1 00:00:04,200 --> 00:00:06,960 Speaker 1: Hi, I'm Britney Saunders, and welcome to Big Business, the 2 00:00:07,040 --> 00:00:09,720 Speaker 1: place where business is far from boring, and today I'm 3 00:00:09,760 --> 00:00:13,480 Speaker 1: recording on gaddigul Land. Now I somehow manage to build 4 00:00:13,480 --> 00:00:16,400 Speaker 1: an empire from the garage underneath my house, and I'm 5 00:00:16,400 --> 00:00:18,079 Speaker 1: here to share it all with you, from the winds, 6 00:00:18,280 --> 00:00:21,799 Speaker 1: the huge mistakes, the challenging times and funny moments in between. 7 00:00:22,280 --> 00:00:24,120 Speaker 2: And that's a good little segue. 8 00:00:23,760 --> 00:00:26,119 Speaker 1: Into this episode because I am definitely talking about the 9 00:00:26,160 --> 00:00:29,360 Speaker 1: mistakes today. So whether you're in business already wanting to 10 00:00:29,360 --> 00:00:31,680 Speaker 1: start one, or you're not even in business at all 11 00:00:31,800 --> 00:00:34,239 Speaker 1: and you're just looking for some inspiration, or you want 12 00:00:34,280 --> 00:00:36,080 Speaker 1: to hear a funny story or the tea. 13 00:00:36,280 --> 00:00:37,479 Speaker 2: This is the podcast for you. 14 00:00:37,800 --> 00:00:40,760 Speaker 1: Coming up on today's episode, I'm going to be sharing 15 00:00:40,760 --> 00:00:44,160 Speaker 1: with you a list of fuck ups I have made 16 00:00:44,280 --> 00:00:45,559 Speaker 1: in my business journey. 17 00:00:46,040 --> 00:00:47,960 Speaker 2: It's as simple as that. So let's just get straight 18 00:00:48,000 --> 00:00:48,480 Speaker 2: into it. 19 00:00:52,440 --> 00:00:53,960 Speaker 1: Now. I want to start out this episode with a 20 00:00:54,000 --> 00:00:57,200 Speaker 1: little bit of an acknowledgment or a disclaimer. I do 21 00:00:57,320 --> 00:01:00,560 Speaker 1: not regret any of the following things that I'm going 22 00:01:00,560 --> 00:01:03,920 Speaker 1: to be sharing with you. This is quite literally how 23 00:01:04,000 --> 00:01:08,000 Speaker 1: you learn in business by making mistakes. You mess something up, 24 00:01:08,240 --> 00:01:10,520 Speaker 1: you get yourself in a bit of shit, you're in trouble, 25 00:01:10,920 --> 00:01:12,760 Speaker 1: you come out on the other side, and you learn 26 00:01:12,800 --> 00:01:16,200 Speaker 1: better for next time. That is quite literally how business works. 27 00:01:16,680 --> 00:01:20,000 Speaker 1: We must make mistakes in business in order to grow. 28 00:01:20,760 --> 00:01:23,880 Speaker 1: That's my little acknowledgment. Let's get into it. The first 29 00:01:23,920 --> 00:01:26,760 Speaker 1: mistake I have made, not so much in my business, 30 00:01:26,840 --> 00:01:30,160 Speaker 1: but in my career, was when I was an influencer. 31 00:01:30,200 --> 00:01:31,880 Speaker 2: For those of you that don't know, I'm sure a lot. 32 00:01:31,800 --> 00:01:34,600 Speaker 1: Of you do by now, but before I was a 33 00:01:34,600 --> 00:01:38,600 Speaker 1: business owner, I was an influencer. I became a full 34 00:01:38,600 --> 00:01:41,200 Speaker 1: time influencer when I was twenty one, so I was 35 00:01:41,319 --> 00:01:44,720 Speaker 1: really young and silly, and I all of a sudden 36 00:01:44,800 --> 00:01:48,919 Speaker 1: started earning a lot of money, like a lot of money, 37 00:01:49,400 --> 00:01:52,240 Speaker 1: and I thought, wow, this is amazing. You know, I've 38 00:01:52,280 --> 00:01:56,400 Speaker 1: gone from dreaming of earning one thousand dollars a week. 39 00:01:56,440 --> 00:01:57,920 Speaker 1: That used to be a goal of mine when I 40 00:01:57,960 --> 00:02:01,320 Speaker 1: was working full time in my life eighteen's and twenty 41 00:02:01,360 --> 00:02:04,000 Speaker 1: years old, my goal was fifty two grand a year, 42 00:02:04,040 --> 00:02:06,800 Speaker 1: one thousand dollars a week. And then when I became 43 00:02:06,840 --> 00:02:10,560 Speaker 1: an influencer, I was earning, you know, at the start, 44 00:02:11,280 --> 00:02:13,520 Speaker 1: not much at all. Because I had to start at 45 00:02:13,560 --> 00:02:15,080 Speaker 1: the bottom and work my way up. But once I 46 00:02:15,080 --> 00:02:17,160 Speaker 1: got to the point where I was able to make 47 00:02:17,160 --> 00:02:19,240 Speaker 1: it my full time career, I was making just enough 48 00:02:19,240 --> 00:02:22,000 Speaker 1: to live. And then over those few years of me 49 00:02:22,080 --> 00:02:25,000 Speaker 1: becoming a more popular influencer, I started earning one hundred 50 00:02:25,040 --> 00:02:27,120 Speaker 1: thousand dollars a year, one hundred and twenty thousand, one 51 00:02:27,160 --> 00:02:29,560 Speaker 1: hundred and fifty thousand, two hundred and something thousand dollars 52 00:02:29,600 --> 00:02:32,120 Speaker 1: a year, and I think at my peak I would 53 00:02:32,120 --> 00:02:34,760 Speaker 1: have been earning yeah, maybe two to three hundred thousand 54 00:02:34,760 --> 00:02:37,600 Speaker 1: dollars a year as an influencer, which is insane. I know, 55 00:02:37,720 --> 00:02:40,560 Speaker 1: trust me. And I was in my early twenties, so 56 00:02:40,720 --> 00:02:44,960 Speaker 1: my life had essentially completely changed. I was still the 57 00:02:45,040 --> 00:02:47,560 Speaker 1: same old me that I am today, and I was 58 00:02:47,560 --> 00:02:51,240 Speaker 1: the same back then. But I didn't know anything about money, 59 00:02:51,600 --> 00:02:54,280 Speaker 1: and because I was earning all this money, I thought 60 00:02:54,400 --> 00:02:57,240 Speaker 1: this is great and I would just spend it lucky. 