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Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yor

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Speaker 1: the Order KERNI Whoalbury and a waddery woman. And before

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Speaker 1: we get started on She's on the Money podcast, I

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Speaker 1: would like to acknowledge the traditional custodians of the land

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Speaker 1: of which this podcast is recorded on a wondery country,

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Speaker 1: acknowledging the elders, the ancestors and the next generation coming

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Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing

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Speaker 1: and the storytelling of you to make a difference for

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Speaker 1: today and lasting impact for tomorrow.

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Speaker 2: Let's get into it. She's on the Money, She's on

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Speaker 2: the money. Have you been considering starting up a side

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Speaker 2: hustle to make some cash or you're considering turning that

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Speaker 2: business idea into reality? Now, my friend, is the time.

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Speaker 2: I'm Victoria Devine and welcome to a new chapter of

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Speaker 2: the Business Bible. We'll be sharing everything we know when

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Speaker 2: it comes to starting and maintaining a successful business or

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Speaker 2: a side hustle. When I say we, I'm joined by

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Speaker 2: the amazing Miss jessic Ricci. Hello, I'm so excited for this.

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Speaker 2: I'm so excited too.

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Speaker 3: I feel like it makes a lot of sense me.

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Speaker 3: You have literally said to me so many times this year.

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Speaker 2: We're bringing it back. We're bringing it.

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Speaker 3: Back because we know, we know there's side hustlers. We

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Speaker 3: know that there's people who want to start their small business,

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Speaker 3: and I feel like a lot of the other content

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Speaker 3: that I've seen out there is kind of tailored to

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Speaker 3: one or the other. It's like, if you want to

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Speaker 3: build a huge global business.

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Speaker 2: Where you want to run a seven figure business Jessica.

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Speaker 3: Yeah, like if you want to do a huge, big thing,

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Speaker 3: that's fine. But also you know, I'm a side hustler.

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Speaker 2: Which is exactly why I've put you in the hot seat.

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Speaker 2: I'm so excited to be back.

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Speaker 3: But you know, I think for a lot of us,

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Speaker 3: there's a cost of living crisis. Yeah, we're stressed about money,

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Speaker 3: and sometimes you can only stretch your dollars so far.

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Speaker 3: You can only ask for so many pay rises. So

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Speaker 3: I feel like the next logical.

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Speaker 2: Step may do a sight pussle. But also I feel

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Speaker 2: like it's also quite liberating for me to be able

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Speaker 2: to lift the veil on my businesses. I guess to

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Speaker 2: be really transparent. I'm happy to talk about cash flow

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Speaker 2: and business and you know, ultimately not exactly what we make,

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Speaker 2: but I'll share as much as possible. But I do

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Speaker 2: run two seven figure businesses, and I feel like that's

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Speaker 2: not something that I like to come out in social

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Speaker 2: media and go, oh my gosh, I'm a big dog.

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Speaker 2: I run to seven figure businesses because I feel like

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Speaker 2: that's not our tone of voice. But I also think

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Speaker 2: that these things can be real, and these things can

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Speaker 2: be relatable and you can learn a lot. But also

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Speaker 2: I don't want people to feel overwhelmed when I'm talking

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Speaker 2: about my business, which is exactly where you pop in

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Speaker 2: because you were talking about, Hey, I just like to

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Speaker 2: add some extra cash on the side, so I can

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Speaker 2: always go on a holiday, or I can do this,

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Speaker 2: or I can do that. And I feel like these

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Speaker 2: episodes are really going to be for people who either

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Speaker 2: want to make an extra couple of one hundred dollars

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Speaker 2: or literally want to make a million dollar business. And

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Speaker 2: I want everyone to know that your business is valid,

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Speaker 2: Like we don't see them in different ways because, to

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Speaker 2: be honest, as you know, Jess, they all involve structure,

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Speaker 2: they all involve ownership, They all involve making sure that

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Speaker 2: you're doing the right things, like you and I both

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Speaker 2: get frustrated over invoicing clients. Yeah, like it's not fun.

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Speaker 2: It's not fun, but I'm really excited about it.

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Speaker 3: Yeah, we're gonna be checking in every month, so you

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Speaker 3: guys can look forward to a Business Bible episode every

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Speaker 3: single month. They're gonna drop you out. We're also going

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Speaker 3: to be bringing them back on the Business Bible podcast

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Speaker 3: feed as well.

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Speaker 2: Which I think will be fun because if you're into

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Speaker 2: the Business Bible but maybe not into She's on the

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Speaker 2: Money content, it can be like a playlist for you.

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Speaker 2: But then if you are into cheese on the money content,

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Speaker 2: we're making sure that this stuff gets in your ear

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Speaker 2: holes as well. Yeah, we're trying to do a genius

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Speaker 2: from us. We're doing the absolute most for you guys,

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Speaker 2: cross pollination, Jessica, making sure it reaches as many ears

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Speaker 2: as possible. All right, let's dive straight in. Jess. I'm

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Speaker 2: excited because today we're going to be fined the why

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Speaker 2: behind your business and then unpacking whether your idea is

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Speaker 2: actually any good because if anything like me, you've come

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Speaker 2: up with six million business ideas and then you need

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Speaker 2: someone like jess to be like, hey, v that sounds fun,

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Speaker 2: but I think that would be a terrible business in hindsight.

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Speaker 2: So that's what we're going to do today. I'm really excited.

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Speaker 3: I feel like for a lot of people, with the

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Speaker 3: things we've just said, the why behind their business is

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Speaker 3: just I want more money.

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Speaker 2: Fair. That's the first thing that comes. That's very fair.

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Speaker 2: Like when you got a job interview, they're why do

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Speaker 2: you want the job, and you're like, I don't know, Sharon,

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Speaker 2: because I need to put food on my table.

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Speaker 3: Yeah, I've got bills to pay, queen, But what do

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Speaker 3: you have Other examples maybe of the whys that people

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Speaker 3: might have behind.

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Speaker 2: Starting their business, Absolutely I do. And I feel like

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Speaker 2: finding the why behind your business and reconnecting to it

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Speaker 2: is really important when times are getting tough, because it's

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Speaker 2: not enough to just focus on the cash because that's

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Speaker 2: not motivating. I totally understand that in the initial phases

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Speaker 2: it totally could be, but in the overall grand scheme

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Speaker 2: of things, when things get too hard, you're like, this

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Speaker 2: cash is not enough to make me stay connected, and

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Speaker 2: they will keep you, I guess from throwing the towel in.

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Speaker 2: We need to understand why, and I'll impact on how

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Speaker 2: that works and making money as I said, is not

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Speaker 2: as strong enough why to pull you out of the

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Speaker 2: dark days of business? I promise, Like, there have been

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Speaker 2: so many days that I'm like, this is too hard.

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Speaker 2: I don't want to do it. Why do I have

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Speaker 2: to do it? Why do I have all these responsibilities.

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Speaker 2: I'd prefer to just go and get a salary and

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Speaker 2: payg job and just get paid. Honestly, some days I'm like,

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Speaker 2: I'd be so happy with minimum wage. So I don't

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Speaker 2: have these responsibilities on me. I just want to be

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Speaker 2: able to sleep. Yeah, So I feel like we need

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Speaker 2: to connect with our why to make sure that we

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Speaker 2: can keep our businesses sustainable because the stats say that

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Speaker 2: after ten years, only one in ten businesses survive. That's crazy, terrible, right,

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Speaker 2: But also I want to make sure it's as sustainable

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Speaker 2: as possible. And that's why we want to have this

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Speaker 2: conversation up front instead of just talking about business structuring, Jess,

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Speaker 2: which you know is arguably very important, Like why are

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Speaker 2: you here, Let's go back to the roots of it

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Speaker 2: and work it out. So I've put together I've written

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Speaker 2: down a list of some exercises that I think might

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Speaker 2: be helpful. We love a list. I love a list

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Speaker 2: as well. So first things first, I want you to

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Speaker 2: consider what the three motivations of your new business venture are.

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Speaker 2: So is one of the money. That's okay, we can

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Speaker 2: expand on this further. But is it to have not

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Speaker 2: just cash? Is it to have financial freedom to give

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Speaker 2: you more time with friends and family and maybe some

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Speaker 2: financial security. Is it to connect or create a community

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Speaker 2: because that's where I came from with the business Bible,

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Speaker 2: and she's on the money, like I am obsessed with

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Speaker 2: creating community. Is it to make change? Is it to educate?

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Speaker 1: Like?

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Speaker 2: What is your purpose and what is your drive? The

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Speaker 2: second jess is imagine that your business is already a success,

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Speaker 2: how would you want people to speak about it? So

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Speaker 2: this one's really important, Yeah, because we don't usually go

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Speaker 2: let's pretend that the business that I'm making, whether that

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Speaker 2: is you know, a little side hustle, like you know

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Speaker 2: you do a small side hustle on the side, or

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Speaker 2: you know, she's on the money. You and I both,

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Speaker 2: I think, are on the same page about what we

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Speaker 2: want people to say about us, Like I want people

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Speaker 2: to have an elite experience, like I want people to

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Speaker 2: you know, work with She's on the money and go

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Speaker 2: I can't believe that that was so easy or the

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Speaker 2: girls did an amazing job and you're exactly the same one.

