August 5, 2025 • 22 mins
Starting a side hustle? It can be a great way to bring in some extra cash - and if you do it right, could turn into a long-term money spinner. Join Canna Campbell - a financial planner for 20 years - and Fear & Greed's Michael Thompson as they go through four things to keep in mind when setting up a side hustle.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to How Do They Afford That, the podcast that
peaks into the financial lives of everyday Australians. I'm Uncle Thompson.
I'm an author and the co host of the podcast
Fear and Greed business news. As always, I'm with Canneth Campbell,
financial planner, founder of Sugar Mama TV. The financial literacy
platform is on YouTube and Instagram, TikTok everywhere. Hello Canna, Hello,
Now can we talk today about side hustles? Big surprise
(00:25):
that we're going to talk about side hustles. We've talked
about side hustles what a dozen times now on this show.
Speaker 2 (00:29):
Good Side Hustle.
Speaker 1 (00:30):
I know you do you describe yourself and I've described
you as us the Queen of the side hustle.
Speaker 2 (00:36):
I will wear that crown proudly.
Speaker 1 (00:38):
Yes, that's a crowd you have earned through many, many
side hustles. If you are stuck for a side hustle idea, right.
We have done a number of episodes listening a whole
heap of different ideas. The one where we talked about
a whole lot of online side hustles. That's gone very
very well. It's had a great response from listeners who
are obviously interested in that kind of thing. If you
(00:58):
want ideas, go, I can listen to some of those
other episodes that we've done today. Is less about the idea, right,
and more about the implementation.
Speaker 2 (01:08):
Oh, I like this. This is so important because you
need to be able to set yourself up a success. Yeah.
Speaker 1 (01:15):
Absolutely, because thrive with your hustle. Yeah. Because if you've
come up with the idea, I mean, the idea is
one thing, right, we want to then make it easier
for you to make some money.
Speaker 2 (01:28):
Execute it, and then you want it to be sustainable.
Speaker 1 (01:32):
And to do that, there's really only one way. It's
to make a list. Can I we're going to make
a list? Why do you cringe whenever I say we're
making a list? Do you know I have a list
addiction I have?
Speaker 2 (01:43):
I should not judge I have a list problem.
Speaker 1 (01:46):
It's great, it's not a problem. It's it's actually lists
make life better. Do you start your day with a
to do list? Do you have a to do list to.
Speaker 2 (01:56):
Be before I go to bed? I do my list
for the next day.
Speaker 1 (01:58):
Really?
Speaker 2 (01:59):
Yeah? And then I have them color coordinated, and I
have special pens to tick them off, and then I
number them and different color pens. It's it's a bit
of a process, but it really helps my brain.
Speaker 1 (02:12):
See, I like I show you in my handbag, if
you know, I like lists. I don't like what you
just said. That sounds like a whole other level of
coordination and well, well, well beyond me. I'd just like
to write down what I've got to do. We're going
to do four things today, four things on this list.
These are the four things to keep in mind when
starting a side hustle. Shall we just jump straight into
(02:34):
number one? Why not number one? Know your why? Why
are you actually doing this?
Speaker 2 (02:42):
Is that right? Absolutely? You've got to understand, like what
is It's like your financial journey, Like what is it
that you want? Like why is this so important? How
is it going to improve your life or add more
pleasure and enjoy you to your life, or more meaning
to your life? So things I'd be asking myself like, okay,
what are you going to do with the money? Like
why is this important? So is it pay off debt?
Is it to maybe save up for a deposit, or
(03:04):
to save up for a holiday, or to perhaps save
up some money to pay for a particular course or
training so that you can change career paths, or perhaps
you've just got this idea, this like burning idea, and
you think it could be really successful and you want
to just have a crack and see where it takes you.
Or perhaps there's a longer term vision about launching a
whole new business, a whole new company and you know,
(03:25):
dominating the world. Like it's really important to know the
true why, like go deep with it and see, because
that's what's going to be your you know, continuous source
of motivation, inspiration to get through it and you know,
fight those tough times, you know, the natural webs and
flows of life. But I also think knowing your why
helps you can set boundaries and stops you or reduces
(03:49):
the risk perhaps maybe from burnout, because often we feel
burnt out when we've kind of lost our way and
we've forgotten why we're doing this in the first place.
You know, why are we making all of these sacrifices?
What's the point anymore? It's not worth it. So reconnecting
with that deep, clear understanding of your whys can be
very helpful, and then obviously making decisions they are actually
(04:11):
aligned with your goal, so you stay accountable and on track.
You don't go and blow that money. If your goal
your why was to save up money for a deposit,
you've got that to stop that temptation and distractions that
can come your way.
Speaker 1 (04:24):
Okay, I find that interesting that know your why, establishing
those reasons right from the outset means that you can
keep yourself on track later. But there's a few different
kind of branches of the why because part of it
could be financial, and look, let's face it, most of
it is probably going to be financial. That you've got
an idea that you think could make some money, so
you want to do it. But also also it can
(04:46):
be almost an outlet for you as well that if
you are perhaps you're not getting the satisfaction that you
want from the day job, but the day job is
the thing that pays the bills and that is the
thing that's kind of keeping the roof over your head.
Then a side hustle might be the thing that brings
some joy into your life.
Speaker 2 (05:05):
Right absolutely, And it's you know, a creative outlet.
