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Speaker 1: Hi, I'm Britney Saunders and welcome to Big Business, the

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Speaker 1: place where business is far from boring.

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Speaker 2: And today I'm recording on gadigal Land.

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Speaker 1: I somehow manage to build an empire from the garage

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Speaker 1: underneath my house, and I'm here on Big Business to

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Speaker 1: share it all with you, from the wins, the huge mistakes,

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Speaker 1: the challenging times and the funny moments in between. So

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Speaker 1: whether you're in business already, you're not in the game

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Speaker 1: at all, or you simply just want to hear some

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Speaker 1: tea or get some inspiration, this is the podcast for you.

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Speaker 1: Coming up on today's episode, I am joined by yet

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Speaker 1: another special guest. Today I'm going to be chatting with

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Speaker 1: Victoria Divine. Victoria is a multi award winning retired financial advisor,

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Speaker 1: a best selling author of five books. She's a financial

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Speaker 1: columnist for The Age and Sydney Morning Herald and she's

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Speaker 1: host of Australia's number one finance podcast, She's On the Money.

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Speaker 1: Victoria is also the founder of Zella Money, which is

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Speaker 1: an Australia wide mortgage broking and asset finance company.

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Speaker 2: She has been named in.

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Speaker 1: The Forbes thirty Under thirty list in the past and

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Speaker 1: is a driven entrepreneur who seeks to empower individuals on

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Speaker 1: their financial journeys and make finance accessible for everyone. She's honest, relatable,

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Speaker 1: and non judgmental. Victoria knows what millennial life is really

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Speaker 1: like and where we can get.

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Speaker 2: Stuck with money stuff.

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Speaker 1: You're gonna want to get your notepads and pens all

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Speaker 1: your phones out for this episode because she has shared

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Speaker 1: a whole lot of wisdom and tips with us, and

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Speaker 1: stick around to the end because she has given us

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Speaker 1: all I think one of the most slay life hacks

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Speaker 1: I have heard in a very long time.

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Speaker 2: Victoria, Welcome to Big Business.

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Speaker 3: Thank you for having me. I'm really excited about this chat.

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Speaker 1: I feel like we've taken terms because I came on

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Speaker 1: your podcast a couple of weeks ago, but you weren't there.

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Speaker 3: No, which is kind of funny, but like, thank you

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Speaker 3: for being my maternity leaves cover. I feel like we

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Speaker 3: picked really, really well. When we sat down my team

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Speaker 3: a l V like, if you're going away, we could

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Speaker 3: you know, have guest hosts And I was like, oh,

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Speaker 3: that would be really fun, and they were like, write

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Speaker 3: a list of who you'd want, and you were like,

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Speaker 3: very close to the top, and I kind of did

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Speaker 3: a little squeal when you said yes, because I was like,

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Speaker 3: she actually said yes. How cool is that boys say yes?

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Speaker 2: I love that.

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Speaker 1: And I had such a great time chatting with your team.

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Speaker 1: And if any of you listening haven't heard that, feel

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Speaker 1: free to go over after this. After you finished this episode,

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Speaker 1: of course, head on over to She's on the Money

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Speaker 1: and listen to my episode. I had a great time

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Speaker 1: talking with your team. We could have chatted for hours.

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Speaker 3: I'm biased, but my team are great. I mean, I

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Speaker 3: was a little bit worried that i'd come back and

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Speaker 3: then realized that they didn't need me on the show anymore.

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Speaker 2: We've got this, We're fine.

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Speaker 3: Yeah. So, I mean, I'm grateful that they've welcomed me

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Speaker 3: back with open arms, but good. I did love the

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Speaker 3: guest series.

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Speaker 1: Yeah, I had such a blast. I'll have to come

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Speaker 1: back on another time with you though, if any time.

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Speaker 3: We are definitely revamping our business by episodes, and I

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Speaker 3: feel like you and I are probably on the same

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Speaker 3: page when it comes to business, hence me being on

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Speaker 3: your business show. Yeah. So, I'm excited to have this chat.

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Speaker 3: Feel like it will go really well.

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Speaker 2: Oh awesome, well, let's just get straight into it.

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Speaker 1: I thought I could start out by asking you a

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Speaker 1: simple question, what motivated you to start She's on the

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Speaker 1: Money podcast and the community.

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Speaker 3: I want to say that it was like this massive

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Speaker 3: lack of financial literacy and I could see it, and

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Speaker 3: you know, it was palpable, but it was a little

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Speaker 3: bit selfish. Historically, I have gotten myself into a massive

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Speaker 3: amount of debt, so like from a personal perspective, and

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Speaker 3: this is you know, common knowledge. I got into just

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Speaker 3: over thirty five thousand dollars worth of personal debt when

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Speaker 3: I was really young, and so I started learning about

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Speaker 3: finance and trying to get myself out of that. And

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Speaker 3: I guess She's on the Money is a culmination of

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Speaker 3: all of that, not knowing where to go, having really

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Speaker 3: bad experiences with males in the industry, being overlooked when

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Speaker 3: it came to being and seriously, when I was like, oh,

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Speaker 3: I want to learn about investing in people, being like, oh,

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Speaker 3: you're a girl, what would you know? So I just

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Speaker 3: it was a lot of things that kind of came

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Speaker 3: together for me to create She's on the Money. And yes,

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Speaker 3: a lack of financial literacy was absolutely the driving motivator,

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Speaker 3: but I didn't know it at the time. I feel

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Speaker 3: like when you talk to lots of people, they're not like, oh,

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Speaker 3: I had this really great, really clean business idea and

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Speaker 3: it just worked. I didn't know that She's on the

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Speaker 3: Money would become a business. Like at the time, I

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Speaker 3: was running my financial advice business and She's on the

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Speaker 3: Money was this like love project on the side that

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Speaker 3: I was like, Oh, if I invest a little bit

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Speaker 3: of money, I don't expect it to come back, but

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Speaker 3: I expect to have a good time doing it. And

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Speaker 3: so it was a beautiful experience pulling it all together.

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Speaker 3: And it definitely comes from a lack of financial literacy

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Speaker 3: in Australia and me seeing that gap. But I guess

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Speaker 3: in hindsight it's a lot clearer than what it was

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Speaker 3: at the time. At the time, I was like, I

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Speaker 3: want to put out content that I would want to experience,

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Speaker 3: and I guess that's where we ended.

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Speaker 2: I absolutely love that.

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Speaker 1: I think what you're doing is so importan because I

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Speaker 1: totally agree that there isn't enough out there, especially for

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Speaker 1: women when it comes to understanding their finances. And I

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Speaker 1: even say to this day, like my partner aj he

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Speaker 1: does a lot of the finance side of our business,

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Speaker 1: and sometimes people ask me questions, you know, people in

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Speaker 1: our workplace.

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Speaker 2: I'm like, ohkay j I don't freaking know how any

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Speaker 2: of that works.

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Speaker 1: So I feel like I am even going to take

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Speaker 1: a lot away from this episode with you. And I

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Speaker 1: love that you mentioned that, you know, when you started

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Speaker 1: Cheese on the Money, it was just this little side

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Speaker 1: thing that you didn't really think that much about, and

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Speaker 1: now you've got this, you know, booming business and community.

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Speaker 1: And this is something that I always talk about here

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Speaker 1: on big businesses. When you start a business, it doesn't

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Speaker 1: have to be this fantastic, amazing, big grand plan idea.

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Speaker 1: It can be something quite small that you think not

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Speaker 1: that much of and it very well may just turn

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Speaker 1: into a big business pun intended.

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Speaker 3: Yeah, literally, I didn't think it would make money. And

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Speaker 3: I mean, if we go back five years podcasting, like,

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Speaker 3: what is that like, it wasn't really a thing, the

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Speaker 3: idea that even you know, radio networks would pick you up. No,

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Speaker 3: that was insane at the time, Like I couldn't foresee

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Speaker 3: what this industry would become when it comes to podcasting

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Speaker 3: and content creation. But I'm just I'm glad that I

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Speaker 3: was there from the beginning because I don't know if

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Speaker 3: it would work today.

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Speaker 2: I love it. Well, I guess.

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Speaker 1: To kick things off, I'm going to ask you the question,

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Speaker 1: why is financial planning so important when it comes to

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Speaker 1: starting a business?

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Speaker 3: Oh my gosh, it's it's like the foundations of what

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Speaker 3: you're going to create, right, And I feel like so

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Speaker 3: many of us, especially when we get into business, we're

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Speaker 3: a little bit creative. We are really passionate about our ideas,

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Speaker 3: and we want to focus on the output, not necessarily

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Speaker 3: those like foundational steps, like no one that I know,

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Speaker 3: and perhaps I need a different group of friends who knows.

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Speaker 3: No one that I know that has a business has

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Speaker 3: actually had a really solid business plan from the start.

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Speaker 3: Like they don't sit down and go to the government

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Speaker 3: website and download the business plan and ride out their

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Speaker 3: formal documentation. And they also don't do the same stuff

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Speaker 3: when it comes to financial planning either. You kind of

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Speaker 3: just wing it. And a lot of small business owners

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Speaker 3: start their business by using their personal accounts, and you know, going, oh, well,

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Speaker 3: you know, I don't know if this will be a thing.

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Speaker 3: You might, you know, start really small, and you're like, oh,

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Speaker 3: it's fifty bucks here and there, like, Oh, I'm just

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Speaker 3: going to sign up for a website. Oh, I haven't

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Speaker 3: started my business accounts. I'm just going to fund it personally,

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Speaker 3: and it just becomes really messy. So it's really important

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Speaker 3: to start really cleanly. And I do feel like if

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Speaker 3: you're going to start a business, one of the best

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Speaker 3: ways to back yourself is to go, you know what,

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Speaker 3: I am going to get a business banking account. I

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Speaker 3: am going to separate this. I am going to care

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Speaker 3: about tax from the start because albeit not sexy, like

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Speaker 3: I'm trying so hard to make it sexy, like that's

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Speaker 3: what she's on the money is about, but it's not

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Speaker 3: sexy at the end of the day. But it's those

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Speaker 3: foundations that you need to have a successful business long term,

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Speaker 3: and finance is the thing that becomes the stumbling block

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Speaker 3: to get from small business to big business. So I

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Speaker 3: feel like if we start cleanly at the start, it

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Speaker 3: doesn't mean you need to go pay for lots of

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Speaker 3: financial advice and you're not paying thousands of dollars to

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Speaker 3: an advisor, but you are going, all right, well, what

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Speaker 3: does my financial planning look like? Am I going to

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Speaker 3: get a business account. Don't get me wrong. You might

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Speaker 3: have absolutely no cash because the business isn't making anything.

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Speaker 3: But what that does is it means you can transfer

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Speaker 3: personally still over to your business, but you can keep

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Speaker 3: track of that money and pay it back to yourself,

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Speaker 3: but also have a really clean outline of what that

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Speaker 3: business is costing you, what are the incomings and outgoings

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Speaker 3: for this business, so everything is just super clean from

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Speaker 3: the beginning. Because that's going to make your life so

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Speaker 3: much easier. But it's also going to make life easier

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Speaker 3: when it comes to scaling. It's going to make life

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Speaker 3: easier when it comes to making big business decisions because

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Speaker 3: even if you don't have fancy accounting software, you can go, well,

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Speaker 3: can I afford to make this decision? Like what would

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Speaker 3: adding another product to our business actually look like? And

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Speaker 3: you've got all the numbers in front of you, instead

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Speaker 3: of going, oh, I need to sort through that. Oh

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Speaker 3: there's a whole heap of vopber eats charges on this

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Speaker 3: credit card as well as oh, yeah, I did pay

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Speaker 3: you know that subscription to my website, and I did

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Speaker 3: pay that subscription to you know, internet security or whatever

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Speaker 3: it is. But like they become messy and messy is

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Speaker 3: not good when it comes to trying to make a

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Speaker 3: successful business.