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Speaker 2: You work with clients, I know that you want them

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Speaker 2: to have an elite experience where they go. Jess was amazing.

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Speaker 2: I'd love to engage her again. She killed it. So

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Speaker 2: I think that that's really important because how would somebody

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Speaker 2: else describe what you and your business stands for. It's

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Speaker 2: hard to do because I feel like you've got to

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Speaker 2: step into being a little bit confident for this because

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Speaker 2: otherwise it's really challenging. Yeah, but like Jess, what would

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Speaker 2: you want people to say about you? And like what

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Speaker 2: does Jess stand for? Has she got strong ethics and morals?

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Speaker 2: And that's often what drives community connection and what actually

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Speaker 2: drives reoccurring customers. Right, Yeah, so that's important. Number three,

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Speaker 2: what are we chasing? Are you chasing the feeling of

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Speaker 2: financial freedom? Are you chasing? Some people just want the

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Speaker 2: I guess, prestige a business owner. That's okay, all of

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Speaker 2: it's fine, no judgment from this side of the table.

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Speaker 2: But I also think it's really important to identify that.

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Speaker 2: Keep in mind, you can write all these things down

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Speaker 2: and you could burn the paper if you don't want

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Speaker 2: to share it with anyone, like, we're not expecting this

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Speaker 2: to be shared. Albeit, we will be reinvigorating our business

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Speaker 2: Bible community on Facebook so that you can share these things,

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Speaker 2: because I feel like sometimes you might be listening to

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Speaker 2: this and going v I have literally no idea. That's

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Speaker 2: where the BBC community is going to come in and

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Speaker 2: you might be able to read through all of their suggestions,

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Speaker 2: resonate with a few, and borrow them so you stop plagiarism. No,

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Speaker 2: it's borrowing their ideas so that you can feel more

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Speaker 2: secure in your business. And then, fourth, Jess, this is

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Speaker 2: the last point I've written down that you need to

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Speaker 2: think about, is how would you define success in your business?

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Speaker 3: That's such an important question because I think you know,

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Speaker 3: we've spoken a lot, or you and Beck have spoken

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Speaker 3: a lot about how success financially looks different for everybody,

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Speaker 3: but I'd never really considered the fact that that totally

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Speaker 3: applies to business.

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Speaker 1: Wow.

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Speaker 2: No, I totally agree, And I feel like this is

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Speaker 2: something that you and I have talked about a number

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Speaker 2: of times before, because obviously I love business, I love

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Speaker 2: talking about it. I love that you have your own

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Speaker 2: side hustle in addition to working full time for Shees

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Speaker 2: on the money. I know a lot of employers wouldn't

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Speaker 2: be happy with that because huhuh, maybe they're insecure. But

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Speaker 2: I love that you've got that and the amount of

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Speaker 2: times you know, you and I have spoken about like, well,

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Speaker 2: what are your financial goals? What are your goals for this?

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Speaker 2: What does this look like? I think there's a lot

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Speaker 2: of pressure on people when they start a side hustle

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Speaker 2: to take it full time. Yeah, And like you know,

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Speaker 2: if you're a content creator, Jess, what's your plan with

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Speaker 2: your business? Are you taking it full time? Or why

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Speaker 2: do you do what you do? Yeah?

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Speaker 3: I mean for me, it is like I said before,

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Speaker 3: it really is a little bit of the financial thing.

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Speaker 3: It's also very much a creative outlet. It kind of

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Speaker 3: came about organically for those of you who don't know.

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Speaker 3: I've been making content on the side pretty much since

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Speaker 3: I was in high school.

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Speaker 2: I did the YouTube thing so.

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Speaker 3: Wid I love it, And then now I freelance creating

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Speaker 3: content for brands and businesses, sometimes my own pages, sometimes

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Speaker 3: for theirs, and it's something i've really.

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Speaker 2: It's way so good at creating the content for Shees

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Speaker 2: on the money because you're just like in A twenty

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Speaker 2: four seven.

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Speaker 3: I love it. It's genuinely really fun for me. So

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Speaker 3: it is partially creative, but it's also really fantastic because

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Speaker 3: for me it does allow me to reach my goals.

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Speaker 3: You know, almost all of my income that I earn

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Speaker 3: from my side hustle I put into my house deposit,

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Speaker 3: which you guys know is so important to me. Yeah,

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Speaker 3: so for me, it's really about doing that. It's not

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Speaker 3: something that I am currently looking to go full time with.

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Speaker 3: I think if I think back to my very first

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Speaker 3: job interview with you, which was three years ago, which

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Speaker 3: is GA, it's insane, I think I said, And this

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Speaker 3: is something that has been I think reaffirmed to me

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Speaker 3: watching your success as a business owner and your current

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Speaker 3: life stage.

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Speaker 2: You know, you're pregnant, You're moving into this really exciting

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Speaker 2: new chapter.

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Speaker 3: Observing the level of freedom that you have in the

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Speaker 3: fact that you know you're very open with me and

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Speaker 3: the team about what that life will look like for

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Speaker 3: you and what your plans are for you and Steve.

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Speaker 3: But the fact that you can go here's my ideal scenario,

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Speaker 3: and I can fit my life and my job and

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Speaker 3: everything else in around that. It's a level of freedom

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Speaker 3: that I guess I am closer to that because I

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Speaker 3: have a flexible job.

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Speaker 2: Which I was Alright, I feel like I don't know

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Speaker 2: about your employer, but I'm sure you can do that

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Speaker 2: when you decide to have if you decide to have babies, Jessica,

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Speaker 2: I'm in a position that most people aren't, but it's

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Speaker 2: really empowering seeing what that level of freedom can look

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Speaker 2: like for somebody and seeing that for you, as a woman, you.

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Speaker 3: Don't have to give up your career, you don't have

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Speaker 3: to make those changes, and as someone who is really

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Speaker 3: passionate about what I do, that is something that I've

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Speaker 3: always kind of had in the back of my mind,

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Speaker 3: and so it's something that I go, oh, it's really

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Speaker 3: nice to know that if something goes wrong, or if

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Speaker 3: something changes, or if I do have kids, there is

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Speaker 3: something that I can still kind of do, maybe while

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Speaker 3: I was on maternity after that flexibility is hugely appealing

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Speaker 3: to me.

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Speaker 2: But I want to know.

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Speaker 3: Obviously, you've just run us through those four different exercises.

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Speaker 3: I'm sure this is kind of something that you did

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Speaker 3: when you were starting Shees on the Money, which was

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Speaker 3: once obviously aside us, so this big, huge, wonderful thing

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Speaker 3: that employees me and so many other people. Can you

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Speaker 3: give me an idea of what those things kind of looked.

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Speaker 2: Like for you? Yeah, And I think that you hit

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Speaker 2: the nail on the head when you talked about flexibility,

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Speaker 2: because that's my main goal, right, but at the time

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Speaker 2: it wasn't. We're very aspirational in our team, like we

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Speaker 2: love to hupe each other up if we dream big,

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Speaker 2: but also we like love a fluffy quote. And my

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Speaker 2: favorite quote ever, which you would have heard on She's

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Speaker 2: on the Money, is you can have it all, but

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Speaker 2: you can't have it all at once. And so if

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Speaker 2: you take it back to the beginning days of Shees

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Speaker 2: on the Money and even Zella, there's no way that

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Speaker 2: I could have what I have today back then just

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Speaker 2: having started the business. Yeah, Like I was working eighty

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Speaker 2: ninety hour weeks to make sure that these things worked,

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Speaker 2: and like everything was stressful, everything was hard. I didn't

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Speaker 2: have the cash flow to afford the staff that I

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Speaker 2: needed to give me the support that I have today

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Speaker 2: to make the decision to have a baby, Like if

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Speaker 2: I had had a baby at that stage, which, to

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Speaker 2: be honest, my husband would have loved. If I had

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Speaker 2: made that decision, I would have been sent for a

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Speaker 2: tales been Nothing would have been sustainable, The wheels would

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Speaker 2: have fallen off, and I just remember, you know, I

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Speaker 2: went through so much. And we'll get into this in

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Speaker 2: other episodes, but I had Zella and I ended up

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Speaker 2: selling the Zella Wealth component of it. So I sold

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Speaker 2: my financial advice business. And now I have taken on

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Speaker 2: Kate Bransgrove as a business partner, and I adore her.

