MEDIA RELEASE – 26 August 2019
Side Hustle Soulmates – How Everyday Aussies Are Partnering Up To Create Successful Businesses
Australians tired of stagnant wage growth and being stuck in a jobs rut are going into business with ‘side hustle soulmates.
Husbands and wives, long-time friends, relatives, mentors and colleagues are combining their talents and passions to bring their business ideas to fruition.
Melbourne financial expert and entrepreneur, Dr Steven Enticott, said a new generation of business partnerships was emerging in Australia as disenchanted employees search for new ways to earn more money.
“In an era where wages are not going up, everyday Australians are discovering that they need to be more resourceful than ever before to deal with the rising cost of living and sky-high mortgages,” Dr Enticott said.
“A lot of my clients tell me that they want to start a profitable side business, but many are understandably nervous about doing it alone.
“They’re finding that the answer is to join forces with someone else to start a side hustle and realise their dream of getting ahead in life, maybe even quitting their day job.
“Finding a ‘side hustle soulmate’ certainly makes a lot of sense because two heads are definitely better than one in business. It means you don’t want to shoulder all the responsibility and risk on your own.”
Ozgur, a former athlete and hotel worker, started a personal training business before establishing Melbourne Altitude Training in Southbank, a unique gym with a simulated altitude room that maximises training benefits.
His physiotherapist wife, Sarah, later quit her hospital job and opened a physiotherapy clinic on the same site.
“After having a baby, we realised that working for other people wasn’t going to pay off our mortgage,” Ozgur said.
“The first two years were tough, but we have worked hard together to create a really successful business that brings together our talents and experience.
“We’re now in a position where we can expand further and have recently introduced Biohacking Melbourne. Both Sarah and I now both use the latest in science and innovation to assist our clients in their wellbeing and general health.”
Dr Enticott, who has run different businesses with colleagues and relatives, believes there’s a ‘side hustle soulmate’ for anyone looking for one.
But the author of three business books, including the recently launched The Man with a Plan, warns against rushing in without doing some preparation and homework.
He has put together the following tips for anyone wondering about how to find the right business partner.
- Talents: start with identifying your top talents, passions and purpose to ensure you complement each other and have a shared vision.
- Credentials: only form business partnerships with ‘proven people’, those with a good track record and the right credentials.
- Structure: seek professional advice to ensure that your business is set up correctly and will take advantage of tax effective strategies.
- Roles: work out who is going to do what and accept that one partner should take a leadership role to minimise the risk of disputes.
- Contingency: ensure that you have strategies in place that protect you if something goes wrong and you need to end the partnership.
“Having someone else to support and motivate you, workshop ideas and discuss problems is invaluable in business,” Dr Enticott said.
“If you’ve got a great business idea, but don’t like the idea of running your own business, find yourself a side hustle soulmate.”
Dr Steve Enticott is the Senior Partner and founder of CIA Tax (www.ciatax.com.au), a personal tax-based business and investment practice based in Melbourne. He is a fiercely independent, licensed financial advisor specialising in tax-effective investment. He has a doctorate, an MBA and several diplomas. He is the author of three books and a regular guest on Channel 31’s Dollars With Sense. He has also written for the Australian Financial Review.
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