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Speaker 1: You're listening to a bonus episode of Big Business.

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Speaker 2: Do you reckon? No one would listen if I talk

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Speaker 2: like about the whole time.

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Speaker 3: The whole time talking like this on Big Business.

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Speaker 1: On Big Business Today, we are answering your burning questions

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Speaker 1: that you've sent into my DMS.

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Speaker 4: Yes, thank you so much for answering these questions that

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Speaker 4: we ask for.

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Speaker 5: Coming up, We've got question number one, who is it from?

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Speaker 2: Fuck?

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Speaker 1: Everyone's going to be exiting off this. I swear we're

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Speaker 1: doing a serious episode now we are.

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Speaker 3: It's very serious.

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Speaker 4: We're answering your questions.

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Speaker 1: Yeah, these are questions that are coming to my DMS

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Speaker 1: on the Big Business Instagram account. If you want to

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Speaker 1: send me a question or you have like a scenario

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Speaker 1: or anything, send it to that account because we check

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Speaker 1: all of those like all the time, and I'd love

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Speaker 1: to answer your questions.

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Speaker 2: Jake says.

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Speaker 1: The question is how do you start a business when

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Speaker 1: you're not passionate about anything. I'm not opposed to all ideas,

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Speaker 1: but not one product or service jumps out at me

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Speaker 1: that makes me go, yes, I want to sell this

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Speaker 1: or provide this service.

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Speaker 2: Anyway. I thought it could be a great podcast episode.

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Speaker 2: I did.

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Speaker 1: Thank you so much, Jake for thinking of an episode

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Speaker 1: for me. Oh, this is a tough one. I think

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Speaker 1: it's important to know that you don't have to be

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Speaker 1: extremely passionate about something to start a business. I think

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Speaker 1: if you're passionate about the idea of being a business

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Speaker 1: owner and running a business and all that side of it,

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Speaker 1: then I think that's something that you can be passionate.

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Speaker 2: About in itself.

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Speaker 1: Like I would go as far as saying I am

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Speaker 1: passionate about owning businesses, I actually think, now that i'm

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Speaker 1: thinking about it, I think I'm more passionate about being

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Speaker 1: a business owner than I am about what I do

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Speaker 1: in the businesses that I own, if that makes sense.

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Speaker 1: Now that's not to say I'm not passionate about women's

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Speaker 1: clothing and my cafe and all that, but my love

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Speaker 1: for business in general and entrepreneurship is actually more powerful

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Speaker 1: to me than my love for what I do, if

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Speaker 1: that makes sense at all. I just love I'd do

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Speaker 1: any fucking business, you know, because I just love it.

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Speaker 2: So maybe you're in more of.

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Speaker 1: That kind of scenario, Jake, where you just want to

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Speaker 1: be a business owner for whatever reason.

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Speaker 2: And I don't think that's a.

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Speaker 1: Bad thing at all, And thinking back to when I

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Speaker 1: started Fate, I never dreamt of owning a women's fashion

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Speaker 1: brand that made sizes six to twenty six and it

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Speaker 1: was loved by hundreds of thousands of women in Australia

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Speaker 1: and around the world.

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Speaker 2: Like that was never my passion. I will be completely honest.

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Speaker 1: I was passionate about working for myself. I guess I

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Speaker 1: always wanted to start my own business because I'd attempted

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Speaker 1: so many things throughout my earlier years, and when it

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Speaker 1: came to starting Fate, like sure, I thought this is

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Speaker 1: a fantastic idea, but it wasn't something that I'm like, yes,

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Speaker 1: I am so passionate about this, Like I was just

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Speaker 1: passionate about doing something. So I think it's important that

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Speaker 1: you don't put pressure on yourself to have something that

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Speaker 1: you're so passionate about. And I'm just lucky. I guess

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Speaker 1: that I started Fate and thought, yeah, I'm gonna get

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Speaker 1: into the fashion world, like of course I loved fashion,

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Speaker 1: love clothes have always. But then down the track, as

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Speaker 1: Fate you know, started to gain traction, it turns out,

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Speaker 1: oh wait, I am really passionate about this as well.

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Speaker 1: I think your passion for something can grow. And I'd

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Speaker 1: say even if you don't feel like you have any

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Speaker 1: exact or particular passions right now, I would say, maybe

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Speaker 1: focus on starting a business that is just aligned with

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Speaker 1: your interests. You don't have to be extremely passionate about something,

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Speaker 1: but like, think what are you interested in? Like what

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Speaker 1: are your hobbies or what do you like doing? Do

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Speaker 1: you like helping people? Do you like being crafty? Do

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Speaker 1: you like being hands on? Are you interested in tech?