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Speaker 2: She's a mum of two and like one of the

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Speaker 2: biggest hustlers in the entire world, Like I just look

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Speaker 2: at her in awe every day, absolute quick. But she

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Speaker 2: now runs Zella as a mortgage broking business instead, and

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Speaker 2: we've really pivoted what that looks like because I just

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Speaker 2: realized that the life I was creating inside Zella Wealth

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Speaker 2: was not the life I wanted to sustain for the

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Speaker 2: long term. You know. I looked at the time at

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Speaker 2: what other people were doing and how they were running

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Speaker 2: it and the pressures that existed, and I was like,

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Speaker 2: this isn't the lifestyle business I want to create. And

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Speaker 2: I mean, at the same time, there's a lot of

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Speaker 2: privilege in that comment because I also had she's on

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Speaker 2: the money, so I didn't just have one business and

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Speaker 2: I could pivot one and sacrifice my cash flow in

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Speaker 2: that business. I ease Ella because she's on the money

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Speaker 2: held it up and it was okay. So a lot

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Speaker 2: of privilege. But I think that when you look at

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Speaker 2: what a business looks like and success looks like, to me,

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Speaker 2: it is kind of about friends and family. And you know, ultimately,

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Speaker 2: I've said this a million times before, I don't want

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Speaker 2: to be defined by she's on the money, because work

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Speaker 2: is not my greatest success. Like you know, if you

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Speaker 2: know me personally and you do Jess, you know how

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Speaker 2: much I want to talk about my husband and like

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Speaker 2: in the future, I want to talk about my kids,

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Speaker 2: and I want to have this beautiful work life balance

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Speaker 2: where you know, I am spending lots of time with

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Speaker 2: both of them. But that's why I work so hard

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Speaker 2: in She's on the money, because I know the harder

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Speaker 2: I work, the more I get out of it. So

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Speaker 2: for me, that's what it looks like when I talk

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Speaker 2: about I guess how I would define success in my business.

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Speaker 2: It's not the seven figures, Like, yes, she's on the money,

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Speaker 2: is a multimillion dollar business. Yes, the seller money is

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Speaker 2: also a multimillion dollar business, But I'm not a financially

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Speaker 2: motivated person in that way. I am more motivated by

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Speaker 2: the outcomes I get, and I kind of look at

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Speaker 2: it and go wow, Like I could earn way more

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Speaker 2: than I do right now if I took on more

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Speaker 2: speaking events and did more podcasts and you know, traveled

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Speaker 2: a lot more than we do, and we still do

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Speaker 2: a lot of that. We do realize a lot that

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Speaker 2: we do enough where I feel like everyone in my

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Speaker 2: team has a good work life balance. Still like we're

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Speaker 2: not taking the mickey. Could we do more, absolutely, but

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Speaker 2: we don't want to. So I think success inside out

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Speaker 2: business looks like me having a good work life balance.

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Speaker 2: I don't need to be the richest person in the

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Speaker 2: entire world, but I want to have enough to live

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Speaker 2: the life I want. But I also think that the

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Speaker 2: success for me is about my team and their success

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Speaker 2: as well. So knowing that you know, you and Gabby

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Speaker 2: and Maddie and Brooke and everybody else on our team

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Speaker 2: actually has this work life balance that I think they deserve,

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Speaker 2: that's what drives me. And I just go I know,

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Speaker 2: people look from the outside in and go. They just

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Speaker 2: look like they have fun all the time. They lunch

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Speaker 2: like whenever they travel they go out for bougie dinners.

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Speaker 2: But all of that comes because my team work hard

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Speaker 2: and then play hard. So I think I do ask

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Speaker 2: myself those questions. They look very different to somebody else

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Speaker 2: who might go, I do want millions in the bank.

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Speaker 2: I do want to buy a Lamborghini. I do want

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Speaker 2: to do all that, whereas I'm not that motivated. Why

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Speaker 2: I guess financial markers of success and that's okay, what

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Speaker 2: are yours? Yeah, I think it's the same as you.

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Speaker 3: I think being able to live the life that I

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Speaker 3: want or work towards the life that I want, I

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Speaker 3: am someone and again, like we're a team. I'm very

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Speaker 3: lucky that we're super open and there's no shame around money.

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Speaker 3: But I think for me, I'm really comfortable saying I

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Speaker 3: never want to struggle financially in my life.

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Speaker 2: I grew up in a single income household.

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Speaker 3: Money was a huge stressor for my parents, and that's

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Speaker 3: a big part of my money story. And if I'm honest,

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Speaker 3: I don't want to live that life again. No, I

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Speaker 3: want to build a life that no I'm definitely not

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Speaker 3: right now, and if I have children or if I don't,

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Speaker 3: whatever that looks like. I want to know that I'm

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Speaker 3: in a place where myself and my friends and my

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Speaker 3: family are supported and that they have someone that they

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Speaker 3: can come to and it's never that level of stress again.

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Speaker 3: And I think that for me being really honest about

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Speaker 3: that is great because I go, yeah, like, I work

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Speaker 3: my nine to five or eight thirty five.

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Speaker 2: And I hold on eight thirty five thirty Monday Thursday,

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Speaker 2: and then what time do you finish on a Friday,

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Speaker 2: Jessica career? Yeah, okay, I love it. Sit down and

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Speaker 2: how many days a week are you allowed to go

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Speaker 2: to Pilate's at lunchtime every day the week? Yeah?

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Speaker 3: Okay, but you know I work my nine to five

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Speaker 3: and then I go home and I often spend five

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Speaker 3: to nine correct. Yeah, it's you know, sometimes doing that,

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Speaker 3: I go, oh God, can I be bothered today? Why

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Speaker 3: am I doing this? And I think having that in

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Speaker 3: the back of my head, going I'm working towards that

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Speaker 3: level of financial comfort. Doing this means that I'm not

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Speaker 3: stressing and struggling. I think knowing that is good. As

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Speaker 3: you said, in those dark days, in those hard times,

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Speaker 3: in the days where I have to say to my friends,

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Speaker 3: I'm really sorry I can't go out for dinner because

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Speaker 3: I have work that I have to do. And I go,

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Speaker 3: it's what do you mean it's at eight o'clock to

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Speaker 3: I'm like, oh, no, my other job.

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Speaker 2: Like it's not Victoria's slave driving me, it's actually this

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Speaker 2: other job. And I think it's so hard. Sometimes when

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Speaker 2: you're like that work, you know, you might calculate your

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Speaker 2: hourly rate or you might go, that's an extra two

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Speaker 2: hundred bucks. Honestly, it's not worth it. I don't want

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Speaker 2: the two hundred bucks. I want my weekend back. And

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Speaker 2: sometimes we really need to remind ourselves of our why

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Speaker 2: and how that works. And I think that it's so

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Speaker 2: stereotypical to be like, what's your why, Jessica, and like

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Speaker 2: it makes sense, But this is more of a like, actually, why,

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Speaker 2: Like why are you actually doing this? Because you know

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Speaker 2: you're trying to change your money story and put yourself

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Speaker 2: in a position that you know, saw your parents in.

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Speaker 2: You said, I don't want to be in that, and

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Speaker 2: I'm in a position where you know, I'm semi similar,

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Speaker 2: but I just have these lifestyle goals that I go,

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Speaker 2: you know what, I would love to have the flexibility

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Speaker 2: to be a far more present parent, like and I've

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Speaker 2: always been that way, like love kids, love pets, love

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Speaker 2: you know the life that comes with that. But I

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Speaker 2: look at it and go, I want to spend heaps

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Speaker 2: of time with my kids. I want to be able

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Speaker 2: to say to you know, my team, hey, like it's Friday,

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Speaker 2: so I'm picking the kids up from school and We're

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Speaker 2: going to go to the beach for the weekend, like,

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Speaker 2: and there's no stress during that period of time. I

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Speaker 2: just can't imagine. And this is historically where I was sitting,

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Speaker 2: because I think I've talked about it before on the podcast.

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Speaker 2: So used to think success was like waking up at

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Speaker 2: five point thirty or sorry, four thirty am, so I

433
00:19:20,920 --> 00:19:23,439
Speaker 2: could go to my five thirty am gym classes, I

434
00:19:23,480 --> 00:19:25,720
Speaker 2: drink bullet coffee. I would always be the first one

435
00:19:25,760 --> 00:19:27,480
Speaker 2: in the office, Like I would literally get to my

436
00:19:27,520 --> 00:19:30,760
Speaker 2: office by seven thirty every single morning, because I believed

437
00:19:30,800 --> 00:19:33,159
Speaker 2: that as a leader, a good leader, good boss, I

438
00:19:33,160 --> 00:19:35,240
Speaker 2: would always be there before you, Jess, and I would

439
00:19:35,280 --> 00:19:37,919
Speaker 2: always be present and I would basically not leave the

440
00:19:38,000 --> 00:19:40,359
Speaker 2: office until the last person had left and all of

441
00:19:40,400 --> 00:19:43,160
Speaker 2: that stuff that you just go, what did it ultimately

442
00:19:43,200 --> 00:19:46,479
Speaker 2: achieve for me? Yeah, the answer is nothing like I

443
00:19:46,520 --> 00:19:48,720
Speaker 2: didn't have a better work life balance, I didn't have

444
00:19:48,760 --> 00:19:51,320
Speaker 2: a better business. And I feel like now I've been

445
00:19:51,400 --> 00:19:54,320
Speaker 2: so clear on my goals. Our clients can see that,

446
00:19:54,680 --> 00:19:57,000
Speaker 2: the people we work with can see that, our community

447
00:19:57,040 --> 00:19:58,560
Speaker 2: can see that, and I think that they have a

448
00:19:58,560 --> 00:20:01,000
Speaker 2: lot more respect for us as business because they go,

449
00:20:01,560 --> 00:20:04,600
Speaker 2: look how well the team's treated, Look how Victoria's lifestyle.

