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Starting a small business in Australia does not require a big financial commitment and is easier than people realise, a financial expert has said.

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Dr Steven Enticott is a Melbourne-based expert and entrepreneur who considers that many Australians are missing out on opportunities to earn extra income due to myths and misconceptions surrounding side hustles.

He said that people “wrongly believe that it’s really hard to get a business idea off the ground and that it can’t be done without quitting your day job and spending bucketloads of money”.

“The opposite is actually true: anyone can start a side gig in Australia and boost their income.”

Most side gigs don’t require expensive infrastructure or equipment, Dr Enticott said, and they can be built up progressively.

“You really don’t need a lot of money to start a side gig,” he said.

“Side gigs are simple enterprises through which you can earn a bit of extra money doing something you love.

“For example, it’s free to get an ABN, set up an eBay store or a PayPal account, or just begin offering a service.”

According to the financial expert, Australia is one of the easiest and most tax-effective countries in the world to start a small business.

“You don’t have to have a lot of business experience or a lot of money to launch a side gig, and I believe anyone can do it if they really want to,” he added, before advising would-be entrepreneurs that it doesn’t cost much to book a short appointment with an accountant for honest feedback on a business idea.

Dr Enticott then provided six simple steps he said would make it easy to create a successful side gig:

1. Don’t give up your day job – even if you have a great idea, don’t immediately hand in your resignation.

“Quitting your job could put you under financial pressure and lead you to make bad business decisions that in the long run will make it more difficult to be successful,” the entrepreneur advised.

2. Action plan – you should be able to summarise your business idea and goals on one page.

“Ask your accountant or financial adviser for advice if you are having trouble putting it down on paper and get them to review your plan to ensure there are no unforeseen financial risks.”

3. Minimise costs – it’s important to keep a rein on spending if you want to start a side business.

Only use means of saving or credit that you already have access to and take advantage of free services or products as you are setting up. You should also use existing networks and social media platforms to market your new business for free.

4. Make a sale – once you have started your business, concentrate all your effort on making the first few sales to prove there’s a market for your side gig.

“Your aim should be to get yourself established and slowly start earning an income,” Dr Enticott said.

5. Scale the sale – once you have built up a track record of sales, focus on decreasing expenses and increasing turnover.

This is where an accountant or financial adviser will be able to help identify ways to increase profits and maximise tax deductions.

6. Finance – at this point, you can start thinking about how you will grow your business. Options can include taking out a business bank loan, borrowing from family or friends, or even using crowdfunding platforms such as Kickstarter.

Dr Enticott advised that the amount of money you need and where you get the funding from will depend on your individual business needs.

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Starting a small business in Australia does not require a big financial commitment and is easier than people realise, a financial expert has said.

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Freelancers usually have control over their time, income and clients. However, they don’t receive insurance cover or enjoy government-mandated benefit payments.

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But there’s no reason to be disheartened if you wish to become a full-time freelancer. Here’s what you need to know about insurance and benefits if you plan on becoming a full-time freelancer.

Insurance

Income from freelancing gigs don’t always come regularly, so paying for insurance cover may feel like a financial strain. However, this is also the reason why you are likely to need it. 

It’s important to ensure that you have enough insurance cover to keep running your business in spite of slowdowns. Below are some insurance types you may wish to consider. 

Income protection insurance
Some freelancing gigs have seasonal demands or a large number of competitors that could make it hard to secure a project. You may find yourself without clients and income for weeks or months at a time – a huge probability in some industries.

An income protection insurance can replace your income in the event that you lose your employment or are unable to get clients for a specified period. This type of insurance may pay out up to 80 per cent of your income.

Typical payout duration is anywhere between a few months up to two years, depending on your selected cover and premium.

Total permanent disability (TPD) insurance
You don’t get paid for sick days as a full-time freelancer; it’s one of the benefits you sacrifice when you leave your employee status. However, you may avail health and TPD insurance so that you can still get a payout in case your income-producing activities are compromised due to sickness or injury.

Critical illness cover
Likewise, consider paying for critical illness insurance cover if you are paying for mortgage or have debts. This cover is designed to pay out to the insured to pay debts or home alterations if they are diagnosed with a serious or debilitating disease that is covered by the policy.

Note: Health, TPD and critical illness insurance don’t pay out to dependants in case of death. If you have dependants, consider taking out a life insurance with additional TPD and critical illness cover instead.

Life insurance
A life insurance cover ensures that your dependants will receive a lump sum payment or income stream in the event of your death.

This type of insurance is a good investment if you have young or disabled child or a family member who is financially dependent on you.