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Speaker 1: Yeah. I absolutely love that, and I think it's so

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Speaker 1: true what you said. When someone is starting out a business,

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Speaker 1: you are feeling really creative and passionate, and you're like, yeah,

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Speaker 1: I want to do this, like you get that idea

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Speaker 1: in your head, but it is so important to do

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Speaker 1: all that unsexy stuff at the beginning.

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Speaker 3: Yeah, it's not fun.

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Speaker 1: Yeah, you're like, oh, I don't want to set up

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Speaker 1: not in a register, my aba. Yeah. All like even

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Speaker 1: as when we like open a new store, like we'll

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Speaker 1: make a new bank account for that store so that

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Speaker 1: we can keep all the stores funds separate. And we're

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Speaker 1: opening a new store, like we're in the process now

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Speaker 1: and I'm like, oh, I got to go to the

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Speaker 1: bank and set up the new bank account.

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Speaker 2: It's just those things.

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Speaker 1: I mean.

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Speaker 3: Yeah, the bigger you get as a business, the more

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Speaker 3: administration you have to do. Yes, And it's so annoying

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Speaker 3: because you want to delegate it out as well, but

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Speaker 3: like the business owner has.

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Speaker 2: To do I know.

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Speaker 1: I you go to the bank and I'm like, can't

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Speaker 1: age I go like, you know, somebody who cares more

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Speaker 1: about this do this for me, Yeah, but it is

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Speaker 1: so important. I really want to stress to all of

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Speaker 1: you entrepreneurs out there or new business owners, you really

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Speaker 1: do need to get your finances in order. You're going

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Speaker 1: to set yourself up for success in the future. As

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Speaker 1: boring and annoying as it is in all the numbers,

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Speaker 1: like you said, it is that foundation for your business.

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Speaker 3: And if you're backing your business right, like if you

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Speaker 3: are from the very get go going, I'm going to

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Speaker 3: set up a business account, I'm going to get my

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Speaker 3: ABN in order, I'm going to have a think about

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Speaker 3: the structure. All these things are so unsexy, but what

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Speaker 3: they're telling you internally is this is serious. This is

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Speaker 3: actually legitimate. This is me going. No, I have every

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Speaker 3: belief that this business is going to be successful. Whereas

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Speaker 3: if you're just it with your personal bank accounts, you're

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Speaker 3: kind of not backing the business in the way that

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Speaker 3: it deserves to be backed to be successful because you're like, oh,

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Speaker 3: it might not work out, Like I don't want to

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Speaker 3: bother with that, Like that's not the mentality we want

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Speaker 3: to have. No, you want to take it seriously from

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Speaker 3: the get go, exactly serious business, ladies.

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Speaker 2: We are absolutely well.

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Speaker 1: This leads me on to my next question, which I

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Speaker 1: have been asked a lot, and I feel like it's

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Speaker 1: a really tricky one to answer it. Maybe with your

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Speaker 1: financial literacy you might be able to give a better answer,

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Speaker 1: but in your opinion, and I know it depends on

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Speaker 1: the business, but how much do you think that entrepreneurs

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Speaker 1: should save up before starting any business?

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Speaker 3: So again, it's exactly what you said, it's a really good.

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Speaker 2: Are you making ribbons at home or are you're opening

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Speaker 2: a cafe?

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Speaker 3: Like obviously it's going to be different, Like I can't

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Speaker 3: say four dollars and I can't give you a certain amount,

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Speaker 3: But what I would do is go back to the

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Speaker 3: drawing board, Like, let's look at your lifestyle. Like, Britt,

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Speaker 3: you don't have kids, so the amount that you need

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Speaker 3: is probably very different to the amount that I would

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Speaker 3: need if I was starting from scratch today, because if

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Speaker 3: you look at my lifestyle, you go, well, Victoria, you

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Speaker 3: have a husband, you have a mortgage, you have a child.

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Speaker 3: That's a lot of responsibility. So for me to take

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Speaker 3: that step and you know, be an entrepreneur and step

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Speaker 3: out and back myself in business, I feel like I

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Speaker 3: need a lot more of a safety net than someone

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Speaker 3: who's like whatever, it's all good. Like I could be

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Speaker 3: a young twenty two year old single female who has

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Speaker 3: absolutely no dependence and I get to live at home.

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Speaker 3: So the amount that you need to save up to

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Speaker 3: start a business is going to be very different. One

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Speaker 3: thing that I say to a lot of business owners

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Speaker 3: is you can actually do so much research for free

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Speaker 3: before you even spend a dollar. So go and do

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Speaker 3: the research. Like, let's just be really basic about this.

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Speaker 3: You're going to start a product based business and you're

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Speaker 3: not making the product yourself. You're going to get a

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Speaker 3: manufacturer in China to do it right, So you can

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Speaker 3: go and do the research of what's it going to

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Speaker 3: cost to establish your website, what's it going to cost

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Speaker 3: you to potentially start social media, how's that going to work?

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Speaker 3: And these are fickle things because you might be a

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Speaker 3: wizard at social media on your own, or you might

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Speaker 3: really suck at it and need a whole heap of

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Speaker 3: budget behind paying someone to help you with that. So

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Speaker 3: the amount that you need to save is different. You

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Speaker 3: can reach out to manufacturers overseas and see what their

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Speaker 3: costs are going to be. You can work out what

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Speaker 3: a product is going to cost you to import. You

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Speaker 3: can do all this research and create a beautiful spreadsheet,

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Speaker 3: but then on the flip side, I need you to

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Speaker 3: look at your living expenses and go, all right, well,

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Speaker 3: if I'm going to start putting my all into this

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Speaker 3: business that's not making any profit yet, how many savings

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Speaker 3: do I need to the side. And that's where the

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Speaker 3: difference between a twenty two year old single female and

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Speaker 3: then Victoria in a thirties with a kid and a

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Speaker 3: mortgage is going to come into it, because you could

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Speaker 3: be living at home and your mum and dad are like,

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Speaker 3: oh my gosh, slag queen, we'll look after and we'll

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Speaker 3: look after you go live your best life. Whereas me,

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Speaker 3: I'm like, okay, well I would need to save enough

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Speaker 3: to you know, kick this off for you know, six months,

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Speaker 3: Like how long do I think it's going to take

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Speaker 3: until this business creates enough profit for me to cover myself?

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Speaker 3: So that amount is going to be very different based

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Speaker 3: on personal circumstances. But I guess the answer there is

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Speaker 3: do a budget, have a look at what your expenses

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Speaker 3: are going to be. For me, like I own a

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Speaker 3: mortgage broking company, right, so profit in my business actually

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Speaker 3: takes a long time to come through, so lots of

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Speaker 3: people don't know this, But from the day that my

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Speaker 3: client settles, it's like three months before I get paid

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Speaker 3: from the banks. So that needs to be taken into consideration.

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Speaker 3: Whereas you know, I might have an online course and

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Speaker 3: I actually get the money in my account every time

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Speaker 3: a client makes a transaction, So those things need to

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Speaker 3: be considered. Do I need a three month buffer? Do

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Speaker 3: I need a six month buffer? Do I need to

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Speaker 3: be planning to pay my expenses for twelve months while

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Speaker 3: this starts off? Or am I planning on working part

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Speaker 3: time while building a business on the side.

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Speaker 2: So many factors exactly? So many?

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Speaker 3: Am I saving a certain amount? Well, no, it would

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Speaker 3: actually be wildly irresponsible of us to be like, actually

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Speaker 3: the answer twenty thousand dollars, because that might not be

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Speaker 3: what your business needs and it might not be what

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Speaker 3: your lifestyle needs. So I would go back, do a

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Speaker 3: budget for yourself and what that looks like. Do a

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Speaker 3: budget for your business and what that's gonna look like,

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Speaker 3: and then go from there. Solid advice I try.

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Speaker 1: I hope everyone's taking notes, and I think it's also

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Speaker 1: tricky for some people that are stepping into business or

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Speaker 1: they have this entrepreneurial fire because you do see things

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Speaker 1: online and it's one in a million that this would happen.

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Speaker 1: But you do see things where people say I started

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Speaker 1: my business with two hundred dollars, and you know, it

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Speaker 1: can be entitle it can allude to the fact that

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Speaker 1: all you need is two hundred dollars and nothing else.

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Speaker 1: But like what you've said, there's so many other factors

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Speaker 1: that come into play. And some people have gotten really

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Speaker 1: lucky and just started with two hundred bucks and a

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Speaker 1: small thing that's turned into a billion dollar company. But

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Speaker 1: how often is that going to happen?

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Speaker 2: Really?

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Speaker 3: And also like what's the narrative there, Like what's their

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Speaker 3: privilege behind that? Because I could say that, right, So

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Speaker 3: I could come out and this is why I hate

355
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Speaker 3: click baity titles. I could come out and be like

356
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Speaker 3: brit I started my you know, seven figure podcast, she's

357
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Speaker 3: on the money with a two hundred dollars microphone and

358
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Speaker 3: a moving blanket. That's absolutely true, Like none of that

359
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Speaker 3: is a lie. But I actually owned a financial advice

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Speaker 3: company that was making profit, and I was using that

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Speaker 3: profit to start my podcasting business and pay for production

362
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Speaker 3: and pay for all of this other stuff. Is the

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Speaker 3: fact that I had a two hundred dollar mic legitimate? Yeah,

364
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Speaker 3: of course it is, And I mean that makes a

365
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Speaker 3: really good story. But is it the reality of this situation?

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Speaker 3: And I guess there's just so much that comes into

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Speaker 3: it when reading into other people's stories. Where I value transparency,

368
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Speaker 3: but I also think that we need to put our

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Speaker 3: blinkers on a little bit and not look at other

370
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Speaker 3: people's journeys as an indicator for what success looks like.

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Speaker 3: See it and be like, well, if she can, I

372
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Speaker 3: can do something too. Be inspired, Yeah, be inspired, but

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Speaker 3: don't be Yeah, don't think that that's going to be

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Speaker 3: your trajectory.

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Speaker 2: No.

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Speaker 1: That's another thing that I always talk about on this

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Speaker 1: podcast is and I say to people, you know, if

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Speaker 1: you're in the start of your business journey, don't look

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Speaker 1: at me and where I am now and be like, oh,

380
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Speaker 1: like and make that comparison, especially now where we're living

381
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Speaker 1: in this world where there are obviously so many established

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Speaker 1: entrepreneurs and businesses online, we have so much to look at.

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Speaker 1: It would be tough starting today, like looking and comparing.

384
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Speaker 1: But what people don't see is all the shit at.

385
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Speaker 3: The start, Oh my gosh, yes, and like I'm so

386
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Speaker 3: embarrassed of so much that I got out historically. Absolutely,

387
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Speaker 3: Oh it's awful. Like sometimes I'm like to my team,

388
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Speaker 3: should we delete that? Should we just get rid of

389
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Speaker 3: it that.

390
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Speaker 2: They're like, video is embarrassing archive?

391
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Speaker 3: Yeah, yeah, and they're like, no v it still gets

392
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Speaker 3: good views, and I'm like, yeah, that's the problem.