450
00:20:04,760 --> 00:20:07,440
Speaker 2: Like girls that get it, get it, girls get it,

451
00:20:07,480 --> 00:20:07,720
Speaker 2: get it.

452
00:20:07,760 --> 00:20:09,479
Speaker 3: And I feel like that informs a lot of the

453
00:20:09,480 --> 00:20:12,280
Speaker 3: business decisions that we make as a team as well,

454
00:20:12,280 --> 00:20:14,800
Speaker 3: because it's you know, it comes back to your your

455
00:20:14,840 --> 00:20:16,800
Speaker 3: good old Does it align with your values? Does it

456
00:20:16,880 --> 00:20:18,760
Speaker 3: support those goals that you want to have. Are we

457
00:20:18,840 --> 00:20:21,680
Speaker 3: going to take on a client where those expectations are

458
00:20:22,160 --> 00:20:24,000
Speaker 3: you need to be available to us twenty four seven

459
00:20:24,040 --> 00:20:26,320
Speaker 3: Like if I call you pick up the phone the answer.

460
00:20:26,000 --> 00:20:28,800
Speaker 2: Is heck no. But also we'll get into that in

461
00:20:28,840 --> 00:20:31,280
Speaker 2: another episode, because sometimes when you're starting out, you do

462
00:20:31,359 --> 00:20:33,239
Speaker 2: have to say yes to clients that you might not

463
00:20:33,359 --> 00:20:36,560
Speaker 2: want to say yes, true because of cash flow, but

464
00:20:36,640 --> 00:20:39,560
Speaker 2: the ultimate goal is to surround yourself with clients that

465
00:20:39,640 --> 00:20:41,600
Speaker 2: are just like you. And we are now in that

466
00:20:41,640 --> 00:20:43,560
Speaker 2: position that She's on the money, where I'm like, Jess,

467
00:20:43,600 --> 00:20:45,000
Speaker 2: if you don't like them, you tell me we're not

468
00:20:45,040 --> 00:20:47,720
Speaker 2: working with them. And I think that that gives a

469
00:20:47,760 --> 00:20:50,359
Speaker 2: lot of power back to our team, but also it

470
00:20:50,400 --> 00:20:53,320
Speaker 2: makes it so clear the value set that we hold,

471
00:20:53,440 --> 00:20:56,080
Speaker 2: like I'm not going to be treated like trash by somebody.

472
00:20:56,280 --> 00:20:58,359
Speaker 2: Absolutely not, No, definitely not.

473
00:20:58,480 --> 00:21:01,080
Speaker 3: And I'm so excited to unpas some of that nitty

474
00:21:01,200 --> 00:21:03,960
Speaker 3: gritty incoming episodes. You guys, we're going to really take

475
00:21:04,000 --> 00:21:05,600
Speaker 3: you behind the scenes and lift the curtain in a

476
00:21:05,640 --> 00:21:08,040
Speaker 3: way that we haven't before. But I think we've covered

477
00:21:08,040 --> 00:21:10,560
Speaker 3: off pretty well on our why we've told you about ours,

478
00:21:10,600 --> 00:21:12,720
Speaker 3: hopefully by now you've got a good idea about yours

479
00:21:12,760 --> 00:21:13,520
Speaker 3: as well.

480
00:21:13,280 --> 00:21:15,840
Speaker 2: And we'll start a conversation in the Business Bible Facebook

481
00:21:15,840 --> 00:21:18,080
Speaker 2: group so that you can tell us your wise so

482
00:21:18,119 --> 00:21:19,800
Speaker 2: that if you're feeling a little bit like I still

483
00:21:19,840 --> 00:21:23,120
Speaker 2: don't know, you can just seek some very sneaky inspiration

484
00:21:23,720 --> 00:21:26,399
Speaker 2: from that and also maybe help other people refine theirs.

485
00:21:26,400 --> 00:21:28,119
Speaker 2: Which is one of my favorite things about the Business

486
00:21:28,160 --> 00:21:30,760
Speaker 2: Bible community is how much people want to give to

487
00:21:30,840 --> 00:21:31,240
Speaker 2: each other.

488
00:21:31,520 --> 00:21:34,640
Speaker 3: Yeah, they're so generous, You guys, so so generous. Stick

489
00:21:34,640 --> 00:21:36,480
Speaker 3: around because after the break we're in it. Take your

490
00:21:36,480 --> 00:21:38,399
Speaker 3: idea that's brewing in the back of your mind and

491
00:21:38,640 --> 00:21:39,919
Speaker 3: unpack whether it's a good one or not.

492
00:21:40,080 --> 00:21:47,399
Speaker 2: Don't go anywhere, guys. Welcome back everybody.

493
00:21:47,480 --> 00:21:50,240
Speaker 3: We've just figured out the why behind your business, or

494
00:21:50,320 --> 00:21:53,280
Speaker 3: hopefully you're close to discovering it. But I think now

495
00:21:53,800 --> 00:21:56,480
Speaker 3: I want to talk about the question that anyone who's

496
00:21:56,480 --> 00:22:00,000
Speaker 3: ever had an idea has probably thought themselves fee, which is, yeah,

497
00:22:00,240 --> 00:22:01,479
Speaker 3: is this even a good idea?

498
00:22:01,960 --> 00:22:04,240
Speaker 2: Yeah? And it's a hard one because, let's be honest.

499
00:22:04,280 --> 00:22:06,000
Speaker 2: When I started She's on the Money, I thought it

500
00:22:06,040 --> 00:22:06,879
Speaker 2: was a terrible idea.

501
00:22:06,920 --> 00:22:08,879
Speaker 3: It was just like a little bit of fun. Imagine

502
00:22:08,880 --> 00:22:10,239
Speaker 3: if you'd gone with that and you just be like, Nah,

503
00:22:10,240 --> 00:22:10,800
Speaker 3: a terrible idea.

504
00:22:10,840 --> 00:22:12,560
Speaker 2: Won't do that one. But do you know people told

505
00:22:12,600 --> 00:22:14,280
Speaker 2: me it was a terrible idea. I'd still be in

506
00:22:14,320 --> 00:22:17,720
Speaker 2: credit card debt if you hadn't started on the Money. Oh,

507
00:22:17,760 --> 00:22:19,880
Speaker 2: you're welcome. I did it all for you. But it's

508
00:22:19,960 --> 00:22:22,199
Speaker 2: funny because also you've got to have such conviction in

509
00:22:22,240 --> 00:22:25,400
Speaker 2: your own ideas and your own clarity because people were like, Victoria,

510
00:22:25,960 --> 00:22:28,280
Speaker 2: you're starting Shees on the Money and obviously she's on

511
00:22:28,320 --> 00:22:31,560
Speaker 2: the money. Really long story cut short. It started as

512
00:22:31,600 --> 00:22:34,960
Speaker 2: a financial wellness workshop that I did as a financial

513
00:22:34,960 --> 00:22:37,679
Speaker 2: advisor when I owned Zella Wealth, and I would do

514
00:22:37,720 --> 00:22:40,359
Speaker 2: these financial wellness workshops called She's on the Money. I

515
00:22:40,400 --> 00:22:42,480
Speaker 2: wanted people to connect after them, and I thought, you

516
00:22:42,520 --> 00:22:44,920
Speaker 2: know what, I'm going to start a Facebook group huge

517
00:22:45,040 --> 00:22:47,199
Speaker 2: And I remember starting that Facebook group and some of

518
00:22:47,240 --> 00:22:50,080
Speaker 2: my friends being like, Victoria, that's so lame, Like no

519
00:22:50,119 --> 00:22:51,840
Speaker 2: one's going to come in your group. They're not my

520
00:22:51,880 --> 00:22:55,159
Speaker 2: friends anymore to see you watch from a far now baby.

521
00:22:55,760 --> 00:22:57,320
Speaker 2: But it's one of those things where people were like,

522
00:22:57,480 --> 00:22:59,400
Speaker 2: what's your game plan here? That's a lot of work

523
00:22:59,440 --> 00:23:01,520
Speaker 2: for like a lit tuly no return. And I'm like, oh,

524
00:23:01,560 --> 00:23:03,240
Speaker 2: I have a vision. I'm not really sure what it's

525
00:23:03,240 --> 00:23:05,199
Speaker 2: going to look like or how it's gonna you know,

526
00:23:05,240 --> 00:23:08,359
Speaker 2: play out. But when you have a business idea, let's

527
00:23:08,359 --> 00:23:11,679
Speaker 2: put some blinkers on as well to protect ourselves. But

528
00:23:11,760 --> 00:23:14,000
Speaker 2: also like some of the best ideas are some of

529
00:23:14,040 --> 00:23:16,600
Speaker 2: the worst, so like let's map them out. But I

530
00:23:16,600 --> 00:23:19,760
Speaker 2: guess coming up with a business idea that's the easiest part.

531
00:23:19,840 --> 00:23:21,880
Speaker 2: Let's be honest, Like I've had six million of them,

532
00:23:22,400 --> 00:23:25,240
Speaker 2: doesn't mean it's a good business idea because that's the

533
00:23:25,320 --> 00:23:28,240
Speaker 2: difficult part, and that takes a lot more planning.