61 00:02:57,360 --> 00:02:59,480 Speaker 1: I also was saving, like I don't know what it was, 62 00:02:59,520 --> 00:03:02,360 Speaker 1: but I I was saving in this time. But I 63 00:03:02,400 --> 00:03:05,880 Speaker 1: didn't know how to be self employed. I didn't know 64 00:03:06,080 --> 00:03:09,720 Speaker 1: how it worked. I was so used to working my 65 00:03:09,840 --> 00:03:11,960 Speaker 1: Monday to Friday full time job. And getting my pay 66 00:03:12,000 --> 00:03:14,560 Speaker 1: slip every week and seeing the tax being taken out, 67 00:03:15,120 --> 00:03:16,920 Speaker 1: and then all of a sudden, I'm working for myself. 68 00:03:16,960 --> 00:03:19,680 Speaker 1: At twenty one years old, I didn't know how tax worked. 69 00:03:19,760 --> 00:03:24,080 Speaker 1: I also didn't have like a supportive family network, like 70 00:03:24,120 --> 00:03:25,079 Speaker 1: no one ever taught me. 71 00:03:25,080 --> 00:03:27,920 Speaker 2: About money or how to save or tax or anything 72 00:03:27,919 --> 00:03:28,160 Speaker 2: like that. 73 00:03:28,200 --> 00:03:31,240 Speaker 1: So when I became a full time YouTuber, like I 74 00:03:31,280 --> 00:03:33,720 Speaker 1: had no one in my life that was going to say, hey, 75 00:03:33,840 --> 00:03:36,040 Speaker 1: like this is great that you're becoming self employed, but 76 00:03:36,080 --> 00:03:37,080 Speaker 1: here's what you need to do. 77 00:03:38,000 --> 00:03:40,040 Speaker 2: I didn't have an accountant. I didn't know that I 78 00:03:40,080 --> 00:03:41,480 Speaker 2: needed an accountant. And I think a lot of. 79 00:03:41,480 --> 00:03:44,160 Speaker 1: People that do go into business will experience this, like 80 00:03:44,200 --> 00:03:46,040 Speaker 1: they just don't know what to do. They don't have 81 00:03:46,080 --> 00:03:49,000 Speaker 1: an accountant, Like no one's around, like dad's not in 82 00:03:49,040 --> 00:03:53,200 Speaker 1: the picture. Mum isn't educated, you know, so no offense, 83 00:03:54,440 --> 00:03:55,240 Speaker 1: but she wouldn't know. 84 00:03:55,240 --> 00:03:56,680 Speaker 2: Like she'd never been self employed either. 85 00:03:57,880 --> 00:04:01,720 Speaker 1: So for around two two years, when I was an 86 00:04:01,720 --> 00:04:04,680 Speaker 1: influencer and earning all this money, I just simply didn't 87 00:04:04,720 --> 00:04:07,400 Speaker 1: pay tax because when you own your own business or 88 00:04:07,400 --> 00:04:09,760 Speaker 1: you're working for yourself, because I essentially was my own 89 00:04:09,800 --> 00:04:13,560 Speaker 1: business as an influencer, Like, I didn't know how I 90 00:04:13,600 --> 00:04:14,480 Speaker 1: was meant to pay. 91 00:04:14,280 --> 00:04:16,520 Speaker 2: Tax, Like how do you do that? Like what do 92 00:04:16,560 --> 00:04:17,320 Speaker 2: you genuinely do? 93 00:04:17,360 --> 00:04:19,960 Speaker 1: Because when you're getting paid as a self employed person 94 00:04:20,040 --> 00:04:23,120 Speaker 1: and you've got payments coming in I was working with brands, 95 00:04:23,200 --> 00:04:25,160 Speaker 1: the money just goes into your account and that's it. 96 00:04:25,800 --> 00:04:28,520 Speaker 1: Then you have to work out how you're going to 97 00:04:28,560 --> 00:04:30,360 Speaker 1: pay tax on that. But you don't pay tax every 98 00:04:30,360 --> 00:04:33,039 Speaker 1: week the way that employees do. You have to collect 99 00:04:33,080 --> 00:04:36,320 Speaker 1: that all together and then have an accountant process. 100 00:04:35,920 --> 00:04:37,640 Speaker 2: It for you, like for the end of financial year. 101 00:04:37,680 --> 00:04:39,200 Speaker 2: And I just I didn't know that. 102 00:04:39,279 --> 00:04:41,480 Speaker 1: And I was living in Sydney and living my best 103 00:04:41,520 --> 00:04:45,040 Speaker 1: life and traveling around the world. And I ended up 104 00:04:45,200 --> 00:04:47,680 Speaker 1: getting an accountant because I thought, shit, like it got 105 00:04:47,720 --> 00:04:49,680 Speaker 1: to two years of I hadn't done my tax for 106 00:04:49,680 --> 00:04:52,279 Speaker 1: two years, I'm gonna need to get an accountant. So 107 00:04:52,320 --> 00:04:54,760 Speaker 1: I finally got one, and I was like, you need 108 00:04:54,760 --> 00:04:56,359 Speaker 1: to help me out because I haven't paid tax for 109 00:04:56,360 --> 00:04:59,040 Speaker 1: two years. Mind you, I hadn't been chased up by 110 00:04:59,040 --> 00:05:01,840 Speaker 1: the ATO or anything by this point. You eventually will, 111 00:05:01,839 --> 00:05:04,400 Speaker 1: of course, And I was so embarrassed too. I think 112 00:05:04,440 --> 00:05:05,640 Speaker 1: that's why I kept putting it off. 113 00:05:05,680 --> 00:05:06,320 Speaker 2: As well, Like. 114 00:05:06,279 --> 00:05:08,680 Speaker 1: It was this weird feeling of I haven't paid my tax. 115 00:05:08,720 --> 00:05:10,560 Speaker 1: I'm too embarrassed to go to account and then tell them. 116 00:05:10,600 --> 00:05:12,640 Speaker 1: But I eventually got one and I said, look, help 117 00:05:12,720 --> 00:05:14,880 Speaker 1: me out. I haven't paid my tax for two years. 