Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow.
Speaker 2: Let's get into it. She's on the Money. She's on
Speaker 2: the money.
Speaker 3: If you've been considering starting up a side hustle to
Speaker 3: make some cash, or you're considering turning that business idea
Speaker 3: into reality, Now, my friend, is the time. I'm Victoria
Speaker 3: Devine and welcome to a new chapter of the Business Bible.
Speaker 2: We'll be sharing everything we know when.
Speaker 3: It comes to starting and maintaining a successful business or
Speaker 3: a side hustle. When I say we, I'm joined by
Speaker 3: the amazing Miss jessic Ricci.
Speaker 2: Hello, I'm so excited for this. I'm so excited too.
Speaker 4: I feel like it makes a lot of sense me.
Speaker 4: You have literally said to me so many times this year.
Speaker 2: We're bringing it back. We're bringing it.
Speaker 4: Back because we know, we know there's side hustlers. We
Speaker 4: know that there's people who want to start their small business,
Speaker 4: and I feel like a lot of the other content
Speaker 4: that I've seen out there is kind of tailored to
Speaker 4: one or the other. It's like, if you want to
Speaker 4: build a huge global business.
Speaker 2: Where you want to run a seven figure business Jessica.
Speaker 4: Yeah, like if you want to do a huge, big thing,
Speaker 4: that's fine. But also you know, I'm a side hustler.
Speaker 2: Which is exactly why I've put you in the hot seat.
Speaker 4: I'm so excited to be back. But you know, I
Speaker 4: think for a lot of us, there's a cost of
Speaker 4: living crisis. Yeah, we're stressed about money, and sometimes you
Speaker 4: can only stretch your dollars so far. You can only
Speaker 4: ask for so many pay rises. So I feel like
Speaker 4: the next logical step may.
Speaker 2: Do a sight pussle.
Speaker 3: But also I feel like it's also quite liberating for
Speaker 3: me to be able to lift the veil on my businesses.
Speaker 3: I guess to be really transparent. I'm happy to talk
Speaker 3: about cash flow and business and you know, ultimately not
Speaker 3: exactly what we make, but I'll share as much as possible.
Speaker 3: But I do run two seven figure businesses, and I
Speaker 3: feel like that's not something that I like to come
Speaker 3: out in social media and go, oh my gosh, I'm
Speaker 3: a big dog. I run to seven figure businesses because
Speaker 3: I feel like that's not our tone of voice. But
Speaker 3: I also think that these things can be real, and
Speaker 3: these things can be relatable and you can learn a lot.
Speaker 3: But also I don't want people to feel overwhelmed when
Speaker 3: I'm talking about my business, which is exactly where you
Speaker 3: pop in because you were talking about, Hey, I just
Speaker 3: like to add some extra cash on the side, so
Speaker 3: I can always go on a holiday, or I can
Speaker 3: do this.
Speaker 2: Or I can do that.
Speaker 3: And I feel like these episodes are really going to
Speaker 3: be for people who either want to make an extra
Speaker 3: couple of one hundred dollars or literally want to make
Speaker 3: a million dollar business. And I want everyone to know
Speaker 3: that your business is valid, Like we don't see them
Speaker 3: in different ways because, to be honest, as you know, Jess,
Speaker 3: they all involve structure, they all involve ownership, They all
Speaker 3: involve making sure that you're doing the right things, like
Speaker 3: you and I both get frustrated over invoicing clients.
Speaker 2: Yeah, like it's not fun. It's not fun, but I'm
Speaker 2: really excited about it.
Speaker 4: Yeah, we're gonna be checking in every month, so you
Speaker 4: guys can look forward to a Business Bible episode every
Speaker 4: single month. They're gonna drop you out. We're also going
Speaker 4: to be bringing them back on the Business Bible podcast
Speaker 4: feed as well.
Speaker 3: Which I think will be fun because if you're into
Speaker 3: the Business Bible but maybe not into She's on the
Speaker 3: Money content, it can be like a playlist for you.
Speaker 3: But then if you are into cheese on the money content,
Speaker 3: we're making sure that this stuff gets in your ear
Speaker 3: holes as well.
Speaker 2: Yeah, we're trying to do a genius from us. We're
Speaker 2: doing the absolute most for you guys.