Speaker 1 (05:08):
Well, I think of writing books. For me, when I
started out doing that, it was essentially a side hustle.
But I mean no one would set out to write
you well, no one would set out to write a book,
though thinking that it is going to be a financially
sound thing, because there are so many things that can
go wrong along the way in terms of publishing novels,
(05:29):
and so for the first year eighteen months, that was
just me writing. It was just writing a novel knowing
that hopefully at the end of it there is a
chance that it's going to be published. But that was
essentially a side hustle that was more of a creative
outlet and an exercising hey, let's see how this goes,
Let's see where this is going to work. And so
that was the why for me, and the why was
(05:51):
partly looking ahead, going oh, maybe maybe it's going to
be possible at the end of this to publish it
and make some money out of it. But the prime why,
the primary goal was to test myself to see if
I could to use it as a creative outlet and
to just have some fun with writing and see if
I can produce a novel.
Speaker 2 (06:12):
Almost an element of curiosity.
Speaker 1 (06:14):
Yeah, absolutely so your why doesn't necessarily need to be
the hardcore financial thing, but just tapping into all of
those reasons why you want to have a go at
something else alongside your day job, and also.
Speaker 2 (06:25):
It can be a part of giving back. So one
of my girlfriends started is called the Dragonfly Network, and
it's about helping immigrants get jobs, not making any money
at all, meeting lots of amazing people, hearing incredible stories,
but helping making a difference in their lives. That's her
side hustle, and that's incredible to watch that flourish.
Speaker 1 (06:44):
That is amazing, really cool, that's very honorable.
Speaker 2 (06:47):
It is.
Speaker 1 (06:48):
It was just fabulous. So if we then bring it
back onto money making side hustles, because this is probably
where we are heading them with this list as well,
predominantly right number one, know your why, number two, keep
it lean. I find this was this is it makes
(07:09):
a lot of sense.
Speaker 2 (07:11):
Yeah, don't over invest, especially initially. This is where I've
seen a lot of slight hustles full flat on their faces,
so you know, spending up a big before they've actually
even made a dollar, like going out and buying a
very expensive brand new equipment, software programs, investing in very
(07:32):
expensive and I'm sure quite talented you know, designers and
logos and websites ordering items in bulk without actually properly
testing that particular product or the manufacture, you know, over
complicating systems and marketing campaigns, just not lining your ducks
(07:52):
up properly. So I recommend that people be frugal. You know,
obviously nowhere a lot of surprise, but be like slow
and steady. Get advice, Talk to people, you know, talk
to competitors, people who've done something like this before. What
advice they can give you. Read as much as you
possibly can, like fill yourself with education, learn where people
(08:13):
went wrong so that you don't make the same mistakes.
And utilize all the free tools out there, you know,
the Canva, Square, Etsy, Gumtree, Instagram, you know, even Amazon,
things where you can sort of sell a very cost
effective way. And also, you know, do lots of test
marketing in a financially savvy way so that you know
(08:33):
what your who your audience is, or your consumers are,
what they are looking for, what they're willing to pay for.
You know, what are their sort of key values, and
what's going to be your point of difference to cut
through all the other noise. And you've got to remember,
you know, this is about making a profit for most people,
and you can learn a lot on the way, but
you've just got to take it slow and steady.
Speaker 1 (08:56):
And I wonder, is this something that a lot of
people do when they start their side hustle, is that
they go, you know, I want this to be absolutely
perfect before I take it public. I need the professionally
designed logo, I need all of the all of the
software to run this. It's almost like it doesn't need
to be perfect. You just need like the minimum viable
products in order to just something to get it out there,
(09:19):
and then you will learn what works and what doesn't
and you can adjust and course correct.
Speaker 2 (09:22):
You learn. You know, I've been running my own business,
you know, for gosh ever since I was twenty, i
think five or six. You learn so much on the go.
You know. I could have sat there and read hundreds
of different books and running a small business, but I'd
be wasting valuable time and people would be, you know,
doing what I was doing already, and I've lost that opportunity.
(09:43):
So you do just need to get on and do it.
And you're going to make mistakes along the way. But
the thing is about learning for the mistakes, not repeating them,
and using them as a wise lesson or a source
of wisdom.
Speaker 1 (09:54):
Podcasting is a good example of this, right, and I
see a lot of beause I have done in the
past a lot of workshops teaching people how to do podcasting.
It actually is a bit of a side hustle. Oh
look at this, got side hustles coming out my ears.
I'm going to challenge you for the crown here.
Speaker 2 (10:13):
I'm feeling quite freshened to be honest.
Speaker 1 (10:15):
Good, good, There is a coup underway. So traditionally a
podcast doesn't go past the third month. Yes, yeah, And
we've talked about that before the fact that a lot
of people will start a podcast because they think it's
going to be easy.
Speaker 2 (10:29):
It's going to just grab a microphone and chatting.
Speaker 1 (10:32):
And you'll find a whole lot of listeners and it's
going to boom within the first kind of a couple
of weeks, and it doesn't happen. And so after three months,
a lot of people, if they are hosting their own podcast,
they realize it's actually going to be a lot of work.
It's going to take a lot longer than that. There's
no money, and when you're beginning all this kind of
thing and they'll just it'll it'll kind of peter out.