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Speaker 1: What would you say are some common financial mistakes that

394
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Speaker 1: new business owners make not.

395
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Speaker 3: Setting themselves up from this when it comes to having

396
00:18:01,880 --> 00:18:06,200
Speaker 3: that clean banking system. So when I talk about clean

397
00:18:06,240 --> 00:18:08,800
Speaker 3: banking systems, I'm not just talking about having one bank

398
00:18:08,800 --> 00:18:11,520
Speaker 3: account for your business. I don't know how you do it.

399
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Speaker 3: I've got opinions that we need multiple bank accounts. And

400
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Speaker 3: the reason we need a multiple bank accounts is because

401
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Speaker 3: I never want anyone to be stiff with like tax

402
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Speaker 3: or you know, having to pay salary. So I am

403
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Speaker 3: very much a buckets lady. I like having all my

404
00:18:27,960 --> 00:18:30,160
Speaker 3: income going into one and then I take income out

405
00:18:30,160 --> 00:18:32,040
Speaker 3: and put it into my tax bucket, knowing that when

406
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Speaker 3: my bass is coming up, I need to pay that

407
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Speaker 3: every month. And then when you know, other expenses come up.

408
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Speaker 3: I've even got an emergency fund for my business because

409
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Speaker 3: I'm like, well, what would happen, Yeah, if I, you know,

410
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Speaker 3: for some reason, didn't get paid for a long period

411
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Speaker 3: of time. I don't know why that would happen, but

412
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Speaker 3: if it did, I know that I have three months

413
00:18:50,560 --> 00:18:53,199
Speaker 3: worth of expenses so that I can cover my team's salary,

414
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Speaker 3: and that makes me feel really safe. So I feel

415
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Speaker 3: like not setting yourself up properly from the start and

416
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Speaker 3: not doing enough research into what things is it going

417
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Speaker 3: to cost you? Business is mind blowingly expensive, Like it

418
00:19:05,119 --> 00:19:08,480
Speaker 3: just adds up, and I feel like so many people go, oh,

419
00:19:08,480 --> 00:19:11,720
Speaker 3: it's not that expensive, and I'm like I sometimes and

420
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Speaker 3: just shocked at how much I spend on things, oh

421
00:19:14,880 --> 00:19:18,080
Speaker 3: like whether that is you know, staff wages and how

422
00:19:18,119 --> 00:19:20,640
Speaker 3: they add up in addition to like super and tax.

423
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Speaker 3: And that's not me complaining, Like I am not complaining

424
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Speaker 3: about this. I am so privileged to be able to

425
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Speaker 3: pay all of this. Then I've got, you know, all

426
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Speaker 3: the insurances I need to pay for my business, which

427
00:19:30,359 --> 00:19:33,160
Speaker 3: I think lots of people forget to put into the budget.

428
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Speaker 3: I pay thousands of dollars in insurance. I feel you

429
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Speaker 3: then you've got rent, and I feel like so many

430
00:19:39,400 --> 00:19:41,439
Speaker 3: people are like, oh cool, it's listed. I don't know

431
00:19:41,480 --> 00:19:44,920
Speaker 3: a shop's like fifty thousand dollars. What's your fit out

432
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Speaker 3: going to be? What are the insurances on that shop?

433
00:19:48,080 --> 00:19:51,639
Speaker 3: What are the ongoing costs? Because when you rent a shop,

434
00:19:51,920 --> 00:19:55,399
Speaker 3: you're taking over every single expense. It's not like renting

435
00:19:55,440 --> 00:19:57,600
Speaker 3: a house and you know if it's shared water, your

436
00:19:57,640 --> 00:19:58,480
Speaker 3: landlord's got it.

437
00:19:58,760 --> 00:20:03,360
Speaker 2: Yeah, you got the going, You've got commercial real estate, all.

438
00:20:03,200 --> 00:20:06,560
Speaker 3: Of the outgoings, and now your responsibility. Like, there are

439
00:20:06,640 --> 00:20:09,720
Speaker 3: so many I want to say hidden expenses. Oh they're

440
00:20:09,760 --> 00:20:13,159
Speaker 3: not that hidden, like everyone quote knows about them, but

441
00:20:13,320 --> 00:20:16,440
Speaker 3: I feel like they were hidden to me. So there

442
00:20:16,440 --> 00:20:19,160
Speaker 3: are so many. What are those other expenses that we're

443
00:20:19,200 --> 00:20:21,560
Speaker 3: going to incur? And then all of the stuff along

444
00:20:21,600 --> 00:20:24,000
Speaker 3: the way, Like I know that we've got a content

445
00:20:24,040 --> 00:20:26,239
Speaker 3: shoot coming up, and you would think that that's just

446
00:20:26,359 --> 00:20:29,320
Speaker 3: like easy, right, you hire a photographer, Okay, but what

447
00:20:29,400 --> 00:20:31,600
Speaker 3: about the location. I need to pay for a location

448
00:20:31,680 --> 00:20:33,840
Speaker 3: that's going to allow me to film there and use

449
00:20:33,960 --> 00:20:37,320
Speaker 3: those videos for commercial purposes. I need a hair and

450
00:20:37,359 --> 00:20:40,080
Speaker 3: makeup artist. I need, you know, the lighting guy that's

451
00:20:40,119 --> 00:20:43,119
Speaker 3: separate from the photographer. Oh my gosh, my photographer doesn't

452
00:20:43,119 --> 00:20:45,800
Speaker 3: do video. I need the separate video person to get

453
00:20:45,800 --> 00:20:48,480
Speaker 3: the behind the scenes content, Like there's just so many

454
00:20:48,520 --> 00:20:50,359
Speaker 3: moving parts that you go, oh, I thought it was

455
00:20:50,400 --> 00:20:53,000
Speaker 3: about just taking some photos and whacking them online. Like,

456
00:20:53,200 --> 00:20:55,679
Speaker 3: don't get me wrong, there are definitely cheaper ways to

457
00:20:55,800 --> 00:20:59,960
Speaker 3: do things. But business is expensive, which means you need

458
00:21:00,119 --> 00:21:02,280
Speaker 3: to be looking at the bottom line of your business

459
00:21:02,359 --> 00:21:05,920
Speaker 3: from the start, Like I think consistently thinking about, well,

460
00:21:06,000 --> 00:21:09,280
Speaker 3: what will the outcome of this product be, Like can

461
00:21:09,320 --> 00:21:11,560
Speaker 3: I feasibly sell it for fifty dollars or does it

462
00:21:11,640 --> 00:21:13,679
Speaker 3: actually need to be one hundred dollars to be a

463
00:21:13,680 --> 00:21:16,760
Speaker 3: feasible long term business? And I think so many times

464
00:21:17,080 --> 00:21:19,119
Speaker 3: we forget to look at what it's going to cost us,

465
00:21:19,119 --> 00:21:21,600
Speaker 3: and we just benchmark ourselves on what our competitors are

466
00:21:21,600 --> 00:21:23,680
Speaker 3: doing or what we think in our heads these things

467
00:21:23,720 --> 00:21:26,960
Speaker 3: should cost instead of like, oh, to make this viable,

468
00:21:26,960 --> 00:21:30,400
Speaker 3: it actually sits here. So I think doing the research

469
00:21:30,480 --> 00:21:33,760
Speaker 3: from the start and making sure that you're covering all

470
00:21:33,800 --> 00:21:36,920
Speaker 3: of those bases for me would be the big thing.

471
00:21:37,000 --> 00:21:39,479
Speaker 3: And it can be overwhelming, but it actually doesn't need

472
00:21:39,520 --> 00:21:42,840
Speaker 3: to be Like open an Excel spreadsheet. You don't even

473
00:21:42,840 --> 00:21:45,200
Speaker 3: need to be good at spreadsheets, there are little boxes.

474
00:21:45,280 --> 00:21:48,240
Speaker 3: You can put words in those boxes and start putting

475
00:21:48,240 --> 00:21:50,879
Speaker 3: words down one side, and then how much each of

476
00:21:50,920 --> 00:21:53,520
Speaker 3: those things is going to cost you down the other side,

477
00:21:53,560 --> 00:21:55,760
Speaker 3: so you can keep track of it, Like it's all

478
00:21:55,800 --> 00:21:57,240
Speaker 3: the small things that add up.

479
00:21:57,400 --> 00:22:00,760
Speaker 1: Do you think as well on this this is the

480
00:22:00,800 --> 00:22:03,960
Speaker 1: part of business that maybe deters people or stops them.

481
00:22:04,080 --> 00:22:06,480
Speaker 1: Is they want to own a business and they love

482
00:22:06,520 --> 00:22:09,560
Speaker 1: the creative side and they're passionate about whatever the business is.

483
00:22:09,600 --> 00:22:11,920
Speaker 1: But then when it comes down to crunching those numbers

484
00:22:11,920 --> 00:22:14,080
Speaker 1: and all the back end part of it, do you

485
00:22:14,119 --> 00:22:16,000
Speaker 1: think that's where people kind of get put off a

486
00:22:16,000 --> 00:22:20,640
Speaker 1: little bit and that maybe maybe that's why they push

487
00:22:20,760 --> 00:22:22,880
Speaker 1: that stuff to the side, which then down the track

488
00:22:23,000 --> 00:22:25,160
Speaker 1: winds them up in financial stress.

489
00:22:25,320 --> 00:22:28,760
Speaker 3: I guess yes, because at the end of the day,

490
00:22:28,960 --> 00:22:32,320
Speaker 3: sometimes the perfect person to run a business is not

491
00:22:32,400 --> 00:22:35,360
Speaker 3: the perfect person to be the front of the business

492
00:22:35,440 --> 00:22:38,480
Speaker 3: or the creative behind it, and that can be a

493
00:22:38,520 --> 00:22:42,919
Speaker 3: really hard I guess realization to come to. Like the

494
00:22:42,960 --> 00:22:44,800
Speaker 3: amount of people that I've met who are like, oh,

495
00:22:44,840 --> 00:22:47,320
Speaker 3: I just I can't seem to make the business work,

496
00:22:47,359 --> 00:22:49,760
Speaker 3: and it's like, well, are you sitting down and thinking

497
00:22:49,760 --> 00:22:52,639
Speaker 3: about strategy. You know, how much research are you doing

498
00:22:52,680 --> 00:22:55,479
Speaker 3: into this expansion? What are you looking at when it

499
00:22:55,520 --> 00:22:57,760
Speaker 3: comes to you know, your financials. Are you sitting down

500
00:22:57,800 --> 00:22:59,560
Speaker 3: every month and looking at them? They're like, no, I

501
00:22:59,600 --> 00:23:02,480
Speaker 3: hate that stuff, and it's well, you might hate it,

502
00:23:02,920 --> 00:23:05,880
Speaker 3: I might not enjoy it, but these are necessary so

503
00:23:05,920 --> 00:23:08,760
Speaker 3: that you can be creative, so that you can, you know,

504
00:23:08,880 --> 00:23:12,080
Speaker 3: consistently have all of the good times. Like business sadly

505
00:23:12,720 --> 00:23:15,280
Speaker 3: is good and bad, like there are things that you

506
00:23:15,520 --> 00:23:19,520
Speaker 3: aren't gonna like. And I often say business gets harder

507
00:23:19,560 --> 00:23:23,560
Speaker 3: the bigger it is because the responsibility becomes more and

508
00:23:23,600 --> 00:23:26,359
Speaker 3: I feel like the more senior, I don't know if

509
00:23:26,359 --> 00:23:28,800
Speaker 3: the word senior is right here, but like the higher

510
00:23:28,880 --> 00:23:31,560
Speaker 3: up we get, the bigger my business becomes, the more

511
00:23:31,600 --> 00:23:34,600
Speaker 3: meaning all my tasks, like I'm the one having to like,

512
00:23:34,720 --> 00:23:37,119
Speaker 3: you know, do the banking, going to the post offfice.

