WEBVTT - Starting A Business is Easier Than You Think #512 0:00:00.080 --> 0:00:02.720 Welcome to How the Money. I'm Joel and I am 0:00:02.840 --> 0:00:05.320 that and today we are telling you why starting a 0:00:05.400 --> 0:00:27.600 business is easier than you think. That is right, man. 0:00:27.640 --> 0:00:31.320 This episode we're talking about starting your very own small business, 0:00:31.800 --> 0:00:34.000 and by the end of this episode, you are going 0:00:34.040 --> 0:00:35.920 to be convinced that this is in fact something that 0:00:36.000 --> 0:00:38.080 you can do. It is way easier than you think. 0:00:38.400 --> 0:00:41.080 There's a lot of folks who started small businesses over 0:00:41.080 --> 0:00:43.199 the past couple of years. But if that wasn't you, 0:00:43.360 --> 0:00:45.280 if you didn't fall into that camp, we think that 0:00:45.360 --> 0:00:47.440 it's something that you're going to consider by the end 0:00:47.440 --> 0:00:49.280 of this episode, and they will be convinced because we 0:00:49.320 --> 0:00:51.720 are podcast hypnotists and we can actually, by the sound 0:00:51.760 --> 0:00:54.280 of our voices, make you think something that you don't 0:00:54.280 --> 0:00:57.040 currently think. Do you believe in hYP hypnotists? So my 0:00:57.160 --> 0:00:59.840 grandpa actually hypnotized me when I was because she was 0:00:59.880 --> 0:01:02.640 a psychologist. He did what he did, Yeah, except for 0:01:02.720 --> 0:01:05.280 it didn't really work. Like I felt like I was. 0:01:05.400 --> 0:01:07.399 My eyes were kind of I kept like looking up 0:01:07.920 --> 0:01:10.160 as he is this is this what supposedly happening? Because 0:01:10.160 --> 0:01:11.600 I feel like I was supposed to be clucking like 0:01:11.600 --> 0:01:13.560 a chicken or something like that and it felt like 0:01:13.600 --> 0:01:15.480 it had no effect on me. But but I think 0:01:15.640 --> 0:01:18.720 actually some people are more susuffable to hypnotism than we've read. 0:01:18.760 --> 0:01:20.320 We've talked about that, we read about that how there's 0:01:20.319 --> 0:01:23.440 some scammers and it would get folks on the line 0:01:23.560 --> 0:01:25.839 and kind of get them into this trains and before 0:01:25.840 --> 0:01:28.000 they knew it, they were you know, emptying out the 0:01:28.040 --> 0:01:30.440 contents of their their bank account, giving the you know, 0:01:30.440 --> 0:01:32.480 sharing their bank account numbers, all that kind of information. 0:01:32.880 --> 0:01:35.920 I find it incredibly fascinating. An actually my mind, my 0:01:35.959 --> 0:01:39.319 brain is like Fort Knox, It's impenetrable, so strong, there's 0:01:39.319 --> 0:01:41.280 no way that was gonna happen. But no, we are 0:01:41.280 --> 0:01:44.720 going to talk about small businesses this episode real quick though, 0:01:44.760 --> 0:01:47.040 a quick follow up. So last week we talked about 0:01:47.440 --> 0:01:50.080 how low flow shower heads they obviously save you money, 0:01:50.160 --> 0:01:52.960 they save you water, but how I had taken my 0:01:53.080 --> 0:01:55.920 restrictor off of my shower head, and I'm thinking that 0:01:55.960 --> 0:01:58.800 it's going to allow me to maybe spend just as 0:01:58.840 --> 0:02:02.360 much money, but how they more enjoyable experience just a 0:02:02.360 --> 0:02:07.080 shorter shower. And but listener arseny I reached out and 0:02:07.080 --> 0:02:09.600 he was like, hey, guys, why don't you a solution 0:02:09.680 --> 0:02:13.560 scientific method guys like check it out and measure your progress, 0:02:13.600 --> 0:02:16.280 like like put a plug in the bathtub and then 0:02:16.880 --> 0:02:19.839 see how much water is standing in the bathtub after 0:02:19.840 --> 0:02:22.320 you're done with your shower, both with and without the 0:02:22.320 --> 0:02:25.000 flow restrict which I loved that little bit of advice. 