Do I need to register a business name for a side hustle?
What is a Side Hustle
In a side hustle, you typically market your services and charge based on demand, rather than taking a job with limited hours and a set pay rate. Side hustles are not new. That's why they're called "side hustles" – they're something you do on the side.
A side hustle is not a hobby.
A side hustle is different from a typical hobby in that a side hustle aims to earn additional income or help you transition into a full-time job. A side hustle is not necessarily something you'll quit your day job for, or that will replace your day job. Think of your side hustle as something you do in addition to your regular job, not instead of it.
With a side hustle, you can work as much or as little as you want and only for clients you're interested in.
You may work as many or as few hours as you like in a side hustle, and you aren't beholden to an employer. Moonlighting commonly refers to someone holding two jobs simultaneously, keeping one job while working a second job in addition to the first. Side hustlers can earn more money than those with just one appointment.
The difference between part-time jobs and side hustle jobs is fundamental yet overlooked. People accept a part-time job to make ends meet but move on to something else as soon as possible. On the other hand, people with side hustles see it as a full-time job, but one that suits their lifestyle much better.
Mining Your Interests (and Passions) for Gold
The first step in creating a side hustle is identifying what you love to do and then considering how you might be able to turn it into a revenue-generating business. Side hustles often begin with hobbies and evolve into business as you seek to monetize your skills and interests.
The challenge of turning a hobby into a business is that you're selling something that isn't your expertise.
A side hustle can provide a boost to your career. Employers are becoming more accepting of "side-hustle" experience and often filling positions with applicants with a track record of success rather than someone with a singularly impressive resume.
Side Hustle Pros For many, the benefits of a side hustle include:
1. Paying off debt
2. Saving for a dream holiday or house
3. Earning more money to cover basic costs like car repairs and groceries
4. Learning skills to help advance your career
5. Boosting your resume and gaining new skills
Side Hustle Myths
While it's possible to make a living from a side hustle, it's important to remember that it's not necessarily easy. If the potential to make a decent amount of money from multiple side hustles is enticing, you're probably wondering how you can get started. One of the main obstacles many aspiring side hustlers face is the fear of failure.
Side hustles can help you develop new skills, networking connections, and business acumen.
Side Hustles vs Second Jobs
Many people do both a full-time job and a side hustle, but there is a difference between them. Something that you do as a part-time job for extra cash is known as a second job. If you're doing something not related to work for more money, it's a side hustle.
Many gigs don't require formal education or specialized skill to be profitable. Some people find their side hustles earn them more than their full-time gig.
Since there is no minimum requirement to put in a set amount of time at your side hustle, you're free to take on two or three – or even more, as time permits – at any given time. This can help open up an unlimited stream of additional income. And, if things ever turn for the worse at your day job, you have the security of knowing you won't be completely without a paycheck until you land your next full-time gig.
Registering your business name in Australia is a good idea if you are considering a side-hustle, as well as doing a business name search.
What is a business name?
A business name in Australia is defined as a name or title under which a person or entity conducts a business.
Finding the right business name is essential to marketing your side hustle in a way that attracts customers.
The name can be displayed on storefronts, advertising materials, stationery, invoices, and checks or used for addressing mail.
Why you should register a business name?
Registering your business name is one of the most important first steps to becoming a successful side hustle. Take control of your brand by registering a name you can trademark before launching your business.
You may wish to register a business name if you intend to run your side hustle under a name that differs from yours. Doing a business name search in Australia is important. A business name check is a good idea.
Registering an Australian business name can be wise for many businesses, not just a side hustle. Protecting your business name and branding can transform your business from a 'shoestring' side hustle into a serious enterprise.
When it comes to business names, there's a lot more to protecting your brand than just registration. NameCorp is the leading provider of business name protection and the best source for choosing a name that works for your side hustle.
There is no need to register a business name if you operate a business under your name or if you are a company.
There is also no need to register a business name if you are in a partnership and conduct business under all partners' terms.
Registering your business name with ASIC shows you are serious about doing business. The name is then included on the public register and linked to your ABN.
Also, you should register your business name in Australia to protect it from misuse.
Registering a business name will not stop someone who has registered the name as a trademark from using it. This means you may lose exclusive rights to your side hustle, which could cause significant problems with the customers or distributors who have previously associated your business with your brand. If you are serious about your side hustle, conducting a trademark search before deciding on your business name is essential.
When choosing a business name, you need to be careful that the name you select doesn't infringe on the legal rights of another person or business.
Register your business name with us by completing the application form below. Please read the guidance notes and consult one of our advisors if you need assistance writing the application form.
NameCorp offers registered business names for sale and rent. Check the availability of your new name with our Australian Business Name Search below, or contact us for a customised search tailored to your specific needs.