WEBVTT - Turning Your Side Hustle Into Your Main Gig 0:00:07.040 --> 0:00:10.520 Hi, and welcome to another episode of Outspoken. You're joined 0:00:10.520 --> 0:00:14.360 as usual by journalists Amy and Sophie Torber. Unfortunately Kate's 0:00:14.360 --> 0:00:17.079 not here because she's doing work with the thirty sixers, 0:00:17.400 --> 0:00:19.840 but Sophie and I decided we wanted to do a 0:00:19.960 --> 0:00:23.280 business related podcast because Sophie and I run a public 0:00:23.320 --> 0:00:26.800 relations firm called the pr Bible, which we're actually set. 0:00:26.600 --> 0:00:27.640 To rename Almi soov. 0:00:28.320 --> 0:00:31.000 Yes, we have been deciding on a name for the 0:00:31.000 --> 0:00:33.199 past couple of weeks and we finally come up with 0:00:33.240 --> 0:00:36.440 one that we're happy with and we will review it 0:00:36.479 --> 0:00:39.400 at some point, but we've registered it, which is really exciting. 0:00:39.720 --> 0:00:42.680 But we're already at the end of January. So we 0:00:42.720 --> 0:00:46.000 wanted to share some motivational tips on how to get 0:00:46.040 --> 0:00:49.840 your twenty twenty started doing something that you actually love. 0:00:50.240 --> 0:00:53.120 And I think so many of us find ourselves in 0:00:53.200 --> 0:00:56.240 careers that we might not be passionate about now. I 0:00:56.280 --> 0:00:59.319 think so many of us find ourselves in jobs that 0:00:59.560 --> 0:01:02.800 we might suddenly lose a bit of passion for, and 0:01:02.880 --> 0:01:05.080 so I think we were put in a really difficult 0:01:05.160 --> 0:01:08.680 position in twenty sixteen where we still loved what we 0:01:08.680 --> 0:01:11.360 were doing, but we were unable to do it. For 0:01:11.360 --> 0:01:13.920 those who might not have heard our first episode of Outspoken, 0:01:14.000 --> 0:01:16.640 we were reporters for Channel seven for a number of 0:01:16.720 --> 0:01:19.240 years and it did come to a point where we 0:01:19.280 --> 0:01:21.640 had to do, well, we're forced to move on. 0:01:21.640 --> 0:01:24.200 And do something else. Let's just say so. 0:01:24.360 --> 0:01:27.080 For me, I had to get a job immediately, so 0:01:27.120 --> 0:01:30.080 I'd never really considered doing PR before. And I think 0:01:30.120 --> 0:01:34.039 it's worth mentioning that there were issues surrounding why we 0:01:34.040 --> 0:01:36.560 couldn't get another job in journalism. So maybe go back 0:01:36.560 --> 0:01:38.600 and listen to episode one and that will get you 0:01:38.680 --> 0:01:41.200 up to speed if you're really interested. But I suppose 0:01:41.280 --> 0:01:44.040 we had to try and find something else we were 0:01:44.040 --> 0:01:47.520 passionate about, or we had to look further to other 0:01:47.600 --> 0:01:50.960 industries that our degree related to. Yeah, and we weren't 0:01:50.960 --> 0:01:54.240 really in a position where we were that passionate about 0:01:54.280 --> 0:01:57.360 PR or content creation to start our own business, because 0:01:57.360 --> 0:02:00.240 we were very much in the mindset of journalism. So 0:02:00.360 --> 0:02:02.880 I found a job at a local PR firm and 0:02:02.920 --> 0:02:04.880 Amy got a job at Mix one or two point 0:02:04.880 --> 0:02:08.560 three doing their content creation. But I think we can 0:02:08.600 --> 0:02:12.239 safely say they were jobs where we didn't really feel fulfilled. 0:02:12.919 --> 0:02:14.400 We weren't happy. 