Speaker 3: Cross pollination, Jessica, making sure it reaches as many ears
Speaker 3: as possible.
Speaker 2: All right, let's dive straight in. Jess.
Speaker 3: I'm excited because today we're going to be fined the
Speaker 3: why behind your business and then unpacking whether your idea
Speaker 3: is actually any good because if anything like me, you've
Speaker 3: come up with six million business ideas and then you
Speaker 3: need someone like jess to be like, hey, v that
Speaker 3: sounds fun, but I think that would be.
Speaker 2: A terrible business in hindsight. So that's what we're going
Speaker 2: to do today. I'm really excited.
Speaker 4: I feel like for a lot of people, with the
Speaker 4: things we've just said, the why behind their business is
Speaker 4: just I want more money.
Speaker 2: Fair. That's the first thing that comes. That's very fair.
Speaker 2: Like when you got a job interview, they're why do
Speaker 2: you want the job, and you're like, I.
Speaker 3: Don't know, Sharon, because I need to put food on
Speaker 3: my table.
Speaker 4: Yeah, I've got bills to pay, queen, But what do
Speaker 4: you have Other examples maybe of the whys that people
Speaker 4: might have.
Speaker 2: Behind starting their business, Absolutely I do.
Speaker 3: And I feel like finding the why behind your business
Speaker 3: and reconnecting to it is really important when times are
Speaker 3: getting tough, because it's not enough to just focus on
Speaker 3: the cash because that's not motivating. I totally understand that
Speaker 3: in the initial phases it totally could be, but in
Speaker 3: the overall grand scheme of things, when things get too hard,
Speaker 3: you're like, this cash is not enough to make me
Speaker 3: stay connected, and they will keep you, I guess.
Speaker 2: From throwing the towel in.
Speaker 3: We need to understand why, and I'll impact on how
Speaker 3: that works and making money as I said, is not
Speaker 3: as strong enough why to pull you out of the.
Speaker 2: Dark days of business? I promise, Like, there have been
Speaker 2: so many days that I'm like, this is too hard.
Speaker 2: I don't want to do it. Why do I have
Speaker 2: to do it? Why do I have all these responsibilities.
Speaker 3: I'd prefer to just go and get a salary and
Speaker 3: payg job and just get paid. Honestly, some days I'm like,
Speaker 3: I'd be so happy with minimum wage. So I don't
Speaker 3: have these responsibilities on me. I just want to be
Speaker 3: able to sleep. Yeah, So I feel like we need
Speaker 3: to connect with our why to make sure that we
Speaker 3: can keep our businesses sustainable because the stats say that
Speaker 3: after ten years, only one in ten businesses survive. That's crazy, terrible, right,
Speaker 3: But also I want to make sure it's as sustainable
Speaker 3: as possible. And that's why we want to have this
Speaker 3: conversation up front instead of just talking about business structuring, Jess,
Speaker 3: which you know is arguably very important, Like why are
Speaker 3: you here, Let's go back to the roots of it
Speaker 3: and work it out. So I've put together I've written
Speaker 3: down a list of some exercises that I think.
Speaker 2: Might be helpful. We love a list. I love a
Speaker 2: list as well.
Speaker 3: So first things first, I want you to consider what
Speaker 3: the three motivations of your new business venture are. So
Speaker 3: is one of the money. That's okay, we can expand
Speaker 3: on this further. But is it to have not just cash?
Speaker 3: Is it to have financial freedom to give you more
Speaker 3: time with friends and family and maybe some financial security.
Speaker 3: Is it to connect or create a community because that's
Speaker 3: where I came from with the business Bible, and she's
Speaker 3: on the money, like I am obsessed with creating community.
Speaker 3: Is it to make change? Is it to educate?
Speaker 1: Like?
Speaker 2: What is your purpose and what is your drive?
Speaker 3: The second jess is imagine that your business is already
Speaker 3: a success, how would you want people to speak about it?
Speaker 2: So this one's.