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Speaker 3: Like?

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Speaker 1: I obviously don't know what you're interested in, but even

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Speaker 1: just start somewhere where you're at least interested. And my

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Speaker 1: advice would be don't go with something that you're just

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Speaker 1: not interested in at all, because then I think you'll

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Speaker 1: really get stuck if you aren't interested in something at all.

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Speaker 1: But let's say you start a coffee cup business. But

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Speaker 1: if you're not interested in coffee cups at all, I

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Speaker 1: wouldn't go there. But maybe just focus on some of

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Speaker 1: your interests. And also I would say follow some other

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Speaker 1: business owners and take a look at what everyone's doing, Like,

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Speaker 1: are there any businesses that you gravitate towards because you

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Speaker 1: love seeing what someone else is doing? Is there anything

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Speaker 1: or anyone that you see online where you're like, I

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Speaker 1: love what that person's doing.

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Speaker 2: Maybe you could lean into that field.

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Speaker 1: This is actually a really difficult question to answer, but

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Speaker 1: I would say start somewhere if you've got the passion

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Speaker 1: of wanting to be a business owner, even if it's

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Speaker 1: just something really small, and just learn the foundations of

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Speaker 1: starting a business and running a business, and then you

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Speaker 1: might end up in a completely different area down the track.

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Speaker 1: I've tried a billion different things, you know, prior to Fate.

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Speaker 1: I tried it all until I got to where I'm like, Yep,

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Speaker 1: this is the one. So that would be my advice

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Speaker 1: to you.

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Speaker 3: Jake.

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Speaker 2: Thank you so much for sending in your question.

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Speaker 1: Okay, onto the next This question comes in from Millie

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Speaker 1: and she says, I'm opening up a brick and mortar

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Speaker 1: store in my hometown next month.

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Speaker 2: Congrats.

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Speaker 1: That is really exciting, and I'm struggling to settle on

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Speaker 1: a point of sales system. There is so many out

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Speaker 1: there and I just have no idea where to even start.

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Speaker 2: Do you have any advice here? Thank you?

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Speaker 1: Yes, I have advice for this. I remember when we

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Speaker 1: were opening our first fatestock back in twenty nineteen, before

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Speaker 1: COVID times and I was in the same situation as you.

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Speaker 1: I had no idea what point of sale system to use.

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Speaker 1: There's so many out there, and I just jumped onto

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Speaker 1: Google and I remember typing in point of sales system

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Speaker 1: company in Australia, and I stumbled across the company Square,

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Speaker 1: which I'm sure all of you are familiar with, and

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Speaker 1: I ended up going with them for two reasons.

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Speaker 2: Now I'm not with them anymore.

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Speaker 1: I am with my cafe, but we've switched to Shopify

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Speaker 1: for our fate stores because our online store is with

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Speaker 1: Shopify as well, so it just makes sense that it's

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Speaker 1: all kind of on the one system and we're absolutely

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Speaker 1: loving it. But I started with Square for two reasons now.

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Speaker 1: The first reason was for aesthetics. I saw the Square

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Speaker 1: terminal that we had back in twenty nineteen was you

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Speaker 1: just buy their stand and then you plug an iPad

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Speaker 1: into it, and it was and my counter was white,

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Speaker 1: and I thought, I love the look of that, So

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Speaker 1: that's why I went with them. It was because I

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Speaker 1: just loved the sleek look. And then the second reason

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Speaker 1: that I went with Square was because it looks so

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Speaker 1: easy to use. I didn't want some clunky, hard to

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Speaker 1: use point of sale system. You know how you go

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Speaker 1: into some shops and they've got to like press a

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Speaker 1: million buttons just to like put one product in. I

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Speaker 1: went with Square because it was literally an app on

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Speaker 1: an iPad, like a kid could use it, and I thought,

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Speaker 1: that's so user friendly, so I'm gonna go with them.

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Speaker 1: I think it's important to look at what's out there

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Speaker 1: and compare all the rates and costs of each point

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Speaker 1: of sale system. They'll all have a different way that

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Speaker 1: you're going to pay for it, Like you know, they

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Speaker 1: take a certain percentage of every single transaction. They might

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Speaker 1: charge you a monthly fee just to have the system.