0:02:15.480 --> 0:02:18.520 Yeah, I just remember having that Sunday night dread, and 0:02:18.600 --> 0:02:20.840 I think a lot of people listening may be able 0:02:20.880 --> 0:02:22.960 to relate with that. It's just where you're like, no, 0:02:23.280 --> 0:02:26.560 I can't go back, and every Friday you'd look forward to, 0:02:26.800 --> 0:02:28.400 oh my god, it's going to be the weekend, and 0:02:28.440 --> 0:02:30.760 the weekend would go so quickly and you'd be back 0:02:30.760 --> 0:02:33.519 at doing something you hated. I used to get the 0:02:33.560 --> 0:02:36.840 biggest dread on Sunday afternoons, and it's just that feeling 0:02:36.880 --> 0:02:39.320 in the pit of your stomach, and that's when you 0:02:39.400 --> 0:02:42.040 know you really aren't enjoying work and you're not somewhere 0:02:42.080 --> 0:02:44.959 where you feel motivated. It was hard during those times 0:02:45.000 --> 0:02:48.080 because I previously had a job which I loved, and 0:02:48.120 --> 0:02:50.200 although there was sometimes a bit of dread, it was 0:02:50.240 --> 0:02:53.080 more anxiety that came along with being a reporter because 0:02:53.120 --> 0:02:55.040 you might not have known what you were doing. I 0:02:55.080 --> 0:02:57.480 really did love the majority of people I worked with, 0:02:57.560 --> 0:03:00.120 and you felt like you had a career there, and 0:03:00.160 --> 0:03:05.919 then when that all ended, it was about re establishing 0:03:05.960 --> 0:03:08.240 what we actually liked doing. So I think that those 0:03:08.400 --> 0:03:10.400 jobs in a way were really good because it showed 0:03:10.480 --> 0:03:12.200 us that we really didn't want to be doing that, 0:03:12.560 --> 0:03:14.760 and we didn't want to be working for somebody else, 0:03:15.200 --> 0:03:17.919 and you do really lost when you don't have that 0:03:17.960 --> 0:03:21.079 inspiration anymore or that end goal. Like for us, our 0:03:21.080 --> 0:03:23.560 goal was to become a reporter, and we got there, 0:03:23.600 --> 0:03:25.640 and then obviously it was to better ourselves in that field. 0:03:25.639 --> 0:03:27.200 And when you're in this new field. 0:03:27.480 --> 0:03:29.000 Where you don't really know what your end goal is, 0:03:29.440 --> 0:03:32.600 it can be quite depressing. Well, when I was working 0:03:32.639 --> 0:03:36.320 at the radio station, that's where I decided that we 0:03:36.400 --> 0:03:39.760 both needed to do something that we actually loved. And 0:03:39.880 --> 0:03:44.040 I think although public relations wasn't necessarily our passion to 0:03:44.080 --> 0:03:46.920 begin with, and that's not why we did a journalism degree, 0:03:47.160 --> 0:03:52.720 it slowly became such a desirable career because one we 0:03:52.760 --> 0:03:55.720 could run our own business, we could set our own targets, 0:03:55.920 --> 0:03:59.839 so the idea that we could actually have a say 0:04:00.160 --> 0:04:03.520 how much we earn as well was also really desirable. 0:04:03.840 --> 0:04:06.440 The thing I loved is we've worked for a number 0:04:06.520 --> 0:04:08.480 of dickheads. Now I have to say that a number 0:04:08.480 --> 0:04:11.680 of dickhead bosses, a few lovely ones as well, But 0:04:12.320 --> 0:04:15.960 when you've worked for a dickhead, there's nothing more gratifying 0:04:16.040 --> 0:04:19.400 than being your own boss and calling your own shots. Well, 0:04:19.760 --> 0:04:22.040 when we decided we wanted to start our own business 0:04:22.080 --> 0:04:23.159 and not work for dickheads. 0:04:23.200 --> 0:04:24.560 As you're talking about. 0:04:24.800 --> 0:04:27.840 It was really hard to work out whether we could 0:04:27.839 --> 0:04:31.080 do it as a side hustle, and in your circumstance 0:04:31.120 --> 0:04:33.880 you couldn't because you're already working for a PR firm. 0:04:34.040 --> 0:04:36.159 But I think if people are listening and they're thinking 0:04:36.200 --> 0:04:39.360 about starting something up, sometimes a side hustle is such 0:04:39.360 --> 0:04:42.200 a good idea because it does take a lot of 0:04:42.240 --> 0:04:44.520 hard work to launch a business, and there is a 0:04:44.560 --> 0:04:46.920 lot of risk involved. And I think at the moment 0:04:46.960 --> 0:04:49.960 it's become really a popular thing to be an entrepreneur 0:04:50.279 --> 0:04:52.200 and to run your own business, but there are some 0:04:52.320 --> 0:04:55.839 realities of running a full time business. We would love 0:04:55.920 --> 0:04:58.760 to talk to you guys further about. One question I 0:04:58.800 --> 0:05:02.400 get a lot from people is how did you break 0:05:02.440 --> 0:05:04.520 the news to your boss that you were starting up 0:05:04.560 --> 0:05:06.160 your own public relations firm? 0:05:06.600 --> 0:05:07.679 And that can be the case. 0:05:07.680 --> 0:05:09.760 That could be the case for a lot of other people, 0:05:09.800 --> 0:05:12.080 even if your side hustle is perhaps unrelated. 