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Side hustling is the ultimate balancing act. You juggle a 9-to-5 to make ends meet while working on your passion project that only you have wanted to pay the bills.
For many, making a job of what you love is the ultimate dream, so we teamed up with Bankwest to take your entrepreneurial ambitions to new and lofty heights.
Define your side hustle
No business can be everything to everyone. Defining your value proposition will help you and your team focus on what you do best. Put simply, your value proposition is why customers should buy what you sell. The more clearly you define your main selling point, the easier it will be to deliver it.
People don’t have much time. So if you can’t succinctly summarize what you’re selling, they’re not listening. It should communicate three things. Relevance: Explain how your product solves a problem. Second, your value: deliver tangible benefits. And finally, differentiation: what sets you apart from your competitors. Once you understand this, this value proposition will be your mission statement for everything you do. These Downloadable templates are specific to an individual entrepreneur or if you are in a partnership, corporation, or trust company, it will help substantiate your value proposition and business plan.
Know your strengths and weaknesses
Knowing what your customers are saying about you is critical to building customer relationships, retention, and loyalty. If a customer thinks you’ve provided them with an epic experience or product, chances are they’ll tell a friend who will then become a new customer.
Make sure your website is showcasing your glowing reviews. If you are planning on purchasing a new product, chances are you read the reviews online before making a purchase decision – and your customers will do the same with you.
Send a follow-up satisfaction survey to your customers’ inboxes or ask them directly to leave a review and quote them on your website. Consider including an incentive (e.g. 10% off their next order) when they leave a Google or website review. You ask them to sacrifice their time. So giving them something in return can increase adoption of survey responses and reviews. Consider platforms like Survey Monkey and Typeform which can be great tools to facilitate survey. As far as the sending of the emails is concerned, Campaign Monitor can be helpful for email marketing from us, especially because you can set up automated emails to save time.
Your social media channels are another place where potential customers can get an idea of ​​what other customers are saying about you before they buy. Monitor your social media accounts on a daily basis and reply to comments and messages, even if just thanking them for their feedback.
Outsource help and get your time back
You are the CEO and this business is your baby. We get it. It can be difficult to take a back seat, but at some point it’s a necessary step in growing your business – even if it might not feel like it.
Do you spend hours updating your website? Are you trying to crack this Insta and TikTok algorithm? Assess your strengths and see if there is someone better qualified to cover your weaknesses. There’s only one of them, so it’s best to work smarter, not harder. Whether you hire an employee for these tasks or outsource it to a freelancer, you will discover it as a lifesaver in real time!
In the early days of your sideline business, spending $ 10 on a billing or online payment system can go too far. But your business has grown, and these systems are now more than worth it considering how much time they can save you. Consider investing in invoicing tools like Bankwest Simplify – and let systems and tools do the heavy lifting for you.
Use the resources available to you
Training and qualifying yourself can be a time-consuming task, and if there’s one thing that side-hustlers don’t get much of, it’s time. Fortunately, there are tons of digestible and crunchy resources out there to help you take your appearance to the next level.
TikTok is a gold mine for marketing tips and best of all, a video is usually only around 30 seconds long so you can literally learn something new in no time. Do you still commute home from your job? Plug your ears with a podcast. Pinterest is also a surprising but super helpful platform for business tips, tricks, and inspo. Your bank is a great resource too, and Bankwest has a ton of how-to guides for everything from content marketing to visual branding. Look at her Here.
Get to know your cash flow
When it comes to your sales, waiting to be invoiced can be detrimental to your cash flow. Get in the habit of billing immediately or on a daily basis. Depending on your product or service, you might even consider paying in advance or paying halfway through. But invoicing is just the beginning. To maintain healthy cash flow, you need more than just strong income. Keep your accounts and books up to date so you can see your company’s financial health at a glance. And keep it simple. If you are unsure about the numbers, or if you waste far too much time figuring it all out, consider hiring an accountant. Much like a personal emergency fund, building cash income will help cushion your business from unexpected events and expenses. It also gives you the money you need to grow your business. Keep your personal and business finances separate and generate income with Bankwests Business account without a transaction.
Managing a sideline can be a complex journey, but Bankwest has a variety of tools, guides, and information to help you with this. See here for all deets.
Editor’s Note: This article is sponsored by Bankwest and proudly supported by Urban List. To learn more about who we work with and why, read our editorial guidelines here.
Important things to know:
Bankwest is a division of the product publisher Commonwealth Bank of Australia ABN 48 123 123124 AFSL / Australian Credit License 234945. Fees apply. The general terms and conditions apply and are available on request. All advice is of a general nature and does not take into account your goals, financial situation or needs. You should consider the Product Disclosure Statement (PDS) and check whether the product is suitable for you. A PDS is available at bankwest.com.au or by calling 13 7000. Service fees including a recurring payment fee and a BPAY payment fee may apply.
The target market regulations for Bankwest products will be available here from October 5, 2021.
[JL4]www.bankwest.com.au/tmd
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