Speaker 3: Really important, Yeah, because we don't usually go let's pretend
Speaker 3: that the business that I'm making, whether that is you know,
Speaker 3: a little side hustle, like you know you do a
Speaker 3: small side hustle on the side, or you know, she's
Speaker 3: on the money. You and I both, I think, are
Speaker 3: on the same page about what we want people to
Speaker 3: say about us, Like I want people to have an
Speaker 3: elite experience, like I want people to you know, work
Speaker 3: with She's on the money and go I can't believe
Speaker 3: that that was so easy or the girls did an
Speaker 3: amazing job and you're exactly the same one. You work
Speaker 3: with clients, I know that you want them to have
Speaker 3: an elite experience where they go.
Speaker 2: Jess was amazing. I'd love to engage her again. She
Speaker 2: killed it.
Speaker 3: So I think that that's really important because how would
Speaker 3: somebody else describe what you.
Speaker 2: And your business stands for.
Speaker 3: It's hard to do because I feel like you've got
Speaker 3: to step into being a little bit confident for this
Speaker 3: because otherwise it's really challenging.
Speaker 2: Yeah, but like.
Speaker 3: Jess, what would you want people to say about you?
Speaker 3: And like what does Jess stand for? Has she got
Speaker 3: strong ethics and morals? And that's often what drives community
Speaker 3: connection and what actually drives reoccurring customers. Right, Yeah, so
Speaker 3: that's important. Number three, what are we chasing? Are you
Speaker 3: chasing the feeling of financial freedom? Are you chasing? Some
Speaker 3: people just want the I guess prestige of business owner.
Speaker 3: That's okay, all of it's fine, no judgment from this
Speaker 3: side of the table, But I also think it's really
Speaker 3: important to identify that. Keep in mind, you can write
Speaker 3: all these things down and you could burn the paper
Speaker 3: if you don't want to share it with anyone, like,
Speaker 3: we're not expecting this to be shared. Albeit, we will
Speaker 3: be reinvigorating our business Bible community on Facebook so that
Speaker 3: you can share these things, because I feel like sometimes
Speaker 3: you might be listening to this and going v I
Speaker 3: have literally no idea. That's where the BBC community is
Speaker 3: going to come in and you might be able to
Speaker 3: read through all of their suggestions, resonate with a few,
Speaker 3: and borrow them so you stop plagiarism.
Speaker 2: No, it's borrowing their ideas so that you can feel
Speaker 2: more secure in your business.
Speaker 3: And then, fourth, Jess, this is the last point I've
Speaker 3: written down that you need to think about, is how
Speaker 3: would you define success in your business?
Speaker 4: That's such an important question because I think you know,
Speaker 4: we've spoken a lot, or you and Beck have spoken
Speaker 4: a lot about how success financially looks different for everybody,
Speaker 4: but I'd never really considered the fact that that totally
Speaker 4: applies to business.
Speaker 1: Wow.
Speaker 3: No, I totally agree, And I feel like this is
Speaker 3: something that you and I have talked about a number
Speaker 3: of times before, because obviously I love business, I love
Speaker 3: talking about it. I love that you have your own
Speaker 3: side hustle in addition to working full time for Shees
Speaker 3: on the money. I know a lot of employers wouldn't
Speaker 3: be happy with that because huhuh, maybe they're insecure.
Speaker 2: But I love that you've got that.
Speaker 3: And the amount of times you know, you and I
Speaker 3: have spoken about like, well, what are your financial goals?
Speaker 2: What are your goals for this? What does this look like?
Speaker 3: I think there's a lot of pressure on people when
Speaker 3: they start a side hustle to take it full time. Yeah,
Speaker 3: And like you know, if you're a content creator, jess,
Speaker 3: what's your plan with your business?
Speaker 2: Are you taking it full time? Or why do you
Speaker 2: do what you do? Yeah?
Speaker 4: I mean for me, it is like I said before,
Speaker 4: it really is a little bit of a financial thing.
Speaker 4: It's also very much a creative outlet. It kind of
Speaker 4: came about organically for those of you who don't know.
Speaker 4: I've been making content on the side pretty much since
Speaker 4: I was in high school.
Speaker 2: I did the YouTube things so wide.
Speaker 4: I love it, and then now I freelance creating content
Speaker 4: for brands and businesses, sometimes my own pages, sometimes for theirs,
Speaker 4: and it's something i've really it's.