534
00:23:28,320 --> 00:23:31,760
Speaker 3: Jess, how do we figure out or differentiate between the two, Like,

535
00:23:31,760 --> 00:23:33,080
Speaker 3: how do we know if a good idea is a

536
00:23:33,080 --> 00:23:35,320
Speaker 3: good idea or if it's something that we need to

537
00:23:35,640 --> 00:23:36,360
Speaker 3: evolve a.

538
00:23:36,280 --> 00:23:39,160
Speaker 2: Little bit more? Yeah, so, Jess, before anything else, I've

539
00:23:39,160 --> 00:23:42,240
Speaker 2: written down four questions that you need to ask yourself.

540
00:23:42,760 --> 00:23:46,159
Speaker 2: So first things First is the most important question, Jess,

541
00:23:46,359 --> 00:23:50,440
Speaker 2: what problem does your business solve? Because if you can't

542
00:23:50,480 --> 00:23:52,520
Speaker 2: answer that, we're at the end of a culder sack.

543
00:23:52,600 --> 00:23:55,080
Speaker 2: You need to turn around try And the second is

544
00:23:55,160 --> 00:23:59,000
Speaker 2: are people willing to pay for that service or that

545
00:23:59,119 --> 00:24:02,679
Speaker 2: product that you're planning or dropping into the community. The

546
00:24:02,720 --> 00:24:06,159
Speaker 2: next is what are the barriers to entry? So like

547
00:24:06,240 --> 00:24:08,320
Speaker 2: a barrier of entry could be you know, you want

548
00:24:08,359 --> 00:24:10,679
Speaker 2: to start cheese on the money, you want to copy

549
00:24:10,800 --> 00:24:13,520
Speaker 2: what we're doing. What does that look like? Do you

550
00:24:13,760 --> 00:24:16,480
Speaker 2: have a background in finance? Do you have all of

551
00:24:16,520 --> 00:24:18,480
Speaker 2: that literacy and all of that knowledge. If not, where

552
00:24:18,560 --> 00:24:20,560
Speaker 2: is it coming from. What would that look like? You

553
00:24:20,600 --> 00:24:23,760
Speaker 2: know if you are going to make a candle business.

554
00:24:23,800 --> 00:24:25,520
Speaker 2: For example, I feel like I'm going to use candle

555
00:24:25,520 --> 00:24:27,959
Speaker 2: businesses as a good example because I feel like we

556
00:24:28,119 --> 00:24:31,560
Speaker 2: understand that that's a product that you make, and there's

557
00:24:31,600 --> 00:24:32,960
Speaker 2: a lot of people that do it, but it's a

558
00:24:33,000 --> 00:24:36,359
Speaker 2: differentiating factor. But like, what are the barriers to entry

559
00:24:36,480 --> 00:24:39,359
Speaker 2: to being a candle business owner? Right? It might be

560
00:24:40,040 --> 00:24:42,720
Speaker 2: cost because you need to buy your products. You need

561
00:24:42,760 --> 00:24:44,200
Speaker 2: to buy your jars, you need to buy your wax.

562
00:24:44,240 --> 00:24:45,880
Speaker 2: You might need a website, you might need to run

563
00:24:45,920 --> 00:24:48,639
Speaker 2: your social media. Like your barriers to entry could be

564
00:24:48,720 --> 00:24:51,119
Speaker 2: very different to the next person who has oodles of

565
00:24:51,160 --> 00:24:54,040
Speaker 2: cash but no idea what social media is? Right, So, like,

566
00:24:54,080 --> 00:24:57,240
Speaker 2: your barrier to entry is not necessarily googling what's the

567
00:24:57,240 --> 00:24:59,879
Speaker 2: barrier to entry to my business? It's more about, like

568
00:25:00,080 --> 00:25:02,479
Speaker 2: what are your personal barriers? What you're stopping you from?

569
00:25:02,560 --> 00:25:04,800
Speaker 2: So it all should be your confidence. Like how many of

570
00:25:04,840 --> 00:25:07,119
Speaker 2: us have really good business ideas, but we don't have

571
00:25:07,200 --> 00:25:10,159
Speaker 2: the conviction in ourselves to start. That's what Business Bible

572
00:25:10,240 --> 00:25:12,520
Speaker 2: is going to be solving. And then the fourth one,

573
00:25:12,600 --> 00:25:16,240
Speaker 2: Jess is do you really truly believe in it? Yeah?

574
00:25:16,280 --> 00:25:18,879
Speaker 2: Like why are you doing it and how does that work?

575
00:25:19,320 --> 00:25:21,600
Speaker 2: So now, because I'm crazy and I really like this

576
00:25:21,680 --> 00:25:23,040
Speaker 2: that I really want to have an impact here. I

577
00:25:23,040 --> 00:25:25,479
Speaker 2: feel like everything that we do in the business Bible,

578
00:25:25,560 --> 00:25:27,119
Speaker 2: when we you know, sit down to go what are

579
00:25:27,119 --> 00:25:29,080
Speaker 2: we going to talk about on this episode? It's really

580
00:25:29,480 --> 00:25:32,879
Speaker 2: how and what will people get out of this episode?

581
00:25:32,880 --> 00:25:34,359
Speaker 2: Like I don't just want to like come on and

582
00:25:34,400 --> 00:25:37,240
Speaker 2: waffle talk about like a big business haha, so cute.

583
00:25:37,320 --> 00:25:39,960
Speaker 2: Like I want you to walk away with tangible outcomes

584
00:25:39,960 --> 00:25:41,960
Speaker 2: that you can implement, all questions that you can ask

585
00:25:42,000 --> 00:25:44,560
Speaker 2: yourself to actually do the thing that you said that

586
00:25:44,560 --> 00:25:46,840
Speaker 2: you're always going to do. So let's dig a little

587
00:25:46,880 --> 00:25:51,320
Speaker 2: bit deeper the question of what problem does your business solve?

588
00:25:51,600 --> 00:25:53,639
Speaker 2: Just this doesn't have to be an actual problem that

589
00:25:53,680 --> 00:25:55,800
Speaker 2: once it's solved, it will be absolutely life changing for

590
00:25:55,840 --> 00:25:58,040
Speaker 2: everybody around you. Like, it doesn't have to be like that.

591
00:25:58,359 --> 00:26:00,879
Speaker 2: It could be a market missing in your local area.

592
00:26:01,040 --> 00:26:03,359
Speaker 2: It might be something that could be sold nationally or

593
00:26:03,400 --> 00:26:06,800
Speaker 2: even internationally just online. With She's on the Money, I

594
00:26:06,880 --> 00:26:10,440
Speaker 2: was finding that obviously financial literacy. Five years ago when

595
00:26:10,480 --> 00:26:13,280
Speaker 2: I started She's on the Money, it was not accessible

596
00:26:13,280 --> 00:26:17,560
Speaker 2: to everybody. I was consistently frustrated with the lack of

597
00:26:17,840 --> 00:26:21,440
Speaker 2: education that people had when it came to financial literacy,

598
00:26:21,640 --> 00:26:24,479
Speaker 2: and I genuinely believed that you deserved more and it

599
00:26:24,520 --> 00:26:27,479
Speaker 2: was hard to obtain. There was so much financial jargon,

600
00:26:27,840 --> 00:26:30,720
Speaker 2: which for a lot of people was overwhelming and uninspiring

601
00:26:30,760 --> 00:26:34,800
Speaker 2: and intimidating and made trying to learn about finances honestly

602
00:26:34,920 --> 00:26:37,240
Speaker 2: make you feel like you needed a degree in finance

603
00:26:37,320 --> 00:26:40,679
Speaker 2: just to understand the language. Yeah, and I don't think

604
00:26:40,720 --> 00:26:42,960
Speaker 2: people would disagree with me at all. You might have

605
00:26:43,000 --> 00:26:45,040
Speaker 2: to do your research here and actually find out if

606
00:26:45,080 --> 00:26:47,480
Speaker 2: your business will solve a problem. Yeah, so what does

607
00:26:47,480 --> 00:26:47,840
Speaker 2: that mean.

608
00:26:48,040 --> 00:26:50,879
Speaker 3: It's really interesting that you say that it doesn't have

609
00:26:51,000 --> 00:26:53,440
Speaker 3: to be something that will change the lives of every

610
00:26:53,480 --> 00:26:55,879
Speaker 3: single person on the planet, because when I think about

611
00:26:55,960 --> 00:26:58,760
Speaker 3: the businesses, particularly the small businesses that I have seen

612
00:26:58,920 --> 00:27:01,600
Speaker 3: in recent years that I've got on, Oh, that's a

613
00:27:01,640 --> 00:27:05,840
Speaker 3: bloody good idea solve it's a niche so niche.

614
00:27:05,880 --> 00:27:07,200
Speaker 2: I saw one on TikTok the other day.

615
00:27:07,240 --> 00:27:10,280
Speaker 3: It's a mum shares kids that play a sport and

616
00:27:10,720 --> 00:27:13,040
Speaker 3: they would be going from sport to another sport, or

617
00:27:13,040 --> 00:27:15,640
Speaker 3: sport to dance class or something like that, and they

618
00:27:15,640 --> 00:27:17,119
Speaker 3: were having to get changed in the car, and she

619
00:27:17,119 --> 00:27:18,840
Speaker 3: felt like there wasn't enough privacy and they were not

620
00:27:18,920 --> 00:27:21,480
Speaker 3: very comfortable and there wasn't enough room. So she invented

621
00:27:21,640 --> 00:27:24,840
Speaker 3: it's basically a magnetized tarp that you pop the hood

622
00:27:24,840 --> 00:27:27,280
Speaker 3: of your car up you stick there's these magnets.