118 00:05:14,920 --> 00:05:16,800 Speaker 1: And I know a lot of small business owners would 119 00:05:16,800 --> 00:05:18,600 Speaker 1: do this, like just say they've been running their small 120 00:05:18,640 --> 00:05:20,880 Speaker 1: business for two years, they're probably not paying tax because 121 00:05:20,880 --> 00:05:24,680 Speaker 1: they don't know how. And I then had this accountant 122 00:05:25,480 --> 00:05:28,799 Speaker 1: work out the last two financial years for me, and 123 00:05:28,839 --> 00:05:31,520 Speaker 1: then I got a call from the ATO and I 124 00:05:31,640 --> 00:05:35,720 Speaker 1: owed one hundred thousand dollars. And I'm in my early 125 00:05:35,760 --> 00:05:38,320 Speaker 1: twenties and I owe one hundred thousand dollars, which in 126 00:05:38,360 --> 00:05:40,840 Speaker 1: saying that, I know that's a crazy amount, but if 127 00:05:40,920 --> 00:05:44,240 Speaker 1: you're owing that amount, you're earning quite a decent amount. 128 00:05:44,400 --> 00:05:46,400 Speaker 2: So it was like two years built up one hundred grand. 129 00:05:47,120 --> 00:05:49,720 Speaker 1: So then I went on a payment plan and it 130 00:05:49,760 --> 00:05:51,240 Speaker 1: was like a certain amount every month that I was 131 00:05:51,279 --> 00:05:53,160 Speaker 1: paying or whatever. And I did have a lot of 132 00:05:53,160 --> 00:05:55,160 Speaker 1: money in savings by this point as well, So I 133 00:05:55,160 --> 00:05:57,440 Speaker 1: remember I started on the payment plan and then I 134 00:05:57,480 --> 00:05:59,600 Speaker 1: just ended up paying like big, bigger chunks than I 135 00:05:59,640 --> 00:06:02,359 Speaker 1: was supper too, because when you're in debt to the 136 00:06:02,400 --> 00:06:06,200 Speaker 1: tax man, the interest that you get charged is like 137 00:06:06,279 --> 00:06:09,000 Speaker 1: twelve point five percent or something. So I owed one 138 00:06:09,040 --> 00:06:11,680 Speaker 1: hundred grand and was paying twelve point five percent interest. 139 00:06:12,200 --> 00:06:14,600 Speaker 1: So I paid it a lot quicker than I was 140 00:06:14,640 --> 00:06:17,120 Speaker 1: supposed to. And that was a great lesson for me 141 00:06:17,440 --> 00:06:20,839 Speaker 1: in my early twenties is you need to understand your finances. 142 00:06:21,240 --> 00:06:22,960 Speaker 1: So that was a great lesson for me in my 143 00:06:23,040 --> 00:06:25,680 Speaker 1: early twenties and something that I will never forget. I 144 00:06:25,680 --> 00:06:28,120 Speaker 1: remember I felt sick over it, like owing that amount 145 00:06:28,160 --> 00:06:29,760 Speaker 1: of money and just having to pay it down. But 146 00:06:29,800 --> 00:06:31,880 Speaker 1: it was a great lesson for me to be more 147 00:06:31,880 --> 00:06:34,279 Speaker 1: smart with my money and have my finances in order. 148 00:06:34,320 --> 00:06:36,680 Speaker 1: And this was before fate that I learned this lesson. 149 00:06:40,920 --> 00:06:45,040 Speaker 1: The next mistake, I had a massive blunder with money 150 00:06:45,279 --> 00:06:47,560 Speaker 1: that ended up costing me seven or eight thousand dollars. 151 00:06:47,720 --> 00:06:51,480 Speaker 1: When you are importing any goods into Australia that you 152 00:06:51,560 --> 00:06:54,520 Speaker 1: have made overseas and you're importing them in, you will 153 00:06:54,520 --> 00:06:57,840 Speaker 1: get charge import tax when it arrives at the port. 154 00:06:58,440 --> 00:07:00,920 Speaker 1: The Australian government will want you to pay to bring 155 00:07:00,960 --> 00:07:02,520 Speaker 1: that into the country because you're going to be making 156 00:07:02,520 --> 00:07:03,080 Speaker 1: money off it. 157 00:07:03,080 --> 00:07:05,920 Speaker 2: It's really great. I love paying import tax. 158 00:07:06,680 --> 00:07:10,480 Speaker 1: And this was this was years ago, this might have 159 00:07:10,560 --> 00:07:14,320 Speaker 1: been two thousand and nineteen. Maybe we had launched our 160 00:07:14,360 --> 00:07:19,640 Speaker 1: swimwear range, which is called Staple Swim and our swimwear 161 00:07:19,760 --> 00:07:23,760 Speaker 1: is made in Bali, and so I did all the importing. 