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Speaker 1: Welcome back to another bonus episode of Big Business Today.

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Speaker 1: I'm going to try and rip through a bunch of

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Speaker 1: your DM questions all in one episode. I don't know

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Speaker 1: if I'll end up only doing like two just depending

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Speaker 1: on how long it takes me to answer these questions,

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Speaker 1: but here we go. I'm just going to get straight

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Speaker 1: into it, Okay. This first question is what are your

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Speaker 1: thoughts and feelings of bosses of small businesses taking things

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Speaker 1: like asking for a pay rise or a colleague leaving

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Speaker 1: super personal? Not too long ago, my colleague left the

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Speaker 1: company to pursue different opportunities elsewhere. There were no hard feelings,

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Speaker 1: but my boss took it so personally that she cried

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Speaker 1: to us all about it on several occasion occasions. Sorry.

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Speaker 1: The colleague was with us for less than a year,

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Speaker 1: and my boss felt like she wasn't good enough to

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Speaker 1: keep her. When it came to my annual review meeting

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Speaker 1: a few months later, I wanted to discuss a small

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Speaker 1: pay rise. I had a stack of evidence with me

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Speaker 1: to support, did market research on similar positions in my field,

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Speaker 1: and my boss burst into tears, saying she's still getting

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Speaker 1: over my colleague leaving and she feels she isn't good enough.

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Speaker 1: I'm guessing she means like that she feels she isn't

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Speaker 1: good enough to be a boss. Once I comforted her,

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Speaker 1: telling her she's a good boss, etc. She then rebutted

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Speaker 1: and downplayed my achievements and said, well, so and so

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Speaker 1: would never ask for a pay rise. Oh, a different

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Speaker 1: colleague I work with. I ended up settling for a

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Speaker 1: much smaller pay rise because I felt so bad and

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Speaker 1: emotionally drained by the end of it. I can't help

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Speaker 1: but feel a little emotionally manipulated. To be completely honest,

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Speaker 1: this is my first job out of UNI, and I

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Speaker 1: don't know if this is normal behavior or not. Thanks

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Speaker 1: for sending this through. You've put your name or Xander's

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Speaker 1: put your name here, but I'll keep your name anonymous

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Speaker 1: just for the sake of this. That's a really tricky situation.

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Speaker 1: And I would say, given that this is your first

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Speaker 1: job out of UNI, this is not normal behavior. But

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Speaker 1: I wouldn't say that it's like completely uncommon, Like there's

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Speaker 1: so many different types of workplaces out there and different

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Speaker 1: kinds of bosses. Like, at the end of the day,

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Speaker 1: bosses and business owners are just normal people and we

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Speaker 1: do all have feelings which are one hundred percent valid.

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Speaker 1: But I think in business you have to draw a line,

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Speaker 1: and you also have to understand what is considered professional.

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Speaker 1: I guess in terms of like what you're sharing with

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Speaker 1: your staff. Now, I was really bad at this in

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Speaker 1: the early days of Fate. In the early days of Fate,

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Speaker 1: I had no bloody idea what I was doing. I

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Speaker 1: was in my early twenties, and I hired a bunch

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Speaker 1: of people that were basically my friends or family friends

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Speaker 1: to come and work with me. And whilst I never

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Speaker 1: did anything like this, I do remember like being way

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Speaker 1: too personal with my staff and sharing things about my

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Speaker 1: personal life which I then later learned down the track,

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Speaker 1: hang on, I can't act like this in front of

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Speaker 1: my staff. So I definitely think your boss is getting

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Speaker 1: the boundaries confused between what she should be sharing with

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Speaker 1: you and what she shouldn't. And this is a really

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Speaker 1: hard thing to manage when you're a small busin business

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Speaker 1: because you're small, Like when you're a really small business

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Speaker 1: in a small team, it's like it's hard to be

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Speaker 1: fully professional because things feel a bit chaotic and all

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Speaker 1: over the place and everyone gets along really well, and

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Speaker 1: if you're a tiny team, you're working closely together, but

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Speaker 1: it's not going to do any boss any favors in

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Speaker 1: the long run to be acting this way with their staff.