513
00:23:36,800 --> 00:23:38,800
Speaker 2: Like I'm trying to take it frosh.

514
00:23:39,160 --> 00:23:41,080
Speaker 3: Oh, it's so annoying. But I'm the only one that

515
00:23:41,080 --> 00:23:42,919
Speaker 3: can pick up the parcels because my name's on it,

516
00:23:43,320 --> 00:23:45,760
Speaker 3: my driver's license and like you think you can send

517
00:23:45,800 --> 00:23:48,280
Speaker 3: your assistant and you just can't. For a lot of things.

518
00:23:48,720 --> 00:23:50,000
Speaker 2: You've got to take your passport.

519
00:23:50,119 --> 00:23:51,840
Speaker 1: Like sometimes I've gone to the bank to do something

520
00:23:51,880 --> 00:23:53,280
Speaker 1: like set up a new bank account, and I've got

521
00:23:53,359 --> 00:23:56,240
Speaker 1: my license and my cards, but oh, we need another

522
00:23:56,280 --> 00:23:58,199
Speaker 1: form of ID and I'm like, I don't carry my

523
00:23:58,280 --> 00:23:59,159
Speaker 1: passport around.

524
00:23:59,160 --> 00:24:01,200
Speaker 2: Then I've got to go is this whole thing?

525
00:24:01,480 --> 00:24:04,080
Speaker 3: Literally me the other way, I'm at the bank and

526
00:24:04,119 --> 00:24:06,679
Speaker 3: they're like, okay, so which account is it? And I'm like,

527
00:24:07,240 --> 00:24:08,760
Speaker 3: I don't mean to be rude, but I have a

528
00:24:08,760 --> 00:24:12,040
Speaker 3: lot of accounts, babe. Like they're like, what what does

529
00:24:12,080 --> 00:24:14,680
Speaker 3: the number? Like what's the ending for numbers of this?

530
00:24:15,200 --> 00:24:17,280
Speaker 3: Am I meant to know this off the top of

531
00:24:17,320 --> 00:24:19,040
Speaker 3: my head. And I was like, can I look it up?

532
00:24:19,080 --> 00:24:22,040
Speaker 3: And she's like, oh yeah, And like, don't get me wrong,

533
00:24:22,280 --> 00:24:25,159
Speaker 3: these are the small things that are a privileged to

534
00:24:25,200 --> 00:24:27,760
Speaker 3: do because you're big. But like I think they're the

535
00:24:27,800 --> 00:24:30,080
Speaker 3: things that the bigger you get, the more you're gonna

536
00:24:30,119 --> 00:24:31,600
Speaker 3: have to do these things. So if you're not willing

537
00:24:31,600 --> 00:24:33,719
Speaker 3: to do them from the start, I promise that setting

538
00:24:33,720 --> 00:24:36,680
Speaker 3: yourself up for failure. Like you need to carve time

539
00:24:36,720 --> 00:24:40,000
Speaker 3: out to be working on the business. And when people say, oh,

540
00:24:40,040 --> 00:24:43,159
Speaker 3: you're working on the business, Like I think that that

541
00:24:43,240 --> 00:24:45,800
Speaker 3: sounds so romantic to me. I'm like, oh, you're thinking

542
00:24:45,840 --> 00:24:48,879
Speaker 3: about growth, You're working on the business. You're doing some

543
00:24:49,040 --> 00:24:53,320
Speaker 3: marketing and branding. Oh so chic, when the reality is like,

544
00:24:53,359 --> 00:24:56,280
Speaker 3: I'm working on the business so the business can still stand, babe.

545
00:24:56,600 --> 00:24:59,320
Speaker 3: Like I'm in the background, going, actually, do I need

546
00:24:59,359 --> 00:25:01,880
Speaker 3: to review all this subscriptions in the business to make

547
00:25:01,920 --> 00:25:04,040
Speaker 3: sure that I'm not, you know, frittering all.

548
00:25:04,640 --> 00:25:06,879
Speaker 1: We've got all We've got all our work phones, and

549
00:25:06,920 --> 00:25:09,800
Speaker 1: you know how easily you download and subscribe to apps

550
00:25:09,840 --> 00:25:11,920
Speaker 1: on your phone, So we're we've got like six work

551
00:25:12,000 --> 00:25:13,679
Speaker 1: phones in the office at all times, and they've all

552
00:25:13,680 --> 00:25:16,199
Speaker 1: got different sorts of apps, editing apps, all this and that,

553
00:25:16,359 --> 00:25:18,720
Speaker 1: and every now and then, I'm like, girls, let's go

554
00:25:18,800 --> 00:25:22,119
Speaker 1: through the subscriptions in like the Apples hundred ID because

555
00:25:22,160 --> 00:25:24,560
Speaker 1: you you don't realize how many you're subscribed to.

556
00:25:25,520 --> 00:25:29,160
Speaker 3: The drive here. This is. I don't know how relevant

557
00:25:29,200 --> 00:25:31,400
Speaker 3: it is. I just think it's really funny. The Drive here.

558
00:25:31,520 --> 00:25:33,879
Speaker 3: I was on the phone to my assistant who was

559
00:25:33,920 --> 00:25:37,359
Speaker 3: helping me do the reconciliation for my AMEX, and she's

560
00:25:37,400 --> 00:25:40,399
Speaker 3: like one hundred and nine dollars ninety nine to Apple

561
00:25:40,520 --> 00:25:43,760
Speaker 3: what's that. I'm like, I don't know. Yeah, Like I've

562
00:25:43,760 --> 00:25:46,520
Speaker 3: got no clue, and we're going through these charges and

563
00:25:46,560 --> 00:25:49,879
Speaker 3: I'm like, did I do that? I could have? Like

564
00:25:50,080 --> 00:25:53,200
Speaker 3: what's it for? And like these things just come out

565
00:25:53,240 --> 00:25:55,439
Speaker 3: of nowhere. So I feel like, if you're not willing

566
00:25:55,560 --> 00:25:58,600
Speaker 3: to do the small things, yes, you might be the

567
00:25:58,760 --> 00:26:02,159
Speaker 3: most gifted human being when it comes to being creative,

568
00:26:02,160 --> 00:26:04,240
Speaker 3: and you might be the best designer, you might be

569
00:26:04,320 --> 00:26:07,679
Speaker 3: the best everything. But it's a compromise you're gonna have

570
00:26:07,720 --> 00:26:10,040
Speaker 3: to make to be able to shine in that space

571
00:26:10,080 --> 00:26:12,360
Speaker 3: as well. Because you know, even if you like, let's

572
00:26:12,359 --> 00:26:15,080
Speaker 3: say you're an artist and you want to sell your paintings, Like,

573
00:26:15,400 --> 00:26:17,560
Speaker 3: the bigger you get, the more admin you're gonna have

574
00:26:17,640 --> 00:26:19,720
Speaker 3: to do, the more you're gonna have to think about

575
00:26:19,760 --> 00:26:22,560
Speaker 3: shipping costs. You're gonna have to think about packaging, how

576
00:26:22,560 --> 00:26:26,359
Speaker 3: to get your items overseas. If overseas buyers start to

577
00:26:26,359 --> 00:26:28,880
Speaker 3: pick up your work, Like, these things are not sexy,

578
00:26:29,240 --> 00:26:32,880
Speaker 3: but they're necessary to be known for your craft. So

579
00:26:32,920 --> 00:26:35,880
Speaker 3: I think that being happy to take that on from

580
00:26:35,920 --> 00:26:38,760
Speaker 3: the beginning and seeing it as a responsibility of a

581
00:26:38,840 --> 00:26:42,800
Speaker 3: being a business owner is essential. But it's not fun. Like,

582
00:26:42,840 --> 00:26:45,080
Speaker 3: don't get me wrong, I don't want to reconcile my

583
00:26:45,119 --> 00:26:48,320
Speaker 3: amex like I want the points. That's why we got it.

584
00:26:49,280 --> 00:26:50,080
Speaker 2: Yeah, you're so right.

585
00:26:50,160 --> 00:26:52,560
Speaker 1: Like the bigger the business gets, the more of that

586
00:26:52,640 --> 00:26:54,720
Speaker 1: admin shit happens. Like it never gets to a point

587
00:26:54,720 --> 00:26:57,040
Speaker 1: where you can just kick back and it's easy and

588
00:26:57,080 --> 00:26:59,240
Speaker 1: everything's in place. It's just like the more and more

589
00:26:59,560 --> 00:27:02,199
Speaker 1: the bigger you get, the more admin justus piles on

590
00:27:02,240 --> 00:27:04,000
Speaker 1: top and on top. But it's just one of those

591
00:27:04,000 --> 00:27:06,080
Speaker 1: things that you just have to like do and embrace.

592
00:27:06,160 --> 00:27:08,800
Speaker 1: And even though we want to be there amazing entrepreneurs

593
00:27:08,800 --> 00:27:11,080
Speaker 1: and business owners and fun and creative, we've got to

594
00:27:11,119 --> 00:27:12,679
Speaker 1: do all the nitty gritties no matter what.

595
00:27:13,119 --> 00:27:15,359
Speaker 3: Yeah, like my actual like if we did like an

596
00:27:15,359 --> 00:27:17,760
Speaker 3: Instagram day in the life, like it would be.

597
00:27:17,720 --> 00:27:20,080
Speaker 1: So boor sitting at the laptop typing.

598
00:27:20,520 --> 00:27:23,520
Speaker 3: Yeah, sitting at the laptop typing calling people being like, hey,

599
00:27:23,680 --> 00:27:25,959
Speaker 3: do you do you know how to spell this? Like

600
00:27:26,119 --> 00:27:28,239
Speaker 3: it's not it's not coming up in the system when

601
00:27:28,280 --> 00:27:30,879
Speaker 3: I look it up. Oh no, okay, Hey, So there

602
00:27:31,000 --> 00:27:32,960
Speaker 3: was this charge of my amex forty seven dogs? Can

603
00:27:33,000 --> 00:27:34,320
Speaker 3: anybody remember that?

604
00:27:34,440 --> 00:27:34,520
Speaker 1: Was?

605
00:27:34,640 --> 00:27:37,960
Speaker 3: Fact? Have you got a receipt for that. I'll call Maddie.

606
00:27:37,960 --> 00:27:40,679
Speaker 2: I'll ask her for that back to bank accounts.

607
00:27:40,920 --> 00:27:43,719
Speaker 1: Yes, I think a good question to ask you is

608
00:27:43,800 --> 00:27:48,119
Speaker 1: why is it important to keep your personal and business

609
00:27:48,200 --> 00:27:51,000
Speaker 1: finances separate? And I think a lot of business owners

610
00:27:51,040 --> 00:27:53,800
Speaker 1: in the start, I know me, when I became an

611
00:27:53,880 --> 00:27:56,520
Speaker 1: influencer and I was essentially my own business, I didn't

612
00:27:56,680 --> 00:27:58,560
Speaker 1: I didn't set it up correctly. In the start, I

613
00:27:58,640 --> 00:28:00,879
Speaker 1: was just me with my person bank account, and I

614
00:28:00,920 --> 00:28:02,320
Speaker 1: was doing all these brand deals and it.