Business equipment insurance
If your freelancing gig is dependent on certain equipment, consider taking out an insurance on your equipment.

A business equipment insurance will cover you for damage, loss or theft of equipment that you use to conduct business with. This includes mobiles, laptops, cameras and other gears or gadgets that you use for business.

This also applies even if you work from a home office because most home insurance don’t cover business assets.

Personal indemnity insurance
If your business or freelance gig involves providing advice to clients, consider taking out a personal indemnity insurance.

This type of insurance will cover you for any advisory mistakes or negligence that causes financial loss to your clients. For instance, a freelance portfolio manager may mistakenly forget to check a client’s risk profile before investing on their behalf. If the investment fails and the client files a complaint due to loss of their money, a personal indemnity insurance will cover the settlement.

Benefits

Needless to say, you don’t receive benefits if you freelance full-time unless you pay them yourself.

Superannuation
Since you technically work for yourself, your retirement savings is completely up to you because your clients are not liable to pay the 9.5 per cent superannuation guarantee.

In an employment arrangement, the government requires employers to enrol or contribute to their eligible employees’ chosen super fund or self-managed super fund. On the other hand, freelancers have the freedom to choose from a variety of retirement options outside of super, such as annuities.

Regardless of your choice, you’ll have to save up and pay for all the required contributions.

For more information on freelancing and super, read nestegg’s “Superannuation for the self-employed”.

Medicare
Australian residents are covered by Medicare, but you’ll have to pay for private health insurance if your freelancing income exceeds a certain threshold. If you don’t wish to pay for insurance, you may have to pay the 2 per cent Medicare levy. 

Furthermore, singles who earn $90,000 and families with income above $180,000 may have to pay for Medicare levy surcharge.

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Freelancers usually have control over their time, income and clients. However, they don’t receive insurance cover or enjoy government-mandated benefit payments.

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One of the things that can determine your income and the number of hours you work once you enter the freelance economy is your pricing. But as many freelancers have experienced, setting a price for your work can be difficult – especially if you’re just starting out.

Write comment (0 Comments) " ["fulltext"]=> string(5892) "

There’s no standard way to price your services as a freelancer, but many would advise either charging clients for each hour you worked. However, not all freelancers would agree to this suggestion. Some long-time freelancers suggest pricing your services per project, as doing so may allow you to dictate higher rates despite working shorter hours.

Should you charge per hour or per project?

There are differing opinions on which between charging on a per project or hourly basis is the fair pricing model. But before discussing how to price your services, here’s how the two systems work:

Charging per hour: The hourly price model means that your pay is dependent on your rate. This means that your income is dependent on how long you will be working on a project regardless of complexity.

Charging per project: This price model allows freelancers to quote a price for the entire project based on their assumptions on its complexity and length. This means if the time estimate is wrong, you won’t be able to charge extra for the extension.

Some feel that it is more advisable for freelancers who are just starting out to charge by the hour because some work may take longer to complete. However, there are others who advocate charging per project as the better choice as this may allow freelancers to charge higher.

For instance, you may accept a web design project that may only take you five hours to complete. Your income from this project would depend on the pricing model you use, as you will see below.

Home page redesign project Completion: 5 hours
Per hour ($25 per hour)	$25 x 5 Total income = $125
Per project (Quote: $200)	Total income = $200

From the above example, charging per project would generate more income. However, this isn’t always the case.

If your client is fussy and makes several changes, you may end up working on the project longer than expected. Consider the possibility that multiple client revisions extended your completion time to 10 hours. Your income in this new situation would be:

Home page redesign project Completion: 10 hours due to multiple revisions
Per hour ($25 per hour)	$25 x 10 Total income = $250
Per project (Quote: $200)	Total income = $200

As you can see from the examples above, both price models may give you the higher income, but it would always depend on individual circumstances. 

What to consider for your pricing

Some established freelancers typically advise choosing one between a project or hourly price model. However, there are several factors to consider when pricing your goods and services.

Project scope
The scope and complexity of your client’s project directly affects the length of time you need to commit to it. This means you need to understand what the client needs from you.

Some clients may come forward with the details of what they want you to accomplish, while others may only have a vague idea. If you have a defined scope, you may consider estimating a project price. However, a project with vague parameters may extend too long and expand its scope often; consider setting an hourly rate for these.

Time and complexity
Consider the time you need to complete the project as well as its complexity.

Some simple projects may take time to complete if you are a beginner, or the type of project itself is new to you. Likewise, some complex projects may be completed quickly if you already honed your skills, gained an expertise, or it’s something you’re used to doing.

However, the time it takes you to finish a project is not a reflection of your efforts or the project’s value. Consider the value of your effort in completing the project and decide from there.