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Speaker 1: They might charge you a yearly fee. I think it's

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Speaker 1: just really important to do your research, read reviews online,

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Speaker 1: and kind of make up a board and compare all

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Speaker 1: of them. You know, which ones are more user friendly,

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Speaker 1: what are the rates, how do they all compare? I

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Speaker 1: would say, just look at all the options that are

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Speaker 1: out there. I can definitely recommend Square. I use that

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Speaker 1: in my cafe still, and I used it, you know,

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Speaker 1: in our Fate stores for many years. And I can

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Speaker 1: also recommend Shopify point of sale because our store is

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Speaker 1: a Shopify store and our stores now all run on that,

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Speaker 1: and it's amazing that we have it all in the

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Speaker 1: same system.

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Speaker 4: This might be a silly question as someone who has

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Speaker 4: no idea about any of this, but do you have

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Speaker 4: to use like an outsource point of sale system? Like

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Speaker 4: can you set up a business or a store and

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Speaker 4: just kind of like manage that transaction, all those transactions yourself?

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Speaker 3: Like is that possible?

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Speaker 1: I'm not one hundred percent short, and I get what

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Speaker 1: you're saying. Obviously you have to have an FPOs machine.

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Speaker 3: Yes, So like is that a legal requirement now, well, no.

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Speaker 1: You're like a cash only business. You've got to accept

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Speaker 1: like a credit card or debit card payments somehow. And

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Speaker 1: that's another thing too, Like with Shopify point of sale

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Speaker 1: and with Square, they are a payment terminal, like you know,

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Speaker 1: the customer can tap their card on it, whereas some

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Speaker 1: other ones they might just have the software and then

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Speaker 1: you've got to get your little nab you know, the

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Speaker 1: little F plus machine or your Commonwealth Bank one like.

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Speaker 2: It just depends on the system that you're using.

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Speaker 1: But with Shopify and Square, they accept payments, whereas some

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Speaker 1: you might be able to get like the register like

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Speaker 1: the point of sale and then you get your little

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Speaker 1: bank thing that you kind of accept the payments on.

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Speaker 2: I'm not sure how it.

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Speaker 1: Works, like not using an actual point of sale and

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Speaker 1: being really manual with it and then just having your

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Speaker 1: little Commonwealth Bank or whatever terminal, but this is what

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Speaker 1: you need to do. You need to look at all

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Speaker 1: of the options that you've got, look at all the

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Speaker 1: point of sale systems out there, and weigh up, especially

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Speaker 1: when it comes to costs, which one's going to be

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Speaker 1: best for you, because you get charged all different rates

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Speaker 1: depending on who you go with, and even like all

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Speaker 1: the little bank things which we've never had, but you

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Speaker 1: know how you go to tap and it's like a

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Speaker 1: Commonwealth Bank, little Nini handheld thing, Like all the banks

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Speaker 1: charge different rates as well, and it's important as well

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Speaker 1: to know that you get charged like for every time

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Speaker 1: someone pays, like it's just one of those expenses in

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Speaker 1: business that you wouldn't think of, but when a customer

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Speaker 1: is coming in your store and they're tapping on that

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Speaker 1: point of sale or on that little terminal, they take

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Speaker 1: a percentage every single time. And that's why some places

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Speaker 1: like you know, how you go somewhere and it's like

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Speaker 1: two percenter charge on all f POS transactions. It's because

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Speaker 1: the banks or the point of sale people charge us

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Speaker 1: business owners every single time.

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Speaker 3: So are they then offloading that cost onto the customer?

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Speaker 1: Then yes, that's why you'll see some places like one

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Speaker 1: point five percent surch out.

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Speaker 3: But not everyone does that.

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Speaker 2: No, that's businesses that choose to do that.

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Speaker 3: Wow, well I don't want to use those businesses.

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Speaker 2: Yeah, So hopefully that answers your question.

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Speaker 1: But I just like, look at everything out there, weigh

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Speaker 1: up all the different costs and fees and decide which

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Speaker 1: one's going to be the best for you. And also,

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Speaker 1: you know, how user friendly do you want it to be?

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Speaker 1: What do you want the point of sale to look like?

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Speaker 1: But yeah, I can recommend Square and shopifire, but I

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Speaker 1: know there are so many more out there. I just

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Speaker 1: can't make the recommendation because I've never used any others.