What you see, though, is people investing a whole lot
(10:52):
of money in getting some really top notch equipment up
front and going I'm going to spend all of this
money because it's going to be great. We're going to
go all in, and they spend a couple of thousand
dollars right on this, only to realize after two months
this isn't actually for me. I don't want to do this,
and they've got all this and lo and behold, you
(11:13):
can pick up some podcasting equipment now on Facebook Marketplace.
Because people don't want to do it anymore. One of
the reasons why you would keep your side hustle lean
to begin with is because you don't know whether it's
actually going to be for you. It's not just necessarily
that you might need to kind of course correct as
you go. You might actually start doing this and something
and something that you have loved and really enjoyed is
(11:36):
no longer fun and you don't enjoy it anymore when
you are trying to do it for money. It's like
why you never buy a property in the place where
you love going for holidays, Like you never go I'm
going to move here, I'm going to move to the
Gold Coast. I'm going to move to Nosa or something,
thinking that it is going to be like that holiday
every day of your life. As soon as you're there
and the kind of the actual mundane side of life
(11:57):
kicks in, then it's no longer. It doesn't have that
lure glamour. And I wonder whether that can happen with
side hustles as well as you think. You know what,
I'm enjoying doing this on my in my spare time
is something fun. I'm going to try and make a
business out of it. As soon as you attach the
business side, it becomes a drag and you don't want
to do it.
Speaker 2 (12:12):
Just a chure rather than a passion.
Speaker 1 (12:15):
God did how about that?
Speaker 2 (12:16):
Huh?
Speaker 1 (12:16):
That was a.
Speaker 2 (12:18):
How are you feeling? Get fired out?
Speaker 1 (12:20):
I know I get fired up about things easily these days. Okay,
keep it lean, don't overinvest, and know you're why they
are the first two. Let's take a quick break. I'm
going to have a cup of tea while we are
taking a break.
Speaker 2 (12:34):
I think you just some rainbow breaths.
Speaker 1 (12:37):
Rainbow breath I've mentioned this before. I know you don't.
I put it out of my head because I was
just so woo woo went out there rainbow breath.
Speaker 2 (12:46):
It's very effective.
Speaker 1 (12:46):
We're going to take a break and come back with
the second half of our list. Can We are talking
about starting a side hustle and the four things you
need to keep in mind once you have done it,
or in the process, or you're planning your side hustle.
The four things to keep in mind. Number one, know
(13:07):
you why, Number two keep it lean. Number three block
time like it's your job.
Speaker 2 (13:15):
Very important. If you're going to take your side hustle
seriously and you want to give it the biggest and
best opportunity to flourish and to help you achieve all
of your goals and dreams, you've got to set aside
dedicated time. None of this like yep, yep, whenever I
get round to it over the weekend, because the reality
(13:36):
is it's not going to happen like something else would
be added to your list of things to do or
just forget. So I would recommend anyone who's starting up
a side hustle and they're really serious about making it
work for them, is to have dedicated hours in their
calendar and in their weeks and days. So, for example,
(13:57):
you know, I'm sure when you were writing you had
set that time in the day where you were not
to be interrupted and you would sit there for X
amount of hours and just write, and that would be
that hour of the day or that particular day of
the week or even month. It's just you've obviously got
to consistently show up and work on that. But having
those really clearly defined boundaries with your time management, oh
(14:20):
non negotiable.
Speaker 1 (14:21):
And unfortunately, because it's your side hustle, it's likely to
be something that you need to fit in alongside whatever
it is that you're doing as your day job. So
it may be that that dedicated time is from five
am to seven am, which is when I was writing,
but it was the time when I was able to
focus and you could do it without interruption. It's not
(14:43):
necessarily going to be particularly palatable those hours.
Speaker 2 (14:47):
But.
Speaker 1 (14:49):
It requires that consistency in that dedication, right.
Speaker 2 (14:52):
And to make it as easy as possible, you need
to communicate with the people around you. Look, I'm really
focusing on this. Can I have two hours being uninterrupted?
You know? Can you take the kids out for a
couple of hours or I'm going to close this door,
I'm going to put headphones on, I'm going to put
my phone on silent or do not disturb. And it's
interesting you say about five am, because guess what. Sugar
(15:13):
Mama TV started up as a side hustle and it
was never meant to make money. It was all about
just giving back because my own girlfriends, who I absolutely adore,
was so bad with money. And you know, Chloe Morello,
who's a well famous makeup and beauty content creator, was
my client and she's like, cann Of, you have to
help all these other girls so they can never how
(15:36):
to manage their money and they can make great decisions.
And it was all about giving back. It was never
about making money. And I used to get up at
five am and work on Sugar Mama before going to
my other business for the day. And I would work
on the weekends as well, when my son would go
to his father for you know that particular day.
Speaker 1 (15:55):
It's so it is it's a big commitment. Actually this is,
and maybe this is something that gets overlooked a little
bit that a side hustle is actually if you're going
to make a goal of it, if you're going to
really have a crack, then it is a big commitment
because you need to be setting aside that time and
communicating it to everyone. And if you don't, if you're
(16:17):
not taking it seriously enough, then chances are other people
aren't going to take it seriously right exactly. Okay, that's
number three. Number four, keep the money side simple. It
sounds easy enough in theory.
Speaker 2 (16:33):
So from a practical point of view, you know, have
a dedicated savings account for the money that you make
and the money that you spend for this particular side hustle,
so that some really clear boundaries. And it also allows
you to go, all right, gosh, there's five thousand dollars
in there. This this business is actually working on making money,
or you might go, actually, there's only five thousand dollars.
