WEBVTT - 4 tips for starting a side hustle 0:00:01.639 --> 0:00:03.920 Welcome to How Do They Afford That, the podcast that 0:00:03.960 --> 0:00:07.560 peaks into the financial lives of everyday Australians. I'm Uncle Thompson. 0:00:07.760 --> 0:00:09.920 I'm an author and the co host of the podcast 0:00:09.920 --> 0:00:13.399 Fear and Greed business news. As always, I'm with Canneth Campbell, 0:00:13.520 --> 0:00:16.599 financial planner, founder of Sugar Mama TV. The financial literacy 0:00:16.640 --> 0:00:20.560 platform is on YouTube and Instagram, TikTok everywhere. Hello Canna, Hello, 0:00:21.280 --> 0:00:25.240 Now can we talk today about side hustles? Big surprise 0:00:25.280 --> 0:00:26.880 that we're going to talk about side hustles. We've talked 0:00:26.880 --> 0:00:29.319 about side hustles what a dozen times now on this show. 0:00:29.520 --> 0:00:30.200 Good Side Hustle. 0:00:30.240 --> 0:00:32.600 I know you do you describe yourself and I've described 0:00:32.640 --> 0:00:35.520 you as us the Queen of the side hustle. 0:00:36.120 --> 0:00:38.000 I will wear that crown proudly. 0:00:38.280 --> 0:00:40.840 Yes, that's a crowd you have earned through many, many 0:00:40.880 --> 0:00:45.680 side hustles. If you are stuck for a side hustle idea, right. 0:00:45.720 --> 0:00:48.200 We have done a number of episodes listening a whole 0:00:48.200 --> 0:00:50.480 heap of different ideas. The one where we talked about 0:00:50.479 --> 0:00:53.760 a whole lot of online side hustles. That's gone very 0:00:53.960 --> 0:00:56.440 very well. It's had a great response from listeners who 0:00:56.480 --> 0:00:58.680 are obviously interested in that kind of thing. If you 0:00:58.760 --> 0:01:01.080 want ideas, go, I can listen to some of those 0:01:01.240 --> 0:01:06.199 other episodes that we've done today. Is less about the idea, right, 0:01:07.080 --> 0:01:08.560 and more about the implementation. 0:01:08.959 --> 0:01:11.720 Oh, I like this. This is so important because you 0:01:11.840 --> 0:01:15.560 need to be able to set yourself up a success. Yeah. 0:01:15.560 --> 0:01:18.200 Absolutely, because thrive with your hustle. Yeah. Because if you've 0:01:18.280 --> 0:01:20.320 come up with the idea, I mean, the idea is 0:01:20.600 --> 0:01:24.759 one thing, right, we want to then make it easier 0:01:25.319 --> 0:01:29.640 for you to make some money. 0:01:28.680 --> 0:01:31.480 Execute it, and then you want it to be sustainable. 0:01:32.200 --> 0:01:34.479 And to do that, there's really only one way. It's 0:01:34.520 --> 0:01:36.679 to make a list. Can I we're going to make 0:01:36.680 --> 0:01:39.440 a list? Why do you cringe whenever I say we're 0:01:39.440 --> 0:01:41.000 making a list? Do you know I have a list 0:01:41.040 --> 0:01:42.000 addiction I have? 0:01:43.040 --> 0:01:46.200 I should not judge I have a list problem. 0:01:46.520 --> 0:01:50.440 It's great, it's not a problem. It's it's actually lists 0:01:50.840 --> 0:01:54.040 make life better. Do you start your day with a 0:01:54.120 --> 0:01:56.240 to do list? Do you have a to do list to. 0:01:56.280 --> 0:01:58.240 Be before I go to bed? I do my list 0:01:58.240 --> 0:01:58.800 for the next day. 0:01:58.920 --> 0:01:59.240 Really? 0:01:59.400 --> 0:02:02.280 Yeah? And then I have them color coordinated, and I 0:02:02.320 --> 0:02:04.360 have special pens to tick them off, and then I 0:02:04.520 --> 0:02:08.040 number them and different color pens. It's it's a bit 0:02:08.040 --> 0:02:11.000 of a process, but it really helps my brain. 