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Speaker 1: It's not to say that you can't be open with

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Speaker 1: your staff and share your feelings, but again, I think

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Speaker 1: you just have to draw a line in the sand

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Speaker 1: at where that boundary line is. For example, with me,

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Speaker 1: like I would never if someone had left the workplace

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Speaker 1: and for any reason, like it was really upsetting, I

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Speaker 1: would definitely not then go and cry about that too

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Speaker 1: like my other employees, because again, that's just like really unprofessional,

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Speaker 1: Like even when you know our office got broken into recently.

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Speaker 1: I mean it helps that I'm not an emotional person

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Speaker 1: even in a like that where we've all walked in

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Speaker 1: in the morning and we realize, oh my god, we've

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Speaker 1: been broken into, which can feel like your heart starts

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Speaker 1: racing kind of thing. Like straight away in that moment,

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Speaker 1: I knew I've got to act you know, professional right

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Speaker 1: now and not lose my shit and have a massive

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Speaker 1: meltdown and be like what the fuck or cry or whatever,

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Speaker 1: because I just know that, like, I've got to act

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Speaker 1: a certain way in front of my team because I

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Speaker 1: want to remain calm and professional in this scenario like that,

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Speaker 1: in terms of your boss getting upset over people leaving,

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Speaker 1: I feel like, honestly, she could really benefit not me

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Speaker 1: giving your boss advice through my podcast. I think she

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Speaker 1: could really benefit by speaking to someone, even someone in

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Speaker 1: a similar position to her about these sorts of things.

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Speaker 1: I do think it's inappropriate that she is choosing to

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Speaker 1: speak to her other team members about other people leaving

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Speaker 1: and how she's feeling about that. She has every right

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Speaker 1: to kind of feel upset, and it sucks to hear

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Speaker 1: that she's like doubting herself and thinking that she's not

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Speaker 1: good enough. But it's kind of like show not a

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Speaker 1: very strong sense of leadership to be saying to her staff,

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Speaker 1: I feel like I'm not good enough for this, because

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Speaker 1: trust me, I have feelings most weeks where I think, fuck,

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Speaker 1: am I cut out for this? Like that is a

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Speaker 1: very normal feeling for a business owner to have. But again,

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Speaker 1: like I would never then go and put that on

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Speaker 1: my staff, you know, I would instead go to aj

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Speaker 1: fuck this is stressful or whatever. So not that this

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Speaker 1: is advice to your boss, but it definitely sounds like

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Speaker 1: she could do with leaning on people in similar fields

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Speaker 1: and roles to her, Because owning a business is a

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Speaker 1: really tough gig, especially if you are a more emotional person.

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Speaker 1: It can feel really personal when people leave, even if

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Speaker 1: it isn't at all, which is one of the most

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Speaker 1: difficult things to learn as a business owner. You know,

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Speaker 1: I remember in my early days when I would deal

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Speaker 1: with people leaving, and even if it was on great

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Speaker 1: terms and someone has just got a better opportunity somewhere

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Speaker 1: else or whatever it may be, you know, in those

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Speaker 1: early years of fate, like it would really affect me

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Speaker 1: just because like, at the end of the day, we

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Speaker 1: are humans and we have feelings. But again, she definitely

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Speaker 1: shouldn't be, you know, expressing those emotions and feelings to you,

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Speaker 1: and in terms of her and you in your performance

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Speaker 1: review asking for a pay rise, and her comparing you

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Speaker 1: to someone else, that's just completely not on. If I

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Speaker 1: was you, I would and if you like working at

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Speaker 1: the place that you're working at, I would definitely sit

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Speaker 1: down with your boss again and come in more firm

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Speaker 1: this time and say, like, I don't appreciate you comparing

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Speaker 1: me to someone else in the workplace, and again talk

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Speaker 1: to her about like everything that you've done for the business,

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Speaker 1: come in with that evidence again, and if she tries

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Speaker 1: to downplay it. If I'm being one hundred percent honest

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Speaker 1: with you, I don't think it's the workplace for you.