(16:54):
I can't be I've you know, flogged myself all year
to only make five thousand dollars and I spent ten
thousand exactly. So it means that you are not blurring
the lines between your personal expenses and income, but you
can really clearly see where there's tweaks and changes that
need to be made in your side hustle, which potentially
(17:14):
could eventually become a business, and tracking those expenses, obviously
having an accountant as it continues to expand, but also
tax making sure that you set aside money to pay
tax and potentially GST as well, so you know, and
as you start to make more money, and I think
it's the thresholders around seventy five thousand dollars a year,
(17:36):
then you've got to go and register for GST. So
there's the mechanks can become a lot more intricate and detailed,
but that so it's so important that you have this
clearly defined boundary so you can examine what's going on.
I can explain that's for that, this is for this,
and see where you're potentially wasting money and what's a
(17:56):
really good investment in the business.
Speaker 1 (17:59):
When we talk about keeping the money side simple, then okay,
I understand that a separate bank account so that you
can keep track of that. But the record keeping it
doesn't need to be complicated, does it. You don't need
to have a full accounting software setup or anything, especially
if you're just doing something as a side hustle just
to see how it goes. You could just have a spreadsheet,
(18:23):
just a very simple, straightforward Excel or a Google sheet
or something, but just you got to keep records in some.
Speaker 2 (18:29):
Way exactly and you know, some people just if it's
something very simple, they can just look at the transactions
on their bank account. They can say, well, I paid
for this software program, I paid for this logo to
be made, I paid for this printing. You know it's
all documented there and a lot of banking apps will
actually now categorize this for you.
Speaker 1 (18:48):
And the tax side of it. I mean, do you
begin with the end in mind with this? Like do
you start out aiming for million?
Speaker 2 (18:58):
No?
Speaker 1 (18:58):
You know what I mean? Like, you know how when
you start and you've got to decide whether your business
and when you're registering your ABN and all of this,
and you've got to decide whether you're going to register
for GST as well. Do you just do you kind
of aim high from the beginning and say yes, I'm
going to hit that threshold whether it's seventy five thousand
or whatever it is in order to start charging GST.
Or is it just you keep it simple to begin with,
(19:18):
until you can see a pattern and to see the
growth trajectory and see how this business is going to
actually go before you go all in.
Speaker 2 (19:26):
Absolutely and the moment you think you know what this
desk is actually working it's taking off, go and see
accountants straight away, because there are lots of different structures
to use, and an accountant will sit down, look at
your situation, look at your goals, and go all right,
we recommend a company structure, or we're going to recommend
it to your trust fund structure, or actually stay as
a sole trader, and they'll be able to also talk
(19:46):
you through all the different ways of claiming, distributing the income,
how it's done, like it's there's Those sort of mechanics
are really important the moment you know that this is
actually paying off.
Speaker 1 (19:57):
Okay, they're forced pretty simple tips. Number one, know you why.
Number two keep it lean and don't overinvest. Number three
block time like it's your job, even if it's just
half an hour, but it is consistent time and taking
that time seriously. And number four keep the money side simple.
Separate bank accounts, tracking your income, tracking your expenses, and
(20:19):
keeping the tax in mind as well, so that you
don't land with a tax bill at the end of
the year.
Speaker 2 (20:25):
And I have a separate savings account for the tax
even Oh yeah, yeah, I really recommend that. I think
that's really helpful because I have people I know who
have accidentally gone spent their tax money. Oh dear, Yes,
but you've got to make sure that you know you
put the dedicated amount into a separate account so that
you know that that cannot is not actually the profit.
Speaker 1 (20:43):
And im supposed to be very easy in the early
days of a side hustle to not think about the
fact that when tax time rolls around, you are going
to have to declare, declare all of this income and
you will be paying tax on it. You just look
at this, Hey, this is a side hustle. I'm making
a bit of cash on the side. It's just coming
into me. But no, it doesn't quite work.
Speaker 2 (20:59):
Ye need to account for tax. And that's why again
an account can put give you some really clear boundaries
that you know to put, for example, twenty to thirty
percent in a separate savings account or ten percent whatever
the account of recommends. But the golden rule, I would
say is the three seas with a site hustle, be
really clear about what you want. Be consistent. You can't
(21:20):
just show up once a month. You need to be
showing up every day or every week to work on
this site hustle, and be committed. It's going to take time.
You need to be patient. But if you have these
three seas lined up, you're on your way.
Speaker 1 (21:37):
Why did you wait till the last minute of the
podcast to bust that one out? I've been sitting on
this little gem the whole time of the three Seas.
I was about to wrap things up, and we might
have missed out on the three seas entirely.
Speaker 2 (21:48):
I'd never let you miss out on the thirty seeds.
Speaker 1 (21:50):
Oh thank you? Okay, where do we find you? If
we want more information?
Speaker 2 (21:53):
Best place to get a hold of me is on
Instagram at Tugaramama tv or Canna Campbell.