162 00:07:23,800 --> 00:07:25,600 Speaker 1: And again this was my first time kind of doing 163 00:07:25,640 --> 00:07:27,480 Speaker 1: something like this, like importing from Bali. 164 00:07:27,600 --> 00:07:29,280 Speaker 2: So I think I went through DHL. 165 00:07:29,960 --> 00:07:32,400 Speaker 1: And when you're importing stuff, like you have to fill 166 00:07:32,440 --> 00:07:35,600 Speaker 1: out a lot of documentation and I was just feeling 167 00:07:35,600 --> 00:07:37,360 Speaker 1: it out myself, like no clue if I'm doing it 168 00:07:37,440 --> 00:07:41,240 Speaker 1: right or not. And then in on the form when 169 00:07:41,280 --> 00:07:43,960 Speaker 1: you're importing stuff, you have to declare the value of 170 00:07:44,000 --> 00:07:46,800 Speaker 1: those goods, and so I thought, all right, and this 171 00:07:46,880 --> 00:07:51,360 Speaker 1: was like a quite a decent size collection. I was like, 172 00:07:51,360 --> 00:07:53,280 Speaker 1: all right, the value of goods. So then I looked 173 00:07:53,280 --> 00:07:55,880 Speaker 1: at like all the stock, and then looked at what 174 00:07:55,920 --> 00:07:58,520 Speaker 1: it would be if I sold it all, like the 175 00:07:58,560 --> 00:08:01,800 Speaker 1: retail value, And in that little box I put the 176 00:08:01,840 --> 00:08:05,600 Speaker 1: retail value if we were to sell, like I don't 177 00:08:05,640 --> 00:08:08,880 Speaker 1: know why I didn't think twice, because again this was 178 00:08:08,960 --> 00:08:11,160 Speaker 1: the first time doing this, so I don't know how 179 00:08:11,240 --> 00:08:13,520 Speaker 1: much money this was so long ago. But maybe if 180 00:08:13,560 --> 00:08:15,400 Speaker 1: we'd sold it all, like, we would have made fifty 181 00:08:15,440 --> 00:08:17,880 Speaker 1: thousand dollars, let's say, so I put fifty thousand or 182 00:08:17,920 --> 00:08:20,960 Speaker 1: sixty thousand dollars on that declaration to say that's the value. 183 00:08:21,360 --> 00:08:23,440 Speaker 2: The lesson in this is you just. 184 00:08:23,400 --> 00:08:25,800 Speaker 1: Need to put the value of what it cost you 185 00:08:25,880 --> 00:08:30,360 Speaker 1: to make the cost of the goods, not the retail price. 186 00:08:30,400 --> 00:08:31,600 Speaker 2: But I had no idea. 187 00:08:32,200 --> 00:08:34,160 Speaker 1: So then I filled that out, and then I got 188 00:08:34,160 --> 00:08:36,960 Speaker 1: a call off the people at the port or whatever, 189 00:08:37,000 --> 00:08:40,000 Speaker 1: like where you pay the tax to and it was 190 00:08:40,040 --> 00:08:42,840 Speaker 1: like seven thousand and something dollars for the import tax. 191 00:08:43,320 --> 00:08:44,960 Speaker 1: And because at the time when i'd filled this out, 192 00:08:44,960 --> 00:08:46,319 Speaker 1: I didn't know that I was feeling it out wrong, 193 00:08:46,400 --> 00:08:48,440 Speaker 1: and it was my first time importing from BALI, I 194 00:08:48,480 --> 00:08:52,040 Speaker 1: was like, shit, that's expensive, Like man, like, that's fucking 195 00:08:52,160 --> 00:08:54,320 Speaker 1: a lot of money. But I thought, oh, well, like 196 00:08:54,360 --> 00:08:56,280 Speaker 1: this must be the price that I have to pay. 197 00:08:56,720 --> 00:08:59,600 Speaker 1: So I went right ahead and paid that seven thousand 198 00:08:59,600 --> 00:09:02,280 Speaker 1: and something because your products won't get released to you 199 00:09:02,400 --> 00:09:04,480 Speaker 1: unless you pay it, and I was really desperate because 200 00:09:04,480 --> 00:09:06,880 Speaker 1: I really want to launch that collection. I didn't learn 201 00:09:06,960 --> 00:09:10,280 Speaker 1: until maybe months later that I put the wrong value 202 00:09:10,280 --> 00:09:12,160 Speaker 1: in that I should have just put what it cost 203 00:09:12,240 --> 00:09:14,160 Speaker 1: me instead, which would have it still would have been 204 00:09:14,200 --> 00:09:16,880 Speaker 1: thousands of dollars, but it wouldn't have been seven thousand dollars. 205 00:09:17,640 --> 00:09:19,600 Speaker 1: Looking back now, like I feel like I almost could 206 00:09:19,600 --> 00:09:21,200 Speaker 1: have gone back to them and said, hey, like I 207 00:09:21,240 --> 00:09:23,280 Speaker 1: put the wrong value, but I don't know. I just 208 00:09:23,280 --> 00:09:25,360 Speaker 1: took it as a lesson at that time, a very 209 00:09:25,440 --> 00:09:28,000 Speaker 1: expensive one at that and I learned for next time. 210 00:09:28,640 --> 00:09:31,280 Speaker 1: The next mistake that I made and have made many 211 00:09:31,360 --> 00:09:33,720 Speaker 1: times over the years and especially in the early days 212 00:09:33,760 --> 00:09:36,760 Speaker 1: of Fate, was not setting my pieces at a cost 213 00:09:36,840 --> 00:09:39,360 Speaker 1: that I was happy with and that would keep my 214 00:09:39,400 --> 00:09:42,839 Speaker 1: business going in fear of people saying it's too expensive. 