188. Turning A Side Hustle Into A Business

Welcome back to another episode of the 360 Money Matters Podcast! 

In this episode, we discussed turning a side hustle into a full-fledged business. We explored the importance of validating the business idea and achieving consistent income before quitting a day job. We emphasized the need for separating personal and business finances, understanding tax obligations, and planning for growth rather than just survival. We also highlighted the significance of considering insurance, superannuation, and long-term financial planning, including strategies for drawing income from the business and protecting family finances. Finally, we stressed the importance of planning for growth, embracing available tools for efficiency, and recognizing the evolving roles and responsibilities as a business owner.

Turn your side hustle into a thriving business – listen now to learn how to validate your idea, manage finances, and plan for long-term growth!

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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis &  Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706

 

Episode Highlights

• Validating your side hustle before going full-time

• Managing risk, finances, and tax from the start

• Why separating personal and business money matters

• The importance of the right business structure

• Don’t skip super—your future self will thank you

• Planning for lumpy income and lifestyle changes

• Building a business, not just buying yourself a job

• Leveraging tech to grow faster and work smarter

• Think big—and then think even bigger

 

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