615
00:28:02,280 --> 00:28:05,119
Speaker 2: Was all going into Wow, people are paying me.

616
00:28:05,359 --> 00:28:06,480
Speaker 3: Yes, it was insane.

617
00:28:06,560 --> 00:28:09,560
Speaker 1: It's all going into my personal account. And I didn't know.

618
00:28:09,680 --> 00:28:11,800
Speaker 1: I was none the wiser. I should have known about you.

619
00:28:11,960 --> 00:28:14,240
Speaker 1: But this was forever and ever an ever ago.

620
00:28:14,440 --> 00:28:16,320
Speaker 3: I was about to say, I was a nothing. Yeah,

621
00:28:16,359 --> 00:28:19,320
Speaker 3: it's not like I was just watching your content, babe.

622
00:28:19,520 --> 00:28:21,920
Speaker 1: Yeah, I'm making these YouTube videos getting paid straight into

623
00:28:22,000 --> 00:28:24,040
Speaker 1: my personal bank account. I didn't even have an ABN

624
00:28:24,119 --> 00:28:26,960
Speaker 1: or anything like that because I didn't have any.

625
00:28:26,680 --> 00:28:28,080
Speaker 2: Idea about this kind of stuff.

626
00:28:28,119 --> 00:28:30,919
Speaker 1: So why is it important that people separate the two

627
00:28:31,000 --> 00:28:32,720
Speaker 1: their business and their personal.

628
00:28:32,640 --> 00:28:35,919
Speaker 3: There's a couple of reasons, and we'll quickly go through them.

629
00:28:36,000 --> 00:28:39,720
Speaker 3: So the first is it's messy. So when tax time comes,

630
00:28:39,760 --> 00:28:43,000
Speaker 3: separating oh, was that business income or that income you've

631
00:28:43,000 --> 00:28:46,440
Speaker 3: already paid tax on, Was that, you know you spending

632
00:28:46,640 --> 00:28:49,880
Speaker 3: on a business expense versus was it a personal expense?

633
00:28:49,920 --> 00:28:53,640
Speaker 3: It just becomes so cloudy and messy. Whereas every day,

634
00:28:53,680 --> 00:28:56,000
Speaker 3: if you have a debit card associated to your business

635
00:28:56,040 --> 00:28:58,680
Speaker 3: account and it's in your wallet with your personal you

636
00:28:58,720 --> 00:29:01,400
Speaker 3: can go all right, well coffee personal, but oh, you know,

637
00:29:01,440 --> 00:29:03,560
Speaker 3: I'm going to office works, I'm just gonna pop this

638
00:29:03,640 --> 00:29:06,920
Speaker 3: office works charge on my business card. Where so many

639
00:29:07,000 --> 00:29:09,880
Speaker 3: times when I used to do this, I would just

640
00:29:09,920 --> 00:29:11,800
Speaker 3: tap my card at office works and be like, whatever,

641
00:29:11,840 --> 00:29:14,800
Speaker 3: I'll work it out later. Spoiler, I never worked it

642
00:29:14,800 --> 00:29:18,120
Speaker 3: out later, and I was using post tax income to

643
00:29:18,200 --> 00:29:21,360
Speaker 3: pay for business expenses that I shouldn't have been paying

644
00:29:21,440 --> 00:29:24,440
Speaker 3: for with post tax income, right, Like, all of that

645
00:29:24,600 --> 00:29:27,240
Speaker 3: is meant to be a business expense. So I'm shooting

646
00:29:27,240 --> 00:29:29,320
Speaker 3: myself in the foot when it comes to the bottom

647
00:29:29,400 --> 00:29:32,280
Speaker 3: line of my literal business and what profit I make

648
00:29:32,320 --> 00:29:35,360
Speaker 3: and what loss I make. So I think mess is

649
00:29:35,480 --> 00:29:39,479
Speaker 3: one reason. But then secondly, if it is really messy

650
00:29:39,600 --> 00:29:41,200
Speaker 3: and you want to do stuff in the rest of

651
00:29:41,240 --> 00:29:43,920
Speaker 3: your life, for example, you want to purchase your first

652
00:29:43,920 --> 00:29:48,120
Speaker 3: home brick like, a bank wants to see usually at

653
00:29:48,200 --> 00:29:51,520
Speaker 3: least twelve to twenty four months worth of clean business

654
00:29:51,560 --> 00:29:54,360
Speaker 3: expenses and profit in your business, and if it's tied

655
00:29:54,400 --> 00:29:57,600
Speaker 3: up with your personal stuff, they're like, oh nah, it's

656
00:29:57,640 --> 00:29:59,320
Speaker 3: not legit. Well we don't want to Like, once you've

657
00:29:59,360 --> 00:30:02,360
Speaker 3: separated that, come back and talk to us. It is

658
00:30:02,480 --> 00:30:06,200
Speaker 3: a nightmare. So making sure that everything's clean is going

659
00:30:06,280 --> 00:30:08,000
Speaker 3: to mean that the rest of your life can keep

660
00:30:08,040 --> 00:30:10,200
Speaker 3: going on. If you want to purchase property, if you

661
00:30:10,200 --> 00:30:11,959
Speaker 3: want to get loans, if you want to, you know,

662
00:30:12,360 --> 00:30:15,760
Speaker 3: make a business loan, the bank is going to want

663
00:30:15,800 --> 00:30:18,520
Speaker 3: to see all of your business accounts and make them

664
00:30:18,560 --> 00:30:20,720
Speaker 3: really clean. They don't care about your uber eats like

665
00:30:20,760 --> 00:30:24,320
Speaker 3: they don't want to see that, not want restatements and

666
00:30:24,360 --> 00:30:26,320
Speaker 3: go oh well, bar, is that a business expense? And

667
00:30:26,360 --> 00:30:28,520
Speaker 3: you go, oh no, that wasn't business, that was actually

668
00:30:28,520 --> 00:30:30,520
Speaker 3: personal and they go okay, great, what about this one

669
00:30:30,640 --> 00:30:33,520
Speaker 3: at the cafe fifty times in one day? Like they're

670
00:30:33,560 --> 00:30:36,440
Speaker 3: gonna ask. And the reason that you want it to

671
00:30:36,480 --> 00:30:38,840
Speaker 3: be clean is so one life can keep going on.

672
00:30:39,040 --> 00:30:41,480
Speaker 3: But also your business accounts are really clean, like you're

673
00:30:41,480 --> 00:30:44,040
Speaker 3: going to know if the business is in trouble sooner,

674
00:30:44,360 --> 00:30:47,760
Speaker 3: if it's not messed up with your personal accounts. You're

675
00:30:47,760 --> 00:30:50,640
Speaker 3: going to know if the business is successful sooner, if

676
00:30:50,680 --> 00:30:53,440
Speaker 3: it's not messed up with your personal accounts. Like everything

677
00:30:53,480 --> 00:30:57,640
Speaker 3: I promise is better once it's separate. Also the stress,

678
00:30:58,080 --> 00:30:59,760
Speaker 3: Like do you know how good it is knowing that

679
00:30:59,800 --> 00:31:03,360
Speaker 3: I can just go onto my online banking, download the

680
00:31:03,440 --> 00:31:05,880
Speaker 3: excel file, send it to my accountant and be like, hey,

681
00:31:06,000 --> 00:31:06,880
Speaker 3: that's all the business.

682
00:31:06,880 --> 00:31:08,920
Speaker 2: There's all the statements. Yeah, that's the state. It's not

683
00:31:09,000 --> 00:31:11,000
Speaker 2: mixed up. And then you don't have your accountant going

684
00:31:11,280 --> 00:31:12,240
Speaker 2: what's this transaction?

685
00:31:12,400 --> 00:31:14,920
Speaker 1: Is this personal? Is this business? It's so good to

686
00:31:14,960 --> 00:31:15,800
Speaker 1: have them separate.

687
00:31:16,400 --> 00:31:18,440
Speaker 3: Yeah, And do you know how annoying it is now

688
00:31:18,680 --> 00:31:21,520
Speaker 3: as somebody who does have it separate when I accidentally

689
00:31:21,640 --> 00:31:24,040
Speaker 3: use the wrong card for something like we've got prefill

690
00:31:24,120 --> 00:31:26,720
Speaker 3: online now, Like, so if I'm making an online purchase,

691
00:31:26,960 --> 00:31:29,640
Speaker 3: sometimes it's pre Field and I'm like, yep, just yeah,

692
00:31:31,160 --> 00:31:33,080
Speaker 3: and then it's my personal one. And then my bookkeepers

693
00:31:33,080 --> 00:31:34,240
Speaker 3: coming back to me at the end of the month,

694
00:31:34,280 --> 00:31:37,479
Speaker 3: they're like, what's this from fate? And I'm like, oh ah, sorry,

695
00:31:37,800 --> 00:31:39,640
Speaker 3: can you just transfer that over and then you have

696
00:31:39,680 --> 00:31:41,000
Speaker 3: to fully reconcile it.

697
00:31:41,240 --> 00:31:45,080
Speaker 1: Yeah, so it's important to do it from the get go.

698
00:31:45,240 --> 00:31:48,720
Speaker 1: Is head those separate bank accounts, even if you are

699
00:31:48,800 --> 00:31:51,160
Speaker 1: just starting a business, and much like when you started,

700
00:31:51,360 --> 00:31:53,200
Speaker 1: she's on the money and when I started Fade and

701
00:31:53,240 --> 00:31:55,520
Speaker 1: I thought, this is probably not going to be anything.

702
00:31:55,560 --> 00:31:57,479
Speaker 1: I never thought into the future. It was just a

703
00:31:57,520 --> 00:31:59,880
Speaker 1: fun little idea at the time. You never know what

704
00:32:00,120 --> 00:32:03,200
Speaker 1: your business is going to turn into. So it's best

705
00:32:03,240 --> 00:32:05,600
Speaker 1: to just cover all those grounds and just set yourself

706
00:32:05,680 --> 00:32:08,400
Speaker 1: up for success from the beginning, even if you aren't

707
00:32:08,440 --> 00:32:09,840
Speaker 1: sure where the business is going to go.

708
00:32:10,240 --> 00:32:12,440
Speaker 3: But it's also even if you don't know where the

709
00:32:12,440 --> 00:32:14,200
Speaker 3: business is going to go and maybe this is like

710
00:32:14,240 --> 00:32:16,720
Speaker 3: a little bit like morbid and we should be really optimistic,

711
00:32:17,200 --> 00:32:19,400
Speaker 3: it's so much easier to shut it down to if

712
00:32:19,440 --> 00:32:22,520
Speaker 3: you decide that it's not for you. Having everything separately,

713
00:32:22,560 --> 00:32:24,080
Speaker 3: you can just be like, all right, cut the line.

714
00:32:24,120 --> 00:32:26,280
Speaker 3: We've done with that, Like I've decided to step out

715
00:32:26,280 --> 00:32:29,160
Speaker 3: of it. It's not intertwined into your personal life, and

716
00:32:29,200 --> 00:32:32,600
Speaker 3: for years later you're like, oh, actually, what's this. Oh actually,

717
00:32:32,680 --> 00:32:35,600
Speaker 3: what's like we just don't want that, Like we want

718
00:32:35,600 --> 00:32:37,920
Speaker 3: to make sure that we are caring about it. The

719
00:32:38,000 --> 00:32:40,040
Speaker 3: other thing I want to say here is around the

720
00:32:40,120 --> 00:32:43,000
Speaker 3: structure of that business. And I'm sure you've gone through

721
00:32:43,040 --> 00:32:46,080
Speaker 3: this where it was in your personal accounts and you're like, well, yeah,

722
00:32:46,520 --> 00:32:48,720
Speaker 3: and then things started to get serious and then you

723
00:32:48,920 --> 00:32:51,040
Speaker 3: went to an accountant and they're like, oh my gosh, Britt,

724
00:32:51,040 --> 00:32:53,560
Speaker 3: what are you doing that rating as an individual.