623
00:27:27,000 --> 00:27:30,240
Speaker 2: In these So that's genius. I need that for events, yess.

624
00:27:30,320 --> 00:27:32,000
Speaker 3: It turns the back of your car into like a

625
00:27:32,000 --> 00:27:35,199
Speaker 3: little change space. And I was like, that is so

626
00:27:35,440 --> 00:27:39,000
Speaker 3: clever because absolutely, kids playing sports, as you said, people

627
00:27:39,000 --> 00:27:42,360
Speaker 3: who have photo shoots, models, companies that are doing video

628
00:27:42,400 --> 00:27:44,800
Speaker 3: shoots on the streets perfect as well. How many times

629
00:27:44,800 --> 00:27:46,240
Speaker 3: have you and I gotten changed in the backseat of

630
00:27:46,240 --> 00:27:47,679
Speaker 3: a car and we're like, if you're driving a four

631
00:27:47,680 --> 00:27:49,360
Speaker 3: wheel drive, you've got a bit of a show.

632
00:27:50,160 --> 00:27:53,680
Speaker 2: It is what it is, adults, you know what. It's fine.

633
00:27:53,760 --> 00:27:56,240
Speaker 2: But I saw that on TikTok and I don't have kids, Like,

634
00:27:56,280 --> 00:27:58,200
Speaker 2: I'm not buying that. But you're like, a you're a genius.

635
00:27:58,240 --> 00:27:59,680
Speaker 2: This is going to solve a problem.

636
00:28:00,040 --> 00:28:02,720
Speaker 3: It is such a specific group of people and it's

637
00:28:02,880 --> 00:28:05,639
Speaker 3: a really particular idea, and I was like, that is

638
00:28:05,680 --> 00:28:06,159
Speaker 3: so smart.

639
00:28:06,240 --> 00:28:08,800
Speaker 2: So I'm obsessed. Yeah, I'm obsessed. Next thing we talked

640
00:28:08,840 --> 00:28:12,119
Speaker 2: about Jess was are people actually willing to pay for it?

641
00:28:12,160 --> 00:28:15,520
Speaker 2: So like I would buy that the magnetic shower curtain thing. Yeah,

642
00:28:15,600 --> 00:28:18,919
Speaker 2: I mean, but just because the problem exists, honestly, it

643
00:28:18,960 --> 00:28:21,119
Speaker 2: doesn't mean that the people are willing to pay for

644
00:28:21,200 --> 00:28:26,320
Speaker 2: it to be fixed. WTP. So willingness to pay is

645
00:28:26,359 --> 00:28:28,760
Speaker 2: the formula that is actually used to find the maximum

646
00:28:28,800 --> 00:28:31,280
Speaker 2: amount you can sell a product or a service for

647
00:28:31,720 --> 00:28:34,600
Speaker 2: Producers will usually want to charge the maximum. Obviously, in

648
00:28:34,680 --> 00:28:36,920
Speaker 2: consumers they want to pay the minimum. So that's where

649
00:28:36,920 --> 00:28:40,760
Speaker 2: the I guess difference exists, and WTP is trying to

650
00:28:40,800 --> 00:28:43,480
Speaker 2: meet those two numbers in the middle. So try and

651
00:28:43,520 --> 00:28:46,120
Speaker 2: find some market research or speak to friends and family

652
00:28:46,160 --> 00:28:48,560
Speaker 2: and get their honest feedback, like what would you pay

653
00:28:48,560 --> 00:28:52,600
Speaker 2: for this? Yeah, ask your community and don't take offense

654
00:28:52,640 --> 00:28:57,040
Speaker 2: when people provide feedback. It's productive. You can learn something

655
00:28:57,040 --> 00:29:00,239
Speaker 2: from it. But find your group of people who you

656
00:29:00,360 --> 00:29:03,000
Speaker 2: know we'll give you honest feedback and feedback that you

657
00:29:03,000 --> 00:29:05,640
Speaker 2: can trust. So I think that that's a really important

658
00:29:05,640 --> 00:29:07,800
Speaker 2: thing to consider because you might have a really great

659
00:29:07,840 --> 00:29:09,600
Speaker 2: product and it solves a problem that you think is

660
00:29:09,640 --> 00:29:11,880
Speaker 2: really really big, but other people might not be that

661
00:29:12,120 --> 00:29:14,600
Speaker 2: interested in paying for it. Yeah, So like back to

662
00:29:14,640 --> 00:29:17,600
Speaker 2: your curtain thing, your change room, your platable change room.

663
00:29:18,000 --> 00:29:22,040
Speaker 2: Some people might go, I'm not spending fifty dollars on

664
00:29:22,480 --> 00:29:25,880
Speaker 2: a glorified shower curtain. Yeah for my kids to change

665
00:29:25,920 --> 00:29:28,880
Speaker 2: when they can perfectly change in the backseat, Like there

666
00:29:28,960 --> 00:29:31,360
Speaker 2: needs to be you know, you might spend fifty, but

667
00:29:31,560 --> 00:29:33,880
Speaker 2: I guarantee you if that was five hundred dollars, people

668
00:29:33,960 --> 00:29:35,360
Speaker 2: be like, that is not a problem that I need

669
00:29:35,400 --> 00:29:37,640
Speaker 2: to solve for five hundred dollars. So you need to

670
00:29:37,760 --> 00:29:40,120
Speaker 2: have your head screwed on when it comes to that.

671
00:29:40,240 --> 00:29:43,840
Speaker 2: Ask your community. Ask people also do some research. Does

672
00:29:43,840 --> 00:29:47,880
Speaker 2: something similar exist? Back to my candle example, what do

673
00:29:48,040 --> 00:29:51,960
Speaker 2: candles actually sell for in your local area? What is

674
00:29:52,000 --> 00:29:53,680
Speaker 2: the price of a candle at a market? What is

675
00:29:53,720 --> 00:29:55,440
Speaker 2: the price of a candle in store? What is the

676
00:29:55,480 --> 00:29:57,720
Speaker 2: price of a candle at a department store? Where do

677
00:29:57,760 --> 00:30:00,760
Speaker 2: you think you fit into that demographic? Where is your value?

678
00:30:01,000 --> 00:30:01,080
Speaker 1: So?

679
00:30:01,120 --> 00:30:04,120
Speaker 2: I think understanding those numbers means that you know you

680
00:30:04,160 --> 00:30:06,520
Speaker 2: don't go to market you're charging two hundred dollars for

681
00:30:06,560 --> 00:30:08,880
Speaker 2: a candle because you're like, this is a great candle,

682
00:30:09,080 --> 00:30:11,600
Speaker 2: but you haven't done your research, and people like, there's

683
00:30:11,720 --> 00:30:13,720
Speaker 2: no point me buying that, I could buy four of

684
00:30:13,720 --> 00:30:16,920
Speaker 2: a different brand. Yeah, So I think it's really really important.

685
00:30:17,240 --> 00:30:20,040
Speaker 2: The next thing we talked about, Jess were barriers to entry.

686
00:30:20,280 --> 00:30:22,800
Speaker 2: So do you actually have the skills to create the

687
00:30:22,800 --> 00:30:25,360
Speaker 2: product that we're talking about? Can you outsource to someone?

688
00:30:25,480 --> 00:30:29,080
Speaker 2: Can you actually afford to do that? I've spoken before

689
00:30:29,080 --> 00:30:31,960
Speaker 2: on the podcast literally a million times about how easy

690
00:30:31,960 --> 00:30:34,920
Speaker 2: it is to do research and how research is often free.

691
00:30:35,480 --> 00:30:38,800
Speaker 2: Understand what your business is going to cost you? Do

692
00:30:38,800 --> 00:30:41,440
Speaker 2: you know you can email suppliers and get quotes before

693
00:30:41,520 --> 00:30:44,000
Speaker 2: you even have an ABN, Like, you don't have to

694
00:30:44,040 --> 00:30:46,440
Speaker 2: have everything set up to do all the research and

695
00:30:46,520 --> 00:30:49,400
Speaker 2: understand what your business will cost you. Do you have

696
00:30:49,440 --> 00:30:52,320
Speaker 2: the equipment to actually get started or can you loan

697
00:30:52,400 --> 00:30:54,040
Speaker 2: or rent it or buy it? Is there someone you

698
00:30:54,040 --> 00:30:57,160
Speaker 2: could borrow it from for the afternoon? Is there a

699
00:30:57,200 --> 00:30:59,520
Speaker 2: budget for that? What does that actually look like? Will

700
00:30:59,520 --> 00:31:01,920
Speaker 2: that equipment and have to be changed over time? Like,

701
00:31:02,120 --> 00:31:05,320
Speaker 2: you know, let's say you want to start a podcast business.

702
00:31:06,160 --> 00:31:10,320
Speaker 2: Do you know how expensive microphones are? Absurdly? Absolutely? Yes?