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Speaker 1: But I'm not to say because I'm just going off

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Speaker 1: your message here, but yeah, your boss definitely shouldn't be

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Speaker 1: comparing you to someone else or saying, well, she would

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Speaker 1: never ask for a pay rise, so why are you Again,

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Speaker 1: that's just really unprofessional by the sounds of it. I

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Speaker 1: think your boss might be feeling overwhelmed in her position,

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Speaker 1: which every business owner at almost every point, if not

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Speaker 1: a lot of the time, will feel that way. And

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Speaker 1: I think she could really benefit by connecting with other

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Speaker 1: people in similar positions to her, because we do go

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Speaker 1: through a lot of stress and emotional feelings as business owners,

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Speaker 1: but we cannot then be putting that onto our team.

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Speaker 1: We cannot be mentally unloading onto our team. I think

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Speaker 1: that's where the power of networking and creating friends who

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Speaker 1: also own businesses is super powerful, Because you know, I

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Speaker 1: have a bunch of friends that own businesses similar to mine.

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Speaker 1: It's just great to pick up the phone or send

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Speaker 1: them a text and go. I've had a fucked day

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Speaker 1: and they're like me too, and then you know, you'll

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Speaker 1: go out for dinner and have a chat about it.

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Speaker 1: So I'm sorry to hear that you've been put in

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Speaker 1: that position. It's definitely not normal and there are definitely

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Speaker 1: workplaces out there where you will not experience that. But

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Speaker 1: if you like working there and you like your colleagues,

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Speaker 1: I would sit down with your boss again if you're

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Speaker 1: wanting to reassess that pay rise, and just be honest

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Speaker 1: with her and remember hard conversations, easy life. Thanks for

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Speaker 1: sending in that question. That was such a great one. Okay,

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Speaker 1: the next question is a very interesting one as well.

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Speaker 1: It's about knowing when to pay yourself from your small

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Speaker 1: business that you're starting. So this is Hey, Brittany. I'm

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Speaker 1: a huge fan of the podcast and you and I

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Speaker 1: love all that you do. Thank you so much. I'm

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Speaker 1: starting my own small business doing candle making firstly, just

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Speaker 1: selling to friends and family. I know you've given many

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Speaker 1: tips for starting your own business on the podcast, but

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Speaker 1: I just have a few questions to ask about starting

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Speaker 1: my own business. How do you work out how much

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Speaker 1: to pay yourself and how much money to keep to

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Speaker 1: invest into the business. From the money I earn, how

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Speaker 1: do I work out how much to pay myself in labor?

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Speaker 1: And do you have any other tips for me and

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Speaker 1: for starting my business. I've just ordered all my supplies

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Speaker 1: and can't wait to start making my candles and selling them,

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Speaker 1: and I hope eventually I can sell them beyond family

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Speaker 1: and friends and maybe in market stalls. Thank you so

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Speaker 1: much for all you do, and I hope my message

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Speaker 1: reaches you. Think so much well, your message has absolutely

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Speaker 1: reached us, And these are some great questions here. So

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Speaker 1: my first tip here is I can only assume that

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Speaker 1: you will have another source of income. It's pretty common

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Speaker 1: when people are starting a business that they will be

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Speaker 1: building it on the side. And by the way, I'm

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Speaker 1: not a financial expert, so none of this is financial advice,

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Speaker 1: and I would absolutely suggest that you leave those financial

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Speaker 1: questions to professionals if you're ever feeling unsure. But I

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Speaker 1: can definitely speak based on my experience. Basically, when you

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Speaker 1: are starting a business, it's going to be a long

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Speaker 1: time before you can pay yourself unless you miraculously go