Speaker 1 (21:58):
Official and you can hear me every day on Fear
and Greed business News. You can use Thank you very
much for listening to how do they afford that? Remembered
follow on the podcast, And the very best thing that
you can do is tell somebody else send them a
link to this episode. If perhaps you have a friend
that is thinking of starting a side hustle and send
them this episode and spread the word about how do
they afford that? Thank you for your company. Join us
(22:18):
again next week
Welcome to How Do They Afford That, the podcast that
peaks into the financial lives of everyday Australians. I'm Uncle Thompson.
I'm an author and the co host of the podcast
Fear and Greed business news. As always, I'm with Canneth Campbell,
financial planner, founder of Sugar Mama TV. The financial literacy
platform is on YouTube and Instagram, TikTok everywhere. Hello Canna, Hello,
Now can we talk today about side hustles? Big surprise
(00:25):
that we're going to talk about side hustles. We've talked
about side hustles what a dozen times now on this show.
Speaker 2 (00:29):
Good Side Hustle.
Speaker 1 (00:30):
I know you do you describe yourself and I've described
you as us the Queen of the side hustle.
Speaker 2 (00:36):
I will wear that crown proudly.
Speaker 1 (00:38):
Yes, that's a crowd you have earned through many, many
side hustles. If you are stuck for a side hustle idea, right.
We have done a number of episodes listening a whole
heap of different ideas. The one where we talked about
a whole lot of online side hustles. That's gone very
very well. It's had a great response from listeners who
are obviously interested in that kind of thing. If you
(00:58):
want ideas, go, I can listen to some of those
other episodes that we've done today. Is less about the idea, right,
and more about the implementation.
Speaker 2 (01:08):
Oh, I like this. This is so important because you
need to be able to set yourself up a success. Yeah.
Speaker 1 (01:15):
Absolutely, because thrive with your hustle. Yeah. Because if you've
come up with the idea, I mean, the idea is
one thing, right, we want to then make it easier
for you to make some money.
Speaker 2 (01:28):
Execute it, and then you want it to be sustainable.
Speaker 1 (01:32):
And to do that, there's really only one way. It's
to make a list. Can I we're going to make
a list? Why do you cringe whenever I say we're
making a list? Do you know I have a list
addiction I have?
Speaker 2 (01:43):
I should not judge I have a list problem.
Speaker 1 (01:46):
It's great, it's not a problem. It's it's actually lists
make life better. Do you start your day with a
to do list? Do you have a to do list to.
Speaker 2 (01:56):
Be before I go to bed? I do my list
for the next day.
Speaker 1 (01:58):
Really?
Speaker 2 (01:59):
Yeah? And then I have them color coordinated, and I
have special pens to tick them off, and then I
number them and different color pens. It's it's a bit
of a process, but it really helps my brain.
Speaker 1 (02:12):
See, I like I show you in my handbag, if
you know, I like lists. I don't like what you
just said. That sounds like a whole other level of
coordination and well, well, well beyond me. I'd just like
to write down what I've got to do. We're going
to do four things today, four things on this list.
These are the four things to keep in mind when
starting a side hustle. Shall we just jump straight into
(02:34):
number one? Why not number one? Know your why? Why
are you actually doing this?
Speaker 2 (02:42):
Is that right? Absolutely? You've got to understand, like what
is It's like your financial journey, Like what is it
that you want? Like why is this so important? How
is it going to improve your life or add more
pleasure and enjoy you to your life, or more meaning
to your life? So things I'd be asking myself like, okay,
what are you going to do with the money? Like
why is this important? So is it pay off debt?
Is it to maybe save up for a deposit, or
(03:04):
to save up for a holiday, or to perhaps save
up some money to pay for a particular course or
training so that you can change career paths, or perhaps
you've just got this idea, this like burning idea, and
you think it could be really successful and you want
to just have a crack and see where it takes you.
Or perhaps there's a longer term vision about launching a
whole new business, a whole new company and you know,
(03:25):
dominating the world. Like it's really important to know the
true why, like go deep with it and see, because
that's what's going to be your you know, continuous source
of motivation, inspiration to get through it and you know,
fight those tough times, you know, the natural webs and
flows of life. But I also think knowing your why
helps you can set boundaries and stops you or reduces
(03:49):
the risk perhaps maybe from burnout, because often we feel
burnt out when we've kind of lost our way and
we've forgotten why we're doing this in the first place.
You know, why are we making all of these sacrifices?
What's the point anymore? It's not worth it. So reconnecting
with that deep, clear understanding of your whys can be
very helpful, and then obviously making decisions they are actually
(04:11):
aligned with your goal, so you stay accountable and on track.
You don't go and blow that money. If your goal
your why was to save up money for a deposit,
you've got that to stop that temptation and distractions that
can come your way.
Speaker 1 (04:24):
Okay, I find that interesting that know your why, establishing
those reasons right from the outset means that you can
keep yourself on track later. But there's a few different
kind of branches of the why because part of it
could be financial, and look, let's face it, most of
it is probably going to be financial. That you've got
an idea that you think could make some money, so
you want to do it. But also also it can
(04:46):
be almost an outlet for you as well that if
you are perhaps you're not getting the satisfaction that you
want from the day job, but the day job is
the thing that pays the bills and that is the
thing that's kind of keeping the roof over your head.
Then a side hustle might be the thing that brings
some joy into your life.
Speaker 2 (05:05):
Right absolutely, And it's you know, a creative outlet.
Speaker 1 (05:08):
Well, I think of writing books. For me, when I
started out doing that, it was essentially a side hustle.