0:05:12.240 --> 0:05:13.719 It is that moment where you've got. 0:05:13.560 --> 0:05:15.760 To put your I mean, because it is kind of 0:05:15.800 --> 0:05:18.520 a dream on the table, and you do feel silly 0:05:18.560 --> 0:05:21.400 because you don't have it all worked out a lot 0:05:21.440 --> 0:05:24.400 of the time, I mean, but it's supposed in your 0:05:24.560 --> 0:05:28.480 instance it was quite awkward because your boss might have 0:05:28.600 --> 0:05:31.640 seen our company. Sorry, your boss might have seen our 0:05:31.680 --> 0:05:34.440 business as a threat to her business. So how did 0:05:34.480 --> 0:05:36.520 you navigate all of that? And what would be your 0:05:36.560 --> 0:05:39.520 advice for someone who is starting up a business that 0:05:39.680 --> 0:05:43.160 might actually rival the one they're working at. My advice 0:05:43.200 --> 0:05:45.360 would be that you've got to do what's best for 0:05:45.400 --> 0:05:47.280 you at the end of the day. I had been 0:05:47.320 --> 0:05:50.320 working at this public relations company for about a year, 0:05:50.800 --> 0:05:54.400 and I wasn't motivated or being appreciated there, and I 0:05:54.440 --> 0:05:56.680 didn't think that I owed it to my boss at 0:05:56.680 --> 0:05:58.880 the time to explain that I was opening up and 0:05:58.960 --> 0:06:03.040 other public relations firm. Now, there were a few bigger 0:06:03.080 --> 0:06:05.400 elements to that, because I was running a huge campaign 0:06:05.400 --> 0:06:07.000 at the time, and I was worried I wouldn't get 0:06:07.040 --> 0:06:09.560 to finish that off for the client's sake. So you 0:06:09.680 --> 0:06:12.719 were worried that her reaction to you saying, Hey, I'm 0:06:12.839 --> 0:06:15.920 leaving to start this business. You thought she might react 0:06:15.960 --> 0:06:19.000 by saying You've got to leave immediately and this business 0:06:19.000 --> 0:06:21.600 would be left in the law reach. That's right at 0:06:21.640 --> 0:06:23.920 the same time, we were set to do this as 0:06:23.920 --> 0:06:26.720 a side hustle, so we thought we locked another work 0:06:26.800 --> 0:06:29.599 to do, which didn't actually turn out, so our side 0:06:29.640 --> 0:06:32.159 hustle turned into a full time muscle. Yeah, but my 0:06:32.200 --> 0:06:36.440 advice would be you don't owe your ex boss the world. 0:06:36.640 --> 0:06:38.760 What I ended up doing was saying to my boss 0:06:38.760 --> 0:06:40.920 that I really wasn't passionate about what I was doing. 0:06:41.000 --> 0:06:44.440 I wanted to explore other opportunities, and then before we 0:06:44.520 --> 0:06:47.320 launched the business, I followed up with an email to 0:06:47.440 --> 0:06:50.480 let the person know that we would be starting our business, 0:06:50.560 --> 0:06:53.000 and that was not received well. I think that's a 0:06:53.040 --> 0:06:57.080 really important point though, talking about other people's expectations of you, 0:06:57.520 --> 0:06:59.760 and I think at the end of the day, you're 0:07:00.040 --> 0:07:03.120 ultimate happiness is the most important thing to you. So 0:07:03.160 --> 0:07:06.080 you shouldn't let the fear of, say telling your current 0:07:06.160 --> 0:07:08.520 boss that you're going to start a business or a 0:07:08.560 --> 0:07:12.200 side hustle. It shouldn't stop you from actually doing what 0:07:12.240 --> 0:07:15.080 you love. And I think a lot of times people 0:07:15.200 --> 0:07:17.920 will often be worried about maybe