725
00:32:53,120 --> 00:32:54,920
Speaker 1: That was me here, They're like, why haven't you set

726
00:32:54,920 --> 00:32:56,400
Speaker 1: yourself up as a business company?

727
00:32:56,480 --> 00:32:57,479
Speaker 3: Why don't you an opinion?

728
00:32:57,560 --> 00:32:59,560
Speaker 1: Yeah, because I was just me and then you need

729
00:32:59,600 --> 00:33:01,000
Speaker 1: to be a PtyLtd.

730
00:33:01,040 --> 00:33:02,280
Speaker 2: I'm like, what does this mean?

731
00:33:02,560 --> 00:33:04,040
Speaker 3: Like, yeah, like who is this?

732
00:33:04,240 --> 00:33:04,800
Speaker 2: What is that?

733
00:33:05,040 --> 00:33:08,200
Speaker 3: So I think understanding that from the start, and the

734
00:33:08,240 --> 00:33:12,000
Speaker 3: reason accountants care so much about that is actually personal protection.

735
00:33:12,520 --> 00:33:16,000
Speaker 3: It's you know, obviously, tax is sexier inside a company

736
00:33:16,040 --> 00:33:18,080
Speaker 3: than it is if you're paying it at your marginal

737
00:33:18,120 --> 00:33:21,040
Speaker 3: tax rate. So really quickly, if you're paying it at

738
00:33:21,040 --> 00:33:24,160
Speaker 3: your marginal tax rate, you're being paid into your personal accounts,

739
00:33:24,200 --> 00:33:26,040
Speaker 3: and you start making bank and you're at the highest

740
00:33:26,080 --> 00:33:28,720
Speaker 3: marginal tax rate, you'll be paying tax at least forty

741
00:33:28,760 --> 00:33:31,240
Speaker 3: seven cents in the dollar, which is not that sexy.

742
00:33:31,280 --> 00:33:33,959
Speaker 3: Whereas the company rate is thirty cents, and like, I

743
00:33:34,040 --> 00:33:36,840
Speaker 3: know which one I would prefer to pay. Obviously, it's

744
00:33:36,880 --> 00:33:39,000
Speaker 3: going to be different when you distribute that income or

745
00:33:39,040 --> 00:33:40,760
Speaker 3: take income out of the business to pay for your

746
00:33:40,760 --> 00:33:43,400
Speaker 3: personal life, but that can come later. But at least

747
00:33:43,480 --> 00:33:46,960
Speaker 3: you're making sure that your business income is maximized. Like

748
00:33:47,000 --> 00:33:49,640
Speaker 3: that's a difference of at least seventeen percent, Like you

749
00:33:49,640 --> 00:33:52,680
Speaker 3: are seventeen percent better off. Ye a lot of the

750
00:33:52,800 --> 00:33:56,000
Speaker 3: time if you're you know that highest marginal tax bracket,

751
00:33:56,480 --> 00:33:58,880
Speaker 3: putting yourself into a company for that, and it is

752
00:33:58,960 --> 00:34:01,920
Speaker 3: expensive to set up up, but it pays for itself

753
00:34:01,920 --> 00:34:05,600
Speaker 3: over time. It's also meaning that you know, nobody wants

754
00:34:05,600 --> 00:34:07,880
Speaker 3: to get sued in business, but they can sue the

755
00:34:07,920 --> 00:34:09,320
Speaker 3: company instead of you personally.

756
00:34:09,520 --> 00:34:12,200
Speaker 1: Yes, it's taking yourself out, taking yourself out.

757
00:34:12,840 --> 00:34:15,000
Speaker 3: Yeah. So I think that all of these things, while

758
00:34:15,040 --> 00:34:17,760
Speaker 3: not sexy, are really important to talk about.

759
00:34:18,200 --> 00:34:19,839
Speaker 2: You heard it here first, people.

760
00:34:20,239 --> 00:34:23,040
Speaker 1: Not sexy stuff is actually really sexy and you need

761
00:34:23,080 --> 00:34:25,560
Speaker 1: to care about it. Me, please do included all of

762
00:34:25,600 --> 00:34:32,560
Speaker 1: us included. When it comes to someone starting a new business,

763
00:34:32,640 --> 00:34:34,520
Speaker 1: I always get a lot of people saying, like what

764
00:34:34,560 --> 00:34:36,399
Speaker 1: we spoke about earlier, how much money do I need

765
00:34:36,400 --> 00:34:37,960
Speaker 1: to start a business? Do I need to take out

766
00:34:37,960 --> 00:34:39,600
Speaker 1: a loan? Like I get these questions all the time.

767
00:34:39,600 --> 00:34:41,239
Speaker 1: I'm like, don't ask me, like, I don't know what

768
00:34:41,280 --> 00:34:45,600
Speaker 1: I'm talking about, But what are some common funding options

769
00:34:45,640 --> 00:34:47,919
Speaker 1: for new businesses? And what would you say? Are there

770
00:34:47,960 --> 00:34:51,520
Speaker 1: pros and cons? Are you all four people taking out loans?

771
00:34:52,280 --> 00:34:52,440
Speaker 3: Well?

772
00:34:52,440 --> 00:34:53,040
Speaker 2: Tell me it all.

773
00:34:53,400 --> 00:34:55,880
Speaker 3: It depends and it's going to depend on the business.

774
00:34:56,560 --> 00:34:58,320
Speaker 3: I don't think it's going to come as a surprise

775
00:34:58,400 --> 00:35:03,239
Speaker 3: that I'm relatively anti debt, and I would actually prefer you, Britt,

776
00:35:03,480 --> 00:35:06,319
Speaker 3: to take another six months of saving and start your

777
00:35:06,320 --> 00:35:09,600
Speaker 3: business in six months, then get ahead six months by

778
00:35:09,640 --> 00:35:11,960
Speaker 3: taking out a really big loan, because to me, the

779
00:35:12,080 --> 00:35:14,279
Speaker 3: risk of that is that it's just not going to

780
00:35:14,320 --> 00:35:17,040
Speaker 3: work out. Whereas if you came to me and said, hey,

781
00:35:17,080 --> 00:35:20,400
Speaker 3: I've got this really brilliant opportunity, and you know someone

782
00:35:20,520 --> 00:35:23,640
Speaker 3: selling a business tried, true tested, been around ten plus years,

783
00:35:23,760 --> 00:35:26,839
Speaker 3: draws a profit, and I'm going to purchase this, That's

784
00:35:26,880 --> 00:35:30,000
Speaker 3: a very different conversation than taking out a loan. To

785
00:35:30,800 --> 00:35:32,680
Speaker 3: back yourself, and don't get me wrong, I think we

786
00:35:32,719 --> 00:35:35,360
Speaker 3: all should back ourselves, but to back an idea. So

787
00:35:35,480 --> 00:35:37,840
Speaker 3: backing an idea and taking out debt to me is

788
00:35:37,960 --> 00:35:41,600
Speaker 3: very different taking out debt for purchasing a pre existing business,

789
00:35:41,960 --> 00:35:45,840
Speaker 3: and those are different conversations. Am I against business debt? No,

790
00:35:46,560 --> 00:35:49,560
Speaker 3: I've never had it personally. And the reason I haven't

791
00:35:49,560 --> 00:35:51,839
Speaker 3: ever had it personally is because I just I don't

792
00:35:51,880 --> 00:35:54,280
Speaker 3: want to owe a bank money for a business because

793
00:35:54,320 --> 00:35:57,280
Speaker 3: I know that that's not something that if it's not working,

794
00:35:57,719 --> 00:36:00,680
Speaker 3: I can sell it right. Whereas a mortgage. If I

795
00:36:00,800 --> 00:36:03,440
Speaker 3: go and lend money from a bank to purchase the property,

796
00:36:03,520 --> 00:36:06,520
Speaker 3: which I have done, I know that if my life

797
00:36:06,560 --> 00:36:09,600
Speaker 3: goes to shit, I can sell that property, pay the

798
00:36:09,600 --> 00:36:11,440
Speaker 3: bank back, and we're all clean and good and like

799
00:36:11,680 --> 00:36:13,880
Speaker 3: in a perfect world we all break even. But you

800
00:36:13,920 --> 00:36:16,359
Speaker 3: can't do that with a business loan. That's why the

801
00:36:16,400 --> 00:36:18,960
Speaker 3: interest rate on them is so much higher because they're like, oh,

802
00:36:19,000 --> 00:36:22,160
Speaker 3: there's a little bit of risk involved here because it's

803
00:36:22,239 --> 00:36:24,279
Speaker 3: coming down to you having to put the work in.

804
00:36:24,719 --> 00:36:27,520
Speaker 3: So I feel like avoiding debt as much as possible

805
00:36:27,800 --> 00:36:32,439
Speaker 3: is a good idea. Funding options, there's lots. I think

806
00:36:32,480 --> 00:36:35,560
Speaker 3: that it is silly of people to not look into

807
00:36:35,640 --> 00:36:39,040
Speaker 3: business grants, like there are so many grants there are

808
00:36:39,120 --> 00:36:43,279
Speaker 3: so many schemes, so many like accelerated programs out there

809
00:36:43,280 --> 00:36:45,520
Speaker 3: now that I think everyone should be putting their hat

810
00:36:45,560 --> 00:36:49,360
Speaker 3: into the ring for Like what's the worst they say, Oh, no, okay,

811
00:36:49,360 --> 00:36:51,560
Speaker 3: no worries, thanks so much. At least I put my

812
00:36:51,600 --> 00:36:54,400
Speaker 3: hand up for that ten thousand dollars grant. Imagine if

813
00:36:54,360 --> 00:36:56,080
Speaker 3: I've gotten it, it would have been great. But I

814
00:36:56,080 --> 00:36:59,560
Speaker 3: think so many times, especially as women, we don't put

815
00:36:59,600 --> 00:37:02,480
Speaker 3: our hands up for opportunity because we go, oh, they're

816
00:37:02,520 --> 00:37:04,879
Speaker 3: not going to pick me. Yeah, but what if they did?

817
00:37:05,120 --> 00:37:07,000
Speaker 3: What if they did pick you? It would change the

818
00:37:07,080 --> 00:37:09,880
Speaker 3: trajectory of your business. So I think just putting your

819
00:37:09,920 --> 00:37:11,520
Speaker 3: hat in the ring and going I don't care if

820
00:37:11,560 --> 00:37:14,319
Speaker 3: they say no, it was worth a crack. Like so

821
00:37:14,480 --> 00:37:16,680
Speaker 3: many of the things that I've put my hand up for,

822
00:37:16,760 --> 00:37:18,839
Speaker 3: I've been like, this is a bit of a joke, right,

823
00:37:19,000 --> 00:37:22,800
Speaker 3: Like this is wild, Like I don't know why I'm bothering.

824
00:37:23,280 --> 00:37:26,680
Speaker 3: Have come to fruition and I'm like, oh, holy, holy moly.