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Speaker 1: viral and you're selling candles left, right and center and

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Speaker 1: you're making a lot of money straight away. Because basically

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Speaker 1: what you want to be doing with the money that

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Speaker 1: you're going to first be making to make candles is

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Speaker 1: you're going to want to put aside whatever it is

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Speaker 1: that you're going to need to pay for tax. And

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Speaker 1: again I'm not an accountant. If you could take one

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Speaker 1: piece of advice from me, it would be to speak

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Speaker 1: to an accountant, just like a regular accountant, and ask

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Speaker 1: them these types of questions. Of course, you can punch

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Speaker 1: questions like this into Google as well or chat GPT

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Speaker 1: and it will be able to spit out a heap

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Speaker 1: of information for you. But when you first start a business,

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Speaker 1: obviously you've already outlaid the money for all of your

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Speaker 1: initial stock and ingredients and stuff like that, and basically

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Speaker 1: all you're going to be doing at the beginning is

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Speaker 1: making your candles and selling them to your friends and

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Speaker 1: family or going to the markets. And when you go

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Speaker 1: to the markets, you're going to need to spend more

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Speaker 1: money on a little setup and your little table and

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Speaker 1: whatever else you need for the markets. So for the

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Speaker 1: first long while of starting a business, you're not going

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Speaker 1: to make any money for yourself, and you're definitely not

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Speaker 1: going to be able to pay yourself I know that

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Speaker 1: sounds really harsh, but that is just the plain reality

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Speaker 1: of business, because every dollar that you make needs to

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Speaker 1: go back into the business if you want to keep

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Speaker 1: it going. I think it can be an easy misconception

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Speaker 1: that if you start making you know, one hundred dollars

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Speaker 1: here and two hundred dollars there and three hundred dollars

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Speaker 1: that week, that you can then immediately start paying yourself.

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Speaker 1: The answer to that is, unfortunately, you can't. What you

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Speaker 1: need to do is when you're making money from your

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Speaker 1: candles is you need to be putting a huge chunk

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Speaker 1: of it away for tax. I can't say how much

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Speaker 1: you should put away, but if any if there was

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Speaker 1: like a percentage, I'd say thirty to forty percent of

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Speaker 1: what you're making needs to be set aside for tax.

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Speaker 1: And I'm going to assume that you've set it up

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Speaker 1: as a proper business with an ABN and everything like that. Again,

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Speaker 1: an accountant would be super helpful with something like this.

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Speaker 1: I think going and speaking to an accountant is a

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Speaker 1: small price to pay to know that you're doing everything correct.

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Speaker 1: But remember, when you make one hundred dollars in sales

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Speaker 1: of candles, that one hundred dollars is not your one

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Speaker 1: hundred dollars to keep. A large chunk of that is

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Speaker 1: going to go to the taxman at tax time, and

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Speaker 1: then you need to work out what you're going to

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Speaker 1: do with the rest. Sure, you could sell fifty candles

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Speaker 1: to your friends and family, You could pay your tax

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Speaker 1: that you need to pay on that, and keep the

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Speaker 1: rest for yourself. But then how you're going to keep

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Speaker 1: growing the business. You'll need to buy more supplies and

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Speaker 1: keep making candles. And it's not until you really get

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Speaker 1: that momentum going and have constant sales coming in and

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Speaker 1: you've got all of your cash flow worked out. You

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Speaker 1: know how much all of your supplies are costing, you're

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Speaker 1: paying your electricity bill or whatever it else it is

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Speaker 1: that you're going to be paying. And it's not until

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Speaker 1: you get to that point where you're making profit, where

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Speaker 1: you have paid for all of your ingredients and packaging

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Speaker 1: and bits and bobs and you have a steady cash

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Speaker 1: flow that you can then start looking at how much

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Speaker 1: your business is actually profiting. And at that point you

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Speaker 1: can then choose if you want to pay yourself. You know,