what their friends might 0:07:18.000 --> 0:07:20.480 think of them or their family, And I know in 0:07:20.520 --> 0:07:24.520 our situation it was quite funny because we of course 0:07:24.560 --> 0:07:27.160 had told our mum and dad that we were thinking 0:07:27.200 --> 0:07:29.280 of launching a business, but it was kind of in 0:07:29.320 --> 0:07:33.120 the really early stages, and as we mentioned before, we 0:07:33.440 --> 0:07:35.600 thought it was going to be a side hustle and 0:07:35.640 --> 0:07:38.800 we had this other opportunity lined up and that would 0:07:38.800 --> 0:07:42.320 be our main income source and that ended up falling through. 0:07:42.360 --> 0:07:44.920 But thankfully for us, our mum and dad were in 0:07:44.960 --> 0:07:47.320 Europe at the time, so it was kind of good 0:07:47.360 --> 0:07:50.440 because we didn't have the stress of having to have 0:07:50.480 --> 0:07:53.720 that conversation in person, even though we were what twenty 0:07:53.760 --> 0:07:56.559 eight or something. You do always think, oh, my gosh, 0:07:56.560 --> 0:07:58.800 what are my parents going to think. I think there 0:07:58.880 --> 0:08:00.720 is a lot of judgment as well well for people 0:08:00.800 --> 0:08:04.120 who are older and have always worked in traditional roles. 0:08:04.520 --> 0:08:07.360 For other people, I feel like younger people get it 0:08:07.400 --> 0:08:09.560 a bit more because with this world of social media, 0:08:09.600 --> 0:08:12.800 there's so many opportunities to work from home or work 0:08:12.840 --> 0:08:15.280 from your own small office and to build an empire. 0:08:15.520 --> 0:08:17.120 But I think for a lot of older people it's 0:08:17.160 --> 0:08:20.680 not something that was done back in the day. That 0:08:20.840 --> 0:08:22.800 is so true, and I feel like the Internet, as 0:08:22.840 --> 0:08:25.240 you say, has made it more possible for us to 0:08:25.280 --> 0:08:28.360 be able to have these kind of opportunities. And one 0:08:28.520 --> 0:08:31.160 question that we get asked a lot is how do 0:08:31.280 --> 0:08:34.440 you go and actually get new clients on board? So 0:08:34.520 --> 0:08:36.600 it could be new clients. If you're a videographer and 0:08:36.640 --> 0:08:39.080 you've got a company or sort of any business, it 0:08:39.160 --> 0:08:42.000 really relates to how do you get those first clients 0:08:42.080 --> 0:08:45.520 or customers. And I think that was our biggest struggle 0:08:45.600 --> 0:08:48.040 because it's really hard to get people on board when 0:08:48.080 --> 0:08:49.960 they've never heard of your company. 0:08:50.400 --> 0:08:53.440 So one thing we did was we offered our. 0:08:53.320 --> 0:08:56.480 Services for a really reduced price for one of our 0:08:56.559 --> 0:08:59.560 new clients, and who was a netballer and she was 0:08:59.600 --> 0:09:02.960 a and it was probably our smartest move because she 0:09:03.120 --> 0:09:06.880 is well known, so she obviously told other people that 0:09:06.960 --> 0:09:09.760 she enjoyed working with us, and then other people saw 0:09:09.840 --> 0:09:12.720 us working with her, so it legitimized our business. We 0:09:12.800 --> 0:09:17.160 also did free videography work because I was trained up 0:09:17.200 --> 0:09:19.560 as a video journalist when I was at seven and 0:09:19.600 --> 0:09:23.280 we thought, oh, well, lots of businesses need video. Well, 0:09:23.320 --> 0:09:25.959 I think you've got to be really careful about doing 0:09:26.040 --> 0:09:28.800 free work. I'm in two mindsets about it. I think 0:09:28.840 --> 0:09:31.000 when you're starting off and if you don't have much 0:09:31.040 --> 0:09:33.360 experience in the field that you're working in, it is 0:09:33.360 --> 0:09:35.320 a good idea to do some form of free work, 0:09:35.320 --> 0:09:37.080 but I think you can back it up by asking 0:09:37.120 --> 0:09:40.720 about doing a collaboration. So, for example, just say your 0:09:40.960 --> 0:09:45.840 side hustle is a florist and someone wants free flowers 0:09:45.840 --> 0:09:48.160 for an event. If you say, okay, I'm happy to 0:09:48.240 --> 0:09:50.360 write them for free. But then you say, but I 0:09:50.440 --> 0:09:53.520 want to do a collaboration with you, whereby you promote 0:09:53.559 --> 0:09:56.280 my business on your social media. I think that's a 0:09:56.280 --> 0:09:59.960 healthy exchange. Also, I think if it's with a huge, 0:10:00.040 --> 0:10:02.959 huge company, it's a really good idea to do it. 0:10:03.280 --> 0:10:05.640 And at first you might be thinking, well, this business 0:10:05.679 --> 0:10:08.240 obviously has a lot of money they could be paying me. 0:10:08.760 --> 0:10:11.920 The thing is, if you've got no experience or your 0:10:11.960 --> 0:10:15.680 business is new, aligning yourself with a big business is 0:10:15.720 --> 0:10:17.959 one way to get other big clients on board. 0:10:17.960 --> 0:10:19.000 So I would highly. 0:10:18.760 --> 0:10:22.240 Recommend hitting up some big businesses and saying you're going 0:10:22.280 --> 0:10:24.240 to do some work for free for them. Going back 0:10:24.240 --> 0:10:26.080 to your question about how to get new clients on 0:10:26.120 --> 0:10:28.160 board when you are a new business on new customers, 0:10:28.440 --> 0:10:30.280 I think you've also got to fake it till you 0:10:30.320 --> 0:10:30.640 make it. 0:10:30.840 --> 0:10:31.200 Yeah. 0:10:31.280 --> 0:10:34.240 I mean with us, we used a lot of our 0:10:34.280 --> 0:10:37.080 previous experience in journalism to help us. But at the 0:10:37.080 --> 0:10:39.680 same time, you've got to get your Instagram account running, 0:10:39.679 --> 0:10:41.760 you've got to get your website up. You've got to 0:10:41.800 --> 0:10:44.560 make your business appear that it's been doing it for 0:10:44.640 --> 0:10:46.280 longer than it has. You don't have to point out 0:10:46.320 --> 0:10:48.920 to people, oh, you're my first client. I think one 0:10:48.960 --> 0:10:51.160 good tip for people who are starting a business to 0:10:51.240 --> 0:10:54.120 make it look legit, as you're saying so, is to 0:10:54.200 --> 0:10:57.480 ditch your email address that's at hotmail or at Gmail. 0:10:57.840 --> 0:11:01.000 It is so cheap to actually just get a business 0:11:01.040 --> 0:11:05.720 email address connected to your name, your business name. I mean, 0:11:05.800 --> 0:11:07.760 that was one of the first things we did, because 0:11:07.760 --> 0:11:10.840 if you're emailing someone from a Gmail account, you're instantly 0:11:10.840 --> 0:11:13.119 your emails instantly going to be deleted. 0:11:13.640 --> 0:11:15.400 You also have to draw. 0:11:15.280 --> 0:11:19.600 Upon any contacts that you have made in your professional. 0:11:19.080 --> 0:11:20.000 Career as well. 0:11:20.160 --> 0:11:22.080 There's always someone you could probably think of to reach 0:11:22.120 --> 0:11:24.679 out for advice. It's all about being confident and making 0:11:24.880 --> 0:11:28.199 those connections again or reconnecting with people. That's what we 0:11:28.240 --> 0:11:30.640 did when we first started out business. Sometimes it is 0:11:30.679 --> 0:11:32.800 just jumping on the phone or meeting face to face 0:11:32.880 --> 0:11:36.199 because sometimes this email stuff just doesn't work. Also, I 0:11:36.200 --> 0:11:39.199 think some people make the mistake of sending out emails 0:11:39.480 --> 0:11:42.440 which are clearly copied and pasted. So I think it's 0:11:42.480 --> 0:11:44.520 easy to get caught up in that and to think 0:11:44.520 --> 0:11:47.400 you're being efficient by doing that. But sometimes it's so 0:11:47.520 --> 0:11:50.440 good if you just spend an extra five minutes looking 0:11:50.520 --> 0:11:54.400 into a potential client, you know, if they're a business, 0:11:54.440 --> 0:11:57.480 looking what they do, what's past events they've done, and 0:11:57.520 --> 0:12:00.160 then you can mention something personal in your emails that 0:12:00.200 --> 0:12:02.720 actually looks like you've taken the time to know what 0:12:02.720 --> 0:12:05.760 that business does. I think it's important too to make 0:12:05.800 --> 0:12:10.560 sure that you have set up the business correctly. Now 0:12:10.840 --> 0:12:12.920 you were very good at this stuff. Now could you 0:12:13.280 --> 0:12:15.560 talk us through how you set up our business. The 0:12:15.600 --> 0:12:18.640 thing is I knew nothing about setting up a business. 