0:02:25.080 --> 0:02:27.519 Definitely going to try that out. It's a sure fireway 0:02:27.560 --> 0:02:30.200 to figure out how much water are you're actually using 0:02:30.280 --> 0:02:32.960 unless you have a sense a shower like mine, which 0:02:33.120 --> 0:02:35.240 has no tub, it's one just one of those walking showers, 0:02:35.280 --> 0:02:36.760 I mean, same with mine. That I mean it's it's 0:02:36.760 --> 0:02:38.840 in the shower where it's not a tub without a stopper. 0:02:38.840 --> 0:02:41.000 But I'm gonna lay down like a piece of like 0:02:41.040 --> 0:02:43.040 seran wrap or like a zip blog bag just to 0:02:43.080 --> 0:02:45.400 actually stop the water up. Okay, alright, good luck with that. 0:02:45.600 --> 0:02:49.079 I might instead do some sort of test where I 0:02:49.120 --> 0:02:52.400 hold up a gallon jug and I see how much 0:02:52.680 --> 0:02:55.520 water gets filled up after a minute of using the 0:02:55.520 --> 0:02:57.920 flow restricter and then a minute of not using it, 0:02:58.040 --> 0:03:00.320 just kind of see the difference just so I don't 0:03:00.400 --> 0:03:02.440 and then do some math flood my bathroom. Okay, there 0:03:02.520 --> 0:03:03.880 go and yeah, I'm seeing you. That's a that's just 0:03:03.919 --> 0:03:06.720 a great suggestion doing some testing to see whether we're 0:03:06.760 --> 0:03:10.120 actually able to save money or whether we're just spending 0:03:10.160 --> 0:03:13.239 more in water. We're wasting water because of our desire 0:03:13.320 --> 0:03:16.080 to have a nicer shower, which you know, what it 0:03:16.120 --> 0:03:17.760 might be worth the trade off, Matt, it might be 0:03:17.760 --> 0:03:19.720 worth it, But I think it's a good idea to 0:03:19.760 --> 0:03:21.720 at least run the numbers and to say, oh, wait, 0:03:21.760 --> 0:03:23.280 now I know I can either take an eight minute 0:03:23.280 --> 0:03:26.200 shower without the restrictor or ten minute shower with it, 0:03:26.320 --> 0:03:28.320 and then make a decision based on that knowledge, as 0:03:28.360 --> 0:03:30.480 opposed to just winging it, which is what you and 0:03:30.480 --> 0:03:33.200 I were doing, which, honestly, it points to the fact 0:03:33.240 --> 0:03:37.320 that maybe we're not interested in the truth. Maybe in 0:03:37.320 --> 0:03:40.840 our case, we have both decided, oh it's it's totally 0:03:40.840 --> 0:03:43.040 gonna be worth it in order to have a slightly 0:03:43.200 --> 0:03:46.720 more luxurious shower experience. But I'm willing to commit and 0:03:46.960 --> 0:03:50.920 see how much it's actually costing me. Yeah, this might 0:03:50.920 --> 0:03:54.280 be a saga that but let's introduced the beer that 0:03:54.280 --> 0:03:57.080 we're enjoying this episode. It is let's get some f 0:03:57.240 --> 0:04:00.920 and French toast and that's a movie out and let's 0:04:00.920 --> 0:04:03.000 see if you remember we will tell you what movie 0:04:03.000 --> 0:04:04.680 this is from at the end of the episode. But 0:04:04.720 --> 0:04:07.000 this is a beer. This is an Imperial Stout with 0:04:07.040 --> 0:04:09.800 French toast, maple syrup, cinnamon, and this is by Bramari 0:04:10.080 --> 0:04:12.720 Brewing Company. We will share our thoughts on this one 0:04:12.920 --> 0:04:14.680 at the end of the episode. And it makes me 0:04:14.720 --> 0:04:16.680 wonder bad. I think that movie is probably twenty years 0:04:16.680 --> 0:04:20.880 old now, so if somebody right off the bat, I'm impressed. 0:04:21.360 --> 0:04:23.039 But yeah, let's get to it. Let's get the topic 0:04:23.080 --> 0:04:25.400 of hand. We are talking about why starting a business 0:04:25.480 --> 0:04:29.080 is easier than you think, and Matt, there are I 0:04:29.080 --> 0:04:30.440 think a lot of things that we build up in 0:04:30.480 --> 0:04:34.600 our mind to be it's really difficult, even though in 0:04:34.680 --> 0:04:37.760 reality doing that thing isn't all that tough. And I 0:04:37.800 --> 0:04:40.120 know for myself it makes it easier to sit on 0:04:40.120 --> 0:04:42.120 the couch. If I'm like, but that thing is really hard, 0:04:42.240 --> 0:04:43.920 I don't want I don't want to give it a try. 0:04:44.640 --> 0:04:47.839 It's just not possible. It's obviously really difficult, and I 0:04:47.839 --> 0:04:49.760 don't have the time if it's that hard to do it, 0:04:49.839 --> 0:04:52.040 So I'm just gonna sit here and do nothing. And 0:04:52.520 --> 0:04:55.200 I think I probably used that excuse a lot when 0:04:55.200 --> 0:04:59.720 it comes to learning how to cook, and it's something 0:04:59.720 --> 0:05:01.479 I need to get better in every field. Yeah, I 0:05:01.480 --> 0:05:03.240 need to participate in the kitchen more in our house, 0:05:03.320 --> 0:05:05.760 be more helpful, and cook more meals for our family. 