Side Hustle Advice

[Cec Busby]

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Heya folk,
We are working on a content piece around side hustles for Kochie’s Business Builders and I was hoping to glean some knowledge from your hive mind, as I’m sure a lot of you started your business as a side hustle. So, Question:
What’s the number one lesson you learned from starting a side hustle?
Thanks in advance,
Cec
Editor Flying Solo and KBB

Cec Busby Editor Flying Solo

[Paul – FS Concierge]

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Hi Cec,

If working, being transparent around the side hustle is important:

To me, this meant I did all of the below:

Let my boss know.

Made sure I wasn’t in direct competition with my employer.

Made sure my time at work was 100% my employer’s.

Cheers
Paul

[bb1]

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If you are serious in business there is no such thing as a side hustle, it is either a real business or it is a failure. Sadly its people like Kochie who set people up to fail, by saying they can pretend to have a business. You are either committed or a failure.

[JonoW-15]

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bb1 wrote:

If you are serious in business there is no such thing as a side hustle, it is either a real business or it is a failure. Sadly its people like Kochie who set people up to fail, by saying they can pretend to have a business. You are either committed or a failure.

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Hey @BB1,

I think a lot of people go in without plans for it to be something serious, more out of a personal passion for something. I’ve got a side hustle as a digital consultant that I have no plans to scale and generates some additional income for me outside of my full time job.

I really enjoy it and have friends who undertake similar freelance projects outside as a side hustle.

Forum Administrator

[bb1]

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JonoW-15 wrote:

bb1 wrote:

If you are serious in business there is no such thing as a side hustle, it is either a real business or it is a failure. Sadly its people like Kochie who set people up to fail, by saying they can pretend to have a business. You are either committed or a failure.

Quote

Hey @BB1,

I think a lot of people go in without plans for it to be something serious, more out of a personal passion for something. I’ve got a side hustle as a digital consultant that I have no plans to scale and generates some additional income for me outside of my full time job.

I really enjoy it and have friends who undertake similar freelance projects outside as a side hustle.

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I’ve checked the ATO website and they have 2 options. Business or Hobby.

[bb1]

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JonoW-15 wrote:

bb1 wrote:

If you are serious in business there is no such thing as a side hustle, it is either a real business or it is a failure. Sadly its people like Kochie who set people up to fail, by saying they can pretend to have a business. You are either committed or a failure.

Quote

Hey @BB1,

I think a lot of people go in without plans for it to be something serious, more out of a personal passion for something. I’ve got a side hustle as a digital consultant that I have no plans to scale and generates some additional income for me outside of my full time job.

I really enjoy it and have friends who undertake similar freelance projects outside as a side hustle.

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I have checked the ATO website, they have 2 categories, Business or Hobby. Failed to find side hustle,

[James Millar]

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Lets define side hustle first. Presumably it’s second form of employment or self employment but not a business in normal sense. Then defining a business (even micro). It is probably the point at which an entity can operate without the founder because it has adequate resources in place to work.

How many transition from one to the other?

Helping build better businesses and better lives with expert financial and taxation advice. [email protected] www.360partners.com.au 03 9005 4900

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