How fussy the client is
Some clients are easy to transact with because they already know what they want. However, there are some clients who only have a vague idea, change their mind often, or tend to expand the project’s scope.

The former is easier to work with because you both know what to expect, which means it may not be too difficult to complete the project and close the transaction with them. On the other hand, a fussy client may mean multiple revisions even after you have already completed their original request(s).

The client’s budget
The client will always go to freelancers with a budget or budget range already in mind, and this is what may cause you to lose a potential client if you price your services too high. This consideration would apply if you want to charge per project.

If you want to secure a contract, it’s best to consider the client’s budget when quoting the project’s price because some operate on a strict budget. The best way to know for sure is to ask your potential client how much they’re looking to spend for the project.

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One of the things that can determine your income and the number of hours you work once you enter the freelance economy is your pricing. But as many freelancers have experienced, setting a price for your work can be difficult – especially if you’re just starting out.

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You may need to send out invoices to clients whether you do freelance work or establish your own small business. 

Write comment (0 Comments) " ["fulltext"]=> string(6714) "

Here’s an easy guide on how to write your own invoice.

Do you need to issue an invoice?

An invoice is a great way to keep track of paid and unsettled payments from clients, especially if payment settlement isn’t done upfront. 

It also helps freelancers and independent contractors keep track of their income for tax purposes.

What to put on your invoice

To make your invoice as effective as possible, you need to include all the necessary information that would make it easier for your client to understand and pay on schedule. Include the information listed below: 

1. Header
   Your invoice should ideally have a header with your information on it. The information should include your name or the business’s name, address and contact details.
   
   Likewise, consider adding your logo – if you have one – as a form of branding.
    
2. Client’s information
   Make sure to identify your client at the top of the invoice and include their contact details. This would ensure your client that the invoice is really meant for them.
   
   
3. Invoice type and number
   There are different types of invoices you can use depending on your contract with the client, so it’s important to send the appropriate one to reduce confusion. Below are the different types of invoices you may use:
   
   

   Type of invoice	When to use it
   Pro forma invoice	An invoice you send to the client prior to completing the work you were contracted for. Pro forma invoices serve as a reminder of how much will be due once you deliver the product or service. It may also be used to indicate the value of items you give for free.
   Interim invoice	An invoice that breaks down the value of a contract into multiple smaller payments instead of a lump sum payment. You may send interim invoices each time you complete a portion or phase of a large project.
   Final invoice	An invoice you send a client once a project is completed and payment is due. Ideally, final invoices should include an itemised list of the products and services that you provided.
   Recurring invoice	An invoice you send to request payment for ongoing services, such as subscriptions and memberships. It may also be used for ongoing long-term projects with the same client.
   Past due invoice	An invoice you need to send your client in the event that they fail to remit their payment by the due date on the final invoice. This should be sent immediately after the final invoice becomes late. You may indicate any late fees or interest charges that the client may have incurred (according to your contract).

   
   
   Make sure to indicate the type of invoice you’re sending so that your client has an idea of what to expect and as evidence that they were really sent an invoice.
   
   
4. Invoice number
   There’s no set format for invoice numbers, but it should ideally be easy for you to remember or identify. You may simply number each invoice you send (e.g. 1, 2, 01, 02, etc.). You may also create a code that will help you identify the client and invoicing date (e.g. 090919C5 for the 09 September 2019 invoice of client number 5).
   
   The invoice number is important because this will help you record all the invoices you send out. Likewise, the invoice number may help your clients identify which invoice you are referring to on your reminder.
    
5. Important dates
   There are two important dates you need to indicate in your invoice: the invoice date and due date.
   
   The invoice date should reflect the date when you issued the invoice, not necessarily when it was received by the client. The due date identifies when the client needs to pay the bill to avoid any late payment charges that were agreed upon and identified in your contract.
    
6. Services rendered and amount due
   Your clients may already know what you were contracted for, but they would still want to know what exactly they are paying for. Identify all the goods and services that you delivered for a particular invoice and include a short description, individual price of each item and subtotals.
   
   Make sure to clearly identify the total amount due.
   
   
7. Payment terms
   Paying would be easier for your clients if you offer convenient payment options. If you accept more than one means of payment, make sure to identify them all in your invoice and indicate which one you prefer.
   
   For instance, you may accept payments through Paypal, bank transfer and cheque payments. Note all of these options in your invoice and identify which one you prefer.
   You may simply add this as a note or reminder at the bottom of the invoice (e.g. “Payments accepted through Paypal (preferred), cheque and bank transfer.”)
   