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Speaker 3: Do you have like a.

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Speaker 4: Number one tip for people who are looking to set

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Speaker 4: up their point of sale? Was there any like kind

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Speaker 4: of mistakes or situations you're in going about that that

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Speaker 4: you could probably pass on advice for people?

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Speaker 1: We haven't really had any issues, but I think that's

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Speaker 1: because Square and Shopify point of sale are both super

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Speaker 1: easy to use and set up like they're fool proof,

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Speaker 1: and that's made it really easy for us. I think

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Speaker 1: with a lot of the more older, old school point

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Speaker 1: of sale systems out there, it could be more clunky

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Speaker 1: to set up and it might be like technically annoying.

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Speaker 2: But we've never had any.

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Speaker 1: Issues at all because it's like you just create a

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Speaker 1: little product and put it in there, put the sizes

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Speaker 1: in there, put the price is in there. It's so easy,

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Speaker 1: like it's absolutely fool proof. The last question that I'm

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Speaker 1: going to answer today, and thank you so much to

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Speaker 1: this business owner, Alisha. She sent through four questions, but

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Speaker 1: I'll just thank you so much. I'll answer one, and

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Speaker 1: I'm definitely going to come back to your other ones,

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Speaker 1: but I'm gonna go with question number three.

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Speaker 2: You've even titled them all.

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Speaker 1: What are your top tips for the first year of business.

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Speaker 1: It's okay that you have no idea what you're doing.

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Speaker 1: We all start there. I would say, trust the process,

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Speaker 1: have fun, write everything down, even the littlest of idea

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Speaker 1: or thought that you have or reflection that you have,

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Speaker 1: write it down, make notes, be patient, and I think

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Speaker 1: have fun. I think starting a business can be extremely

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Speaker 1: stressful and you can put a lot of pressure on

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Speaker 1: yourself to get everything right and perfect. But like I

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Speaker 1: think every business owner out there who is a few

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Speaker 1: years into their journey at least can say the first

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Speaker 1: year like it's just going to be an absolute chaos.

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Speaker 1: You're going to be doing everything wrong.

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Speaker 2: And that's okay.

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Speaker 1: Like everything in year one, you will do so differently

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Speaker 1: in year two, and that is normal. It's fine if

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Speaker 1: shit hits the fan, it's fine, if stuff goes wrong.

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Speaker 1: It's fine if your systems aren't running smoothly.

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Speaker 2: Because that's part of it. That's how you're going to learn.

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Speaker 1: And then you'll go into the second year and kind

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Speaker 1: of reflect on the way that you're doing everything in

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Speaker 1: the first year, and you'll be like, all right, now,

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Speaker 1: we're going to do it this way and that continues

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Speaker 1: for every year in business.

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Speaker 2: That would be my overall advice.

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Speaker 1: And I think, like, just have fun with it, I think,

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Speaker 1: and that goes not even just for year one in business,

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Speaker 1: but have fun with it.

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Speaker 2: I said that to my team at the start of

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Speaker 2: the year this year.

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Speaker 1: I want us to remember to have fun with our

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Speaker 1: jobs and what we're doing.

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Speaker 2: Every day.

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Speaker 1: It's very easy to get caught up in all the

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Speaker 1: little tiny things when it comes to business, whether it's finances, stock, relationships, whatever.

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Speaker 1: I think we all need to stop and just remember

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Speaker 1: to have fun and enjoy the journey. Don't be too

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Speaker 1: hard on yourself, and lean on others, and don't be

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Speaker 1: afraid to ask for help. I think a lot of

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Speaker 1: us naturally don't ever want to ask anyone for help.

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Speaker 1: You'd rather just do it yourself and no, it's fine,

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Speaker 1: I'll do it. I'll do it, I'll do it.

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Speaker 2: But don't be afraid to lean on others ask for help.

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Speaker 1: It's not shameful or embarrassing to ask for help, especially

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Speaker 1: if you're new to something and you don't know what

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Speaker 1: you're doing. But that would be my overall advice. Have fun,

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Speaker 1: trust the process, and it's fine if you're doing it

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Speaker 1: all wrong, you'll figure it out eventually. Anyway, that has

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Speaker 1: been another bonus episode a big business. I'll catch you

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Speaker 1: next week in my main and you can keep up

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Speaker 1: to date with me our socials in the meantime.

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Speaker 3: Yes, three