0:02:12.280 --> 0:02:14.160 See, I like I show you in my handbag, if 0:02:14.160 --> 0:02:17.240 you know, I like lists. I don't like what you 0:02:17.320 --> 0:02:19.400 just said. That sounds like a whole other level of 0:02:19.440 --> 0:02:23.280 coordination and well, well, well beyond me. I'd just like 0:02:23.320 --> 0:02:25.320 to write down what I've got to do. We're going 0:02:25.400 --> 0:02:28.440 to do four things today, four things on this list. 0:02:28.680 --> 0:02:30.760 These are the four things to keep in mind when 0:02:30.800 --> 0:02:34.560 starting a side hustle. Shall we just jump straight into 0:02:34.639 --> 0:02:40.639 number one? Why not number one? Know your why? Why 0:02:40.720 --> 0:02:42.280 are you actually doing this? 0:02:42.360 --> 0:02:44.520 Is that right? Absolutely? You've got to understand, like what 0:02:44.639 --> 0:02:47.120 is It's like your financial journey, Like what is it 0:02:47.160 --> 0:02:49.000 that you want? Like why is this so important? How 0:02:49.120 --> 0:02:51.160 is it going to improve your life or add more 0:02:51.160 --> 0:02:53.560 pleasure and enjoy you to your life, or more meaning 0:02:53.600 --> 0:02:57.040 to your life? So things I'd be asking myself like, okay, 0:02:57.080 --> 0:02:58.400 what are you going to do with the money? Like 0:02:58.560 --> 0:03:00.800 why is this important? So is it pay off debt? 0:03:01.080 --> 0:03:03.959 Is it to maybe save up for a deposit, or 0:03:04.120 --> 0:03:07.800 to save up for a holiday, or to perhaps save 0:03:07.880 --> 0:03:10.080 up some money to pay for a particular course or 0:03:10.160 --> 0:03:13.079 training so that you can change career paths, or perhaps 0:03:13.160 --> 0:03:15.679 you've just got this idea, this like burning idea, and 0:03:15.760 --> 0:03:17.400 you think it could be really successful and you want 0:03:17.400 --> 0:03:19.919 to just have a crack and see where it takes you. 0:03:20.520 --> 0:03:23.200 Or perhaps there's a longer term vision about launching a 0:03:23.200 --> 0:03:25.720 whole new business, a whole new company and you know, 0:03:25.880 --> 0:03:29.440 dominating the world. Like it's really important to know the 0:03:29.600 --> 0:03:32.480 true why, like go deep with it and see, because 0:03:32.480 --> 0:03:35.160 that's what's going to be your you know, continuous source 0:03:35.160 --> 0:03:38.720 of motivation, inspiration to get through it and you know, 0:03:38.760 --> 0:03:41.240 fight those tough times, you know, the natural webs and 0:03:41.240 --> 0:03:44.520 flows of life. But I also think knowing your why 0:03:44.720 --> 0:03:49.320 helps you can set boundaries and stops you or reduces 0:03:49.360 --> 0:03:53.720 the risk perhaps maybe from burnout, because often we feel 0:03:53.840 --> 0:03:56.160 burnt out when we've kind of lost our way and 0:03:56.160 --> 0:03:58.080 we've forgotten why we're doing this in the first place. 0:03:58.160 --> 0:03:59.960 You know, why are we making all of these sacrifices? 0:04:00.200 --> 0:04:03.240 What's the point anymore? It's not worth it. So reconnecting 0:04:03.280 --> 0:04:07.080 with that deep, clear understanding of your whys can be 0:04:07.280 --> 0:04:11.240 very helpful, and then obviously making decisions they are actually 0:04:11.280 --> 0:04:14.640 aligned with your goal, so you stay accountable and on track. 0:04:14.840 --> 0:04:17.080 You don't go and blow that money. If your goal 0:04:17.200 --> 0:04:19.159 your why was to save up money for a deposit, 0:04:19.920 --> 0:04:22.400 you've got that to stop that temptation and distractions that 0:04:22.480 --> 0:04:23.240 can come your way. 0:04:24.080 --> 0:04:28.040 Okay, I find that interesting that know your why, establishing 0:04:28.040 --> 0:04:30.680 those reasons right from the outset means that you can 0:04:30.760 --> 0:04:34.080 keep yourself on track later. But there's a few different 0:04:34.120 --> 0:04:37.240 kind of branches of the why because part of it 0:04:37.279 --> 0:04:40.600 could be financial, and look, let's face it, most of 0:04:40.600 --> 0:04:42.240 it is probably going to be financial. That you've got 0:04:42.240 --> 0:04:43.920 an idea that you think could make some money, so 0:04:43.960 --> 0:04:45.960 you want to do it. But