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Starting a small business: Brandi’s tips for success

 

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My name is Brandi Salmon, and I am a proud Wiradjuri woman, artist and business owner living and working on Palawa Country in nipaluna, lutruwita (Hobart, Tasmania). I run my business, ‘Brandi Salmon Art’.

Starting my business, a year ago, some of the most important tips I have learnt are:

  1. Create a separate bank account for my business, as well as using a separate key card for all business-related purchases etc. It just makes things a lot easier at tax time!
  2. I got a subscription to accounting software as soon I could. I use XERO.
  3. Don’t touch your business money for personal use. 
  4.  For me, it is smart to have at least $1000 in a separate bank account in case of emergencies, for example: a customer’s product is damaged or lost in the mail and it needs to be replaced.

Financial things to think about when career planning or swapping jobs

I currently work a full-time Government job as well as running my side-hustle business. I have created an excel spreadsheet to monitor and forecast my finances, aka, what I need to do to quit my 9-5 desk job and do my business full-time. For example, I may need to sell 500 prints before I am able to quit. Once your goal is written down, I find it is more likely to happen, and it helps to plan for the future of the business.

My experience in business as a First Nations woman

For me, it was difficult starting/running my business as I did not have a ‘blueprint’ to follow. It is important to ask for help. For me, this came in the form of Ngarimilli, an Aboriginal non-profit that provides support for First Nations businesses. Through Ngarimilli I was able to receive an appointment with an Aboriginal Accountant, free of charge.

As with every article on TomorrowMoney, this is the author’s own experiences and not personal advice. 

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