0:12:18.720 --> 0:12:21.760 I was just a journalist. I didn't really know much 0:12:21.760 --> 0:12:24.320 about business. I knew that eventually one day i'd like 0:12:24.400 --> 0:12:27.000 to have one, but I never looked into it. And 0:12:27.200 --> 0:12:30.800 that's where different government business sites help you, because they 0:12:30.840 --> 0:12:33.800 do give you the steps to setting it up, but 0:12:33.880 --> 0:12:37.200 some of their advice is so contradictory. They do have 0:12:37.240 --> 0:12:39.800 a chat function which I found really useful, but I 0:12:39.800 --> 0:12:42.000 think if you are looking to set up a business, 0:12:42.000 --> 0:12:44.000 The first thing you need to do is to actually 0:12:44.040 --> 0:12:47.680 register your business name, and there is a site where 0:12:47.720 --> 0:12:50.400 you can check the availability of your business name, so 0:12:50.600 --> 0:12:52.400 first try and find out. 0:12:52.400 --> 0:12:53.840 I think that was really hard for us. 0:12:53.840 --> 0:12:56.440 I mean, we actually hate our business name now and 0:12:56.480 --> 0:12:58.760 as we said, we're changing it for those who might 0:12:58.760 --> 0:13:02.200 be wondering, our business is the pr Bible, and along 0:13:02.280 --> 0:13:05.000 our two year journey we have discovered that probably wasn't 0:13:05.080 --> 0:13:07.120 a great name to come up with. We've been asked 0:13:07.160 --> 0:13:11.520 on several occasions whether we're religious. We do so much 0:13:11.520 --> 0:13:13.840 more videography work now, so we feel it doesn't really 0:13:13.920 --> 0:13:16.480 reflect what we do. But at the same time, it 0:13:16.520 --> 0:13:18.960 really helped with our SEO and for those wondering it 0:13:19.000 --> 0:13:21.200 was because of places like the Bierley Bible or the 0:13:21.280 --> 0:13:25.000 lad Bible. That's kind of the concept we were going with. Yeah, 0:13:25.120 --> 0:13:28.679 but it's also easy. It's easy to sort of put 0:13:28.679 --> 0:13:31.320 off your business because you can't think of a business name. 0:13:31.440 --> 0:13:33.720 So I think sometimes it is just a good to 0:13:33.800 --> 0:13:36.040 just go, okay, I can't think of it, like this 0:13:36.160 --> 0:13:37.920 is the best I can come up with. At the time, 0:13:38.000 --> 0:13:40.280 that was the best business name we could come up with, 0:13:40.559 --> 0:13:42.120 and at the end of the day. There are so 0:13:42.240 --> 0:13:45.640 many businesses out there with weird names that probably sounded 0:13:45.679 --> 0:13:48.560 weird to begin with, but now because of branding, and 0:13:48.600 --> 0:13:52.559 they've been around for ages. You I mean Google. If 0:13:52.559 --> 0:13:54.320 you told me that you wanted to call our business 0:13:54.320 --> 0:13:56.560 Google Sophie, I'd be like what. And we have to 0:13:56.840 --> 0:13:59.840 We have been doing a lot of research about the 0:14:00.240 --> 0:14:02.880 sort of names for business because we are rebranding. 0:14:02.920 --> 0:14:03.720 As we mentioned. 