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Explore the Pixel Blog
The PXT Team
Co-founder @ Pixel Together
Monday 27th June 2022
Image credit: Eden Constantino
From the time you have a new idea to the point that you decide to go ‘all in’, a lot can happen. Whether you’re working for an employer and building a business on the side or already running your own business and pursuing something additional, testing and timing is really important. If your idea takes off, you can make a better informed decision about whether it should become your focus. If it turns out to be something smaller, congratulations on your new revenue stream!
A side gig is a good thing
The last few years have reinforced the importance of building yourself a buffer. And if it doesn’t work out, every new project will teach you more skills which you can bring back into your job or business.
Setting up a new project
Book in the timeThe best way to get a new project going is to approach it like your second job. One easy way to do this is to create a routine and stick to it. If you use an online calendar, create a calendar for your business and block that you’ll spend working on it.
Read more about getting it all done on Extraordinary Routines, a site for creative people
Create your site
'If you have a special connection or can see a gap in the market you might just see an opportunity for importing or even manufacturing a product'
Keep things separate
Once you start to invest and eventually make money, a separate bank account for your project can make life easier at tax time. If you’re in Australia, here’s some local tips below to help get you up and running.
This report from Canstar is a good place to do some research into your bank options.
Apply for an ABN
In Australia, if you’re not currently registered for an ABN, it’s a good idea to chat to your accountant to find out how you should best structure your new business.
An Australian Business Number (ABN) is necessary when your business brings in income. If you think they will apply, you can also register for tax obligations such as GST and PAYG withholding.
Doing something new can feel a bit lonely or even scary at times. Podcasts are one way to hear stories from other people who are trying something new- here’s a great list to get started with.
'Once you start to invest and eventually make money, a separate bank account for your project can make life easier at tax time'
References and links:
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