Speaker 2: Way so good at creating the content for Shees on
Speaker 2: the money because you're just like in A twenty four seven.
Speaker 4: I love it. It's genuinely really fun for me. So
Speaker 4: it is partially creative, but it's also really fantastic because
Speaker 4: for me it does allow me to reach my goals.
Speaker 4: You know, almost all of my income that I earn
Speaker 4: from my side hustle I put into my house deposit,
Speaker 4: which you guys know is so important to me. Yeah,
Speaker 4: so for me, it's really about doing that. It's not
Speaker 4: something that I am currently looking to go full time with.
Speaker 4: I think if I think back to my very first
Speaker 4: job interview with you, which was three years ago, which
Speaker 4: is GA, it's insane, I think I said, And this
Speaker 4: is something that has been I think reaffirmed to me
Speaker 4: watching your success as a business owner and your current
Speaker 4: life stage.
Speaker 2: You know, you're pregnant, You're moving into this really exciting
Speaker 2: new chapter.
Speaker 4: Observing the level of freedom that you have in the
Speaker 4: fact that you know you're very open with me and
Speaker 4: the team about what that life will look like for
Speaker 4: you and what your plans are for you and Steve.
Speaker 4: But the fact that you can go here's my ideal scenario,
Speaker 4: and I can fit my life and my job and
Speaker 4: everything else in around that. It's a level of freedom
Speaker 4: that I guess I am closer to that because I
Speaker 4: have a flexible job.
Speaker 2: Which I was Alright, I feel like I don't know
Speaker 2: about your employer, but I'm sure you can do.
Speaker 3: That when you decide to have if you decide to
Speaker 3: have babies, Jessica, I'm in a position that most people aren't,
Speaker 3: but it's really empowering seeing what that level of freedom
Speaker 3: can look like for somebody and seeing that for you,
Speaker 3: as a woman, you don't have to give up your career,
Speaker 3: you don't have to make those changes, and as someone
Speaker 3: who is really passionate about what I do, that is
Speaker 3: something that I've always kind of had in the back
Speaker 3: of my mind, and so it's something that I go, oh,
Speaker 3: it's really nice to know that if something goes wrong,
Speaker 3: or if something changes, or if I do have kids,
Speaker 3: there is something that I can still kind of do, maybe.
Speaker 4: While I was on maternity after that flexibility is hugely
Speaker 4: appealing to me.
Speaker 2: But I want to know.
Speaker 4: Obviously, you've just run us through those four different exercises.
Speaker 4: I'm sure this is kind of something that you did
Speaker 4: when you were starting Shees on the Money, which was
Speaker 4: once obviously aside us, so this big, huge, wonderful thing
Speaker 4: that employees me and so many other people. Can you
Speaker 4: give me an idea of what those things kind of looked.
Speaker 2: Like for you?
Speaker 3: Yeah, And I think that you hit the nail on
Speaker 3: the head when you talked about flexibility, because that's my
Speaker 3: main goal, right, but at the time it wasn't. We're
Speaker 3: very aspirational in our team, like we love to hupe
Speaker 3: each other up if we dream big, but also we
Speaker 3: like love a fluffy quote. And my favorite quote ever,
Speaker 3: which you would have heard on She's on the Money,
Speaker 3: is you can have it all, but you can't have
Speaker 3: it all at once. And so if you take it
Speaker 3: back to the beginning days of Shees on the Money
Speaker 3: and even Zella, there's no way that I could have
Speaker 3: what I have today back then just having started the business. Yeah,
Speaker 3: Like I was working eighty ninety hour weeks to make
Speaker 3: sure that these things worked, and like everything was stressful,
Speaker 3: everything was hard. I didn't have the cash flow to
Speaker 3: afford the staff that I needed to give me the
Speaker 3: support that I have today to make the decision to
Speaker 3: have a baby, Like if I had had a baby
Speaker 3: at that stage, which, to be honest, my husband would
Speaker 3: have loved. If I had made that decision, I would
Speaker 3: have been sent for a tales been Nothing would have
Speaker 3: been sustainable, The wheels would have fallen off, and I
Speaker 3: just remember, you know, I went through so much. And
Speaker 3: we'll get into this in other episodes, but I had
Speaker 3: Zella and I ended up selling the Zella Wealth component
Speaker 3: of it. So I sold my financial advice business. And
Speaker 3: now I have taken on Kate Bransgrove as a business partner,
Speaker 3: and I adore her. She's a mum of two and
Speaker 3: like one of the biggest hustlers in the entire world,
Speaker 3: Like I just look at her in awe every.