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Speaker 1: once your business is at a steady pace. Again, I'm

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Speaker 1: not a financial advisor, So do not take financial advice

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Speaker 1: for me. But my advice would be keep whatever other

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Speaker 1: income it is that you have coming in, if you're

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Speaker 1: working full time or if you have a casual role

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Speaker 1: or whatever it is, and really work on your candle

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Speaker 1: business on the side for as long as you can,

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Speaker 1: relying on the money that you earn elsewhere to be

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Speaker 1: your money, and only get to that point of you know,

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Speaker 1: quitting your other job that you may have to pursue

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Speaker 1: your candle business full time when you know it's at

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Speaker 1: a point where it's sustainable. People will work for years

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Speaker 1: and years in their business before ever paying themselves a dollar.

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Speaker 1: As for me with Fate, I don't think I paid

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Speaker 1: myself a dollar from Fate until I don't know how

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Speaker 1: many years in I want to say, like four years in,

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Speaker 1: like halfway through I started paying myself. And even then,

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Speaker 1: when I started paying myself, it was like a very

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Speaker 1: very small weight. And again this could be a question

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Speaker 1: for an accountant. I think investing in an accountant, you know,

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Speaker 1: just for one off meetings or calls or pieces of advice,

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Speaker 1: is absolutely priceless and if they bring you on board,

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Speaker 1: they can keep all of your sales records, and then

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Speaker 1: you know, in six months or in twelve months, you

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Speaker 1: can meet with them again and they can look at

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Speaker 1: everything and see how much you've made, see how much

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Speaker 1: you've spent on all of your stock, and they can

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Speaker 1: help you to build out, you know, like a profit

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Speaker 1: and lost sheet, which will then be able to give

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Speaker 1: you the info that you need to know where your

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Speaker 1: business is at financially. But my advice would be make

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Speaker 1: money elsewhere and build this thing on the side until

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Speaker 1: it gets to that point where you can pay yourself.

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Speaker 1: It's unrealistic, I like to say it, to have expectations

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Speaker 1: that you can pay yourself straight away. That's just literally

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Speaker 1: not how businesses work. You need to be making quite

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Speaker 1: a lot of sales to get to that point of

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Speaker 1: paying yourself, and you can absolutely get there. A lot

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Speaker 1: of people do, but it takes a really long time

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Speaker 1: and a lot of hard work. So that would be

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Speaker 1: my advice for you, and good luck. By the way,

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Speaker 1: I'm going to answer one more question to quickly wrap up,

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Speaker 1: and this question is hybrid question for a bonus ep Oh.

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Speaker 1: I love that you know that I answer these in

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Speaker 1: my bonus episodes. I'm six months into my business, and

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Speaker 1: I'm struggling to find the line on where to halt growth.

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Speaker 1: For reference, I'm an independent influencer manager representing eight incredible

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Speaker 1: creators through word of mouth. I have additional creators reach

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Speaker 1: out to me every week asking to have a chat

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Speaker 1: to see if we can work together. Some are meh

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Speaker 1: and some are fantastic, but there's only so much work

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Speaker 1: I can do myself. I'm definitely hungry for growth and

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Speaker 1: for a challenge, but I don't want to get too

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Speaker 1: big for my boots and drop the ball on my

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Speaker 1: original talent if I grow past my capacity. How do

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Speaker 1: I know when to be happy with where the business

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Speaker 1: is sitting without feeling the need to grow, grow, grow continuously.

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Speaker 1: Thank you. This is a great question and I can

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Speaker 1: one hundred percent relate to how you're feeling. I know

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Speaker 1: exactly how you feel, and I'm a into my business

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Speaker 1: and we're quite big now, and even to this day,

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Speaker 1: for some reason, I still feel like I can achieve

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Speaker 1: so much more. And if anything, if I'm being honest,

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Speaker 1: I think the bigger that your business gets, the more

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Speaker 1: that you raise the bar higher. Therefore, you're never going

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Speaker 1: to feel happy with where you are, which is crazy.

