Highlights
- There are three questions you need to ask yourself before going into business.
- Upskill and research requirements.
- Access organisations that mentor and support small business owners.
'May PERAan' is SBS Filipino's podcast series which features financial experts seeking to answer the most common questions about money and finances.
"Other people don't go into business because for them, it's easier to work for someone else and get paid a wage," finance expert Maria Papa shares.
But for those who have side hustles they want to turn into full-time businesses, Maria says that there are several things to consider before taking the plunge.
Listen to the podcast
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Maaari ko bang gawing negosyo ang side hustle ko?
SBS Filipino
10/08/202110:22
Initial questions to ask yourself
Maria shares that if you're involved with a side hustle you're thinking of turning into a full-time business, ask yourself the following first:
- How much are you actually earning from sales?
- Am I earning enough for it to replace my previous income?
- Are you ready to go into full-time business?
Be prepared
"Being a chef and owning a food business are very different things," Maria says.
While cooking entails focusing on just the food, Maria says that owning a food business requires that you put on many hats. The same thing goes for other kinds of businesses.
"You have to be the accountant. You have to know sales. You have to do marketing. Then you have to cook [or create the product or provide the service]. That might be daunting for you if you're going into business for the first time."
For first-time would-be business owners, it's important to upskill and learn about managing a business.
"Fortunately here in Australia, there are government organisations that mentor people who want to go into business. Look into organisations like . The is also a good resource."
Talk with your local council
Maria shares that it's important to talk with your local council if you have a side hustle or if you're planning to put up a business.
"Food businesses are especially highly regulated by local councils. I suggest that if you regularly sell, contact your local council to see if you are required to register. You wouldn't want to get penalised.
"Think about whether you want to do the endeavour as a hobby or as a regular thing. Look into the requirements of your local council and check if you're allowed to operate from home."
If you're ready
Maria shares that there are a lot of things to consider before going into business, but if you really want to pursue it, you have to apply for an Australian Business Number (ABN) and you have to have a website or Facebook page to market the business.
"You can get a personal loan as well. If it's for a small business, you can probably start off with around 10-20,000 AUD."
If you still need to think about it
If you're not quite ready to go into business, Maria shares it's important to ponder on it and prepare.
"Research and equip yourself with business skills. If you have a job or are able to get a job again, save your money for capital."
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Disclaimer: This article is for general information only. For specific financial advice, you should consider seeking independent legal, financial, taxation or other advice to check how the information here relates to your unique circumstances.