also also it can 0:04:46.000 --> 0:04:49.800 be almost an outlet for you as well that if 0:04:49.839 --> 0:04:53.760 you are perhaps you're not getting the satisfaction that you 0:04:53.800 --> 0:04:55.400 want from the day job, but the day job is 0:04:55.400 --> 0:04:57.080 the thing that pays the bills and that is the 0:04:57.120 --> 0:04:59.279 thing that's kind of keeping the roof over your head. 0:05:00.160 --> 0:05:03.440 Then a side hustle might be the thing that brings 0:05:03.480 --> 0:05:05.440 some joy into your life. 0:05:05.240 --> 0:05:08.279 Right absolutely, And it's you know, a creative outlet. 0:05:08.600 --> 0:05:11.279 Well, I think of writing books. For me, when I 0:05:11.360 --> 0:05:15.679 started out doing that, it was essentially a side hustle. 0:05:16.160 --> 0:05:18.280 But I mean no one would set out to write 0:05:18.600 --> 0:05:21.080 you well, no one would set out to write a book, 0:05:21.160 --> 0:05:23.560 though thinking that it is going to be a financially 0:05:23.680 --> 0:05:26.480 sound thing, because there are so many things that can 0:05:26.520 --> 0:05:29.240 go wrong along the way in terms of publishing novels, 0:05:29.880 --> 0:05:32.919 and so for the first year eighteen months, that was 0:05:33.040 --> 0:05:37.279 just me writing. It was just writing a novel knowing 0:05:37.320 --> 0:05:38.920 that hopefully at the end of it there is a 0:05:39.000 --> 0:05:40.640 chance that it's going to be published. But that was 0:05:40.720 --> 0:05:43.640 essentially a side hustle that was more of a creative 0:05:43.760 --> 0:05:47.000 outlet and an exercising hey, let's see how this goes, 0:05:47.080 --> 0:05:49.520 Let's see where this is going to work. And so 0:05:49.600 --> 0:05:51.640 that was the why for me, and the why was 0:05:51.720 --> 0:05:54.919 partly looking ahead, going oh, maybe maybe it's going to 0:05:54.920 --> 0:05:56.840 be possible at the end of this to publish it 0:05:57.000 --> 0:06:00.919 and make some money out of it. But the prime why, 0:06:00.960 --> 0:06:05.120 the primary goal was to test myself to see if 0:06:05.160 --> 0:06:08.080 I could to use it as a creative outlet and 0:06:08.160 --> 0:06:10.960 to just have some fun with writing and see if 0:06:10.960 --> 0:06:11.919 I can produce a novel. 0:06:12.160 --> 0:06:13.919 Almost an element of curiosity. 0:06:14.040 --> 0:06:16.880 Yeah, absolutely so your why doesn't necessarily need to be 0:06:16.920 --> 0:06:20.560 the hardcore financial thing, but just tapping into all of 0:06:20.560 --> 0:06:22.719 those reasons why you want to have a go at 0:06:22.800 --> 0:06:25.480 something else alongside your day job, and also. 0:06:25.320 --> 0:06:27.320 It can be a part of giving back. So one 0:06:27.320 --> 0:06:31.080 of my girlfriends started is called the Dragonfly Network, and 0:06:31.080 --> 0:06:34.800 it's about helping immigrants get jobs, not making any money 0:06:34.800 --> 0:06:37.640 at all, meeting lots of amazing people, hearing incredible stories, 0:06:37.640 --> 0:06:40.080 but helping making a difference in their lives. That's her 0:06:40.160 --> 0:06:44.600 side hustle, and that's incredible to watch that flourish. 0:06:44.640 --> 0:06:47.560 That is amazing, really cool, that's very honorable. 0:06:47.839 --> 0:06:48.160 It is. 0:06:48.240 --> 0:06:51.840 It was just fabulous. So if we then bring it 0:06:51.880 --> 0:06:55.800 back onto money making side hustles, because this is probably 0:06:55.839 --> 0:06:58.000 where we are heading them with this list as well, 0:06:59.080 --> 0:07:06.360 predominantly right number one, know your why, number two, keep 0:07:06.360 --> 0:07:09.720 it lean. I find this was this is it makes 0:07:09.760 --> 0:07:10.520 a lot of sense. 