Starting a business alongside your full-time job sounds like a sensible way to test an idea without risking your regular income. But what happens when that side business starts making money and growing it means giving up your salary? Emma was earning nearly $100,000 between her job and business, yet going full-time meant potentially dropping back to just $30,000.
So how do you give a side business a real chance without sacrificing your financial security or every spare hour you have?
In this episode, Emma and Tash share how they built businesses around their existing jobs, studies and personal lives. From squeezing client work into evenings and weekends to navigating tax, burnout and the decision to become fully self-employed, they explore what it actually takes to turn an idea into a business, and whether going full-time should even be the goal.
In this episode we'll discuss:
💼 Why starting a business doesn't have to mean quitting your job, and why some people are perfectly happy keeping their side hustle as an extra income stream.
💰 How Emma went from earning nearly $100,000 across her job and side business to facing the prospect of living on just $30,000 when she decided to go full-time.
🏠 The financial support that can make starting a business possible, from having a partner cover household expenses to moving back home with your parents.
⏰ How Emma fitted client work around her 9-to-5, train commutes and Saturday mornings, but struggled to find time to actually grow the business.
🍼 The frustration of having a brand cancel a paid campaign after Emma had already squeezed the work into her baby's nap times and planned her childcare around the expected income.
🧾 Why extra business income can mean a bigger tax bill and higher HECS/HELP repayments, and why some of that money needs to stay in the business.
🔒 The golden handcuffs of a well-paid job, and why starting something that initially earns very little can become harder as your career and financial responsibilities grow.
⚖️ How operating as a sole trader can expose personal assets to business liabilities, and why insurance and legal responsibilities become increasingly important.
🎨 Why spending months perfecting your logo, website and branding can become a distraction from actually finding customers and doing the work.
🚪 Why quitting your 9-to-5 for freedom can leave you working 9-to-9 instead, with 50 clients replacing the boss you wanted to escape.
The big takeaway? Starting a business on the side can provide an opportunity to experiment, earn extra income and build something before giving up the security of a regular salary. But growing a business involves trade-offs between money, time and risk, and going full-time isn't necessarily everyone's goal. The important thing is making sure the business you're building actually supports the life you wanted when you started it.
Disclaimer:
Any advice is general and does not consider your financial situation needs, or objectives, so consider whether it’s appropriate for you. You should also consider seeking professional advice before making any financial decision.
Pearler is an Authorised Representative 1281540 of Sanlam Private Wealth Pty Ltd AFSL 337927. Read the FSG available from https://pearler.com/financial-services-guide
If you are considering any of the products we spoke about during the show, be sure to read the Product Disclosure Statement & Target Market Determination available from the product issuer’s website before deciding.
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