215 00:09:43,600 --> 00:09:44,080 Speaker 2: I wasn't. 216 00:09:44,320 --> 00:09:46,200 Speaker 1: I mean, I'm still not good with numbers, Like, don't 217 00:09:46,240 --> 00:09:49,080 Speaker 1: come to me for financial advice. Ask aj he does 218 00:09:49,120 --> 00:09:50,760 Speaker 1: all of our numbers. Like, I'm not good with that. 219 00:09:51,200 --> 00:09:53,840 Speaker 1: But I remember in those early days of Fate, I 220 00:09:53,880 --> 00:09:57,440 Speaker 1: had no idea that I should be pricing my styles 221 00:09:58,000 --> 00:10:01,400 Speaker 1: at a calculated number. In I would say, well, if 222 00:10:01,400 --> 00:10:05,040 Speaker 1: this hoodie costs US thirty dollars to make, I'll sell 223 00:10:05,080 --> 00:10:08,880 Speaker 1: it for fifty because that's more than what I've paid. 224 00:10:10,120 --> 00:10:12,720 Speaker 1: And like if you're making something for thirty dollars and 225 00:10:12,760 --> 00:10:15,080 Speaker 1: selling it for fifty. Like in my mind, I was like, yeah, 226 00:10:15,080 --> 00:10:16,760 Speaker 1: because it's more than what I paid for it. Like 227 00:10:16,760 --> 00:10:21,400 Speaker 1: that was my mentality. It was never calculated mathematically, and 228 00:10:21,520 --> 00:10:23,920 Speaker 1: I did that for honestly, like the first three years 229 00:10:23,920 --> 00:10:26,640 Speaker 1: of Fate, I would say where I wasn't thinking about 230 00:10:26,640 --> 00:10:28,280 Speaker 1: the prices. I was just going, yeah, I cant fifty 231 00:10:28,320 --> 00:10:30,480 Speaker 1: dollars or I go or maybe forty five because I 232 00:10:30,480 --> 00:10:32,800 Speaker 1: don't want people to say it's too expensive. As long 233 00:10:32,800 --> 00:10:34,440 Speaker 1: as it was higher than what it was costing me, 234 00:10:34,760 --> 00:10:37,200 Speaker 1: I was happy with that. And again, like I was 235 00:10:37,240 --> 00:10:39,679 Speaker 1: just none the wiser and didn't know that you can't 236 00:10:39,720 --> 00:10:42,240 Speaker 1: just make up a price out of thin air. And 237 00:10:42,280 --> 00:10:46,160 Speaker 1: I also did majorly have that fear of my customers 238 00:10:46,200 --> 00:10:48,800 Speaker 1: in those early days saying this is too expensive, and 239 00:10:48,840 --> 00:10:51,040 Speaker 1: like you get that guilt of like, oh, I really 240 00:10:51,080 --> 00:10:53,200 Speaker 1: should sell that for eighty five dollars, but then what 241 00:10:53,240 --> 00:10:55,440 Speaker 1: if people say it's too expensive? But you really have 242 00:10:55,480 --> 00:10:58,200 Speaker 1: to let go of that mentality as a business owner 243 00:10:58,240 --> 00:11:00,000 Speaker 1: and set your prices at what you know the peace 244 00:11:00,200 --> 00:11:02,640 Speaker 1: is a worth and also what's going to keep your 245 00:11:02,640 --> 00:11:05,400 Speaker 1: business moving forward. And that's something over the years that 246 00:11:05,440 --> 00:11:08,679 Speaker 1: I've become a lot more comfortable with. I even remember 247 00:11:08,840 --> 00:11:12,720 Speaker 1: the first time we ever made items over one hundred 248 00:11:12,800 --> 00:11:16,080 Speaker 1: dollars because I always wanted to keep everything like sixty 249 00:11:16,120 --> 00:11:20,640 Speaker 1: dollars seventy dollars, and we've slowly allowed ourselves to, I guess, 250 00:11:20,679 --> 00:11:23,280 Speaker 1: make styles that need to be more expensive, For example, 251 00:11:23,400 --> 00:11:26,600 Speaker 1: coats and blazers that are more tailored. They cost us 252 00:11:26,640 --> 00:11:28,120 Speaker 1: a whole lot more to make, so we have to 253 00:11:28,160 --> 00:11:30,520 Speaker 1: sell them at a higher price. And I still remember 254 00:11:30,559 --> 00:11:33,199 Speaker 1: being so scared, like, no one's going to want to 255 00:11:33,200 --> 00:11:35,680 Speaker 1: buy from me if something's like one hundred and nine dollars, 256 00:11:35,800 --> 00:11:37,520 Speaker 1: you know, But you've got to like let go of 257 00:11:37,559 --> 00:11:41,400 Speaker 1: that mentality and understand you need to price your genes 258 00:11:41,440 --> 00:11:44,199 Speaker 1: at one hundred and ten dollars because that's the price 259 00:11:44,280 --> 00:11:47,040 Speaker 1: they need to be to reflect their quality, but also 260 00:11:47,360 --> 00:11:50,120 Speaker 1: because you need to keep your business moving forward. It's 261 00:11:50,160 --> 00:11:51,480 Speaker 1: not about like what you want to sell it for, 262 00:11:51,520 --> 00:11:53,559 Speaker 1: It's about what the business needs you to sell it for. 263 00:11:53,920 --> 00:11:56,800 Speaker 1: So that was another great lesson for me. The next one, 264 00:11:57,040 --> 00:12:00,560 Speaker 1: and I've spoken about this before on the pod mistake, 265 00:12:00,600 --> 00:12:02,760 Speaker 1: I guess that I made a lot in those early 266 00:12:02,840 --> 00:12:04,800 Speaker 1: years of fate is not knowing when to speak up 267 00:12:04,840 --> 00:12:07,880 Speaker 1: and have tough conversations with staff. I feel like I've 268 00:12:07,920 --> 00:12:10,400 Speaker 1: done a whole episode on this about being way too nice. 269 00:12:10,400 --> 00:12:11,600 Speaker 1: I feel like it was one of my very first 270 00:12:11,640 --> 00:12:14,520 Speaker 1: episodes of this pod. But I really want to stress 271 00:12:14,920 --> 00:12:18,200 Speaker 1: to all of you business owners out there, hard conversations 272 00:12:18,360 --> 00:12:22,400 Speaker 1: easy life. Easy conversations, hard life. I've said that before 273 00:12:22,480 --> 00:12:26,040 Speaker 1: in the pod, and over the years, I have definitely 274 00:12:26,160 --> 00:12:29,960 Speaker 1: learned that you just need to have those uncomfortable conversations 275 00:12:30,000 --> 00:12:34,280 Speaker 1: in order to just keep everything flowing. In those early days, 276 00:12:34,280 --> 00:12:37,880 Speaker 1: I was way too scared. I didn't want to upset people. 