0:05:05.960 --> 0:05:07.960 And so it's something I'm kind of starting to come 0:05:07.960 --> 0:05:10.000 around on. But I think I'm not alone in that. 0:05:10.120 --> 0:05:12.320 I think there's a lot of folks who have said, 0:05:12.800 --> 0:05:15.000 you know what, cooking dinner is really difficult. I'm just 0:05:15.040 --> 0:05:18.000 gonna order out more. We're gonna get take out, We're 0:05:18.000 --> 0:05:21.159 gonna order pizza and pop that pre made lasagna into 0:05:21.200 --> 0:05:23.719 the oven. Exactly what is it like an hour later? 0:05:24.160 --> 0:05:26.520 That's yeah, that's just sto first cheesy goodness. That's right. 0:05:26.560 --> 0:05:29.640 But when it comes down to it, so many wonderful 0:05:29.680 --> 0:05:32.520 meals can be created in just a few steps with 0:05:32.600 --> 0:05:34.640 just a few ingredients. You don't you don't have to 0:05:34.640 --> 0:05:36.960 go over the top of it, And something like having 0:05:37.200 --> 0:05:40.160 a recipe can make can make it so much easier 0:05:40.440 --> 0:05:43.040 to actually then follow through and do it, and and 0:05:43.080 --> 0:05:45.240 just a little bit bit of meal planning. So yeah, 0:05:45.279 --> 0:05:48.359 when we're talking about starting a business, it certainly sounds 0:05:48.680 --> 0:05:50.880 on its face like it's gonna be really really hard. 0:05:50.920 --> 0:05:52.960 It's gonna be a slog and so I might as not, well, 0:05:53.000 --> 0:05:56.000 try same thing with cooking, but we think that both 0:05:56.000 --> 0:05:58.160 are actually easier than you think. Although we're not gonna 0:05:58.160 --> 0:06:00.719 talk about cooking anymore in today, well I will say 0:06:00.800 --> 0:06:02.600 it does remind me in middle school it was like 0:06:02.640 --> 0:06:05.440 home met class and you do some cooking, and I 0:06:05.480 --> 0:06:09.120 remember making biscuits in class and a thought, what is 0:06:09.160 --> 0:06:12.560 this alchemy that we are participating because we just combined 0:06:12.640 --> 0:06:15.400 these three it's like three or four ingredients to make biscuits, 0:06:15.440 --> 0:06:17.279 and I swear that they were like the best biscuits 0:06:17.320 --> 0:06:19.360 I had ever had in my entire life. But if 0:06:19.440 --> 0:06:21.359 it does feel like that where you think, oh no, 0:06:21.520 --> 0:06:24.279 it's a it's an impossibility to make biscuits, that you 0:06:24.320 --> 0:06:26.760 have to be a magician to do that, but in 0:06:26.839 --> 0:06:28.680 fact it is a lot easier than you think. I 0:06:28.720 --> 0:06:30.360 totally agree that you have to take like a baby 0:06:30.400 --> 0:06:32.680 home for the weekend too. Oh you know, I don't 0:06:32.680 --> 0:06:34.040 know if we ever did that. I don't remember doing that. 0:06:34.080 --> 0:06:36.240 I remember selling a football. That was one of the things, 0:06:37.160 --> 0:06:40.279 like we all got to pick a kit different colors. 0:06:40.640 --> 0:06:44.120 But enough of my home met escapades. We're talking about 0:06:44.160 --> 0:06:47.200 starting businesses, and we have seen an uptick in folks 0:06:47.240 --> 0:06:50.039 who are interested in starting businesses over the past couple 0:06:50.080 --> 0:06:52.880 of years. It certainly seems to be appetizing to a 0:06:52.920 --> 0:06:55.000 wider range of folks, and I think the reason for 0:06:55.040 --> 0:06:56.640 this is that it can be hard to know just 0:06:56.760 --> 0:06:59.880 how to go about the process properly. The reason for this, 0:07:00.000 --> 0:07:02.240 I think is because entrepreneurship it just seems to be 0:07:02.320 --> 0:07:05.240 this career path that is rarely taught these days. Of course, 0:07:05.279 --> 0:07:06.680 you can go and you can go get your m 0:07:06.760 --> 0:07:09.560 b A. But I'm just talking about this more like 0:07:09.600 --> 0:07:12.200 the encouragement, more of the mindset that it takes the 0:07:12.280 --> 0:07:15.720 belief that if you can creatively solve a problem that 0:07:15.800 --> 0:07:18.640 brings value to the lives of individuals, then they will 0:07:18.680 --> 0:07:21.680 reward you with another type of value, that being money. 