out social media platforms and online marketplaces to see if there’s an appetite for similar products or services. Another handy tip is to do some customer testing with family and friends.

Could I do it long-term?

Will this side hustle realistically fit around your day job? Will you get bored? It might be a good idea to start small. It’ll help you test the waters and work out if you could sustain your side hustle – or even turn it into something bigger down the track.

What do I need to do to get started?

Admin stuff

You’ll need to do things like:

  • Choose your business type
  • Apply for an Australian Business Number (ABN) and register your business name with ASIC. The Business Registration Service can help you work out what registrations you need
  • Consider business insurance
  • Open a business account to keep your business and personal finances separate.

Some other things to think about include super, licenses or permits, and registering your website name. Our red tape checklist will help you cover the formalities.

Operational stuff

Could you run your business from home, or would you need to rent out a workspace?

Also consider if you’ll need an online store to make sales. Something like Bankwest Simplify helps make this step easy – it lets you set up and start selling online in just a few hours. It even lets you sell through social media channels like Facebook and Twitter.

See more about Bankwest Simplify.

Marketing stuff

How do you want to present your business and reach customers? These handy guides can help you figure out:

How can we help?

Business Specialists Team

Speak with someone from the team today

Business Banking Specialists

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