0:07:11.000 --> 0:07:14.080 Yeah, don't over invest, especially initially. This is where I've 0:07:14.120 --> 0:07:17.600 seen a lot of slight hustles full flat on their faces, 0:07:17.640 --> 0:07:22.000 so you know, spending up a big before they've actually 0:07:22.040 --> 0:07:25.000 even made a dollar, like going out and buying a 0:07:25.440 --> 0:07:32.280 very expensive brand new equipment, software programs, investing in very 0:07:32.320 --> 0:07:36.360 expensive and I'm sure quite talented you know, designers and 0:07:36.400 --> 0:07:42.400 logos and websites ordering items in bulk without actually properly 0:07:42.520 --> 0:07:46.360 testing that particular product or the manufacture, you know, over 0:07:46.440 --> 0:07:52.320 complicating systems and marketing campaigns, just not lining your ducks 0:07:52.400 --> 0:07:56.720 up properly. So I recommend that people be frugal. You know, 0:07:56.840 --> 0:08:01.280 obviously nowhere a lot of surprise, but be like slow 0:08:01.320 --> 0:08:04.760 and steady. Get advice, Talk to people, you know, talk 0:08:04.800 --> 0:08:07.480 to competitors, people who've done something like this before. What 0:08:07.560 --> 0:08:09.920 advice they can give you. Read as much as you 0:08:09.960 --> 0:08:13.160 possibly can, like fill yourself with education, learn where people 0:08:13.200 --> 0:08:15.320 went wrong so that you don't make the same mistakes. 0:08:15.920 --> 0:08:18.760 And utilize all the free tools out there, you know, 0:08:18.880 --> 0:08:24.160 the Canva, Square, Etsy, Gumtree, Instagram, you know, even Amazon, 0:08:24.160 --> 0:08:26.520 things where you can sort of sell a very cost 0:08:26.520 --> 0:08:29.760 effective way. And also, you know, do lots of test 0:08:29.840 --> 0:08:32.600 marketing in a financially savvy way so that you know 0:08:33.200 --> 0:08:36.719 what your who your audience is, or your consumers are, 0:08:36.800 --> 0:08:39.000 what they are looking for, what they're willing to pay for. 0:08:39.440 --> 0:08:42.120 You know, what are their sort of key values, and 0:08:42.160 --> 0:08:44.520 what's going to be your point of difference to cut 0:08:44.559 --> 0:08:46.480 through all the other noise. And you've got to remember, 0:08:47.280 --> 0:08:49.960 you know, this is about making a profit for most people, 0:08:50.520 --> 0:08:52.320 and you can learn a lot on the way, but 0:08:52.440 --> 0:08:55.440 you've just got to take it slow and steady. 0:08:56.080 --> 0:08:58.400 And I wonder, is this something that a lot of 0:08:58.400 --> 0:09:00.280 people do when they start their side hustle, is that 0:09:00.320 --> 0:09:02.439 they go, you know, I want this to be absolutely 0:09:02.600 --> 0:09:06.599 perfect before I take it public. I need the professionally 0:09:06.600 --> 0:09:09.880 designed logo, I need all of the all of the 0:09:09.920 --> 0:09:13.400 software to run this. It's almost like it doesn't need 0:09:13.440 --> 0:09:15.880 to be perfect. You just need like the minimum viable 0:09:15.920 --> 0:09:19.000 products in order to just something to get it out there, 0:09:19.400 --> 0:09:21.120 and then you will learn what works and what doesn't 0:09:21.160 --> 0:09:22.560 and you can adjust and course correct. 0:09:22.840 --> 0:09:25.800 You learn. You know, I've been running my own business, 0:09:25.840 --> 0:09:28.199 you know, for gosh ever since I was twenty, i 0:09:28.240 --> 0:09:31.319 think five or six. You learn so much on the go. 0:09:31.960 --> 0:09:34.320 You know. I could have sat there and read hundreds 0:09:34.320 --> 0:09:36.000 of different books and running a small business, but I'd 0:09:36.040 --> 0:09:39.320 be wasting valuable time and people would be, you know, 0:09:39.600 --> 0:09:42.920 doing what I was doing already, and I've lost that opportunity. 0:09:43.400 --> 0:09:45.200 So you do just need to get on and do it. 0:09:45.280 --> 0:09:47.679 And you're going to make mistakes along the way. But 0:09:47.720 --> 0:09:50.000 the thing is about learning for the mistakes, not repeating them, 0:09:50.320 --> 0:09:53.120 and using them as a wise lesson or a source 0:09:53.120 --> 0:09:54.120 of wisdom. 