0:07:22.120 --> 0:07:24.480 So simply put, I mean that is all a businesses. 0:07:24.880 --> 0:07:27.880 But because a few schools or teaching kids how to 0:07:27.920 --> 0:07:29.240 do that, well, I think we see a lot of 0:07:29.280 --> 0:07:32.640 businesses fail. The stats they bear that out. Roughly twenty 0:07:33.000 --> 0:07:35.800 of businesses fail within the first year, and just about 0:07:35.840 --> 0:07:38.080 half of them go bust within the first five years. 0:07:38.400 --> 0:07:40.520 So how is it that you can start a business 0:07:40.560 --> 0:07:43.560 without failing in short order? That's a really good question. 0:07:43.800 --> 0:07:46.239 We're gonna try to offer a wide variety of thoughts 0:07:46.400 --> 0:07:48.520 during this episode and just to help make sure that 0:07:48.560 --> 0:07:52.680 your business doesn't end up in this category of grim statistics. 0:07:52.920 --> 0:07:55.520 And some people, honestly, some of the most successful business 0:07:55.640 --> 0:07:58.880 owners have had one or two or three small businesses 0:07:58.920 --> 0:08:01.640 fail before where they struck gold. And so even that 0:08:01.960 --> 0:08:04.160 should not be a turn off from I don't think 0:08:04.240 --> 0:08:09.360 starting a small business because sometimes that first uh, misadventure 0:08:09.720 --> 0:08:13.640 actually leads you to success in the end and ownership 0:08:13.640 --> 0:08:16.000 of your own business and and and making more money 0:08:16.040 --> 0:08:18.840 and creating more value out in the world than you're 0:08:18.880 --> 0:08:20.920 able to otherwise. And when you when you look at 0:08:20.920 --> 0:08:23.920 the graph of new business applications that the Census Bureau 0:08:24.040 --> 0:08:27.680 puts out, it's startling. Because small business formation was up 0:08:29.840 --> 0:08:33.679 and was an even better year for small business formation, 0:08:34.360 --> 0:08:36.880 we're already seeing an even larger uptake this year. It 0:08:36.880 --> 0:08:40.360 looks like so COVID has clearly created both the need 0:08:40.840 --> 0:08:43.840 and the desire to start your own thing. Plus stats 0:08:43.840 --> 0:08:48.160 show that only of traditional workers are engaged in their 0:08:48.200 --> 0:08:53.520 current roles at their current job say they are actively disengaged, 0:08:53.640 --> 0:08:55.640 which is just such a fast I don't even know 0:08:55.679 --> 0:08:58.240 what that means, except for I hate everything and I 0:08:58.280 --> 0:09:00.440 spend half of my time in the bath room. Like 0:09:00.440 --> 0:09:02.920 I'm not I'm not sure. It's just it just an 0:09:02.960 --> 0:09:05.160 attempt to avoid work. I think that's probably correct, right. 0:09:05.160 --> 0:09:07.520 So if you consider yourself in the ladder camp, that 0:09:07.600 --> 0:09:11.120 actively disengaged portion of the work population, you're just not 0:09:11.240 --> 0:09:14.120 into your work at all. You're starting your own business 0:09:14.160 --> 0:09:16.520 could be the perfect solution. If you hate your job, 0:09:16.800 --> 0:09:19.000 why in the world would you not consider this? And 0:09:19.000 --> 0:09:20.760 even if you like your job, you probably want to 0:09:20.800 --> 0:09:23.280 consider it too. And something that starting a business it 0:09:23.320 --> 0:09:27.160 doesn't have to involve finding millions of customers to serve 0:09:27.679 --> 0:09:30.720 seth Godin He talks about building a minimum viable audience. 