   
8. Additional reminders
   Finally, add any reminders that your client may forget about your contract or agreed terms, such as late payment charges. You may also add discount promotions for early payment that your client may take advantage of.
   This portion should be short but informative enough so that your client is reminded of what has been agreed upon or is informed of any promotion they may benefit from.

How to make an invoice

There are many free invoice templates online that you may use, but you may also create your own using a document or spreadsheet.

Likewise, there are some paid software that can help you personalise and keep track of invoices. The only thing you’ll need to do is to ensure that you send out invoices on time and set up strategies to get your clients to pay you on time.

 

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You may need to send out invoices to clients whether you do freelance work or establish your own small business. 

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If you’re looking for a few extra dollars or a way to monetise a hobby, a side hustle can be a great place to start.

Write comment (0 Comments) " ["fulltext"]=> string(5522) "

But with literally hundreds of options requiring unique needs and skills, how does one go about starting a side hustle?

In a conversation with nestegg, director and senior financial adviser at Firefly Wealth Adele Martin discusses how to create a successful side hustle.

Who should start up a side hustle?

The financial planner said there’s a number of people who may be in need of additional income that can benefit from starting up a side hustle. 

“People on maternity leave or are working part-time because they have had kids, their income has dropped but their expenses may not have. So, often, it’s a time where people get themselves in trouble,” the money mentor said.

“For those people, this could be an extra source of income.”

Picking the right side hustle

In Ms Martin’s experience, side hustles start as something that people love doing anyway and that friends and family would ask them to do.

Using the example of one of her clients, Ms Martin said that “one particular client makes earrings and then other people asked her and now she is not having to work outside of the home”. 

Other side hustles can include work in the gig economy and includes roles such as Airtasker, Uber driver or even using Airbnb to lease out a spare room.

Don’t give up your regular job

As tempting as it may be, the financial adviser has encouraged people to stick with the nine-to-five and not go all-in on their side hustles.

“Do not quit your day job,” she said.

“Most businesses fail because they go all-in, all up straight away.”

Ms Martin explained that such a move puts your household and business under too much financial stress.

When can the side hustle become the full-time job?

While many might be hesitant to quit their full-time job, once a side hustle creates more revenue than their personal expenses, they are able to leave their employer.

“That’s why [financial advisers] spend lots of time understanding people’s personal cost of living,” Ms Martin said.

As an example, she highlighted that one of her clients would have to drop their expenses by upwards of $20,000 if they wanted to turn their side hustle into a full-time gig. 

Should businesses have separate bank accounts?

The financial adviser has advocated for the creation of separate bank accounts for side hustles to make it easier to track income and expenses.

If you’re not tracking expenses, it becomes harder to know when the company is making a profit and means incorrect taxes might be paid.

“As soon as you start the side hustle, have a chat with an accountant, set up a separate bank account so you know if and when you need to start paying tax,” Ms Martin outlined.

She warned that the tax man is targeting the gig economy, which means investors need to be able to provide the required paperwork to support their claims.

Creating financial freedom

Ms Martin is an advocate for side hustles due to the financial freedom they can provide people as well as the ability they give for upskilling business owners while they might potentially only be working part-time or at home with the kids.

Using the example of an eyelash side hustle, one of Ms Martin’s clients is using half of her income to pay down credit card debts, while also saving for a trip to the Northern Territory.

For women who are at home, a side hustle can give them an additional income while keeping their skills up and making themselves valuable if they do return to the workforce, she continued. 

3 tips for anyone starting a side hustle

Ms Martin has provided three practical tips for anyone considering setting up a side hustle.

• Do something you love because you might not make money for a little while.
• Set aside scheduled time to work on your side hustle. 
• Make sure you understand the numbers for your business, including the right selling price for your goods or services.

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If you’re looking for a few extra dollars or a way to monetise a hobby, a side hustle can be a great place to start.

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It’s hard to take up more work when you already have full-time employment, but saving money is more difficult when bills, debt and student loans are eating up your income.

Write comment (0 Comments) " ["fulltext"]=> string(7308) "

Fortunately, there are some high-paying side jobs you can do in your spare time. You may wish to consider any of the flexible side jobs below if you have the skills for them.

1. Rideshare

   It can be expensive to maintain a car, regardless if it was purchased new or used, but there are ways you can earn extra cash to meet expenses related to owning a car. Some car owners sign up as rideshare drivers with Uber or Lyft.
   
   The upside to this job is that you can choose to drive for people whenever you want. For instance, you can simply rideshare a few hours before and after your full-time shift or on weekends.
   
   

2. Delivery partner

   Another job you can do is to become a delivery partner for food delivery applications, such as Uber Eats.
   