825
00:37:26,760 --> 00:37:29,480
Speaker 3: Like I remember when I got nominated for the Telstra

826
00:37:29,560 --> 00:37:32,320
Speaker 3: Women in Business Awards and like that was really cool,

827
00:37:32,520 --> 00:37:34,520
Speaker 3: But that just means that someone had put my hat

828
00:37:34,560 --> 00:37:36,799
Speaker 3: into the ring. And said, oh, they should be considered. Yeah,

829
00:37:36,800 --> 00:37:38,520
Speaker 3: But I then had to do my application. I was

830
00:37:38,560 --> 00:37:40,719
Speaker 3: like to my team, this is not worth it, like

831
00:37:40,800 --> 00:37:43,520
Speaker 3: don't bother like you know, not going to do it.

832
00:37:43,719 --> 00:37:46,200
Speaker 3: We made finals and I was like sorry, what, Like

833
00:37:46,320 --> 00:37:49,160
Speaker 3: this is insane. So I think putting your hat in

834
00:37:49,200 --> 00:37:52,879
Speaker 3: the ring is really important when it comes to funding it.

835
00:37:52,960 --> 00:37:56,320
Speaker 3: You've got personal you've obviously got loans, and you've also

836
00:37:56,440 --> 00:37:59,360
Speaker 3: got bringing on a business partner, and I think that

837
00:38:00,120 --> 00:38:03,640
Speaker 3: you need to really consider what that actually means for

838
00:38:03,680 --> 00:38:06,200
Speaker 3: you and your business, because that's a bigger decision than

839
00:38:06,280 --> 00:38:08,200
Speaker 3: just like, oh, brit seems nice, we should do a

840
00:38:08,200 --> 00:38:08,880
Speaker 3: business together.

841
00:38:09,000 --> 00:38:11,080
Speaker 1: And I think a lot of people do get into

842
00:38:11,120 --> 00:38:14,840
Speaker 1: that in that way so easily. Like I can only imagine,

843
00:38:15,040 --> 00:38:18,680
Speaker 1: not speaking from any experience, but when you are excited

844
00:38:18,680 --> 00:38:20,520
Speaker 1: and creative and you've got this business idea and then

845
00:38:20,520 --> 00:38:22,640
Speaker 1: you've got this friend or whatever and you're like, yeah,

846
00:38:22,680 --> 00:38:25,200
Speaker 1: let's partner up and do this, that is a way

847
00:38:25,200 --> 00:38:28,080
Speaker 1: bigger decision than you actually think in that moment.

848
00:38:28,200 --> 00:38:31,040
Speaker 3: One hundred percent. And I'm speaking from experience. I have

849
00:38:31,200 --> 00:38:34,319
Speaker 3: done this and it has been a terrible idea. Yeah,

850
00:38:34,360 --> 00:38:36,280
Speaker 3: Like don't get me wrong, In the heat of the moment,

851
00:38:36,520 --> 00:38:39,200
Speaker 3: I think it's a great idea, and I go, this

852
00:38:39,280 --> 00:38:42,520
Speaker 3: is going to be absolutely fantastic. But when it boils down,

853
00:38:43,360 --> 00:38:48,279
Speaker 3: I am somebody who it's funny. My accountant actually said

854
00:38:48,280 --> 00:38:49,960
Speaker 3: to me the other day, Victoria, if you come to

855
00:38:50,000 --> 00:38:52,640
Speaker 3: me with another business partner not setting the structure up,

856
00:38:52,680 --> 00:38:55,279
Speaker 3: it's not happening. You're not having another business going on it.

857
00:38:55,560 --> 00:38:57,960
Speaker 3: We're not doing it. It's not a thing. You are

858
00:38:58,040 --> 00:39:00,239
Speaker 3: not good at picking business partners. We're done. And I

859
00:39:00,280 --> 00:39:03,560
Speaker 3: was like, okaying to worry, thank you, thank you. He's like,

860
00:39:03,840 --> 00:39:06,760
Speaker 3: you need to back yourself more. Like so many times,

861
00:39:06,840 --> 00:39:10,680
Speaker 3: I'm finding like now again, in retrospect, I look at

862
00:39:10,680 --> 00:39:14,640
Speaker 3: it and go I picked that decision because I thought

863
00:39:14,680 --> 00:39:17,000
Speaker 3: it would make my life easier. I thought it would

864
00:39:17,080 --> 00:39:20,479
Speaker 3: make the business more successful. I didn't back myself enough

865
00:39:20,480 --> 00:39:22,239
Speaker 3: to know that I could have done all of that

866
00:39:22,400 --> 00:39:24,839
Speaker 3: on my own. It just would have taken a little

867
00:39:24,840 --> 00:39:25,160
Speaker 3: bit more.

868
00:39:25,239 --> 00:39:28,560
Speaker 1: I think we're impatient human beings as well.

869
00:39:28,760 --> 00:39:31,960
Speaker 3: Adhd one hundred percent. I'm so impatient. It's not funny.

870
00:39:32,200 --> 00:39:34,560
Speaker 1: We want things now, and especially if it's this fun,

871
00:39:34,600 --> 00:39:36,680
Speaker 1: exciting idea, Yeah, let's do it. Let's take out a

872
00:39:36,680 --> 00:39:38,759
Speaker 1: big loan or go into business with someone. But these

873
00:39:38,800 --> 00:39:42,280
Speaker 1: are things and decisions that we need to make carefully

874
00:39:42,520 --> 00:39:43,600
Speaker 1: and take our time with.

875
00:39:44,400 --> 00:39:46,839
Speaker 2: So I'm with you on that.

876
00:39:46,960 --> 00:39:49,640
Speaker 1: And as for myself in my business journey, I've been

877
00:39:49,880 --> 00:39:53,200
Speaker 1: fortunate enough to not take out any loans or have

878
00:39:53,360 --> 00:39:57,040
Speaker 1: any business partners. And I think from that, as much

879
00:39:57,040 --> 00:39:59,360
Speaker 1: as I could have got an investor or had a

880
00:39:59,400 --> 00:40:01,719
Speaker 1: business part now that maybe would have fast tracked us

881
00:40:02,000 --> 00:40:08,319
Speaker 1: even quicker. There's something really personally satisfying about saying and knowing.

882
00:40:08,160 --> 00:40:10,480
Speaker 2: I have done all of this on my own.

883
00:40:10,640 --> 00:40:11,440
Speaker 3: This is all me.

884
00:40:11,600 --> 00:40:14,760
Speaker 1: Like, I get a really big sense of self accomplishment

885
00:40:14,760 --> 00:40:17,960
Speaker 1: and satisfaction going I founded this whole thing. It's all me,

886
00:40:18,280 --> 00:40:20,120
Speaker 1: And I think that's really powerful.

887
00:40:20,200 --> 00:40:22,359
Speaker 3: One hundred percent, And I wish that I was in

888
00:40:22,360 --> 00:40:26,200
Speaker 3: that situation because as somebody who has had like I've

889
00:40:26,280 --> 00:40:29,759
Speaker 3: started my businesses and then taken on partners to hopefully

890
00:40:29,760 --> 00:40:34,400
Speaker 3: turbocharge the businesses, it's actually cost me hundreds of thousands,

891
00:40:34,440 --> 00:40:36,920
Speaker 3: if not millions of dollars because I have done that

892
00:40:37,520 --> 00:40:42,640
Speaker 3: like mucho regretto, like terrible decision. And I think that

893
00:40:42,760 --> 00:40:45,600
Speaker 3: talking about it is really important as well, because when

894
00:40:45,680 --> 00:40:48,480
Speaker 3: it comes down to it. The reason I made those

895
00:40:48,520 --> 00:40:51,160
Speaker 3: decisions was because I was like, oh, this will turbocharge

896
00:40:51,160 --> 00:40:53,640
Speaker 3: it and get us ahead, and you know, be what

897
00:40:53,680 --> 00:40:56,440
Speaker 3: I want. But ultimately it's not because they're not on

898
00:40:56,480 --> 00:40:59,520
Speaker 3: the same page as me. We don't have the same ideas.

899
00:40:59,560 --> 00:41:02,040
Speaker 3: We do want to go in different directions, whether that

900
00:41:02,200 --> 00:41:05,120
Speaker 3: is content creation or it is you know, the size

901
00:41:05,160 --> 00:41:07,480
Speaker 3: of the business or the ethics of the business. Like,

902
00:41:07,560 --> 00:41:10,560
Speaker 3: it doesn't matter what it is, We're just not on

903
00:41:10,600 --> 00:41:13,480
Speaker 3: the same page. Because the person who knows your business

904
00:41:13,480 --> 00:41:17,040
Speaker 3: and what you want to create with it, the best

905
00:41:17,080 --> 00:41:19,960
Speaker 3: person to know that is you. And you can't convince

906
00:41:20,000 --> 00:41:22,879
Speaker 3: somebody else to love your business idea as much as

907
00:41:22,880 --> 00:41:25,320
Speaker 3: you do. Yeah, and I think that that is really

908
00:41:25,360 --> 00:41:28,440
Speaker 3: hard to wrap your head around. And yeah, there's something

909
00:41:28,560 --> 00:41:30,960
Speaker 3: really satisfying knowing that you know, I started all of this.

910
00:41:31,080 --> 00:41:33,799
Speaker 3: I've made a lot of very expensive mistakes along the way,

911
00:41:33,840 --> 00:41:36,399
Speaker 3: and I'm happy to talk about them because I think

912
00:41:36,440 --> 00:41:38,960
Speaker 3: that other people can learn from them. But you need

913
00:41:39,000 --> 00:41:42,239
Speaker 3: to back yourself. And if backing yourself means it takes

914
00:41:42,239 --> 00:41:46,160
Speaker 3: another year, like that's incredible, because the outcome of being

915
00:41:46,160 --> 00:41:48,160
Speaker 3: able to say I did this all on my own

916
00:41:49,000 --> 00:41:53,040
Speaker 3: is amazing. Knowing that I don't owe anybody any money

917
00:41:53,040 --> 00:41:57,880
Speaker 3: for my business is so gratifying going to bed at

918
00:41:57,960 --> 00:42:00,520
Speaker 3: night knowing that I don't have to turn a profit

919
00:42:00,560 --> 00:42:03,440
Speaker 3: in my business to pay a bank Like, it's just

920
00:42:03,719 --> 00:42:06,560
Speaker 3: so nice knowing that the success of my business is

921
00:42:06,600 --> 00:42:09,120
Speaker 3: dependent on me or on somebody else.

922
00:42:09,600 --> 00:42:12,000
Speaker 1: Yeah, I love that. So to all of you listening,

923
00:42:12,400 --> 00:42:17,040
Speaker 1: be patient, take your time back yourself. Don't jump into

924
00:42:17,120 --> 00:42:19,319
Speaker 1: things because it's a great idea in the moment, which

925
00:42:19,320 --> 00:42:21,840
Speaker 1: we've all done things like that throughout our our careers

926
00:42:21,880 --> 00:42:24,720
Speaker 1: and business journeys. Is jumped the gun way too quickly

927
00:42:24,760 --> 00:42:28,840
Speaker 1: because you're excited. And I guess the most important takeaway

928
00:42:29,120 --> 00:42:30,960
Speaker 1: from this chat, Well, what I've gotten from it is

929
00:42:31,000 --> 00:42:33,319
Speaker 1: how important it is to have your ducks in a

930
00:42:33,400 --> 00:42:36,240
Speaker 1: row with all that nitty gritty not so sexy stuff,

931
00:42:36,520 --> 00:42:36,879
Speaker 1: and like.