703
00:31:10,360 --> 00:31:13,040
Speaker 2: But like, do you know how expensive microphones are? Okay,

704
00:31:13,160 --> 00:31:15,160
Speaker 2: is now twenty twenty three. You're probably going to want

705
00:31:15,280 --> 00:31:18,240
Speaker 2: cameras to capture your content so that you can distribute

706
00:31:18,240 --> 00:31:20,800
Speaker 2: it and gain the larger community on social media. Do

707
00:31:20,880 --> 00:31:23,960
Speaker 2: you know how to edit a podcast? Are you going

708
00:31:24,000 --> 00:31:26,760
Speaker 2: to learn? If so, what is the trade off between

709
00:31:26,760 --> 00:31:28,640
Speaker 2: you editing it? Like how long is that going to

710
00:31:28,680 --> 00:31:31,400
Speaker 2: take versus the hourly rate of a podcast editor that

711
00:31:31,440 --> 00:31:34,080
Speaker 2: could do that. Are you paying someone to do research

712
00:31:34,200 --> 00:31:36,760
Speaker 2: for you for these podcasts or are you doing all

713
00:31:36,760 --> 00:31:39,720
Speaker 2: the scripts yourself. There are so many questions, and I

714
00:31:39,760 --> 00:31:41,880
Speaker 2: feel like so many times people say just start, and

715
00:31:41,920 --> 00:31:44,440
Speaker 2: I'm like, yes, just start by taking the first step.

716
00:31:44,640 --> 00:31:47,720
Speaker 2: But don't assume that people can just start by starting

717
00:31:47,760 --> 00:31:51,000
Speaker 2: the podcast, because I promise that's not sustainable. Yeah, and

718
00:31:51,040 --> 00:31:54,239
Speaker 2: we'll talk about you know, my I guess key is

719
00:31:54,280 --> 00:31:58,080
Speaker 2: to success at some point, and consistency is always my

720
00:31:58,160 --> 00:32:00,760
Speaker 2: number one key to success. You have had the Sheese

721
00:32:00,760 --> 00:32:03,479
Speaker 2: on the Money podcast for four years now, Jessica, and

722
00:32:03,600 --> 00:32:05,760
Speaker 2: we have not missed a week. We have not missed

723
00:32:05,760 --> 00:32:09,240
Speaker 2: an episode to drop and that is why it is

724
00:32:09,280 --> 00:32:12,120
Speaker 2: one of the reasons why we have been successful in

725
00:32:12,160 --> 00:32:14,920
Speaker 2: this space because we have been consistent. But you cannot

726
00:32:14,960 --> 00:32:17,640
Speaker 2: be consistent without planning you can't just jump in front

727
00:32:17,680 --> 00:32:19,960
Speaker 2: of a microphone and expect Okay, well now I'm doing

728
00:32:20,000 --> 00:32:23,000
Speaker 2: a podcast every Thursday, Like, that's not how it works.

729
00:32:23,600 --> 00:32:26,280
Speaker 2: The next thing I want to talk about, Jess, is

730
00:32:26,640 --> 00:32:29,120
Speaker 2: do you really truly believe in it? That's the thing

731
00:32:29,120 --> 00:32:30,640
Speaker 2: that's going to get you out of those dark days

732
00:32:30,680 --> 00:32:32,920
Speaker 2: we're talking about at the start of the episode, Like

733
00:32:33,120 --> 00:32:36,040
Speaker 2: how often do you think about it? Will you actually

734
00:32:36,120 --> 00:32:38,360
Speaker 2: care about this thing for long enough to see through

735
00:32:38,400 --> 00:32:41,920
Speaker 2: the idea to fruition? Businesses are often not profitable for

736
00:32:41,960 --> 00:32:45,280
Speaker 2: the first couple of years. Business is hard. There's so

737
00:32:45,360 --> 00:32:48,440
Speaker 2: much sacrifice that comes into running a business, whether that

738
00:32:48,560 --> 00:32:51,640
Speaker 2: is your family time, your friend time, your socialization, you know,

739
00:32:51,880 --> 00:32:55,360
Speaker 2: Jess being productive in another job. Like what sacrifices are

740
00:32:55,400 --> 00:32:57,920
Speaker 2: you making to make this and are you willing to

741
00:32:57,960 --> 00:33:01,360
Speaker 2: make those sacrifices in order to get the outcome? Will

742
00:33:01,360 --> 00:33:03,560
Speaker 2: you actually hold an interest in this topic for long

743
00:33:03,640 --> 00:33:06,600
Speaker 2: enough and have the interest in upskilling yourself in this

744
00:33:06,760 --> 00:33:08,960
Speaker 2: And how often do you speak about it or think

745
00:33:09,000 --> 00:33:11,040
Speaker 2: about it? And if you don't try it, will it

746
00:33:11,080 --> 00:33:13,720
Speaker 2: be something that you will always regret, which I think

747
00:33:13,800 --> 00:33:15,880
Speaker 2: is a good one. Like you know, often people like oh,

748
00:33:15,920 --> 00:33:18,040
Speaker 2: it's not worth it, can't be bothered. Can't be bothered.

749
00:33:18,120 --> 00:33:19,719
Speaker 2: But do you know how many people in their fifties

750
00:33:19,760 --> 00:33:22,200
Speaker 2: and sixties I've spoken to. I think it comes up

751
00:33:22,240 --> 00:33:24,040
Speaker 2: a lot because I am a business owner, and when

752
00:33:24,040 --> 00:33:25,680
Speaker 2: I meet new people, they're like, oh my gosh, you

753
00:33:25,720 --> 00:33:27,640
Speaker 2: own a bit. I wish I had done that, and

754
00:33:27,680 --> 00:33:29,600
Speaker 2: I want to be like, you can still do it.

755
00:33:29,640 --> 00:33:32,200
Speaker 3: Isn't it interesting that it's such a big regret for people, Yeah,

756
00:33:32,360 --> 00:33:33,680
Speaker 3: like you just didn't do it.

757
00:33:33,880 --> 00:33:37,120
Speaker 2: Yeah, like make the plan, yeah, put it on paper,

758
00:33:37,240 --> 00:33:39,880
Speaker 2: work it out. As I said, research is free. You

759
00:33:39,920 --> 00:33:41,520
Speaker 2: can work out what it would cost you and how

760
00:33:41,520 --> 00:33:43,320
Speaker 2: it would work. And maybe it's not something for today,

761
00:33:43,360 --> 00:33:45,320
Speaker 2: it might be something for twelve months or twenty four months,

762
00:33:45,400 --> 00:33:47,840
Speaker 2: or maybe even five years into the future when the

763
00:33:47,880 --> 00:33:50,080
Speaker 2: kids are at school. So I think it's just cool

764
00:33:50,160 --> 00:33:52,880
Speaker 2: that even people are listening to this podcast episode who

765
00:33:52,920 --> 00:33:55,560
Speaker 2: might not have businesses yet, who are like, oh, actually,

766
00:33:55,640 --> 00:33:59,080
Speaker 2: I hadn't really thought about just getting started with the research.

767
00:34:00,000 --> 00:34:02,920
Speaker 3: It's fun, it is, and I feel like the key

768
00:34:02,920 --> 00:34:06,600
Speaker 3: takeaway from me for this episode is we're putting a

769
00:34:06,600 --> 00:34:09,960
Speaker 3: big asterisk on that common day. We're saying, just start

770
00:34:10,680 --> 00:34:13,520
Speaker 3: making a plan. Yes, don't jump feet first in and

771
00:34:13,560 --> 00:34:15,680
Speaker 3: find yourself in debt because you bought all the tools

772
00:34:15,719 --> 00:34:17,720
Speaker 3: and ten thousand kilos and wax to make a million

773
00:34:17,760 --> 00:34:19,239
Speaker 3: candles and then all of a sudden you realize that

774
00:34:19,280 --> 00:34:20,480
Speaker 3: you actually hate making can.

775
00:34:20,360 --> 00:34:22,680
Speaker 2: And don't do that if you're neurospicy as well. Yes,

776
00:34:22,760 --> 00:34:25,400
Speaker 2: if I come anytime hobby, Yeah, do I start a

777
00:34:25,400 --> 00:34:27,759
Speaker 2: new hobby and it costs me so much money? And

778
00:34:27,760 --> 00:34:29,359
Speaker 2: then then a week after I'm like, I don't even

779
00:34:29,400 --> 00:34:30,400
Speaker 2: like candles anymore.

780
00:34:30,520 --> 00:34:33,960
Speaker 3: I feel like there's a whole episode idea in business ownership,

781
00:34:34,000 --> 00:34:35,480
Speaker 3: and you're a diversity.

782
00:34:35,160 --> 00:34:36,920
Speaker 2: One hundred said that's coming.