   The good news is that you don’t need a car or any motor vehicle to become a delivery partner. You can use a bike or scooter if you’re just delivering short distances, and you may decide on when you want to deliver food and how many orders to accept.
   
   But takeaway isn’t your only option. If you have a bigger ride, such as a motorcycle or a small car, you may opt to deliver groceries instead. Uber, YourGrocer and Deliveroo are only three among the growing number of options you may consider.
   
   For instance, you may simply choose to deliver in certain areas of the city during your two-hour cycle after dinner or on weekend mornings. Likewise, you may choose to accept one delivery a day every day.
   
   

3. Virtual job

   Virtual jobs have increased in popularity due to the number of job opportunities and flexible terms that come with them. The main advantage of virtual jobs is that anyone with the right skills and equipment can earn money from them.
   
   Some opportunities you may consider are:
   
   Writer
   There are many opportunities to earn extra cash for good writers – all you need to do is determine what type of writing you want to do.
   
   Some companies or websites look for part-time writers or regular contributors, while others simply pay per contribution. But depending on the type, length and difficulty of the required written content, as well as your skill and experience, you may potentially earn up to $25 per hour.
   
   Editor
   If you prefer not to write but you have all the skills for it, you may opt to edit the work of other writers instead.
   
   Graphic artist
   There is a growing demand for graphic artists as businesses expand into the e-commerce scene. If you have the necessary skills and equipment, you may take the opportunity to design for local and international businesses.
   
   Virtual assistant
   You can also earn money by assisting someone else with organising their schedules or doing tasks for them. You may offer your services as a virtual assistant on a part-time or full-time capacity.
   
   Virtual assistants accomplish a variety of tasks – depending on the requirements – so you will be able to choose a client or project that suits your skill set. For instance, one client may simply need help contacting suppliers or collecting information, while another needs someone to organise meeting schedules.
   
   Social media manager
   It’s important for businesses to leave a significant social media footprint nowadays, but some small and medium-sized companies have no time or expertise to correctly pull it off. If you have knowledge in this area, this might be a good option. 
   
   

4. Online business

   You may also work on the side as the owner of your own online business. You may go into e-commerce and sell items you buy or make, or take the development route by creating websites for other businesses.
   
   

5. Freelance

   Some people take up a part-time job or two on a freelance basis to supplement their main income-producing work.
   
   Writer or editor
   There are online businesses that accept writers and editors on a freelance basis. These companies usually pay per approved published content or finished project so it’s easier to take such opportunities as a part-time job.
   
   Photographer
   If you have the equipment and talent for capturing great photos, you may want to consider becoming a freelance photographer for events, such as weddings. There are also photography opportunities in companies, especially in companies that regularly update their product catalogues.
   
   Make-up artist
   Anyone can buy make-up but not everyone can apply it well, which means you can use this opportunity to monetise your skill by offering your services as a make-up artist for weddings and other special events.
   
   You may also launch your own video channel (e.g. YouTube, Facebook or Instagram) to give make-up video tutorials and earn extra cash through ads and/or affiliate marketing.
   
   Carer
   If you’ve ever babysat in high school and you have time to take care of others, you may work as a kid or adult carer. This opportunity may not earn as much as the others on this list, but if you have a first aid certification or have a working medical knowledge, you may be able to charge more for your services.
   
   You may also consider dog walking or pet sitting if you prefer being surrounded by animals.
   
   

6. Rent out extra space

   If you already own a property but have unused space, you may wish to consider becoming a landlord or landlady.
   
   Spruce up your spare room or turn your garage into a room and offer it for short-term or long-term lease. You could also list it on AirBnb and similar sites and applications to increase the chances of getting booked.
   
   

7. Flip and sell

   Even if flipping is mostly done on real estate properties, there are many other things that you can flip and sell.
   
   You may flip vehicles, furniture or even shoes then resell them for a profit. 
   
   

8. Teach or tutor

   There is a demand for online teachers and tutors who can help students with certain topics over Skype. You can teach English to foreign students online – currently a big demand – or become a tutor for subjects you’re good at in your neighbourhood.
   
   You may also teach skills that you have. For instance, if you’re good at playing the piano or guitar, you may offer music lessons to children and adults. This works for any skill you may be good at, so think hard about what you know and can do that others may have difficulty with.

These are just a few side jobs that pay well. One of the best ways to really earn more money from your side job is to develop and market your skills and services and create a good working relationship with your clients so that they come back to you and refer others.

Explore Nest Egg to learn more ways to earn money.

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It’s hard to take up more work when you already have full-time employment, but saving money is more difficult when bills, debt and student loans are eating up your income.

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