Home Forums New here? Share your story Newbie, going from side hobby to new small business, advice appreciated :-)

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  • #999922
    PSD
    Member
    • Total posts: 5

    Hi all, I’ve just discovered your fabulous community today, and hope to be able to learn much from you whilst developing my new very small business, and to also offer my own help and experiences to other newbies where able.

    I’ve been developing my hobby of making art, design and jewellery over the last few years (making for myself and friends), but after being laid off work earlier in year, with very few opportunities around, took the big and frightening step of attempting to make it in to a business. I’ve grown my range (focussing on making new and upcycled jewellery), developed a Facebook Business Page and Instagram account, and in the last few months have done some market stalls (with surprising and growing success!:-))

    Have my ABN, have registered my business name, sorted my Public & Products Liability insurance, and just opened a dedicated business bank account, but am now trying to sort the financial side, which I could do with some advice on please.

    My business turnover and only income is very low (I’ll actually be operating at a loss for some time, and can’t yet afford to out-source anything or anybody), but know I need to keep better track of my expenses, COGS, income, and inventory (my own Excel Spreadsheets aren’t cutting it). My sales are mostly handled by my Square Point Of Sale System, but is very limited when it comes to reports, and my other bookkeeping needs. Also apprehensive about completing my first sole trader tax return next year, which I may not be able to afford help with. I’m also unsure how to treat some of my expenses which accrued during my transition from hobby to business.

    Any advice would be very much appreciated.

    Many Thanks :-)

    #1221869
    Paul – FS Concierge
    Moderator
    • Total posts: 3,117

    Hi And Welcome to Flying Solo [USER=116597]@PSD[/USER].

    It is great to have you!

    Thank you for joining our community and posting.

    Good luck on your journey – it must be fun and scary at the same time.

    Feel free to ask specific questions in our Money Matters section but remember that you are not asking for paid advice so you have to use your judgement around any answers you receive.

    Cheers

    #1221870
    PSD
    Member
    • Total posts: 5
    Paul – FS Concierge, post: 268011, member: 78928 wrote:
    Hi And Welcome to Flying Solo [USER=116597]@PSD[/USER].

    It is great to have you!

    Thank you for joining our community and posting.

    Good luck on your journey – it must be fun and scary at the same time.

    Feel free to ask specific questions in our Money Matters section but remember that you are not asking for paid advice so you have to use your judgement around any answers you receive.

    Cheers

    Great, thanks Paul! :-)

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