0:09:54.920 --> 0:09:58.040 Podcasting is a good example of this, right, and I 0:09:58.080 --> 0:09:59.920 see a lot of beause I have done in the 0:10:00.160 --> 0:10:04.280 past a lot of workshops teaching people how to do podcasting. 0:10:06.320 --> 0:10:08.200 It actually is a bit of a side hustle. Oh 0:10:08.240 --> 0:10:10.480 look at this, got side hustles coming out my ears. 0:10:10.559 --> 0:10:12.840 I'm going to challenge you for the crown here. 0:10:13.520 --> 0:10:15.359 I'm feeling quite freshened to be honest. 0:10:15.160 --> 0:10:19.800 Good, good, There is a coup underway. So traditionally a 0:10:19.840 --> 0:10:24.000 podcast doesn't go past the third month. Yes, yeah, And 0:10:24.040 --> 0:10:25.920 we've talked about that before the fact that a lot 0:10:25.960 --> 0:10:28.000 of people will start a podcast because they think it's 0:10:28.040 --> 0:10:28.920 going to be easy. 0:10:29.040 --> 0:10:32.760 It's going to just grab a microphone and chatting. 0:10:32.559 --> 0:10:34.480 And you'll find a whole lot of listeners and it's 0:10:34.480 --> 0:10:36.120 going to boom within the first kind of a couple 0:10:36.160 --> 0:10:38.000 of weeks, and it doesn't happen. And so after three months, 0:10:38.040 --> 0:10:40.640 a lot of people, if they are hosting their own podcast, 0:10:40.679 --> 0:10:42.360 they realize it's actually going to be a lot of work. 0:10:42.360 --> 0:10:43.800 It's going to take a lot longer than that. There's 0:10:43.800 --> 0:10:45.520 no money, and when you're beginning all this kind of 0:10:45.520 --> 0:10:48.440 thing and they'll just it'll it'll kind of peter out. 0:10:49.520 --> 0:10:52.600 What you see, though, is people investing a whole lot 0:10:52.640 --> 0:10:58.199 of money in getting some really top notch equipment up 0:10:58.200 --> 0:11:00.480 front and going I'm going to spend all of this 0:11:00.520 --> 0:11:02.040 money because it's going to be great. We're going to 0:11:02.080 --> 0:11:04.560 go all in, and they spend a couple of thousand 0:11:04.640 --> 0:11:09.280 dollars right on this, only to realize after two months 0:11:09.559 --> 0:11:11.640 this isn't actually for me. I don't want to do this, 0:11:11.679 --> 0:11:13.360 and they've got all this and lo and behold, you 0:11:13.400 --> 0:11:16.400 can pick up some podcasting equipment now on Facebook Marketplace. 0:11:16.440 --> 0:11:19.080 Because people don't want to do it anymore. One of 0:11:19.120 --> 0:11:21.360 the reasons why you would keep your side hustle lean 0:11:21.440 --> 0:11:23.520 to begin with is because you don't know whether it's 0:11:23.559 --> 0:11:26.360 actually going to be for you. It's not just necessarily 0:11:26.400 --> 0:11:28.080 that you might need to kind of course correct as 0:11:28.120 --> 0:11:31.480 you go. You might actually start doing this and something 0:11:31.960 --> 0:11:36.520 and something that you have loved and really enjoyed is 0:11:36.679 --> 0:11:39.240 no longer fun and you don't enjoy it anymore when 0:11:39.280 --> 0:11:41.160 you are trying to do it for money. It's like 0:11:41.240 --> 0:11:43.920 why you never buy a property in the place where 0:11:43.920 --> 0:11:46.360 you love going for holidays, Like you never go I'm 0:11:46.360 --> 0:11:47.640 going to move here, I'm going to move to the 0:11:47.679 --> 0:11:49.720 Gold Coast. I'm going to move to Nosa or something, 0:11:49.760 --> 0:11:51.920 thinking that it is going to be like that holiday 0:11:52.040 --> 0:11:53.760 every day of your life. As soon as you're there 0:11:53.760 --> 0:11:57.400 and the kind of the actual mundane side of life 0:11:57.480 --> 0:11:59.960 kicks in, then it's no longer. It doesn't have that 0:12:00.200 --> 0:12:02.960 lure glamour. And I wonder whether that can happen with 0:12:03.040 --> 0:12:04.640 side hustles as well as you think. You know what, 0:12:04.679 --> 0:12:06.840 I'm enjoying doing this on my in my spare time 0:12:06.960 --> 0:12:08.600 is something fun. I'm going to try and make a 0:12:08.600 --> 0:12:10.280 business out of it. As soon as you attach the 0:12:10.280 --> 0:12:12.520 business side, it becomes a drag and you don't want 0:12:12.520 --> 0:12:12.839 to do it. 0:12:12.800 --> 0:12:14.280 Just a chure rather than a passion. 