Speaker 2: Day, absolute quick.
Speaker 3: But she now runs Zella as a mortgage broking business instead,
Speaker 3: and we've really pivoted what that looks like because I
Speaker 3: just realized that the life I was creating inside Zella
Speaker 3: Wealth was not the life I wanted to sustain for
Speaker 3: the long term.
Speaker 2: You know.
Speaker 3: I looked at the time at what other people were
Speaker 3: doing and how they were running it and the pressures
Speaker 3: that existed, and I was like, this isn't the lifestyle
Speaker 3: business I want to create. And I mean, at the
Speaker 3: same time, there's a lot of privilege in that comment
Speaker 3: because I also had she's on the money, so I
Speaker 3: didn't just have one business and I could pivot one
Speaker 3: and sacrifice my cash flow in that business. I ease
Speaker 3: Ella because she's on the money held it up and
Speaker 3: it was okay. So a lot of privilege. But I
Speaker 3: think that when you look at what a business looks
Speaker 3: like and success looks like, to me, it is kind
Speaker 3: of about friends and family. And you know, ultimately, I've
Speaker 3: said this a million times before, I don't want to
Speaker 3: be defined by she's on the money, because work is
Speaker 3: not my greatest success. Like you know, if you know
Speaker 3: me personally and you do Jess, you know how much
Speaker 3: I want to talk about my husband and like in
Speaker 3: the future, I want to talk about my kids, and
Speaker 3: I want to have this beautiful work life balance where
Speaker 3: you know, I am spending lots of time with both
Speaker 3: of them. But that's why I work so hard in
Speaker 3: She's on the money, because I know the harder I work,
Speaker 3: the more I get out of it. So for me,
Speaker 3: that's what it looks like when I talk about I
Speaker 3: guess how I would define success in my business. It's
Speaker 3: not the seven figures, Like, yes, she's on the money,
Speaker 3: is a multimillion dollar business. Yes, the seller money is
Speaker 3: also a multimillion dollar business, But I'm not a financially
Speaker 3: motivated person in that way. I am more motivated by
Speaker 3: the outcomes I get, and I kind of look at
Speaker 3: it and go wow, Like I could earn way more
Speaker 3: than I do right now if I took on more
Speaker 3: speaking events and did more podcasts and you know, traveled
Speaker 3: a lot more than we do, and.
Speaker 2: We still do a lot of that. We do realize
Speaker 2: a lot that we do.
Speaker 3: Enough where I feel like everyone in my team has
Speaker 3: a good work life balance. Still like we're not taking
Speaker 3: the mickey. Could we do more, absolutely, but we don't
Speaker 3: want to. So I think success inside our business looks
Speaker 3: like me having a good work life balance. I don't
Speaker 3: need to be the richest person in the entire world,
Speaker 3: but I want to have enough to live the life
Speaker 3: I want. But I also think that the success for
Speaker 3: me is about my team and their success as well.
Speaker 3: So knowing that you know, you and Gabby and Maddie
Speaker 3: and Brooke and everybody else on our team actually has
Speaker 3: this work life balance that I think they deserve, that's
Speaker 3: what drives me. And I just go I know, people
Speaker 3: look from the outside in and go. They just look
Speaker 3: like they have fun all the time. They lunch like
Speaker 3: whenever they travel they go out for bougie dinners. But
Speaker 3: all of that comes because my team work hard and
Speaker 3: then play hard. So I think I do ask myself
Speaker 3: those questions. They look very different to somebody else who
Speaker 3: might go, I do want millions in the bank. I
Speaker 3: do want to buy a Lamborghini. I do want to
Speaker 3: do all that, whereas I'm not that motivated. Why I
Speaker 3: guess financial markers of success and that's okay, what are yours?
Speaker 2: Yeah, I think it's the same as you.