0:14:03.840 --> 0:14:05.920 If someone is at home listening to this thinking of 0:14:06.040 --> 0:14:07.520 coming up with how to come up with the name, 0:14:07.559 --> 0:14:09.920 one of the biggest tips is to use a two 0:14:10.360 --> 0:14:13.880 syllable word, not a three hint that might even give 0:14:13.920 --> 0:14:16.120 people a hint of what our name is going to be. 0:14:16.800 --> 0:14:19.560 The other important thing when setting up your business is 0:14:19.600 --> 0:14:23.280 obviously registering an ABN and a tax file number and 0:14:23.440 --> 0:14:25.560 working out if you want to be a sole trader, 0:14:25.680 --> 0:14:28.600 a partnership or a company. So SOF and I are 0:14:28.640 --> 0:14:31.880 a family partnership, and that's really great for us because 0:14:31.920 --> 0:14:34.640 it means that at the end of the financial year, 0:14:34.680 --> 0:14:38.880 we're purely taxed on whatever we have each earned, so 0:14:39.360 --> 0:14:41.720 rather than if you're a company, you also get taxed 0:14:41.760 --> 0:14:44.200 on your earning. So it's really important to look into 0:14:44.240 --> 0:14:48.760 that I think one thing that one thing we've learned 0:14:48.760 --> 0:14:53.440 as well is it is so important to get contracts shortage. Yeah, 0:14:53.440 --> 0:14:57.080 sometimes it's hard because, especially in a job like public 0:14:57.120 --> 0:15:00.320 relations where your relationship with the client is everything, sometimes 0:15:00.360 --> 0:15:03.760 you can get in a situation where you feel it's awkward, Yeah, 0:15:03.760 --> 0:15:05.760 to make them sign the papers. At the end of 0:15:05.760 --> 0:15:07.520 the day, you look like a good business owner if 0:15:07.560 --> 0:15:12.240 you're being professional and dealing with things in a professional manner. Well, 0:15:12.480 --> 0:15:16.720 ultimately it makes it less awkward if they don't pay, 0:15:16.800 --> 0:15:19.280 doesn't it. One huge tip as well is you do 0:15:19.400 --> 0:15:21.760 really have to manage the back end of your business 0:15:22.040 --> 0:15:24.400 because you can feel like you were getting all this 0:15:24.560 --> 0:15:26.920 work done, you're absolutely killing it, and then you can 0:15:26.960 --> 0:15:29.200 look at your bank account and you've got no money 0:15:29.200 --> 0:15:31.440 in there. Because you've also got to remember the a 0:15:31.440 --> 0:15:33.600 lot of different businesses that you may be working with, 0:15:33.680 --> 0:15:37.640 they all run on their own rostering slash finance system, 0:15:37.840 --> 0:15:39.480 so you've really got to get on top of making 0:15:39.520 --> 0:15:42.200 sure your invoices are in at a particular time and 0:15:42.280 --> 0:15:45.480 sending reminders. If they're late, just follow it up. Also, 0:15:45.640 --> 0:15:48.320 another one is to set up if you don't have 0:15:48.400 --> 0:15:51.920 an account's team, which we didn't have initially is to 0:15:52.040 --> 0:15:54.800 set up an email that looks as if you do, 0:15:55.360 --> 0:15:57.640 because if you're dealing with someone face to face, it 0:15:57.640 --> 0:16:00.880 can be so awkward having to ask for money. So 0:16:01.200 --> 0:16:03.760 set up and accounts at whatever your business is, and 0:16:03.800 --> 0:16:07.400 you can send emails from their obviously your invoices and 0:16:07.440 --> 0:16:10.680 that kind of thing. And I think another important thing 0:16:10.720 --> 0:16:12.920 to remember is when you start a business and it's 0:16:12.920 --> 0:16:15.560 your full time business, you are not going to earn 0:16:15.720 --> 0:16:18.320 very much in your first year. So if you were 0:16:18.360 --> 0:16:20.880 wanting to take that risk and invest your time and 0:16:20.960 --> 0:16:25.200 money into a business, you probably should have a safe 0:16:25.280 --> 0:16:28.040 amount of savings that you can potentially live off if 0:16:28.040 --> 0:16:31.160 the business doesn't take off. In our first year, we 0:16:31.320 --> 0:16:35.040 earned a modest amount that we could live off, but 0:16:35.120 --> 0:16:37.560 we had to rely on some of our savings. And 0:16:37.600 --> 0:16:39.880 so what you'll find from year to year is you 0:16:40.120 --> 0:16:43.400 easily double your earnings from the first year the second year. 0:16:43.440 --> 0:16:46.240 Once you're