783
00:34:36,960 --> 00:34:39,080
Speaker 3: Don't worry, But I feel like what you've kind of

784
00:34:39,080 --> 00:34:41,640
Speaker 3: outlined for us THEREV is a really great formula to

785
00:34:41,640 --> 00:34:45,040
Speaker 3: help us discover where our idea fits. But what if

786
00:34:45,160 --> 00:34:47,319
Speaker 3: while doing this process, while listening to this episode, I've

787
00:34:47,320 --> 00:34:49,880
Speaker 3: been writing down my ideas and noting down my dot points,

788
00:34:49,920 --> 00:34:52,560
Speaker 3: and I've realized that my idea doesn't fit some of

789
00:34:52,560 --> 00:34:55,080
Speaker 3: the criteria. Maybe someone isn't willing to pay for the

790
00:34:55,120 --> 00:34:57,319
Speaker 3: service that I've thought of, or I'm not sure that

791
00:34:57,400 --> 00:34:59,200
Speaker 3: I am willing to give up a heap of my

792
00:34:59,280 --> 00:35:00,400
Speaker 3: time to make it work.

793
00:35:00,920 --> 00:35:02,040
Speaker 2: What do I do with my idea?

794
00:35:02,120 --> 00:35:02,319
Speaker 1: Man?

795
00:35:02,560 --> 00:35:05,399
Speaker 2: Yeah, so this is where it's a really good thing.

796
00:35:05,680 --> 00:35:08,680
Speaker 2: It's great, Like, look at this reflection that we have done.

797
00:35:08,800 --> 00:35:11,040
Speaker 2: Don't be disheartened by it because you might go but

798
00:35:11,200 --> 00:35:13,439
Speaker 2: V I don't think people are willing to pay for this. Yeah,

799
00:35:13,440 --> 00:35:16,520
Speaker 2: but I love it, and that's okay, Like, that's so fine.

800
00:35:17,040 --> 00:35:19,920
Speaker 2: This is the perfect time for you to understand whether

801
00:35:19,960 --> 00:35:22,680
Speaker 2: this is a hobby, a side hustle, or a full business.

802
00:35:23,000 --> 00:35:26,160
Speaker 2: It is literally fine to want to create something because

803
00:35:26,200 --> 00:35:29,400
Speaker 2: you enjoy it. I have a girlfriend who sells crochet

804
00:35:29,520 --> 00:35:32,239
Speaker 2: animals and I have already bought a number of them

805
00:35:32,320 --> 00:35:34,920
Speaker 2: because I'm having a baby soon. But she sells them

806
00:35:34,960 --> 00:35:37,279
Speaker 2: for like fifty dollars. But I know it takes her

807
00:35:37,360 --> 00:35:39,080
Speaker 2: hours and hours and hours to do it, Like there

808
00:35:39,160 --> 00:35:41,160
Speaker 2: is no way this is a profitable business for her,

809
00:35:41,400 --> 00:35:43,600
Speaker 2: but she is so passionate about it, and I want

810
00:35:43,600 --> 00:35:45,880
Speaker 2: to support her, and you know, she's like, oh, but

811
00:35:46,040 --> 00:35:47,520
Speaker 2: I'm just going to sell them because I love doing

812
00:35:47,560 --> 00:35:49,439
Speaker 2: crochet on the couch while I watch TV and there's

813
00:35:49,480 --> 00:35:52,520
Speaker 2: no pressure and there's no production line. Yeah, I get it.

814
00:35:52,600 --> 00:35:56,440
Speaker 2: I totally do it doesn't always have to make you money.

815
00:35:56,640 --> 00:35:58,920
Speaker 2: It's okay to have that as a hobby and just

816
00:35:59,080 --> 00:36:01,800
Speaker 2: enjoy doing it without putting the pressure on yourself to

817
00:36:01,880 --> 00:36:04,560
Speaker 2: make it a full blown side hustle. The side hustle,

818
00:36:04,600 --> 00:36:06,160
Speaker 2: it might be something that you're like, oh, look it

819
00:36:06,200 --> 00:36:07,640
Speaker 2: is a side hustle, but I only want to do

820
00:36:07,680 --> 00:36:09,319
Speaker 2: this a few hours a week, or I want to

821
00:36:09,320 --> 00:36:12,000
Speaker 2: do it seasonally. I want some extra money. You might

822
00:36:12,040 --> 00:36:15,160
Speaker 2: not actually want to employ other people ever, and that's okay.

823
00:36:15,800 --> 00:36:18,040
Speaker 2: A business might actually be a business of one, or

824
00:36:18,080 --> 00:36:20,800
Speaker 2: you might actually have really high hopes of employing several

825
00:36:20,840 --> 00:36:23,200
Speaker 2: people in this business, and this might take a lot

826
00:36:23,239 --> 00:36:26,000
Speaker 2: more time to grow and financially, it might take you

827
00:36:26,040 --> 00:36:29,240
Speaker 2: a little bit more time to get started really rewarding,

828
00:36:29,320 --> 00:36:32,160
Speaker 2: I promise. But you really need to consider which one

829
00:36:32,239 --> 00:36:35,400
Speaker 2: of these three categories your idea actually fits into. And

830
00:36:35,480 --> 00:36:37,360
Speaker 2: don't be mad if it fits into hobby and you're like,

831
00:36:37,400 --> 00:36:38,960
Speaker 2: but I thought I could make money from this, Like

832
00:36:39,000 --> 00:36:40,960
Speaker 2: that's okay. We can go back to the drawing board

833
00:36:41,080 --> 00:36:43,560
Speaker 2: and start again, because we are going to be speaking

834
00:36:43,560 --> 00:36:46,000
Speaker 2: about side hustles and businesses. And if you just want

835
00:36:46,040 --> 00:36:48,520
Speaker 2: a hobby, and that's fine, but it's better to recognize

836
00:36:48,520 --> 00:36:51,799
Speaker 2: it now than it is later when you're trying to

837
00:36:51,840 --> 00:36:54,320
Speaker 2: push your hobby into being a business and you cannot

838
00:36:54,360 --> 00:36:57,560
Speaker 2: understand why it's not working for you or why it's

839
00:36:57,600 --> 00:37:00,839
Speaker 2: not successful, because that is so disheartening.

840
00:37:01,080 --> 00:37:03,400
Speaker 3: Yeah, oh my gosh, I feel like that was such

841
00:37:03,440 --> 00:37:05,799
Speaker 3: a perfect place to start. I hope if anybody at

842
00:37:05,800 --> 00:37:07,719
Speaker 3: home is listening and they've got a side hustle, they've

843
00:37:07,760 --> 00:37:10,040
Speaker 3: got an idea rolling around in their brain, you're feeling

844
00:37:10,080 --> 00:37:12,600
Speaker 3: a bit more confident. I would really encourage you to

845
00:37:12,680 --> 00:37:14,680
Speaker 3: join the Business Bible Facebook group and follow us on

846
00:37:14,800 --> 00:37:17,719
Speaker 3: Instagram if you're not already, because we're going to be

847
00:37:17,760 --> 00:37:20,880
Speaker 3: pumping out the content. We really really are so excited

848
00:37:20,880 --> 00:37:23,080
Speaker 3: to help you guys take this next step.

849
00:37:22,880 --> 00:37:23,640
Speaker 2: In your journey.

850
00:37:24,080 --> 00:37:27,160
Speaker 3: And I think if you are interested in a little

851
00:37:27,239 --> 00:37:30,120
Speaker 3: quiz or a little resource, we might pop one together

852
00:37:30,200 --> 00:37:32,680
Speaker 3: based on the questions in this head to the Business

853
00:37:32,680 --> 00:37:34,920
Speaker 3: Bible website. It's not up and running yet because we

854
00:37:35,000 --> 00:37:37,480
Speaker 3: are working in the background on making it shiny and new.

855
00:37:37,800 --> 00:37:40,239
Speaker 3: Turn out of ten, but there is an email list

856
00:37:40,280 --> 00:37:42,080
Speaker 3: you can sign up to and so pop your email

857
00:37:42,160 --> 00:37:44,600
Speaker 3: in there, and once we pop that all together, we'll

858
00:37:44,600 --> 00:37:46,600
Speaker 3: send it out to you. Adore all right, We'll have

859
00:37:46,719 --> 00:37:49,280
Speaker 3: the best week my friends and happy hustling.

860
00:37:49,560 --> 00:37:58,120
Speaker 2: See you in the next episode. The advice shared on

861
00:37:58,320 --> 00:38:00,880
Speaker 2: Cheese on the Money is generally fat and does not

862
00:38:01,040 --> 00:38:05,280
Speaker 2: consider your individual circumstances. She's on the Money exists purely

863
00:38:05,320 --> 00:38:08,239
Speaker 2: for educational purposes and should not be relied upon to

864
00:38:08,280 --> 00:38:11,640
Speaker 2: make an investment or financial decision. If you do choose

865
00:38:11,640 --> 00:38:14,600
Speaker 2: to buy a financial product, read the PDS TMD and

866
00:38:14,680 --> 00:38:19,280
Speaker 2: obtain appropriate financial advice tailored towards your needs. Victoria Divine

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00:38:19,320 --> 00:38:22,680
Speaker 2: and She's on the Money are authorized representatives of money

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00:38:22,680 --> 00:38:26,959
Speaker 2: Sherpa pty Ltd ABN three two one six four nine

869
00:38:27,080 --> 00:38:31,040
Speaker 2: two seven seven zero eight AFSL four five one two

870
00:38:31,080 --> 00:38:34,040
Speaker 2: eight nine