277 00:12:38,440 --> 00:12:42,080 Speaker 1: I had friendships with staff members, which I've spoken about 278 00:12:42,120 --> 00:12:44,840 Speaker 1: as well already on the pod. Being too personal with 279 00:12:44,920 --> 00:12:48,200 Speaker 1: staff it can just create a world of problems for 280 00:12:48,240 --> 00:12:50,120 Speaker 1: you in the future. So if I could do my 281 00:12:50,200 --> 00:12:53,280 Speaker 1: time over again, I would have more confidence in myself 282 00:12:53,320 --> 00:12:56,439 Speaker 1: to have tough conversations with people. And by tough, I 283 00:12:56,440 --> 00:12:59,240 Speaker 1: don't mean you're being nasty or whatever, but just having 284 00:12:59,280 --> 00:13:02,200 Speaker 1: those uncomfort conversations or pulling someone up on something if 285 00:13:02,240 --> 00:13:04,760 Speaker 1: you've noticed something, Whereas back in the day, I would 286 00:13:04,800 --> 00:13:06,560 Speaker 1: just brush it to the side and hope that it 287 00:13:06,559 --> 00:13:07,240 Speaker 1: would go away. 288 00:13:07,559 --> 00:13:08,880 Speaker 2: But yeah, that was another thing that I did. 289 00:13:08,920 --> 00:13:10,679 Speaker 1: It was way too nice in those early days and 290 00:13:10,760 --> 00:13:18,880 Speaker 1: avoided tough conversations and I've definitely learned differently now. Another 291 00:13:19,120 --> 00:13:21,199 Speaker 1: huge mistake that I made that I know a lot 292 00:13:21,200 --> 00:13:24,480 Speaker 1: of business owners will is by signing. 293 00:13:24,280 --> 00:13:25,959 Speaker 2: Up to marketing agencies. 294 00:13:26,440 --> 00:13:29,560 Speaker 1: I spoke about this in my episode with my good 295 00:13:29,600 --> 00:13:31,600 Speaker 1: friend Anita if you want to go and have listened 296 00:13:31,600 --> 00:13:33,920 Speaker 1: to that one if you haven't already. And I also 297 00:13:34,080 --> 00:13:37,199 Speaker 1: spoke about the exact same topic with Mlusen from Napoleon 298 00:13:37,240 --> 00:13:39,360 Speaker 1: as well, So there's two episodes out there already if 299 00:13:39,400 --> 00:13:41,520 Speaker 1: you want to hear more about it in detail. But 300 00:13:42,200 --> 00:13:44,920 Speaker 1: I put trust in companies that I had no idea 301 00:13:44,960 --> 00:13:49,080 Speaker 1: about to run our Facebook ads, and the thing with 302 00:13:49,120 --> 00:13:51,320 Speaker 1: these agencies, and look, I'm sure there are some good 303 00:13:51,320 --> 00:13:51,880 Speaker 1: ones out there. 304 00:13:51,920 --> 00:13:54,840 Speaker 2: I'm not shaming all agencies. I think that's important to mention. 305 00:13:55,559 --> 00:13:58,720 Speaker 1: But I signed up and you get yourself locked into 306 00:13:58,760 --> 00:14:01,000 Speaker 1: a contract and you have to pay them. I think 307 00:14:01,160 --> 00:14:02,920 Speaker 1: the one that I was in, it was eight thousand 308 00:14:02,920 --> 00:14:07,160 Speaker 1: dollars a month just to be in their agency and 309 00:14:07,200 --> 00:14:09,640 Speaker 1: to have them run your ads, and then you're spending 310 00:14:09,679 --> 00:14:11,559 Speaker 1: your ad money on top of that. So we were 311 00:14:11,559 --> 00:14:13,960 Speaker 1: doing what to maybe two thousand dollars a day on ads, 312 00:14:14,520 --> 00:14:18,000 Speaker 1: plus eight grand a month to them just to run them. 313 00:14:18,480 --> 00:14:21,880 Speaker 1: And I wasted so much money with them running our ads. 314 00:14:22,280 --> 00:14:24,640 Speaker 1: I had no idea how well the ads were performing 315 00:14:24,680 --> 00:14:27,400 Speaker 1: because I didn't understand how to run ads. I had 316 00:14:27,400 --> 00:14:30,000 Speaker 1: no idea if they were making money. I had no 317 00:14:30,160 --> 00:14:32,960 Speaker 1: fucking clue. And it's just the biggest waste of money ever. 318 00:14:33,200 --> 00:14:36,120 Speaker 1: And I got out of that, and they were really 319 00:14:36,200 --> 00:14:38,320 Speaker 1: upset about it, and like really tried to win us 320 00:14:38,360 --> 00:14:40,080 Speaker 1: over and I'm like, no, Like, I don't want to 321 00:14:40,080 --> 00:14:42,840 Speaker 1: give you my money anymore. And I then took the 322 00:14:42,920 --> 00:14:46,840 Speaker 1: time and learned how to do our Facebook ads myself, 323 00:14:47,280 --> 00:14:49,680 Speaker 1: and now that is my job. Like I run our 324 00:14:49,720 --> 00:14:52,800 Speaker 1: Facebook ads every single day, and now that I know 325 00:14:52,920 --> 00:14:55,200 Speaker 1: how to do it, it can be really tricky to learn. 