But I mean no one would set out to write
you well, no one would set out to write a book,
though thinking that it is going to be a financially
sound thing, because there are so many things that can
go wrong along the way in terms of publishing novels,
(05:29):
and so for the first year eighteen months, that was
just me writing. It was just writing a novel knowing
that hopefully at the end of it there is a
chance that it's going to be published. But that was
essentially a side hustle that was more of a creative
outlet and an exercising hey, let's see how this goes,
Let's see where this is going to work. And so
that was the why for me, and the why was
(05:51):
partly looking ahead, going oh, maybe maybe it's going to
be possible at the end of this to publish it
and make some money out of it. But the prime why,
the primary goal was to test myself to see if
I could to use it as a creative outlet and
to just have some fun with writing and see if
I can produce a novel.
Speaker 2 (06:12):
Almost an element of curiosity.
Speaker 1 (06:14):
Yeah, absolutely so your why doesn't necessarily need to be
the hardcore financial thing, but just tapping into all of
those reasons why you want to have a go at
something else alongside your day job, and also.
Speaker 2 (06:25):
It can be a part of giving back. So one
of my girlfriends started is called the Dragonfly Network, and
it's about helping immigrants get jobs, not making any money
at all, meeting lots of amazing people, hearing incredible stories,
but helping making a difference in their lives. That's her
side hustle, and that's incredible to watch that flourish.
Speaker 1 (06:44):
That is amazing, really cool, that's very honorable.
Speaker 2 (06:47):
It is.
Speaker 1 (06:48):
It was just fabulous. So if we then bring it
back onto money making side hustles, because this is probably
where we are heading them with this list as well,
predominantly right number one, know your why, number two, keep
it lean. I find this was this is it makes
(07:09):
a lot of sense.
Speaker 2 (07:11):
Yeah, don't over invest, especially initially. This is where I've
seen a lot of slight hustles full flat on their faces,
so you know, spending up a big before they've actually
even made a dollar, like going out and buying a
very expensive brand new equipment, software programs, investing in very
(07:32):
expensive and I'm sure quite talented you know, designers and
logos and websites ordering items in bulk without actually properly
testing that particular product or the manufacture, you know, over
complicating systems and marketing campaigns, just not lining your ducks
(07:52):
up properly. So I recommend that people be frugal. You know,
obviously nowhere a lot of surprise, but be like slow
and steady. Get advice, Talk to people, you know, talk
to competitors, people who've done something like this before. What
advice they can give you. Read as much as you
possibly can, like fill yourself with education, learn where people
(08:13):
went wrong so that you don't make the same mistakes.
And utilize all the free tools out there, you know,
the Canva, Square, Etsy, Gumtree, Instagram, you know, even Amazon,
things where you can sort of sell a very cost
effective way. And also, you know, do lots of test
marketing in a financially savvy way so that you know
(08:33):
what your who your audience is, or your consumers are,
what they are looking for, what they're willing to pay for.
You know, what are their sort of key values, and
what's going to be your point of difference to cut
through all the other noise. And you've got to remember,
you know, this is about making a profit for most people,
and you can learn a lot on the way, but
you've just got to take it slow and steady.
Speaker 1 (08:56):
And I wonder, is this something that a lot of
people do when they start their side hustle, is that
they go, you know, I want this to be absolutely
perfect before I take it public. I need the professionally
designed logo, I need all of the all of the
software to run this. It's almost like it doesn't need
to be perfect. You just need like the minimum viable
products in order to just something to get it out there,
(09:19):
and then you will learn what works and what doesn't
and you can adjust and course correct.
Speaker 2 (09:22):
You learn. You know, I've been running my own business,
you know, for gosh ever since I was twenty, i
think five or six. You learn so much on the go.
You know. I could have sat there and read hundreds
of different books and running a small business, but I'd
be wasting valuable time and people would be, you know,
doing what I was doing already, and I've lost that opportunity.
(09:43):
So you do just need to get on and do it.
And you're going to make mistakes along the way. But
the thing is about learning for the mistakes, not repeating them,
and using them as a wise lesson or a source
of wisdom.
Speaker 1 (09:54):
Podcasting is a good example of this, right, and I
see a lot of beause I have done in the
past a lot of workshops teaching people how to do podcasting.
It actually is a bit of a side hustle. Oh
look at this, got side hustles coming out my ears.
I'm going to challenge you for the crown here.
Speaker 2 (10:13):
I'm feeling quite freshened to be honest.
Speaker 1 (10:15):
Good, good, There is a coup underway. So traditionally a
podcast doesn't go past the third month. Yes, yeah, And
we've talked about that before the fact that a lot
of people will start a podcast because they think it's
going to be easy.
Speaker 2 (10:29):
It's going to just grab a microphone and chatting.
Speaker 1 (10:32):
And you'll find a whole lot of listeners and it's
going to boom within the first kind of a couple
of weeks, and it doesn't happen. And so after three months,
a lot of people, if they are hosting their own podcast,
they realize it's actually going to be a lot of work.
It's going to take a lot longer than that. There's
no money, and when you're beginning all this kind of
thing and they'll just it'll it'll kind of peter out.
What you see, though, is people investing a whole lot
(10:52):
of money in getting some really top notch equipment up
front and going I'm going to spend all of this
money because it's going to be great. We're going to
go all in, and they spend a couple of thousand
dollars right on this, only to realize after two months
this isn't actually for me. I don't want to do this,
and they've got all this and lo and behold, you
(11:13):
can pick up some podcasting equipment now on Facebook Marketplace.
