For some, lockdown meant baking banana bread but for others, it meant precious time to start thinking about launching a side gig.
The harsh reality is that for most side hustlers, they’re still grinding in a 9-to-5 which can be a big barrier to kickstarting that dream.
There’s no denying that turning a passion project into a paying gig requires serious elbow grease and unwavering motivation, which is why we’ve teamed up with Bankwest to curate a simplified guide to the hustler life.
Cementing Your Idea
So, you’ve got an idea for your side hustle. Great! It’s time to really nut that out and get clear on what you’re trying to achieve and why you think it will work. Create a physical mood board or use Pinterest to create a visual representation of your idea, business and working space, as this will give you direction and make your dream feel achievable and real.
Dive deeper into your idea by asking yourself key questions like what problem are you hoping to solve for your target market? Who is your target market? And how much you will charge for your services or products.
Use your friends and family as your sounding board to test your products or services. Their advice is free—and they’re consumers after all!
Own It
Now that you’ve got a clear direction for your side hustle, it’s time to bring it life. Decide on a business name and then secure it on the relevant social media platforms. As a side hustler, you’re obviously going to be time poor so might only be running one or two social accounts in the early days. Despite this, it still pays to secure your business name on all social channels if you want to diversify your marketing efforts in the future.
When you’re just starting out, some small businesses don’t need a website and rely on Instagram or Facebook instead—but if you're hoping to sell your products and services, then you’ll need to figure out where and how. Enter: Bankwest Simplify. This small business resource makes it possible to sell products online while simultaneously managing payments. Best of all, you’ll get your e-commerce site up and running quickly and without any developer skills.
Strike The Right Balance
If you’ve just launched a side hustle, there’s a 99% chance you’re still working your 9-to-5 to pay the bills and your favourite phrase is, “there just aren’t enough hours in the day!”. Break down your weekly schedule to the hour to gauge the realistic number of hours you can dedicate to making your dream career a reality. You might find you can only save a couple of hours midweek and one weekend per month to your project. It’s a slow burn but keep at it, you got this.
Invest In Yourself And Your Vision
Side hustles can come with a lot of upfront costs. Website builds, marketing, branding, manufacturing—the list goes on. When it comes to saving a few pretty pennies, your inner circle and existing professional network are your biggest assets.
Got a graphic designer friend? What about that guy from advertising who you used to work with? Lean on your network for mates rates (within reason!) or ask them to coffee for some sound advice on how to do it best yourself. And don’t be afraid to become a master negotiator and offer to trade your products or services for those of someone else. And since we’re all about cutting costs, you might want to get around Bankwest’s award-winning, $0 monthly fee Business Zero Transaction account. Get the deets on it here.
Launching a side gig can be a complex journey, but Bankwest has loads of tools, guides and information to help. See here for more information.
Editor’s note: This article is sponsored by Bankwest and proudly endorsed by Urban List. To find out more about who we work with and why read our editorial policy here.
Important stuff you should know: Consider the PDS and whether the product is right for you. Other fees and charges may apply.
Consider the PDS and whether the product is right for you. Other fees and charges may apply.
Bankwest is a division of the product issuer, Commonwealth Bank of Australia ABN 48 123 123124 AFSL/Australian credit licence 234945. Any advice given does not take into account your objectives, financial situation or needs. You should consider the Product Disclosure Statement (PDS) and whether the product is right for you. A PDS is available from bankwest.com.au or by calling 13 7000. Service Fees including Periodical Payment fee and BPAY payment fee may apply.
Disclaimer for Bankwest Simplify: Fees and charges apply. Terms and conditions apply and are available on request.
Effective 5 October 2021, Target Market Determinations for Bankwest products will be available here.