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Speaker 1: Because obviously I'm really happy with everything that I have

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Speaker 1: achieved in eight years of fate. But I know that feeling.

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Speaker 1: I think it's like a founder mindset, and because there

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Speaker 1: is no end to business, like the bar just keeps

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Speaker 1: getting raised higher and higher, therefore, like there is no

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Speaker 1: limit to how far you can go kind of thing.

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Speaker 1: But I think it's really good that you're mindful of

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Speaker 1: this already and you understand that you don't want to

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Speaker 1: buy it off more than you can chew. If I

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Speaker 1: was you, I would maybe sit down and ride out,

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Speaker 1: Like what does a perfect life look like for you?

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Speaker 1: Is it you just working and managing your talent and

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Speaker 1: earning a certain amount of money through your eight talent

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Speaker 1: that you currently have, or do you want to become

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Speaker 1: a bigger business? What does the idea of leaderships unlike

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Speaker 1: to you? Because you're obviously working by yourself at this stage,

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Speaker 1: could you see yourself hiring someone and teaching them everything

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Speaker 1: that you know, or hiring someone who has experience in

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Speaker 1: the influencer marketing industry and bringing them in even just

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Speaker 1: a few days a week to take some of the

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Speaker 1: workload off you. I think that's what I would be

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Speaker 1: asking myself because if I'm being honest, if I think

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Speaker 1: of working for myself and you know, being happy with

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Speaker 1: everything that I was doing and not having to manage

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Speaker 1: other people, that could be a dream for a lot

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Speaker 1: of people. Like that sounds nice to me if I'm

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Speaker 1: being honest, and I've got a team of seventy, So

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Speaker 1: I think that's what I would be asking myself if

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Speaker 1: I was you at this current stage. Do you see

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Speaker 1: yourself just being happy doing what you're doing or do

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Speaker 1: you have that burning sense of growth so much that

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Speaker 1: maybe this is when you need to start considering adding

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Speaker 1: more to your team, because you very well could hire

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Speaker 1: someone who has experience with influencer marketing. There's so much

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Speaker 1: talent out there who have worked with influence and having

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Speaker 1: someone come on board even two to three days a

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Speaker 1: week to take off some of the workload from you

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Speaker 1: and allow the both of you to have more time

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Speaker 1: to have more people signed up on your books. But

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Speaker 1: that's a really kind of personal question because it just

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Speaker 1: depends do you want this business to grow bigger than

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Speaker 1: you or do you just see yourself doing what you're

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Speaker 1: doing now and just being like a solo business owner.

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Speaker 1: Because if I'm being noticed that sounds kind of nice

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Speaker 1: not to say it wouldn't be hard and stressful at times,

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Speaker 1: but that's what I would be asking you, and if

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Speaker 1: I was in your position, this is when you need

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Speaker 1: to think, do you want to hire someone and become

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Speaker 1: someone's boss and manager. It is the hardest, one of

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Speaker 1: the hardest gigs in the world hiring people and managing people,

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Speaker 1: but it's also obviously extremely rewarding as you can create

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Speaker 1: amazing opportunities for other people and also benefit yourself in

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Speaker 1: the long run by seeing your business grow. So hopefully

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Speaker 1: that helps well. I have to stalk your Instagram. I

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Speaker 1: can see your Instagram here and see what influences your managing.

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Speaker 1: I need to do more episodes about influencer managing, honestly

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Speaker 1: because influencers and influencer management, because I've obviously got a

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Speaker 1: lot of experience being an influencer myself back in the

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Speaker 1: day and working with a lot of talent managers myself.

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Speaker 1: But thank you all so much for sending in your questions.

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Speaker 1: I only ended up getting around to three, but I'm

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Speaker 1: mindful of the time and Xander saying this is too

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Speaker 1: long for a bonus, but anyway, I'll wrap it up

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Speaker 1: and I'll be back next week with a main bye