0:12:15.000 --> 0:12:16.160 God did how about that? 0:12:16.280 --> 0:12:16.640 Huh? 0:12:16.679 --> 0:12:17.160 That was a. 0:12:18.640 --> 0:12:20.880 How are you feeling? Get fired out? 0:12:20.960 --> 0:12:25.800 I know I get fired up about things easily these days. Okay, 0:12:26.080 --> 0:12:29.199 keep it lean, don't overinvest, and know you're why they 0:12:29.240 --> 0:12:31.160 are the first two. Let's take a quick break. I'm 0:12:31.160 --> 0:12:33.360 going to have a cup of tea while we are 0:12:33.400 --> 0:12:34.000 taking a break. 0:12:34.040 --> 0:12:35.840 I think you just some rainbow breaths. 0:12:37.280 --> 0:12:41.240 Rainbow breath I've mentioned this before. I know you don't. 0:12:41.600 --> 0:12:43.080 I put it out of my head because I was 0:12:43.160 --> 0:12:45.920 just so woo woo went out there rainbow breath. 0:12:46.000 --> 0:12:46.760 It's very effective. 0:12:46.760 --> 0:12:48.240 We're going to take a break and come back with 0:12:48.280 --> 0:12:57.120 the second half of our list. Can We are talking 0:12:57.160 --> 0:12:59.679 about starting a side hustle and the four things you 0:12:59.679 --> 0:13:02.240 need to keep in mind once you have done it, 0:13:02.320 --> 0:13:05.160 or in the process, or you're planning your side hustle. 0:13:05.480 --> 0:13:07.280 The four things to keep in mind. Number one, know 0:13:07.360 --> 0:13:11.480 you why, Number two keep it lean. Number three block 0:13:11.720 --> 0:13:14.000 time like it's your job. 0:13:15.679 --> 0:13:18.920 Very important. If you're going to take your side hustle 0:13:19.040 --> 0:13:21.080 seriously and you want to give it the biggest and 0:13:21.280 --> 0:13:26.439 best opportunity to flourish and to help you achieve all 0:13:26.480 --> 0:13:29.960 of your goals and dreams, you've got to set aside 0:13:30.360 --> 0:13:33.800 dedicated time. None of this like yep, yep, whenever I 0:13:33.800 --> 0:13:36.520 get round to it over the weekend, because the reality 0:13:36.600 --> 0:13:39.319 is it's not going to happen like something else would 0:13:39.360 --> 0:13:41.199 be added to your list of things to do or 0:13:41.600 --> 0:13:45.440 just forget. So I would recommend anyone who's starting up 0:13:45.480 --> 0:13:49.440 a side hustle and they're really serious about making it 0:13:49.520 --> 0:13:53.920 work for them, is to have dedicated hours in their 0:13:54.000 --> 0:13:56.720 calendar and in their weeks and days. So, for example, 0:13:57.200 --> 0:13:59.200 you know, I'm sure when you were writing you had 0:13:59.240 --> 0:14:01.679 set that time in the day where you were not 0:14:01.720 --> 0:14:04.680 to be interrupted and you would sit there for X 0:14:04.720 --> 0:14:07.200 amount of hours and just write, and that would be 0:14:07.240 --> 0:14:10.200 that hour of the day or that particular day of 0:14:10.240 --> 0:14:13.240 the week or even month. It's just you've obviously got 0:14:13.280 --> 0:14:15.959 to consistently show up and work on that. But having 0:14:16.000 --> 0:14:20.880 those really clearly defined boundaries with your time management, oh 0:14:20.920 --> 0:14:21.720 non negotiable. 