0:09:31.200 --> 0:09:33.720 Sometimes your business can be supported just by a couple 0:09:33.800 --> 0:09:36.560 hundred folks, or maybe even fear folks. Maybe it doesn't 0:09:36.600 --> 0:09:39.600 even take hundreds of people. Maybe your business can succeed 0:09:39.640 --> 0:09:43.200 on a hundred great customers, or like ten really good customers. 0:09:43.240 --> 0:09:45.440 But this is important to mention though, because in the 0:09:45.480 --> 0:09:49.240 same way that we attempt to demystify personal finances, we 0:09:49.520 --> 0:09:51.719 want you to understand that the same is true when 0:09:51.760 --> 0:09:54.360 it comes to starting your own business. It doesn't have 0:09:54.400 --> 0:09:57.560 to be this overly complicated path that you have to take. 0:09:58.000 --> 0:10:01.280 It doesn't have to require magic, or it doesn't require 0:10:01.440 --> 0:10:04.600 a special type of person. Uh, it is available to all. 0:10:05.080 --> 0:10:07.160 You don't need to have a pitch deck. You don't 0:10:07.200 --> 0:10:09.000 need to have the ability to go on Shark Tank 0:10:09.160 --> 0:10:12.360 to convince investors to back your idea. You simply need 0:10:12.440 --> 0:10:14.480 the right product in front of the right audience. I 0:10:14.480 --> 0:10:17.000 think Shark Tank has both good and bad effects, right 0:10:17.000 --> 0:10:19.480 because the Shark Tank effectively agree it's cool because you 0:10:19.520 --> 0:10:21.360 get to see people who have succeeded, who have come 0:10:21.440 --> 0:10:23.040 with a cool idea, and they are at the point 0:10:23.160 --> 0:10:25.679 in their business building where they need the help of 0:10:25.880 --> 0:10:28.920 some capital, capital investment. They have chosen yeah, types of 0:10:29.000 --> 0:10:32.760 businesses that involve backing, but yes, that's that's something that 0:10:32.760 --> 0:10:34.840 they can just you know, shoestring together. So on the 0:10:34.880 --> 0:10:36.240 on the positive side, I think it helps a lot 0:10:36.240 --> 0:10:37.880 of people see like, oh, the cool things that can 0:10:37.920 --> 0:10:40.520 be done by a couple of smart entrepreneurs working their 0:10:40.559 --> 0:10:42.839 butts off. But on the flip side, there are so 0:10:42.880 --> 0:10:46.320 many much easier to start small businesses that never require 0:10:46.440 --> 0:10:49.680 some sort of massive influx of capital, and those businesses 0:10:49.720 --> 0:10:53.240 never get shown the people who have for their entire 0:10:53.280 --> 0:10:56.800 lives a small business of where they're completely just a 0:10:56.840 --> 0:10:59.240 solo preneurs, they work alone, where they have a really 0:10:59.280 --> 0:11:01.840 small team and they never have to and they never 0:11:01.880 --> 0:11:04.360 feel the pressure nor the desire to grow into some 0:11:04.400 --> 0:11:07.440 sort of behemoth monster. Um that that is the downside, 0:11:07.440 --> 0:11:09.640 maybe a shark tank where people don't get that. Totally agree. Well, 0:11:09.679 --> 0:11:12.440 let's talk about the the personal benefits first, Matt, of 0:11:12.480 --> 0:11:15.959 starting a small business, because maybe it's smart to take 0:11:15.960 --> 0:11:18.320 a minute to convince you why you should at least 0:11:18.360 --> 0:11:22.960 consider starting your own business, because the benefits are so wonderful. Matt. 0:11:22.960 --> 0:11:26.080 You want to start maybe talking about what maybe one 0:11:26.080 --> 0:11:29.000 of your favorite things about us being business owners and 0:11:29.040 --> 0:11:32.360 not having the answer to any other boss besides ourselves. Well, 0:11:32.360 --> 0:11:34.360 I mean obviously the flexibility, right, Like we were just 0:11:34.400 --> 0:11:37.600 talking about the summer beach trip that we are planning 0:11:37.600 --> 0:11:39.640 for coming up here in a couple of weeks. But 0:11:39.720 --> 0:11:41.640 this is one of the main key things that that 0:11:41.679 --> 0:11:45.559 makes working for yourself incredibly legit, Like forget working from home. 0:11:45.600 --> 0:11:48.920 You can do whatever