326 00:14:55,480 --> 00:14:57,360 Speaker 1: Now that I know what I'm doing, I'm like, how 327 00:14:57,360 --> 00:14:59,320 Speaker 1: the fuck were they charging me eight thousand dollars to 328 00:14:59,360 --> 00:15:03,440 Speaker 1: run my ads? Because I do it now? And so yeah, huge. 329 00:15:03,480 --> 00:15:05,480 Speaker 1: I know some people are with agencies and they are 330 00:15:05,520 --> 00:15:06,920 Speaker 1: amazing and it works for them. And if you can 331 00:15:06,920 --> 00:15:08,680 Speaker 1: find an agency that's going to run your ads for 332 00:15:08,760 --> 00:15:11,440 Speaker 1: you and you're going to see, you know, a good 333 00:15:11,720 --> 00:15:13,920 Speaker 1: return on ad spend by all means, go for it. 334 00:15:14,200 --> 00:15:16,960 Speaker 1: But that was a huge mistake on my part. I never, ever, 335 00:15:17,120 --> 00:15:20,000 Speaker 1: ever should have partnered with them. I wish I had 336 00:15:20,000 --> 00:15:21,880 Speaker 1: just learned it myself from the start. But again, like 337 00:15:21,920 --> 00:15:23,600 Speaker 1: I said at the start of this episode, you got 338 00:15:23,600 --> 00:15:25,120 Speaker 1: to do these things to learn for next time, and 339 00:15:25,160 --> 00:15:27,280 Speaker 1: now I know I'm never paying another market date marketing 340 00:15:27,320 --> 00:15:29,840 Speaker 1: agency ever. Again, sorry to all of the marketing agency 341 00:15:29,880 --> 00:15:34,000 Speaker 1: owners out there. Another mistake is just not having a 342 00:15:34,040 --> 00:15:37,480 Speaker 1: thorough enough hiring process and hiring people after just chatting 343 00:15:37,480 --> 00:15:40,320 Speaker 1: with them once. This is a big one and something 344 00:15:40,400 --> 00:15:43,160 Speaker 1: that we all learn as business owners. I have always 345 00:15:43,240 --> 00:15:46,360 Speaker 1: said that hiring and staffing in general is the hardest 346 00:15:46,360 --> 00:15:49,040 Speaker 1: part of business. That's the hardest part of business for 347 00:15:49,120 --> 00:15:51,480 Speaker 1: me and I'm sure for a lot of others. And 348 00:15:51,640 --> 00:15:53,920 Speaker 1: in those early days, as I mentioned in my main 349 00:15:54,000 --> 00:15:57,480 Speaker 1: episode about hiring, I would hire people after talking with 350 00:15:57,520 --> 00:16:00,560 Speaker 1: them once and it's just resulted in getting not the 351 00:16:00,600 --> 00:16:04,640 Speaker 1: best people on your team. Now we have a thorough 352 00:16:05,000 --> 00:16:07,680 Speaker 1: hiring process, which I have an entire episode out on 353 00:16:07,760 --> 00:16:09,920 Speaker 1: as well. If you want to hear, like every single 354 00:16:09,960 --> 00:16:12,200 Speaker 1: step of our hiring process is a whole episode out 355 00:16:12,240 --> 00:16:14,960 Speaker 1: there on it, and it's just been a game changer 356 00:16:14,960 --> 00:16:16,200 Speaker 1: for us because now. 357 00:16:16,760 --> 00:16:19,000 Speaker 2: We're only getting the best of the best. But you 358 00:16:19,080 --> 00:16:19,760 Speaker 2: live and you learn. 359 00:16:20,200 --> 00:16:22,920 Speaker 1: I've got two more mistakes I'm going to share with you, 360 00:16:23,000 --> 00:16:25,560 Speaker 1: and trust me, there's about fifty more that I could share, 361 00:16:25,600 --> 00:16:28,520 Speaker 1: but I can't sit here all day. The next mistake 362 00:16:28,600 --> 00:16:31,640 Speaker 1: that I have made, and you know what I continue 363 00:16:31,680 --> 00:16:34,640 Speaker 1: to make this is doubting myself. This is something that 364 00:16:34,720 --> 00:16:37,360 Speaker 1: all of us experience in our life in general. If 365 00:16:37,360 --> 00:16:39,240 Speaker 1: you want to throw yourself into owning a business, you'll 366 00:16:39,240 --> 00:16:41,880 Speaker 1: get a whole new level of doubting yourself because you're 367 00:16:41,880 --> 00:16:45,080 Speaker 1: making crazy decisions that scare the shit out of you, 368 00:16:45,200 --> 00:16:49,160 Speaker 1: and you'll just constantly doubt yourself. I've doubted myself a 369 00:16:49,160 --> 00:16:52,360 Speaker 1: lot in my business journey, even though it obviously will 370 00:16:52,440 --> 00:16:54,640 Speaker 1: come across like I'm super confident and I am now, 371 00:16:54,680 --> 00:16:57,640 Speaker 1: But in those earlier, earlier years, I would always. 