The side hustle...

Please know I’m trying to be helpful here and not a know-all, but if a caravan has 2 x 100 ah lead acid batteries which need replacing, you won’t be able to put 1 x 200ah battery in - it won’t fit.

There is a far bigger market for 100ah batteries than 200ah. You will always be able to sell the 100’s.

I just don’t want you to have unsold batteries sitting in your garage next to your pumps

 

Thanks, I definitely appreciate it.
I think I've got some early interest, so I might be okay, but I'll see if I can get 100Ah next time too.

The only problem is that the BMS that I'm planning to use doesn't officially support being paralleled, so I might switch BMS for the 100Ah.

 

Out of curiosity, when you run a side business outside of your day job, do you set up a company as well so that you can take advantage of the company tax rate? But I suppose any dividend that is declared and paid to you is still subject to personal income tax?

 

I got myself an ABN and submit my income when I do my personal tax.

One advantage of an ABN at the moment is I was able to get a Bunnings Trade card and can still go into the store during lockdown.

 

Thought I'd post an update on this and my journey.

I made a decision this week to end the side hustle.

It was a business based on my own skills and required me to deliver the services.

Over the past 4 years I have got really good at it and developed a strong business.

The only catch is that I have also been developing my "normal" career and now I'm at a tax bracket where all the side hustle income is taxed heavily. That and the fact that the "normal" career provides enough income on its own means that I just don't need to work till 11 pm each night and on weekends.

The benefits no longer outweigh the drawbacks.

The side hustle idea hasn't completely gone, far from it, but side hustle 2.0 will need to be automatable and not reliant on me.

 

That is SO important. Side hustles need to be able to be outsourced to others or it's just another job - which is great until it's not!

My side-hustle now has 6 staff including 1 almost full-timer so I'm not doing all that much other than bossing them about, approving stuff and ordering stock!

 

Can you say what your side hustle is?

 

Good on ya for actually doing it instead of yapping as most do.
I'm sure you've learned a few lessons and experience.

I'm also curious what the side hustle was.

 

Sure - www.adiption.com.au It's an e-comm I started during covid. Completely different than broking in SO many ways! Been a learning curve but super fun!

 

Nailed it Jess.

 

Hahaha - sure did!

 

Kudos to anyone who backs themselves, ignores the naysayers, takes a gamble and goes for it.

Feel so inadequate. All I can come up with is collecting rents, earning dividends and begging banks for cash.

 

I was speaking to a woman today whose 12 yr old daughter has a little business set up. She makes beaded jewellery, bracelets and necklaces.

She sells them online, answers any queries etc.

While she may not make a fortune, what a great learning experience for her.

 

We all have our gifts

Honestly though, not everyone is wired for business and investing is a great way to grow wealth without running a biz as such.

 

Your post sounds like my 2018 post! Now what didn't exist in 2018 has become my main hussle!

 

This is the secret, find your gift and make it your profession

 

Do you ship the products yourself or outsource/dropship?

 

We ship ourselves ATM. Might outsource down the track but I like the control we have doing it ourselves at this stage.

 

My wife & I are currently trying our hands on a side hustle. It's going a little better than we thought. She did a great job on the site and I did a half-arsed job on the marketing side of it (mainly through Google Ads) and a few days in with a very small daily budget we started getting sales.

Now the question is - how do we scale it? Organic SEO is a tough game to play but a very rewarding one when you get the results and get to the top.

Any ideas on this track will be appreciated.

 

Well done on the side hustle! Scaling up is always the hard part and I’m no expert, but have you considered other paid social ads such as Facebook, Instagram, etc? Depending on your product/service, TikTok might also be worth looking into for free organic growth. Much easier to go viral on TikTok than other social channels from what I hear.

Out of interest, what is your side hustle? No need to disclose specifics.