Because people don't want to do it anymore. One of
the reasons why you would keep your side hustle lean
to begin with is because you don't know whether it's
actually going to be for you. It's not just necessarily
that you might need to kind of course correct as
you go. You might actually start doing this and something
and something that you have loved and really enjoyed is
(11:36):
no longer fun and you don't enjoy it anymore when
you are trying to do it for money. It's like
why you never buy a property in the place where
you love going for holidays, Like you never go I'm
going to move here, I'm going to move to the
Gold Coast. I'm going to move to Nosa or something,
thinking that it is going to be like that holiday
every day of your life. As soon as you're there
and the kind of the actual mundane side of life
(11:57):
kicks in, then it's no longer. It doesn't have that
lure glamour. And I wonder whether that can happen with
side hustles as well as you think. You know what,
I'm enjoying doing this on my in my spare time
is something fun. I'm going to try and make a
business out of it. As soon as you attach the
business side, it becomes a drag and you don't want
to do it.
Speaker 2 (12:12):
Just a chure rather than a passion.
Speaker 1 (12:15):
God did how about that?
Speaker 2 (12:16):
Huh?
Speaker 1 (12:16):
That was a.
Speaker 2 (12:18):
How are you feeling? Get fired out?
Speaker 1 (12:20):
I know I get fired up about things easily these days. Okay,
keep it lean, don't overinvest, and know you're why they
are the first two. Let's take a quick break. I'm
going to have a cup of tea while we are
taking a break.
Speaker 2 (12:34):
I think you just some rainbow breaths.
Speaker 1 (12:37):
Rainbow breath I've mentioned this before. I know you don't.
I put it out of my head because I was
just so woo woo went out there rainbow breath.
Speaker 2 (12:46):
It's very effective.
Speaker 1 (12:46):
We're going to take a break and come back with
the second half of our list. Can We are talking
about starting a side hustle and the four things you
need to keep in mind once you have done it,
or in the process, or you're planning your side hustle.
The four things to keep in mind. Number one, know
(13:07):
you why, Number two keep it lean. Number three block
time like it's your job.
Speaker 2 (13:15):
Very important. If you're going to take your side hustle
seriously and you want to give it the biggest and
best opportunity to flourish and to help you achieve all
of your goals and dreams, you've got to set aside
dedicated time. None of this like yep, yep, whenever I
get round to it over the weekend, because the reality
(13:36):
is it's not going to happen like something else would
be added to your list of things to do or
just forget. So I would recommend anyone who's starting up
a side hustle and they're really serious about making it
work for them, is to have dedicated hours in their
calendar and in their weeks and days. So, for example,
(13:57):
you know, I'm sure when you were writing you had
set that time in the day where you were not
to be interrupted and you would sit there for X
amount of hours and just write, and that would be
that hour of the day or that particular day of
the week or even month. It's just you've obviously got
to consistently show up and work on that. But having
those really clearly defined boundaries with your time management, oh
(14:20):
non negotiable.
Speaker 1 (14:21):
And unfortunately, because it's your side hustle, it's likely to
be something that you need to fit in alongside whatever
it is that you're doing as your day job. So
it may be that that dedicated time is from five
am to seven am, which is when I was writing,
but it was the time when I was able to
focus and you could do it without interruption. It's not
(14:43):
necessarily going to be particularly palatable those hours.
Speaker 2 (14:47):
But.
Speaker 1 (14:49):
It requires that consistency in that dedication, right.
Speaker 2 (14:52):
And to make it as easy as possible, you need
to communicate with the people around you. Look, I'm really
focusing on this. Can I have two hours being uninterrupted?
You know? Can you take the kids out for a
couple of hours or I'm going to close this door,
I'm going to put headphones on, I'm going to put
my phone on silent or do not disturb. And it's
interesting you say about five am, because guess what. Sugar
(15:13):
Mama TV started up as a side hustle and it
was never meant to make money. It was all about
just giving back because my own girlfriends, who I absolutely adore,
was so bad with money. And you know, Chloe Morello,
who's a well famous makeup and beauty content creator, was
my client and she's like, cann Of, you have to
help all these other girls so they can never how
(15:36):
to manage their money and they can make great decisions.
And it was all about giving back. It was never
about making money. And I used to get up at
five am and work on Sugar Mama before going to
my other business for the day. And I would work
on the weekends as well, when my son would go
to his father for you know that particular day.
Speaker 1 (15:55):
It's so it is it's a big commitment. Actually this is,
and maybe this is something that gets overlooked a little
bit that a side hustle is actually if you're going
to make a goal of it, if you're going to
really have a crack, then it is a big commitment
because you need to be setting aside that time and
communicating it to everyone. And if you don't, if you're
(16:17):
not taking it seriously enough, then chances are other people
aren't going to take it seriously right exactly. Okay, that's
number three. Number four, keep the money side simple. It
sounds easy enough in theory.
Speaker 2 (16:33):
So from a practical point of view, you know, have
a dedicated savings account for the money that you make
and the money that you spend for this particular side hustle,
so that some really clear boundaries. And it also allows
you to go, all right, gosh, there's five thousand dollars
in there. This this business is actually working on making money,
or you might go, actually, there's only five thousand dollars.