it is that you want. Uh, 0:11:49.080 --> 0:11:50.720 of course, you still gotta get your work done. You 0:11:50.720 --> 0:11:52.679 still got to pay the bills. But you know, if 0:11:52.760 --> 0:11:55.400 if you want some long, slow breakfast with your family, 0:11:55.480 --> 0:11:57.760 like that is something that you can do. Nobody's checking 0:11:57.760 --> 0:11:59.600 into it to see that you're at your desk or 0:11:59.640 --> 0:12:02.040 on your putter by nine am. Or maybe you're looking 0:12:02.040 --> 0:12:03.920 to take some three day weekends. You don't have to 0:12:04.040 --> 0:12:06.640 necessarily ask permission or make sure that your shift is 0:12:06.640 --> 0:12:09.640 going to be covered by someone else. If you and 0:12:09.679 --> 0:12:11.600 your own business, I think this is a top not 0:12:11.800 --> 0:12:13.640 reason to to go start your own thing. Yeah, it 0:12:13.679 --> 0:12:15.640 makes me think. A while back, we were talking about 0:12:15.640 --> 0:12:20.120 tattle tattleware, which employers were checking in via the camera 0:12:20.360 --> 0:12:24.440 on computers from their employees of their employees working from home, 0:12:24.720 --> 0:12:28.760 and they were taking screenshots, are taking pictures to evidence 0:12:28.800 --> 0:12:32.160 to see whether those employees were actively working, were actively 0:12:32.160 --> 0:12:34.600 engaged on the job. They weren't taking their word for it, 0:12:34.760 --> 0:12:37.280 and they weren't necessarily judging by the results. They were 0:12:37.360 --> 0:12:41.080 judging based on stupid tattleware. And if that's the kind 0:12:41.080 --> 0:12:42.560 of thing, whether or not you were sitting in front 0:12:42.600 --> 0:12:46.079 of your computer when it took the picture, yes, not sleeping, right, 0:12:46.480 --> 0:12:48.320 And so that's the kind of thing where if that 0:12:48.400 --> 0:12:50.400 doesn't make you want to get out of your job. 0:12:50.400 --> 0:12:52.120 I don't know what does. Because if I was working 0:12:52.160 --> 0:12:54.319 for an employer who felt the need to check in 0:12:54.360 --> 0:12:56.440 ont me like that, that they didn't trust me enough 0:12:56.520 --> 0:12:58.680 and trust the results that I was producing enough, but 0:12:58.760 --> 0:13:01.880 they had to actually, you know, checking on physically what 0:13:01.960 --> 0:13:04.680 I'm up to every minute of the day, that would 0:13:04.679 --> 0:13:07.679 be frustrating enough for me to say I'm out. But yeah, 0:13:07.760 --> 0:13:11.440 So flexibility is one key thing one key personal benefit 0:13:11.480 --> 0:13:14.560 of starting your own business. Another the other just like 0:13:14.760 --> 0:13:17.559 major biggest thing is personal fulfillment. One of the main 0:13:17.600 --> 0:13:20.640 reasons folks start their own business is because they see 0:13:20.679 --> 0:13:23.160 a gap in the market that they can fill, which 0:13:23.200 --> 0:13:25.400 is great. That's a perfect reason to start a business. 0:13:25.880 --> 0:13:28.160 Or maybe I think another reason to talk about tattle 0:13:28.160 --> 0:13:31.600 where is is the bureaucracy. Maybe that they feel at 0:13:31.640 --> 0:13:34.120 their place of work where it's just a fun Yeah, 0:13:34.200 --> 0:13:36.000 it sucks, not fun, and they're not able to have 0:13:36.040 --> 0:13:38.080 the impact that they know they can have because of 0:13:38.120 --> 0:13:39.720 the layers they have to go through to try to 0:13:39.720 --> 0:13:42.440 get anything done. And so yeah, both of those things 0:13:42.440 --> 0:13:45.040 are great reasons to piece out and starts your own thing. 