How to start a Tide Hustle
If you’ve ever thought about becoming your own boss, earning some extra cash on the side, or turning your passion project into a money maker – now could be the time to start a Tide Hustle.
What’s the difference between a side hustle and a Tide Hustle?
A Tide Hustle is a compliant way to earn money on the side of your day job. Each Tide Hustle is connected to a Tide account, making the management of money, tax obligations and admin much simpler. Here’s how you can get started.
Check your employment contract
Occasionally there are clauses in your full-time employment contract that prevent you from setting up your Tide Hustle. There may be ways around this though, so ensure you re-read your contract in full to check your rights.
Name your Tide Hustle
Naming your business can be tricky, but it’s a good place to start as you’ll need a company name to set up an email address and a bank account. Check social media channels and the internet to ensure your business won’t be confused with another company. Try to choose something catchy and memorable that relates to your Tide Hustle. If you’re really struggling, you do have the option to open a Sole Trader Tide account in your own name.
Set up a new email address
It’s always a smart idea to open a new email address to keep your business and personal life separate. After all, you certainly don’t want any important enquiries or notices from HMRC getting buried under those online shopping notifications.
Open a Tide Business Bank account
Once you have your new email address, head to our sign up page and open your account. Your business banking app will make admin like accounting and applying for loans much simpler, as all of your business expenses will be in one place from the start. You’ll be able to categorise every expense to make things like your HMRC Self Assessment tax return simpler, and be able to understand when to cut costs and invest.
Register your business HMRC
Speaking of Self Assessment tax returns, you’ll need to register as self-employed with HMRC even if you’re employed elsewhere. Anything you earn from your Tide Hustle over £1000 is taxable income and you could face a fine if you fail to register.
Understand your legal responsibilities
Depending on what your Tide Hustle is, there may be certain licences you are required to hold in order to operate. So, make sure you’ve got the correct licences and that you’re following government legislation.
Explore your finance options
Once you start using your Tide account, head to the Credit section of the app and see if your venture is eligible for a Start Up loan – it could help turn your little money earner from a Tide Hustle into a full time venture. Tide performs pre-eligibility checks on your account, so you’ll only see loans that you are eligible for – additional eligibility criteria and underwriting may apply.
Get the right insurance to run your business
It’s important to know what insurances you need to run your business because these could protect you from issues down the road. Some examples include:
- Professional indemnity insurance protects you and your business from the cost of compensating a client if you make a mistake on something that causes them reputational or financial loss. It’s a popular choice for those offering service, such as personal trainers, tradespeople or accountants
- Public liability insurance protects you against claims from the public for incidents that occur in connection with your business activities. This could include damage to their property, personal injury or loss of property. Public liability isn’t a legal requirement but it’s something that you should consider, as public liability claims can cause catastrophic costs especially to young businesses. For example, retailers, tradespeople and hairdressers should consider taking this out
- Product liability insurance covers the cost of compensating anyone who is injured or whose property is damaged by a faulty product that your business designs, manufactures or supplies
- Intellectual property insurance is an absolute must if you have a unique business idea or product. It protects you from people copying and making money from your ideas, patents, copyright or trademarks. Plus, it protects you if another business claims you’ve stolen their idea.
Remember, exclusive discounts and freebies are available to you through Member Perks – so check if there are any insurance offers available.
Know your numbers
Monitor your incomings, watch your outgoings and categorise every transaction. That way, you’ll know when to cut costs or invest. Try not to put more in than you’ll get out of your Tide Hustle straight away, unless you can really afford it.
Tide products that will help with your Tide Hustle
- Tide Accounting helps you get paid on time, manage your bills, track your business performance and file your taxes. Perfect if you just want to work on earning extra cash rather than spending hours on those back office tasks.
- Receipt Importer helps you manage your paperwork and match receipts to transactions on the go
- Tide Invoicing gives you a free invoice template ready to send to your customers. Simply fill in their details, add customisations if needed, and hit send.
Starting your own business is exciting, so make sure you put the right steps in place from the start. Your Tide account includes plenty of simple solutions designed to help Tide Hustlers just like you!