established, it just becomes easier and easier, but 0:16:46.320 --> 0:16:49.120 it will take time. I think the best piece of 0:16:49.120 --> 0:16:52.160 advice is to also make an appointment to sit and 0:16:52.240 --> 0:16:54.800 speak to your accountant, because they are just a wealth 0:16:54.800 --> 0:16:57.880 of information, and our accountant in particular he sat down 0:16:57.920 --> 0:17:01.480 with us and made us aware that businesses don't earn 0:17:01.520 --> 0:17:03.200 that much in the first year, and I felt like 0:17:03.360 --> 0:17:05.720 that was kind of good to hear, because sometimes after 0:17:05.720 --> 0:17:08.320 the first year you can feel like a failure because 0:17:08.320 --> 0:17:11.160 perhaps you weren't earning what you were before. But owning 0:17:11.200 --> 0:17:13.840 a business is a process, and that's the most exciting 0:17:13.840 --> 0:17:16.120 thing about it is you have control over how much 0:17:16.520 --> 0:17:19.439 money you can potentially earn. And for those of you 0:17:19.560 --> 0:17:22.880 who might be listening that maybe aren't in the position 0:17:23.000 --> 0:17:26.439 to throw themselves into the deep end and launch a 0:17:26.480 --> 0:17:29.640 full time business, I think side hustles are really important 0:17:29.680 --> 0:17:31.840 for us to delve into a little bit. As we said, 0:17:31.920 --> 0:17:34.119 we thought the pr Bible was going to be our 0:17:34.160 --> 0:17:36.680 side hustle, but it didn't turn out that way. At 0:17:36.680 --> 0:17:40.040 the moment, this podcast is Sophie and My side hustle 0:17:40.080 --> 0:17:42.639 and also Kates. It's something we love doing and one 0:17:42.720 --> 0:17:44.919 day we hope it will grow bigger and bigger. I 0:17:44.960 --> 0:17:48.040 think what's amazing is how lucky we are to be 0:17:48.119 --> 0:17:51.399 living in twenty twenty when we have the Internet and 0:17:51.440 --> 0:17:55.200 the ability to be able to run a side business successfully. 0:17:55.440 --> 0:17:58.720 If you think back to when your parents were your 0:17:58.800 --> 0:18:01.320 age they didn't have the Internet. It wasn't that easy 0:18:01.400 --> 0:18:05.639 just to start up an Instagram business or sell stuff 0:18:05.680 --> 0:18:08.640 on eBay. So if I were talking about a little bit, 0:18:08.640 --> 0:18:10.760 because for those who listen to the podcast, they'll know 0:18:10.840 --> 0:18:14.200 that I've been a big fan of Facebook Marketplace recently, 0:18:14.760 --> 0:18:17.479 and I suppose that is the most simple side hustle 0:18:17.520 --> 0:18:19.400 one could have if you're looking to earn a little 0:18:19.400 --> 0:18:22.400 bit of extra money. So I did some quick sums 0:18:22.480 --> 0:18:24.919 and I worked out if you were to make one 0:18:24.960 --> 0:18:28.320 hundred dollars a week just by selling the old crap 0:18:28.359 --> 0:18:30.640 you had around the house or going to a garage 0:18:30.720 --> 0:18:34.879 sale and flipping something, you would make an extra five thousand, 0:18:35.000 --> 0:18:36.359 two hundred dollars a year. 0:18:36.520 --> 0:18:37.560 So that could be. 0:18:37.840 --> 0:18:40.840 Your holiday fund, that could be your home loan's fund. 0:18:40.960 --> 0:18:42.760 I don't think you should be telling people the same, 0:18:42.880 --> 0:18:44.720 especially those who live in Adelaide, because you're going to 0:18:44.800 --> 0:18:48.560 have some competition for your garage sales and flipping. I 0:18:48.600 --> 0:18:51.359 think that is some good advice because at the end 0:18:51.359 --> 0:18:52.760 of the day, a lot of people say, how do 0:18:52.800 --> 0:18:55.919 you find time to have this side hustle, But the 0:18:55.960 --> 0:18:58.639 real answer is, well, if you're wanting to do a 0:18:58.680 --> 0:19:02.240 side hustle. There's obviously some passion involved and some dissatisfaction 0:19:02.280 --> 0:19:04.040 with what you're doing at the moment. So if it 0:19:04.119 --> 0:19:06.480