0:13:45.640 --> 0:13:47.320 Both were true of me, Matt when it came to 0:13:47.360 --> 0:13:50.920 starting how the Money. Sure, there are loads of personal 0:13:50.960 --> 0:13:53.600 finance podcasts out there, but it's still like, it still 0:13:53.640 --> 0:13:56.120 felt like it was important to add our voices into 0:13:56.120 --> 0:13:58.120 the mix. And then I also kind of got tired 0:13:58.160 --> 0:14:01.720 of seeing my creative ideas stymied in an atmosphere that 0:14:01.840 --> 0:14:03.840 just didn't value them very much. And it's not like 0:14:03.920 --> 0:14:06.560 I wasn't valued. I felt very valued, but it was 0:14:06.600 --> 0:14:08.840 like all these creative ways that I wanted to see 0:14:08.920 --> 0:14:11.880 improvements happen, those are kind of brushed aside. And I 0:14:11.960 --> 0:14:15.839 wanted more creative influence over the finished product. And so 0:14:16.000 --> 0:14:18.320 it seemed like the only way to do that, The 0:14:18.320 --> 0:14:21.000 only way to have total control was to be my 0:14:21.040 --> 0:14:23.200 own boss, was to start my own thing. And so 0:14:23.680 --> 0:14:26.200 that's part of why we're here today doing what we do. 0:14:26.440 --> 0:14:29.480 Is is both of those reasons were equally important, I 0:14:29.480 --> 0:14:32.280 think in leading us to this point. And I mean, 0:14:32.320 --> 0:14:34.200 on the one hand, you could probably argue that maybe 0:14:34.360 --> 0:14:36.440 you truly did feel that you weren't being valued enough, 0:14:36.480 --> 0:14:38.200 otherwise you would have gotten paid more. So there's a 0:14:38.240 --> 0:14:40.760 there's a legit art argument there, But aside from that, 0:14:41.120 --> 0:14:43.160 it's the ability to decide what it is that you 0:14:43.200 --> 0:14:45.280 want to work on. It's not necessarily the extent to 0:14:45.320 --> 0:14:48.480 what you're being valued, but just the ability for you 0:14:48.480 --> 0:14:50.040 to work on whatever it is that you want to 0:14:50.080 --> 0:14:51.600 work on. Like to me, like, that's kind of the 0:14:51.680 --> 0:14:54.800 key to the personal fulfillment is like, yes, this is 0:14:55.240 --> 0:14:57.200 a personal finance show that that you you know that 0:14:57.240 --> 0:14:59.520 you were working on, but now you're able to do 0:14:59.560 --> 0:15:02.480 it in a way that on paper seems very very similar, 0:15:02.640 --> 0:15:05.400 but in reality is a whole lot different. So I agree, Yeah, 0:15:05.400 --> 0:15:07.200 deciding what it is that you want to work on 0:15:07.320 --> 0:15:10.040 is a huge benefit. But simultaneously, we've got to mention 0:15:10.080 --> 0:15:12.240 that starting your own business that it may not be 0:15:12.360 --> 0:15:15.400 for everyone. I think it takes a certain mindset shift, 0:15:15.480 --> 0:15:19.120 It takes, it takes a disposition towards independence in order 0:15:19.160 --> 0:15:22.800 to succeed. We've got friends who were very successful and 0:15:22.800 --> 0:15:25.720 we're really good at what they did, but that doesn't 0:15:25.720 --> 0:15:29.000 always translate into doing the same excellent work when you're 0:15:29.000 --> 0:15:31.280 out on your own. I think some folks just need 0:15:31.320 --> 0:15:34.680 that structure that often comes with a business that's already established, 0:15:35.280 --> 0:15:37.760 with maybe a little bit of that bureaucracy, a little 0:15:37.760 --> 0:15:41.120 bit of that corporate culture, in order to actually do 0:15:41.200 --> 0:15:44.320 their best work. I think it's easy to overly romanticize 0:15:44.360 --> 0:15:46.640 owning your own business, but let's let's be honest, it 0:15:46.680 --> 0:15:50.680 may not be for everyone. That being said, given that 0:15:50.760 --> 0:15:52.520 most folks who listen to how the money that they're 0:15:52.520 --> 0:15:55.680 looking to proactively make changes in their lives, I think 0:15:55.680 --> 0:15:58.640 there's a good chance that you have what it takes 0:15:58.680 --> 0:16:01.600 to successfully start your a business, and that is why 0:16:01.640 --> 0:16:03.680 we're talking about this today. Yeah, I think you're right, man. 0:16:03.680 --> 0:16:06.600 I think it definitely takes a certain mindset and and 0:16:06.680 --> 0:16:08.440 you have to have I think you have to feel 0:16:08.440 --> 0:16:11.200 some of that discontent, not just that office based level 0:16:11.280 --> 0:16:14.000 discontent where where like the look and just to bust 0:16:14.040 --> 0:16:16.600 up some computers. Yeah, yeah, we're the word. You