(16:54):
I can't be I've you know, flogged myself all year
to only make five thousand dollars and I spent ten
thousand exactly. So it means that you are not blurring
the lines between your personal expenses and income, but you
can really clearly see where there's tweaks and changes that
need to be made in your side hustle, which potentially
(17:14):
could eventually become a business, and tracking those expenses, obviously
having an accountant as it continues to expand, but also
tax making sure that you set aside money to pay
tax and potentially GST as well, so you know, and
as you start to make more money, and I think
it's the thresholders around seventy five thousand dollars a year,
(17:36):
then you've got to go and register for GST. So
there's the mechanks can become a lot more intricate and detailed,
but that so it's so important that you have this
clearly defined boundary so you can examine what's going on.
I can explain that's for that, this is for this,
and see where you're potentially wasting money and what's a
(17:56):
really good investment in the business.
Speaker 1 (17:59):
When we talk about keeping the money side simple, then okay,
I understand that a separate bank account so that you
can keep track of that. But the record keeping it
doesn't need to be complicated, does it. You don't need
to have a full accounting software setup or anything, especially
if you're just doing something as a side hustle just
to see how it goes. You could just have a spreadsheet,
(18:23):
just a very simple, straightforward Excel or a Google sheet
or something, but just you got to keep records in some.
Speaker 2 (18:29):
Way exactly and you know, some people just if it's
something very simple, they can just look at the transactions
on their bank account. They can say, well, I paid
for this software program, I paid for this logo to
be made, I paid for this printing. You know it's
all documented there and a lot of banking apps will
actually now categorize this for you.
Speaker 1 (18:48):
And the tax side of it. I mean, do you
begin with the end in mind with this? Like do
you start out aiming for million?
Speaker 2 (18:58):
No?
Speaker 1 (18:58):
You know what I mean? Like, you know how when
you start and you've got to decide whether your business
and when you're registering your ABN and all of this,
and you've got to decide whether you're going to register
for GST as well. Do you just do you kind
of aim high from the beginning and say yes, I'm
going to hit that threshold whether it's seventy five thousand
or whatever it is in order to start charging GST.
Or is it just you keep it simple to begin with,
(19:18):
until you can see a pattern and to see the
growth trajectory and see how this business is going to
actually go before you go all in.
Speaker 2 (19:26):
Absolutely and the moment you think you know what this
desk is actually working it's taking off, go and see
accountants straight away, because there are lots of different structures
to use, and an accountant will sit down, look at
your situation, look at your goals, and go all right,
we recommend a company structure, or we're going to recommend
it to your trust fund structure, or actually stay as
a sole trader, and they'll be able to also talk
(19:46):
you through all the different ways of claiming, distributing the income,
how it's done, like it's there's Those sort of mechanics
are really important the moment you know that this is
actually paying off.
Speaker 1 (19:57):
Okay, they're forced pretty simple tips. Number one, know you why.
Number two keep it lean and don't overinvest. Number three
block time like it's your job, even if it's just
half an hour, but it is consistent time and taking
that time seriously. And number four keep the money side simple.
Separate bank accounts, tracking your income, tracking your expenses, and
(20:19):
keeping the tax in mind as well, so that you
don't land with a tax bill at the end of
the year.
Speaker 2 (20:25):
And I have a separate savings account for the tax
even Oh yeah, yeah, I really recommend that. I think
that's really helpful because I have people I know who
have accidentally gone spent their tax money. Oh dear, Yes,
but you've got to make sure that you know you
put the dedicated amount into a separate account so that
you know that that cannot is not actually the profit.
Speaker 1 (20:43):
And im supposed to be very easy in the early
days of a side hustle to not think about the
fact that when tax time rolls around, you are going
to have to declare, declare all of this income and
you will be paying tax on it. You just look
at this, Hey, this is a side hustle. I'm making
a bit of cash on the side. It's just coming
into me. But no, it doesn't quite work.
Speaker 2 (20:59):
Ye need to account for tax. And that's why again
an account can put give you some really clear boundaries
that you know to put, for example, twenty to thirty
percent in a separate savings account or ten percent whatever
the account of recommends. But the golden rule, I would
say is the three seas with a site hustle, be
really clear about what you want. Be consistent. You can't
(21:20):
just show up once a month. You need to be
showing up every day or every week to work on
this site hustle, and be committed. It's going to take time.
You need to be patient. But if you have these
three seas lined up, you're on your way.
Speaker 1 (21:37):
Why did you wait till the last minute of the
podcast to bust that one out? I've been sitting on
this little gem the whole time of the three Seas.
I was about to wrap things up, and we might
have missed out on the three seas entirely.
Speaker 2 (21:48):
I'd never let you miss out on the thirty seeds.
Speaker 1 (21:50):
Oh thank you? Okay, where do we find you? If
we want more information?
Speaker 2 (21:53):
Best place to get a hold of me is on
Instagram at Tugaramama tv or Canna Campbell.
Speaker 1 (21:58):
Official and you can hear me every day on Fear
and Greed business News. You can use Thank you very
much for listening to how do they afford that? Remembered
follow on the podcast, And the very best thing that
you can do is tell somebody else send them a
link to this episode. If perhaps you have a friend
that is thinking of starting a side hustle and send
them this episode and spread the word about how do
they afford that? Thank you for your company. Join us
(22:18):
again next week
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