Speaker 4: I think being able to live the life that I
Speaker 4: want or work towards the life that I want, I
Speaker 4: am someone and again, like we're a team. I'm very
Speaker 4: lucky that we're super open and there's no shame around money.
Speaker 4: But I think for me, I'm really comfortable saying I
Speaker 4: never want to struggle financially in my life.
Speaker 2: I grew up in a single income household.
Speaker 4: Money was a huge stressor for my parents, and that's
Speaker 4: a big part of my money story. And if I'm honest,
Speaker 4: I don't want to live that life again. No, I
Speaker 4: want to build a life that no I'm definitely not
Speaker 4: right now, and if I have children or if I don't,
Speaker 4: whatever that looks like. I want to know that I'm
Speaker 4: in a place where myself and my friends and my
Speaker 4: family are supported and that they have someone that they
Speaker 4: can come to and it's never that level of stress again.
Speaker 4: And I think that for me being really honest about
Speaker 4: that is great because I go, yeah, like, I work
Speaker 4: my nine to five or eight thirty to five D and.
Speaker 3: I hold on eight thirty five thirty Monday Thursday, and
Speaker 3: then what time do you finish on a Friday, Jessica career?
Speaker 2: Yeah, okay, I love it.
Speaker 3: Sit down and how many days a week are you
Speaker 3: allowed to go to Pilate's at lunchtime every day the week?
Speaker 2: Yeah?
Speaker 4: Okay, but you know I work my nine to five
Speaker 4: and then I go home and I often spend five
Speaker 4: to nine correct. Yeah, it's you know, sometimes doing that,
Speaker 4: I go, oh God, can I be bothered today? Why
Speaker 4: am I doing this? And I think having that in
Speaker 4: the back of my head, going I'm working towards that
Speaker 4: level of financial comfort. Doing this means that I'm not
Speaker 4: stressing and struggling. I think knowing that is good. As
Speaker 4: you said in those dark days, in those hard times,
Speaker 4: in the days where I have to say to my friends,
Speaker 4: I'm really sorry, I can't go out for dinner because
Speaker 4: I have work that I have to do. And I go,
Speaker 4: it's what do you mean it's at eight o'clock to
Speaker 4: I'm like, oh, no, my other job.
Speaker 2: Like it's not Victoria's slave driving me. It's actually just
Speaker 2: other job.
Speaker 3: And I think it's so hard sometimes when you're like
Speaker 3: that work, you know, you might calculate your hourly rate
Speaker 3: or you might go, that's an extra two hundred bucks. Honestly,
Speaker 3: it's not worth it. I don't want the two hundred bucks.
Speaker 3: I want my weekend back. And sometimes we really need
Speaker 3: to remind ourselves of our why and how that works.
Speaker 3: And I think that it's.
Speaker 2: So stereotypical to be like, what's your why, Jessica, and.
Speaker 3: Like it makes sense, But this is more of a like, actually, why,
Speaker 3: Like why are you actually doing this? Because you know
Speaker 3: you're trying to change your money story and put yourself
Speaker 3: in a position that you know, saw your parents in.
Speaker 3: You said, I don't want to be in that, and
Speaker 3: I'm in a position where you know, I'm semi similar,
Speaker 3: but I just have these lifestyle goals that I go,
Speaker 3: you know what, I would love to have the flexibility
Speaker 3: to be a far more present parent, like and I've
Speaker 3: always been that way, like love kids, love pets, love
Speaker 3: you know the life that comes with that. But I
Speaker 3: look at it and go, I want to spend heaps
Speaker 3: of time with my kids. I want to be able
Speaker 3: to say to you know, my team, hey, like it's Friday,
Speaker 3: so I'm picking the kids up from school and We're
Speaker 3: going to go to the beach for the weekend, like,
Speaker 3: and there's no stress during that period of time. I
Speaker 3: just can't imagine. And this is historically where I was sitting,
Speaker 3: because I think I've talked about it before on the podcast.
Speaker 3: So used to think success was like waking up at
Speaker 3: five point thirty or sorry, four thirty am, so I
Speaker 3: could go to my five thirty am GYM classes, I
Speaker 3: drink bullet coffee. I would always be the first one
Speaker 3: in the office, Like I would literally get to my
Speaker 3: office by seven thirty every single morning, because I believed
Speaker 3: that as a leader, a good leader, good boss, I
Speaker 3: would always be there before you, Jess, and I would
Speaker 3: always be present and I would basically not leave the
Speaker 3: office until the last person had left and.