do 0:16:16.640 --> 0:16:18.920 feel that, maybe maybe you feel that rage inside, but 0:16:18.920 --> 0:16:20.920 but I think it's a different kind of discontent that 0:16:21.040 --> 0:16:23.280 makes for a great small business owner, where you're like, man, 0:16:23.640 --> 0:16:25.760 the business is fine, the I love the people, whatever 0:16:25.800 --> 0:16:28.240 it is, but there is just something that's missing, and 0:16:28.400 --> 0:16:30.840 I on my own could do a better job. Like 0:16:31.000 --> 0:16:33.840 I I'm stymy creatively. And if you're feeling some of 0:16:33.840 --> 0:16:36.160 those things, I think then I think it makes you 0:16:36.160 --> 0:16:39.320 the perfect candidate to consider leaving and starting your own thing. 0:16:39.720 --> 0:16:41.600 But we've actually got to talk about that because you 0:16:41.600 --> 0:16:43.560 probably don't want to just like quit tomorrow and start 0:16:43.720 --> 0:16:45.760 right and we need to talk about some of the 0:16:45.800 --> 0:16:49.160 financial necessities and the financial benefits that come along with 0:16:49.280 --> 0:16:51.920 starting your own business. We'll talk more about that right 0:16:51.960 --> 0:17:04.200 after this. We're talking about why starting a small business 0:17:04.280 --> 0:17:07.280 is easier than you think, Joel. This is how the money, 0:17:07.280 --> 0:17:10.040 of course, So we're gonna talk about the financial benefits 0:17:10.280 --> 0:17:12.560 of starting your own business. And I think the biggest 0:17:12.600 --> 0:17:16.600 thing is that when you lose one client or just 0:17:16.680 --> 0:17:18.960 one customer, you haven't lost all your income, right you 0:17:19.000 --> 0:17:21.199 don't have all your eggs one basket. But if you 0:17:21.280 --> 0:17:24.560 lose your job, you're going from one d to zero 0:17:24.680 --> 0:17:27.520 pretty quickly over night. So I believe that there is 0:17:27.560 --> 0:17:31.600 actually a significantly higher level of financial stability when you 0:17:31.640 --> 0:17:33.800 own and when you run your own small business. I 0:17:33.800 --> 0:17:35.960 think there's a lot of folks who felt that being 0:17:36.040 --> 0:17:38.360 a W two employee, that that was the best position 0:17:38.400 --> 0:17:42.480 to be in. It felt secure and warm and cozy. 0:17:42.920 --> 0:17:45.600 But I think a lot of folks are realizing, especially 0:17:45.640 --> 0:17:47.960 after the past two years, that I don't think that 0:17:48.000 --> 0:17:50.920 there's anything further from the truth. You can get fired, 0:17:50.920 --> 0:17:54.040 you can get let go. When you own your own business, 0:17:54.040 --> 0:17:56.159 you can't get fired. You're not gonna get like like, 0:17:56.240 --> 0:17:58.240 oh you can. You're not gonna get downsized when you 0:17:58.240 --> 0:18:01.720 work for yourself, which means it's not an all or 0:18:01.760 --> 0:18:05.480 nothing venture. Like like I previously mentioned those statistics about 0:18:05.880 --> 0:18:10.320 businesses failing, I will say they're they're sobering. There's a 0:18:10.320 --> 0:18:13.080 lot of businesses that do fail. But it is important 0:18:13.119 --> 0:18:15.520 to remember that's staying at your current job. It's not 0:18:15.880 --> 0:18:18.439 nearly as safe of a proposition as you think it 0:18:18.520 --> 0:18:20.720 might be. Yeah, that's really important to mention, Matt. I 0:18:20.920 --> 0:18:22.960 think I was one of those people who were starting 0:18:23.000 --> 0:18:25.560 your own businesses is highly risky. That's how I thought 0:18:25.560 --> 0:18:28.480 of it. And working for having that nine having that 0:18:28.600 --> 0:18:32.560 W two income, that's a cake. That's not like stability, 0:18:32.640 --> 0:18:36.520 that sounds stable and foundations. I've completely revolutionized the way 0:18:36.560 --> 0:18:38.960 I think about that, and I think that's actually that's 0:18:38.960 --> 0:18:41.159 the opposite view of what I have now. And it 0:18:41.280 --> 0:18:42.720 was interesting, like you and I are kind of opposite 0:18:42.720 --> 0:18:44.520