CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES

F L Y I N G S O L O S T A R T I N G O U T K I T : CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES

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START NG OUT KIT

YOUR 9-STEP GUIDE TO STARTING OUT

F L Y I N G S O L O S T A R T I N G O U T K I T : CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES

CH CKL ST#1

YOUR 9-STEP GUIDE TO STARTING OUTTHINK YOU’RE READY TO EMBARK ON YOUR SOLOPRENEUR JOURNEY? CHECK OFF THESE 9 STEPS TO HELP YOU FOCUS ON YOUR BRILLIANT IDEA AND BRING IT TO LIFE.

1I’m starting a business because... [Select 2 max]:

I want to be my own boss

I have a passion for my idea

I want to fill a gap in the market

I want to make more money

I’m turning my hobby into a side hustle

2 My business idea in 25 words or less is:

3 I’ve got an instantly marketable business name that clearly says what I do or captures my brand’s vibe.

My business name is:

4My product or service’s unique selling point is...[Select 2 max]:

Convenience

Quality

Value

Technology

Cool branding or design

Expert knowledge

Innovation

Me!

Other:

5 I would describe my ideal customer as...

FLYING SOLO STARTING OUT KIT: CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES flyingsolo.com.au

YOUR 9-STEP GUIDE TO STARTING OUTCONTINUED

8My intended business structure is:

Sole trader

Partnership

Company

Trust

6I’ve tested my idea with friends, family or industry

contacts who have given me honest and helpful feedback

7The money to start my business will come from:

Savings

Credit card or bank loan

A government grant

Investors

Other

9I’m ready to write my business plan.

FLYING SOLO STARTING OUT KIT: CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES flyingsolo.com.au

YOUR BUSINESS PLAN

F L Y I N G S O L O S T A R T I N G O U T K I T : CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES

CH CKL ST#2

YOUR BUSINESS PLAN TO CREATE A BUSINESS MASTERPIECE, YOU NEED A MASTER PLAN. DON’T BE SCARED. YOUR PLAN IS YOUR FRIEND. IT’S YOUR OPPORTUNITY TO PUT THE MUSCLE AROUND THE SKELETON OF YOUR BIG IDEA. YOUR BUSINESS PLAN WILL BE YOUR ROADMAP FOR SUCCESS. LET’S TICK OFF WHAT YOU NEED:

A one-page summary: A one-pager should tell any stranger (including potential investors or banks) what your business is about, who your customers are, how your business is structured, how your products or services are accessed or distributed, and your short-term and long-term plans.

A vision statement: This is ‘The Dream’. Think big and audacious. For example, Bill Gates’ vision for tech giant Microsoft when he started it was simply “a computer on every desk and in every home.”

A mission statement: This is ‘The Now’ but also ‘The How’. Outline your purpose and what you do every day to implement your strategy. For example, Australian skincare brand Sukin’s mission is to “make natural products more accessible for everyone”.

Business values: What does your business stand for? What are its ethics? For example, Domino’s Pizza’s values include ‘Be generous and provide joyful experiences’, ‘Crush convention’ and ‘Do the right thing because it’s the right thing to do’.

Products and services: What are you selling? What is required to create the products or services - and how are they distributed? What is the price point and how does that relate to the quality?

Customers: Who are they? What do they do? How old are they? What education level do they have? What are their interests? Walk in their shoes.

MISSION VALUESVISION

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YOUR BUSINESS PLAN CONTINUED

A market analysis: Who are your competitors? What are their strengths and weaknesses? What are your business’s strengths and weaknesses?

Finance: What are your startup costs? How much finance do you need to obtain, and where will it come from? What are your immediate projections of costs and sales? What is your projected cash flow?

Risk: What risks are your business exposed to? Is it dependent on importing? Could it be affected by government policy changes? How will you future-proof your brand? Work out if there is insurance available for some or all of the risks.

Operations: What property, equipment or assets will you need to operate? Will you need software and cloud-based computing? Take into account registrations, licenses, capital equipment and personnel.

A management plan: If it’s more than one person, outline how you’ll make decisions and who is responsible for what. Consider a shareholders agreement if you are going into business with others.

Legal: Do you need any contracts, terms of use, privacy policies, trademark registrations or employee/supplier agreements?

Review: Regularly review and revise your business plan as you go along.

Things you should know:

This document is intended to provide general information

of an educational nature only. It cannot be used for

financing and credit risk assessment purposes. It does not have

regard to the financial situation or needs of any reader and must

not be relied upon as financial product advice.

Full business plan

One-pagerBUSINESS PLAN TEMPLATE EXAMPLES

STRENGTHS WEAKNESSES OPPORTUNITIES THREATS

FLYING SOLO STARTING OUT KIT: CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES flyingsolo.com.au

YOUR MARKETING PLAN

F L Y I N G S O L O S T A R T I N G O U T K I T : CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES

CH CKL ST#3

YOUR MARKETING PLANYOUR BUSINESS PLAN ALREADY TOUCHES ON YOUR MARKETING STRATEGY. BUT A MARKETING PLAN LETS YOU FOCUS SOLELY ON GETTING YOUR PRODUCTS AND SERVICES OUT TO CUSTOMERS. IN SHORT, HOW WILL THEY FIND OUT ABOUT YOU AND WANT TO TELL ALL THEIR FRIENDS? YOUR MARKETING PLAN SHOULD FOCUS ON THE 4 PS OF MARKETING. LET’S TICK OFF WHAT YOU NEED:

Product: What makes your product or service a better choice than others? How big is your market? What makes your product or service attractive? Does your product or service have a particular quality that gives it an edge?