Speaker 2: All of that stuff that you just go, what did
Speaker 2: it ultimately achieve for me?
Speaker 3: Yeah, the answer is nothing Like I didn't have a
Speaker 3: better work life balance, I didn't have a better business.
Speaker 3: And I feel like now I've been so clear on
Speaker 3: my goals. Our clients can see that, the people we
Speaker 3: work with can see that, our community can see that,
Speaker 3: and I think that they have a lot more respect
Speaker 3: for us as business because they go, look how well
Speaker 3: the team's treated, Look how Victoria's lifestyle. Like girls that
Speaker 3: get it, get.
Speaker 2: It, girls get it, get it.
Speaker 4: And I feel like that informs a lot of the
Speaker 4: business decisions that we make as a team as well,
Speaker 4: because it's you know, it comes back to your your
Speaker 4: good old Does it align with your values? Does it
Speaker 4: support those goals that you want to have. Are we
Speaker 4: going to take on a client where those expectations are
Speaker 4: you need to be available to us twenty four seven
Speaker 4: Like if I call you pick up the phone the answer.
Speaker 2: Is heck no.
Speaker 3: But also we'll get into that in another episode, because
Speaker 3: sometimes when you're starting out, you do have to say
Speaker 3: yes to clients that you might not want to say yes,
Speaker 3: true because of cash flow, but the ultimate goal is
Speaker 3: to surround yourself with clients that are just like you.
Speaker 3: And we are now in that position that She's on
Speaker 3: the money, where I'm like, Jess, if you don't like them,
Speaker 3: you tell me we're not working with them.
Speaker 2: And I think that.
Speaker 3: That gives a lot of power back to our team,
Speaker 3: but also it makes it so clear the value set
Speaker 3: that we hold, like I'm not going to be treated
Speaker 3: like trash by somebody.
Speaker 2: Absolutely not, No, definitely not.
Speaker 4: And I'm so excited to unpas some of that nitty
Speaker 4: gritty incoming episodes. You guys, we're going to really take
Speaker 4: you behind the scenes and lift the curtain in a
Speaker 4: way that we haven't before. But I think we've covered
Speaker 4: off pretty well on our why we've told you about ours,
Speaker 4: hopefully by now you've got a good idea about yours
Speaker 4: as well.
Speaker 3: And we'll start a conversation in the Business Bible Facebook
Speaker 3: group so that you can tell us your wise so
Speaker 3: that if you're feeling a little bit like I still
Speaker 3: don't know, you can just seek some very sneaky inspiration
Speaker 3: from that and also maybe help other people refine theirs,
Speaker 3: which is one of my favorite things about the Business
Speaker 3: Bible community is how much people want to give to
Speaker 3: each other.
Speaker 4: Yeah, they're so generous, you guys, so so generous. Stick
Speaker 4: around because after the break we're in it. Take your
Speaker 4: idea that's brewing in the back of your mind and
Speaker 4: unpack whether it's a good one or not.
Speaker 2: Don't go anywhere, guys. Welcome back everybody.
Speaker 4: We've just figured out the why behind your business, or
Speaker 4: hopefully you're close to discovering it. But I think now
Speaker 4: I want to talk about the question that anyone who's
Speaker 4: ever had an idea has probably thought themselves fee, which is.
Speaker 2: Yeah, is this even a good idea? Yeah?
Speaker 3: And it's a hard one because, let's be honest. When
Speaker 3: I started She's on the Money, I thought it was
Speaker 3: a terrible idea.
Speaker 4: It was just like a little bit of fun. Imagine
Speaker 4: if you'd gone with that and you just be like, nah,
Speaker 4: a terrible idea.
Speaker 2: Won't do that one.
Speaker 3: But do you know people told me it was a
Speaker 3: terrible idea. I'd still be in credit card debt if
Speaker 3: you hadn't started on the Money.
Speaker 2: Oh, you're welcome. I did it all for you.