0:14:21.800 --> 0:14:25.640 And unfortunately, because it's your side hustle, it's likely to 0:14:25.680 --> 0:14:28.600 be something that you need to fit in alongside whatever 0:14:28.640 --> 0:14:30.400 it is that you're doing as your day job. So 0:14:30.920 --> 0:14:34.000 it may be that that dedicated time is from five 0:14:34.040 --> 0:14:36.840 am to seven am, which is when I was writing, 0:14:37.160 --> 0:14:39.200 but it was the time when I was able to 0:14:39.320 --> 0:14:43.280 focus and you could do it without interruption. It's not 0:14:43.320 --> 0:14:47.000 necessarily going to be particularly palatable those hours. 0:14:47.480 --> 0:14:47.720 But. 0:14:49.320 --> 0:14:52.320 It requires that consistency in that dedication, right. 0:14:52.320 --> 0:14:54.600 And to make it as easy as possible, you need 0:14:54.640 --> 0:14:57.640 to communicate with the people around you. Look, I'm really 0:14:57.720 --> 0:15:01.120 focusing on this. Can I have two hours being uninterrupted? 0:15:01.600 --> 0:15:03.360 You know? Can you take the kids out for a 0:15:03.360 --> 0:15:05.680 couple of hours or I'm going to close this door, 0:15:05.720 --> 0:15:07.400 I'm going to put headphones on, I'm going to put 0:15:07.440 --> 0:15:10.480 my phone on silent or do not disturb. And it's 0:15:10.520 --> 0:15:13.800 interesting you say about five am, because guess what. Sugar 0:15:13.840 --> 0:15:16.960 Mama TV started up as a side hustle and it 0:15:17.040 --> 0:15:19.280 was never meant to make money. It was all about 0:15:19.280 --> 0:15:23.200 just giving back because my own girlfriends, who I absolutely adore, 0:15:23.280 --> 0:15:26.240 was so bad with money. And you know, Chloe Morello, 0:15:26.240 --> 0:15:31.200 who's a well famous makeup and beauty content creator, was 0:15:31.280 --> 0:15:33.640 my client and she's like, cann Of, you have to 0:15:33.680 --> 0:15:36.840 help all these other girls so they can never how 0:15:36.840 --> 0:15:38.800 to manage their money and they can make great decisions. 0:15:38.840 --> 0:15:41.040 And it was all about giving back. It was never 0:15:41.120 --> 0:15:43.600 about making money. And I used to get up at 0:15:43.640 --> 0:15:47.120 five am and work on Sugar Mama before going to 0:15:47.160 --> 0:15:49.680 my other business for the day. And I would work 0:15:49.720 --> 0:15:52.160 on the weekends as well, when my son would go 0:15:52.200 --> 0:15:55.040 to his father for you know that particular day. 0:15:55.600 --> 0:15:59.640 It's so it is it's a big commitment. Actually this is, 0:16:00.120 --> 0:16:02.960 and maybe this is something that gets overlooked a little 0:16:02.960 --> 0:16:05.400 bit that a side hustle is actually if you're going 0:16:05.440 --> 0:16:07.440 to make a goal of it, if you're going to 0:16:07.600 --> 0:16:10.560 really have a crack, then it is a big commitment 0:16:10.600 --> 0:16:13.640 because you need to be setting aside that time and 0:16:13.680 --> 0:16:17.640 communicating it to everyone. And if you don't, if you're 0:16:17.680 --> 0:16:20.600 not taking it seriously enough, then chances are other people 0:16:20.640 --> 0:16:24.280 aren't going to take it seriously right exactly. Okay, that's 0:16:24.360 --> 0:16:30.400 number three. Number four, keep the money side simple. It 0:16:30.480 --> 0:16:32.320 sounds easy enough in theory. 0:16:33.160 --> 0:16:35.480 So from a practical point of view, you know, have 0:16:35.600 --> 0:16:39.920 a dedicated savings account for the money that you make 0:16:40.600 --> 0:16:43.360 and the money that you spend for this particular side hustle, 0:16:43.440 --> 0:16:45.880 so that some really clear boundaries. And it also allows 0:16:45.880 --> 0:16:48.560 you to go, all right, gosh, there's five thousand dollars 0:16:48.560 --> 0:16:51.360 in there. This this business is actually working on making money, 0:16:51.440 --> 0:16:53.960 or you might go, actually, there's only five thousand dollars. 