932
00:42:36,920 --> 00:42:39,000
Speaker 3: Keep it to yourself for a while. Like, if you've

933
00:42:39,040 --> 00:42:41,879
Speaker 3: got a really good business idea, sit on it, think

934
00:42:41,920 --> 00:42:44,720
Speaker 3: about it, like you can ask your friends and family,

935
00:42:44,920 --> 00:42:48,080
Speaker 3: but like set it up from the start. Go do

936
00:42:48,160 --> 00:42:51,120
Speaker 3: your bank accounts, Go get your ABN set up, make

937
00:42:51,160 --> 00:42:53,680
Speaker 3: sure that all of your ducks are in a row.

938
00:42:53,920 --> 00:42:55,799
Speaker 3: The other thing I would say is make sure that

939
00:42:55,840 --> 00:43:00,000
Speaker 3: you understand trademarking. Does somebody else have the same business

940
00:43:00,320 --> 00:43:02,319
Speaker 3: name as you? Like, if you're going to grow, are

941
00:43:02,360 --> 00:43:05,439
Speaker 3: you going to get into some hot water? And if

942
00:43:05,480 --> 00:43:07,720
Speaker 3: you are, like, are we going to pivot and change

943
00:43:07,719 --> 00:43:09,440
Speaker 3: the business name from the start so that we just

944
00:43:09,480 --> 00:43:11,000
Speaker 3: don't need to go through that jung.

945
00:43:11,320 --> 00:43:13,880
Speaker 1: That gets a lot of people stuck when oh, this

946
00:43:14,000 --> 00:43:16,279
Speaker 1: business all of a sudden in this state over there

947
00:43:16,320 --> 00:43:18,239
Speaker 1: has come after me because I've got a similar ish

948
00:43:18,320 --> 00:43:19,759
Speaker 1: name to them or the same name as them.

949
00:43:19,800 --> 00:43:21,600
Speaker 2: So it's important to do the research on that.

950
00:43:22,239 --> 00:43:25,160
Speaker 3: And the bigger your business gets, the more prevalent issues

951
00:43:25,200 --> 00:43:27,400
Speaker 3: like that are. You might think, oh, it doesn't matter,

952
00:43:27,480 --> 00:43:29,480
Speaker 3: Like I'm going to start, you know, BRIT's shoe shop,

953
00:43:30,000 --> 00:43:32,120
Speaker 3: and then there's a BRIT's shoe shop in you know,

954
00:43:32,200 --> 00:43:35,359
Speaker 3: northern Queensland. But you didn't realize how big they were,

955
00:43:35,400 --> 00:43:37,759
Speaker 3: and they're actually really big online, but you thought that

956
00:43:37,760 --> 00:43:40,040
Speaker 3: they were little and you didn't think it mattered. Yeah, like,

957
00:43:40,160 --> 00:43:43,360
Speaker 3: these little things matter. So I think making sure that

958
00:43:43,400 --> 00:43:45,400
Speaker 3: you're dotting all your eyes and crossing all your te's

959
00:43:45,440 --> 00:43:48,000
Speaker 3: and kind of keeping stuff internal. It's so hard when

960
00:43:48,000 --> 00:43:51,160
Speaker 3: you're so excited, but making sure that you're putting yourself

961
00:43:51,200 --> 00:43:54,240
Speaker 3: first and setting it up for success from the beginning

962
00:43:54,960 --> 00:43:58,080
Speaker 3: is really good. I mean I suck at instant gratification,

963
00:43:58,520 --> 00:44:01,719
Speaker 3: like I'm that kid with the marshmallows. Like you've seen

964
00:44:01,719 --> 00:44:04,200
Speaker 3: that right where the kid gets offered a marshmallow and said,

965
00:44:04,400 --> 00:44:06,680
Speaker 3: if you can watch that marshmallow for fifteen minutes, when

966
00:44:06,680 --> 00:44:09,960
Speaker 3: I come back, you can have two. Yeah, but I've

967
00:44:09,960 --> 00:44:12,759
Speaker 3: already eaten it, like I just can't. And I think

968
00:44:12,800 --> 00:44:16,160
Speaker 3: that's what's hard about business because we are so passionate

969
00:44:16,200 --> 00:44:18,879
Speaker 3: and want it right now, but we know that if

970
00:44:18,880 --> 00:44:22,120
Speaker 3: we invest slowly and consistently over time, that's where real

971
00:44:22,160 --> 00:44:24,960
Speaker 3: wealth comes from. And I mean I'm an ex financial advisor,

972
00:44:25,040 --> 00:44:28,400
Speaker 3: so I know that. But I also really struggle with

973
00:44:28,480 --> 00:44:31,080
Speaker 3: instant gratification. So I feel like that's where I connect

974
00:44:31,120 --> 00:44:33,320
Speaker 3: with my audience because I'm like, I get it, babe.

975
00:44:33,400 --> 00:44:35,279
Speaker 3: I suck it about it like I suck it with

976
00:44:35,320 --> 00:44:37,120
Speaker 3: it too. But what we need to do is this,

977
00:44:37,600 --> 00:44:39,360
Speaker 3: And like sometimes the thing that we need to do

978
00:44:39,480 --> 00:44:41,520
Speaker 3: is it's not as fun, but that's okay.

979
00:44:41,719 --> 00:44:43,479
Speaker 2: We need to be patient and take our time.

980
00:44:43,600 --> 00:44:45,920
Speaker 1: Well, it's been so great to have you share your

981
00:44:45,920 --> 00:44:49,120
Speaker 1: wisdom with us V. I've absolutely loved this chat and

982
00:44:49,160 --> 00:44:51,799
Speaker 1: I feel like for those listening, they've probably gotten a

983
00:44:51,840 --> 00:44:54,480
Speaker 1: lot out of it, So so.

984
00:44:54,320 --> 00:44:55,440
Speaker 2: Thank you so much for sharing.

985
00:44:55,520 --> 00:44:58,040
Speaker 1: And at the end of my episodes, I always and

986
00:44:58,480 --> 00:45:01,239
Speaker 1: with a tip of the week. It can be a

987
00:45:01,280 --> 00:45:03,640
Speaker 1: business tip, it can be a life tip, it can

988
00:45:03,640 --> 00:45:05,760
Speaker 1: be a life hack. I know I should have probably

989
00:45:05,760 --> 00:45:07,239
Speaker 1: sent this to you before we record it.

990
00:45:07,200 --> 00:45:08,759
Speaker 2: But do you listen to your show?

991
00:45:08,960 --> 00:45:12,360
Speaker 3: Okay, okay, you know, come on, you know I have

992
00:45:12,400 --> 00:45:15,920
Speaker 3: a finance one perfect and I feel like, whether you're

993
00:45:15,920 --> 00:45:18,719
Speaker 3: a business owner or not, this makes sense. So what

994
00:45:18,760 --> 00:45:21,080
Speaker 3: you're going to do is go and purchase yourself a

995
00:45:21,160 --> 00:45:25,000
Speaker 3: Visa gift card. And I know that that does it

996
00:45:25,040 --> 00:45:26,839
Speaker 3: could be like five dollars, but you know what you're

997
00:45:26,840 --> 00:45:29,239
Speaker 3: going to use that Visa gift card for. You're going

998
00:45:29,280 --> 00:45:32,040
Speaker 3: to use that for all of your free trials and

999
00:45:32,160 --> 00:45:35,120
Speaker 3: all of your subscriptions because you have to put in

1000
00:45:35,320 --> 00:45:38,800
Speaker 3: a credit card number to sign up for a Netflix

1001
00:45:38,840 --> 00:45:41,440
Speaker 3: trial or what and then how many times do we

1002
00:45:41,520 --> 00:45:45,920
Speaker 3: forget about our Netflix trial? Yeah, we are going to

1003
00:45:45,960 --> 00:45:49,360
Speaker 3: get Visa gift cards because not not normal gift cards,

1004
00:45:49,360 --> 00:45:51,680
Speaker 3: but Visa gift cards come with the credit card number

1005
00:45:51,680 --> 00:45:55,080
Speaker 3: in the CCV and the expiry so we can pop

1006
00:45:55,120 --> 00:45:58,080
Speaker 3: that in get our free trial and it not cost

1007
00:45:58,200 --> 00:46:00,760
Speaker 3: us a whole heap of money when we forget trials,

1008
00:46:00,840 --> 00:46:02,799
Speaker 3: and that can see in your wallet and you can

1009
00:46:02,920 --> 00:46:04,719
Speaker 3: use that because we're not going to actually spend the

1010
00:46:04,960 --> 00:46:07,239
Speaker 3: five bucks or ten bucks or whatever we've put on it.

1011
00:46:07,239 --> 00:46:09,799
Speaker 3: We're going to use it for our free trials to

1012
00:46:09,880 --> 00:46:12,680
Speaker 3: make sure that our credit card details are safe as well.

1013
00:46:12,800 --> 00:46:14,600
Speaker 3: So if there's ever like a website that you need

1014
00:46:14,640 --> 00:46:17,680
Speaker 3: to put your credit card details into too, right hack,

1015
00:46:18,040 --> 00:46:19,600
Speaker 3: that's what we're going to do. So it's like a

1016
00:46:19,640 --> 00:46:22,360
Speaker 3: finance one, but it's like keeping you safe. And I

1017
00:46:22,400 --> 00:46:24,560
Speaker 3: feel like that's worked for me a number of times.

1018
00:46:24,640 --> 00:46:27,160
Speaker 3: And whenever I tell friends, they're like, why didn't I

1019
00:46:27,160 --> 00:46:27,520
Speaker 3: think of this?

1020
00:46:27,600 --> 00:46:28,520
Speaker 2: And genius?

1021
00:46:28,920 --> 00:46:30,600
Speaker 3: I love that I get to take credit.

1022
00:46:31,280 --> 00:46:32,360
Speaker 2: I absolutely love that.

1023
00:46:32,520 --> 00:46:35,440
Speaker 1: Oh well, thank you so much again for joining us

1024
00:46:35,440 --> 00:46:36,360
Speaker 1: on Big Business.

1025
00:46:36,480 --> 00:46:39,200
Speaker 2: Tell us. Where can everyone find you?

1026
00:46:39,200 --> 00:46:41,600
Speaker 3: You can find me at She's on the Money AUS.

1027
00:46:41,680 --> 00:46:45,400
Speaker 3: You can find me at Victoria Underscore, Divine. On socials,

1028
00:46:45,440 --> 00:46:48,600
Speaker 3: all of my socials match, like whether that's Facebook, Pinterest,

1029
00:46:48,680 --> 00:46:51,880
Speaker 3: same same, like come hang out. I mean I'm not

1030
00:46:52,040 --> 00:46:55,080
Speaker 3: that interesting. But the she's on the money page is

1031
00:46:55,160 --> 00:46:56,399
Speaker 3: definitely where.

1032
00:46:56,200 --> 00:46:59,680
Speaker 1: You are so interesting. You're making unsexy things fun.

1033
00:47:00,280 --> 00:47:02,600
Speaker 3: Yeah, so like, the content's not sexy, but it will

1034
00:47:02,640 --> 00:47:04,600
Speaker 3: put you in the best possible position.

1035
00:47:04,560 --> 00:47:05,399
Speaker 2: And that's what we love.

1036
00:47:06,320 --> 00:47:08,680
Speaker 1: Oh thanks again so much and thanks for having me.

1037
00:47:08,800 --> 00:47:10,440
Speaker 1: I'll see you again soon when I come back on

1038
00:47:10,480 --> 00:47:11,440
Speaker 1: your podcast.

1039
00:47:11,920 --> 00:47:15,040
Speaker 3: You no, I love this. We're gonna do it, absolutely