startup business Archives | MoneyDigest.sg

So you want to run a side hustle or maybe already in the process of starting one?

A 9 to 5 life can be tiring if you’re bogged down by tasks from the moment you clock in for work to the second you sign off. But for those who are not so busy during weekdays, you will probably find it easier to allocate time on earning extra income outside of your full-time job.

But still, without proper time-management routines, it is possible to side-track to do something else after you knock off from work. If that is you, keep reading for some quick tips to find time to run your side business.

#1: Seek helping hands

Most start-up owners would rather begin the journey doing everything by themselves. Yes, it helps save on costs but ask yourself if you can do so for the long term. Chances are, you might get burned out while holding onto a 9 to 5 job.

Weigh the consequences over the long run, and you will see that it makes sense to find helping hands to run your business. Whether it’s a freelance graphic designer or a part-time IT personnel, outsource if you want to keep running this race.

#2: Group existing tasks

No, we’re not referring to multi-tasking. For folks who have ever multi-task or at least attempted to, you will quickly find that your mind is all over the place. Rather than doing five things at one go, a more intelligent way is to group existing tasks.

For example, if you’re cooking porridge for the family on Sunday, why not go for a bigger pot so it can last you till the end of the new work week? Also, instead of mindlessly scrolling via social media, listen to some business-related podcasts on your way to work.

#3: Set work appointments

When you set work appointments, be sure to pen it down somewhere. For individuals in the early stage of their side hustle and just working with one other person, maybe you can stick to Google calendar to map out your schedule.

But if you’re working in a team, maybe an application like Asana would help set and track work tasks and projects. The idea here is that you schedule specific blocks of time to complete your to-do list rather than postponing it indefinitely.

Final thoughts

a man drinking coffee in front of his laptop

Image Credits: unsplash.com

You’ve often heard people telling you to push your limits. While it’s good that you work hard towards success, remember that you’re only human. Having a full-time job comes with responsibilities, and it’s okay to take time off your side hustle when necessary.

If you’ve stayed on schedule during weekdays, then why not take a “half-day leave” on weekends to refresh your mind? While earning that extra money is essential, it’s not everything in life. Balance is crucial so learn to rest up if you need to.

According to Investopedia, a startup is a company that it is in its first stage of operations. The founders of a startup often attempt to make money by developing product or service that they deem to be in demand. Startups are all about finding a market and a business model that works.

And since you are a newbie in the field, here are 5 essential financial tips that you must keep in mind:

1. GET A CLEAR IDEA OF THE TOTAL COSTS

The costs of the business depend on its scale. Say you and your spouse are the founders of an online company in a basic office setting. You would need to pay these expenses (approximately):

Office Rent = S$500/month
Tables, Chairs, and Office Supplies = S$400
Internet Access = S$150/ Month
Salary = S$2,500 /Month
Company Registration = S$100

As a startup, you must think of ways to minimize your cost by comparing prices and doing in-depth research.

2. VALUE EXPERIENCES

Degree and certificate qualifications seen on your C.V. are important but so does your experience. Experiencing both failure and success in the field determines whether you are suited for the market and whether you are passionate about what you do. Especially in the Silicon Valley or Tech World, experience matters massively. Bringing seasoned managers and talent is not only critical to your success but is also worth every cent.

3. ONLY HIRE PEOPLE WHEN YOU NEED THEM

As a startup, you are testing every aspect of your business including the amount of labor necessary. Do really a marketing team or can you handle the marketing aspect by yourself? Instead of hiring professionals to do the job for you, you can commit several hours in developing skills.

And when you decide to hire help, good sources of quality yet low-cost labor are university or polytechnic interns. If you are willing to supervise and devote your time to training, both of you can benefit from the experience. Think about it! You are giving a worthwhile experience and good recommendation for the intern while the business is receiving low-cost (and sometimes free) services.

You can also consider outsourcing your accounting matters to a cloud accounting firm such as Cloud CFO that provide cloud accounting services in Singapore for your company at a fraction of the cost.

4. MARK YOUR CALENDAR FOR TAXES

You are bound to pay your taxes even as a small startup. Otherwise, you will have to face penalties and additional interest from the Inland Revenue Authority of Singapore (IRAS). Also, you shall organize the allocation of money to pay taxes on time to avoid the extra fee of late payment.

Image Credits: pixabay.com (CC0 Public Domain)

5. GET PAID FIRST

One of the dilemmas you will encounter as a first-time founder is getting your clients to pay for the job. Shall you charge a flat rate or shall you give a discount? No matter what you decide to do, do not start working until you get paid first.

As cash flow is the core of startups, you do not want your company to crash just because of the debt of your clients. To avoid chasing your clients, ask them to pay at least two weeks in advance before you commence your work.

Sources: 1, 2, 3, & 4