Price: Price is an important part of your marketing strategy because it will help determine who you market to, and how you design your promotions. Is your product or service priced for a luxury market or for value-conscious consumers? What is the market willing to pay for competing products and services, and where does your product or service fit? Are you likely to discount your products and services? If so, will those discounts be at certain times in the year, e.g. Black Friday?

Promotion: Promotion is about accessing your customers from all angles. Choose the channels where you’re most likely to hit your target market and make sales. Will your product or service be sold on Facebook Marketplace? Will a brochure mailbox drop help? Is Facebook or Instagram advertising the right fit for your brand? Will you need a Google Ads budget? Ask yourself what will give you bang for buck and how you’ll measure that success.

Place: How will you deliver your product or service to customers? Your distribution channels may include physical shops, online stores or online marketplaces like Amazon or Etsy.

Things you should know:

This document is intended to provide general information

of an educational nature only. It cannot be used for

financing and credit risk assessment purposes. It does not have

regard to the financial situation or needs of any reader and must

not be relied upon as financial product advice.

Marketing plan template: download

Extra expertise: Do you need to employ anyone to help get you the results you want? e.g. a graphic designer, an SEO specialist, a digital marketer, influencers.Keeping track: Use a dashboard to track actual sales or

customer traffic coming from different marketing channels. This will help you figure out what’s working and what’s not. You can do this via an Excel spreadsheet or a

platform like Salesforce.Changing tact: Your marketing plan is a living document. Update your strategy as you learn from customer feedback and sales trends, or if you’re offering new products or services that need to be put to the test.

OTHER THINGS TO CONSIDER: OTHER THINGS TO CONSIDER:

FLYING SOLO STARTING OUT KIT: CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES flyingsolo.com.au

MANAGING YOUR MONEY

F L Y I N G S O L O S T A R T I N G O U T K I T : CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES

CH CKL ST#4

MANAGING YOUR MONEYWE’RE NOT ALL BORN NUMBER CRUNCHERS. BUT WHEN YOUR BUSINESS IS YOUR BABY, THERE ARE SOME BASIC PRINCIPLES THAT CAN HELP GUIDE YOUR MONEY MANAGEMENT THE RIGHT WAY. BEFORE YOUR BUSINESS TAKES FLIGHT, TICK THESE BOXES AND YOU’LL BE UP, UP AND AWAY!

Start a business budget: Got a household budget? Your business budget should follow those same steps of ensuring you’ve got enough coming in to afford what needs to go out. Use an Excel spreadsheet or online template to keep track of the following:

n Any setup costs, like registrations, licenses, equipment, money for everyday expenses

n Monthly profit and loss forecasts, based on your estimates or industry standards

n Any fixed or variable costs, like paying suppliers, rent, electricity, delivery, website or contractor fees

n A forecast after your first year of business. This will contain your expected assets and liabilities so you can work out what resources you’ll need for day-to-day operations in the next year.

n Your break-even point. Anything above this number is counted as gross profit.

Separate your personal and business transactions: Do you really want to wade through your personal transactions every time you need to work out sales, day-to-day expenses, tax deductions and your cash flow needs? Open a separate business transaction account to save that sweet time and get an accurate picture of your finances. It also makes your business look more professional to customers and suppliers, and is necessary for applying for finance from the bank. Try a business transaction account with a zero monthly fee option and unlimited electronic transactions, like CommBank’s Business Transaction Account.

Track your cash flow: Cash flow is simply the amount of money that goes in and out of your business. But unlike assets like tools or equipment, it’s instantly liquid. If you’re spending more than you’re making, then you may find yourself unable to meet your immediate obligations. So, prepare annual, quarterly and monthly cash flow projections to closely monitor your operating expenses, overheads, stock levels, debt collections and profit. An accountant can help you review your cash flow plans. If you’ve got a CommBank Business Transaction Account, you can set up smart alerts to tell you if your account balance is low, high, overdrawn or if you’ve just been paid.

Things you should know:

This document is intended to provide general information

of an educational nature only. It cannot be used for

financing and credit risk assessment purposes. It does not have

regard to the financial situation or needs of any reader and must

not be relied upon as financial product advice.

FLYING SOLO STARTING OUT KIT: CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES flyingsolo.com.au

MANAGING YOUR MONEYCONTINUED

Know your tax obligations: Right from the get-go, work out the type of taxes that could apply to your business, tax registrations, tax deductions and what business records you need to keep if the Australian Tax Office calls. Head to business.gov.au for more.

Set up a record-keeping system:

As a sole trader, keeping good records will give you the best chance of success. If your business is super simple, you can do it manually, but many businesses nowadays use electronic bookkeeping systems like Xero to streamline accounting.

Keep up to date with government grants: There are many grants to encourage microbusinesses. Visit the Federal Government and state government’s business websites to search for new grants, loans and financial assistance.

You’re ready to fly! Head to flyingsolo.com.au for advice, ideas and support from Australia’s largest community of solo business owners.

Improve your cash flow by issuing invoices immediately after the delivery of goods or services. You can also shorten payment terms or invest in a mobile EFTPOS device.

WATCH ONLINE: What is cash flow and how do I monitor it?

HOT TIP

FLYING SOLO STARTING OUT KIT: CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES flyingsolo.com.au

F L Y I N G S O L O S T A R T I N G O U T K I T : CHECKLISTS FOR SIDE HUSTLES AND NEW BUSINESSES

IN PARTNERSHIP WITH