0:16:54.000 --> 0:16:56.400 I can't be I've you know, flogged myself all year 0:16:56.440 --> 0:16:58.440 to only make five thousand dollars and I spent ten 0:16:58.480 --> 0:17:02.359 thousand exactly. So it means that you are not blurring 0:17:02.480 --> 0:17:07.000 the lines between your personal expenses and income, but you 0:17:07.040 --> 0:17:11.240 can really clearly see where there's tweaks and changes that 0:17:11.280 --> 0:17:14.719 need to be made in your side hustle, which potentially 0:17:14.760 --> 0:17:19.200 could eventually become a business, and tracking those expenses, obviously 0:17:19.240 --> 0:17:22.760 having an accountant as it continues to expand, but also 0:17:23.160 --> 0:17:27.440 tax making sure that you set aside money to pay 0:17:27.560 --> 0:17:32.199 tax and potentially GST as well, so you know, and 0:17:32.240 --> 0:17:33.600 as you start to make more money, and I think 0:17:33.600 --> 0:17:35.959 it's the thresholders around seventy five thousand dollars a year, 0:17:36.080 --> 0:17:40.120 then you've got to go and register for GST. So 0:17:40.160 --> 0:17:44.720 there's the mechanks can become a lot more intricate and detailed, 0:17:45.280 --> 0:17:47.440 but that so it's so important that you have this 0:17:47.960 --> 0:17:51.440 clearly defined boundary so you can examine what's going on. 0:17:51.600 --> 0:17:53.840 I can explain that's for that, this is for this, 0:17:53.920 --> 0:17:56.879 and see where you're potentially wasting money and what's a 0:17:56.920 --> 0:17:58.480 really good investment in the business. 0:17:59.160 --> 0:18:02.639 When we talk about keeping the money side simple, then okay, 0:18:02.680 --> 0:18:05.479 I understand that a separate bank account so that you 0:18:05.520 --> 0:18:09.639 can keep track of that. But the record keeping it 0:18:09.680 --> 0:18:12.239 doesn't need to be complicated, does it. You don't need 0:18:12.280 --> 0:18:15.760 to have a full accounting software setup or anything, especially 0:18:15.760 --> 0:18:18.240 if you're just doing something as a side hustle just 0:18:18.480 --> 0:18:22.080 to see how it goes. You could just have a spreadsheet, 0:18:23.040 --> 0:18:25.880 just a very simple, straightforward Excel or a Google sheet 0:18:26.000 --> 0:18:29.200 or something, but just you got to keep records in some. 0:18:29.080 --> 0:18:31.560 Way exactly and you know, some people just if it's 0:18:31.600 --> 0:18:34.119 something very simple, they can just look at the transactions 0:18:34.359 --> 0:18:36.240 on their bank account. They can say, well, I paid 0:18:36.280 --> 0:18:39.119 for this software program, I paid for this logo to 0:18:39.160 --> 0:18:41.679 be made, I paid for this printing. You know it's 0:18:41.720 --> 0:18:44.639 all documented there and a lot of banking apps will 0:18:44.680 --> 0:18:47.159 actually now categorize this for you. 0:18:48.000 --> 0:18:52.159 And the tax side of it. I mean, do you 0:18:52.240 --> 0:18:54.479 begin with the end in mind with this? Like do 0:18:54.520 --> 0:18:57.960 you start out aiming for million? 0:18:58.200 --> 0:18:58.280 No? 0:18:58.440 --> 0:19:00.119 You know what I mean? Like, you know how when 0:19:00.119 --> 0:19:02.040 you start and you've got to decide whether your business 0:19:02.040 --> 0:19:04.199 and when you're registering your ABN and all of this, 0:19:04.280 --> 0:19:05.760 and you've got to decide whether you're going to register 0:19:05.840 --> 0:19:08.560 for GST as well. Do you just do you kind 0:19:08.600 --> 0:19:10.760 of aim high from the beginning and say yes, I'm 0:19:10.760 --> 0:19:12.720 going to hit that threshold whether it's seventy five thousand 0:19:12.760 --> 0:19:15.920 or whatever it is in order to start charging GST. 0:19:16.560 --> 0:19:18.720 Or is it just you keep it simple to begin with, 0:19:18.920 --> 0:19:21.520 until you can see a pattern and to see the 0:19:21.600 --> 0:19:24.159 growth trajectory and see how this business is going to 0:19:24.200 --> 0:19:26.080 actually go before you go all in. 0:19:26.480 --> 0:19:28.399 Absolutely and the moment you think you know what this 0:19:28.520 --> 0:19:30.920