372 00:16:57,400 --> 00:16:58,880 Speaker 2: Doubt myself and go, oh, I don't know. 373 00:16:59,560 --> 00:17:02,120 Speaker 1: And I just think it's really important to back yourself, 374 00:17:02,320 --> 00:17:06,000 Speaker 1: especially in your business journey where you are making bold moves, 375 00:17:06,400 --> 00:17:09,000 Speaker 1: because that's the way that you're going to continue to 376 00:17:09,040 --> 00:17:12,040 Speaker 1: grow is by just believing in yourself and being confident 377 00:17:12,600 --> 00:17:16,439 Speaker 1: and if anything, doubting yourself will only limit yourself and 378 00:17:16,480 --> 00:17:20,440 Speaker 1: your growth. And the last mistake that I have made 379 00:17:20,920 --> 00:17:22,960 Speaker 1: in my business journey, and it's been a great lesson 380 00:17:22,960 --> 00:17:25,200 Speaker 1: for me, it's not so much a mistake, but it's 381 00:17:25,280 --> 00:17:28,560 Speaker 1: playing it too safe when I should have pushed the limits, 382 00:17:29,320 --> 00:17:33,480 Speaker 1: not realizing that I had to spend more money to 383 00:17:33,560 --> 00:17:37,600 Speaker 1: continue growing and to make more money. You get to 384 00:17:37,640 --> 00:17:40,840 Speaker 1: a point in business where you're at a good point, 385 00:17:40,960 --> 00:17:44,040 Speaker 1: let's say, like your sales are great and you're really happy, 386 00:17:44,040 --> 00:17:46,800 Speaker 1: and you could stay there, or you can take it 387 00:17:46,800 --> 00:17:48,959 Speaker 1: to the next level if you want to keep growing. 388 00:17:49,040 --> 00:17:50,840 Speaker 1: But the way that you have to do that is 389 00:17:50,880 --> 00:17:53,760 Speaker 1: by not being safe, and you need to throw more 390 00:17:53,800 --> 00:17:57,040 Speaker 1: money into your business in order to grow. For example, 391 00:17:57,320 --> 00:18:01,040 Speaker 1: we had to up our stock levels. While there, I 392 00:18:01,080 --> 00:18:03,199 Speaker 1: was playing it really safe with our stock orders and 393 00:18:03,240 --> 00:18:06,080 Speaker 1: we were selling out all the time. I mean, we 394 00:18:06,119 --> 00:18:07,679 Speaker 1: still do sell out, which is a great thing. You 395 00:18:07,720 --> 00:18:10,639 Speaker 1: want to sell out of your products. But if you 396 00:18:10,680 --> 00:18:12,280 Speaker 1: want to take it to the next level and like 397 00:18:12,680 --> 00:18:15,239 Speaker 1: increase the revenue of your business and keep growing and 398 00:18:15,240 --> 00:18:17,359 Speaker 1: be able to hire more people, you need to spend 399 00:18:17,440 --> 00:18:19,960 Speaker 1: more money on your business to make more money. And 400 00:18:20,040 --> 00:18:23,200 Speaker 1: I think, if anything, I've held myself back a little 401 00:18:23,320 --> 00:18:25,600 Speaker 1: over the years by playing it too safe in some 402 00:18:25,680 --> 00:18:28,639 Speaker 1: areas or not taking that risk. And I know this sounds, 403 00:18:29,080 --> 00:18:31,959 Speaker 1: I don't know, counterintuitive because we're doing so much, but 404 00:18:32,280 --> 00:18:34,000 Speaker 1: I've definitely learned over the years, if I want to 405 00:18:34,080 --> 00:18:36,960 Speaker 1: continue making this thing grow, I've got to make that 406 00:18:37,040 --> 00:18:40,399 Speaker 1: next scary decision or invest in that collection, even though 407 00:18:40,440 --> 00:18:42,520 Speaker 1: it's going to be huge and really expensive, because it's 408 00:18:42,520 --> 00:18:45,639 Speaker 1: the results that come from doing that that will continue 409 00:18:46,240 --> 00:18:50,800 Speaker 1: your business growth. That's a whole lot of talk, man 410 00:18:50,840 --> 00:18:54,800 Speaker 1: oh man, but that's another episode of Big Business wrapped 411 00:18:54,880 --> 00:18:57,280 Speaker 1: up for the week. Thank you all so much for listening, 412 00:18:57,320 --> 00:18:59,520 Speaker 1: and I'm going to leave you with a tip of 413 00:18:59,560 --> 00:19:02,679 Speaker 1: the week. As always, I'm gonna keep it nice and 414 00:19:02,720 --> 00:19:05,439 Speaker 1: easy for this one. Don't let your mistakes define you. 415 00:19:05,520 --> 00:19:08,239 Speaker 1: I feel like when we do make mistakes, they can 416 00:19:08,280 --> 00:19:11,320 Speaker 1: be really embarrassing. You can feel embarrassed and always go 417 00:19:11,400 --> 00:19:11,760 Speaker 1: back and. 418 00:19:11,720 --> 00:19:14,640 Speaker 2: Think about it, but in business, you're gonna make hundreds. 419 00:19:14,960 --> 00:19:17,639 Speaker 1: I still make mistakes every day of the week, but 420 00:19:17,680 --> 00:19:20,320 Speaker 1: I'm still out here going for it. So that is 421 00:19:20,359 --> 00:19:23,399 Speaker 1: my tip as always make sure to subscribe to my 422 00:19:23,440 --> 00:19:26,680 Speaker 1: podcast if you aren't already, and turn on your notifications 423 00:19:26,680 --> 00:19:29,280 Speaker 1: so you don't miss an episode. I upload my main 424 00:19:29,359 --> 00:19:32,959 Speaker 1: shows every Monday and bonus episodes on Wednesday, which are 425 00:19:32,960 --> 00:19:35,520 Speaker 1: a little bit more rogue if I don't say so myself, 426 00:19:35,560 --> 00:19:38,000 Speaker 1: And if you haven't already, I would love if you 427 00:19:38,160 --> 00:19:43,400 Speaker 1: could leave me a review five stars, preferably only only 428 00:19:43,720 --> 00:19:47,720 Speaker 1: only five stars anyway, my friends. Until next time, remember 429 00:19:47,760 --> 00:19:50,240 Speaker 1: to chase after your dreams as if they owe you money.