Launching a new side-hustle or fledging small business in the new FY?

You've made the decision to launch! Fantastic ... but what next?

New financial year. New business beginnings. 

It’s not surprising at this time of year that many who have been contemplating starting that new side-hustle or small business look to the new financial year as a start date. It makes perfect sense from an accounting and finance point of view and many people might be investing a healthy tax return to kick start their new small venture. 

As a digital marketing agency here in Ipswich, we do notice an increase in enquires around new small businesses, how to start online, social media and more. You know … the fun and exciting stuff when building a new small business. However, before you jump into that there are some other things to consider before you pour over logo revisions and start pumping out social media posts … 

First and foremost, have a chat to your accountant. Your accountant will go through the building blocks of your business (structures, business registrations etc) and this is how you start ‘the way you want to finish.’ 

What do I mean by starting the way you want to finish? It means setting yourself up so your business can scale from your very first sale. 

• Setup a separate bank account for the business, even if it is just a side-hustle. 

• Accounting and invoicing software. Think of subscription platforms like Xero. It’s a powerful tool for small businesses and will allow you to take care of everything from invoicing to payment reminders, suppliers, client contacts forecasting and much more. You can share access with your bookkeeper and accountant to make things easier at tax time … saving you precious time as well! 

"Did you know that you can also accept credit card payments via Xero with payment integrations like Stripe, Square and Paypal? While there are fees associated with these platforms, it always helps to be easy to pay! "

• Research and invest in a customer relationship management (CRM) software platform from day dot. If you are doing everything by yourself (which no doubt you are) you need some smart software tools to make your life easier. CRMs will help you understand your clients better, show engagement history, provide consistent customer service, assist with targeted marketing and much more. 

With these building blocks in place, you can now focus on your digital assets like websites, social media, or e-commerce platforms knowing you are ready to do business! Now, this list is by no means exhaustive and your particular side-hustle or business idea may have other building blocks that are required but the message is the same. Start how you want to finish and make sure you have the systems in place from day one to support growth into day 10, 100 ... and 1000. You never know where your new business will take you!

In Cahoots Co is an Ipswich digital marketing agency that specialises in strategic marketing for growing companies across Ipswich, Brisbane and the wider South East. We offer free 30 minute discovery sessions and if you visit us in person, we'll even shout a coffee!