Speaker 3: But it's funny because also you've got to have such
Speaker 3: conviction in your own ideas and your own clarity because
Speaker 3: people were like, Victoria, you're starting Shees on the Money
Speaker 3: and obviously she's on the money. Really long story cut short.
Speaker 3: It started as a financial wellness workshop that I did
Speaker 3: as a financial advisor when I owned Zella Wealth, and
Speaker 3: I would do these financial wellness workshops called She's on
Speaker 3: the Money. I wanted people to connect after them, and
Speaker 3: I thought, you know what, I'm going to start a
Speaker 3: Facebook group huge And I remember starting that Facebook group
Speaker 3: and some of my friends being like, Victoria, that's so lame, Like,
Speaker 3: no one's.
Speaker 2: Going to come in your group.
Speaker 3: They're not my friends anymore to see you watch from
Speaker 3: a far now baby. But it's one of those things
Speaker 3: where people were like, what's your game plan here? That's
Speaker 3: a lot of work for like a litruly no return.
Speaker 3: And I'm like, oh, I have a vision. I'm not
Speaker 3: really sure what it's going to look like or how
Speaker 3: it's gonna you know, play out. But when you have
Speaker 3: a business idea, let's put some blinkers on as well
Speaker 3: to protect ourselves. But also like some of the best
Speaker 3: ideas are some of the worst, so like let's map
Speaker 3: them out. But I guess coming up with a business
Speaker 3: idea that's the easiest part. Let's be honest, Like I've
Speaker 3: had six million of them, doesn't mean it's a good
Speaker 3: business idea because that's the difficult part, and that takes
Speaker 3: a lot more planning.
Speaker 4: Jess, how do we figure out or differentiate between the two, Like,
Speaker 4: how do we know if a good idea is a
Speaker 4: good idea or if it's something that we need to
Speaker 4: evolve a.
Speaker 2: Little bit more?
Speaker 3: Yeah, so, Jess, before anything else, I've written down four
Speaker 3: questions that you need to ask yourself.
Speaker 2: So first things First is the most important question, Jess,
Speaker 2: what problem does your business solve? Because if you can't
Speaker 2: answer that, we're at the end of a culder sack.
Speaker 2: You need to turn around.
Speaker 3: Try And the second is are people willing to pay
Speaker 3: for that service or that product that you're planning on
Speaker 3: dropping into the community.
Speaker 2: The next is what are the barriers to entry?
Speaker 3: So like a barrier of entry could be you know,
Speaker 3: you want to start cheese on the money, you want
Speaker 3: to copy what we're doing.
Speaker 2: What does that look like? Do you have a background
Speaker 2: in finance? Do you have all of that literacy and
Speaker 2: all of that knowledge. If not, where is it coming from.
Speaker 2: What would that look like? You know if you are.
Speaker 3: Going to make a candle business. For example, I feel
Speaker 3: like I'm going to use candle businesses as a good
Speaker 3: example because I feel like we understand that that's a
Speaker 3: product that you make, and there's a lot of people
Speaker 3: that do it, but it's a differentiating factor. But like,
Speaker 3: what are the barriers to entry to being a candle
Speaker 3: business owner? Right? It might be cost because you need
Speaker 3: to buy your products. You need to buy your jars,
Speaker 3: you need to buy your wax. You might need a website,
Speaker 3: you might need to run your social media. Like your
Speaker 3: barriers to entry could be very different to the next
Speaker 3: person who has oodles of cash but.
Speaker 2: No idea what social media is?
Speaker 3: Right, So, like, your barrier to entry is not necessarily
Speaker 3: googling what's the barrier to entry to my business? It's
Speaker 3: more about, like what are your personal barriers?
Speaker 2: What you're stopping you from? So it all should be your confidence.
Speaker 3: Like how many of us have really good business ideas,
Speaker 3: but we don't have the conviction in ourselves to start.
Speaker 3: That's what Business Bible is going to be solving. And
Speaker 3: then the fourth one, Jess is do you really truly
Speaker 3: believe in it?
Speaker 2: Yeah?
Speaker 3: Like why are you doing it and how does that work?
Speaker 3: So now, because I'm crazy and I really like this
Speaker 3: that I really want to have an impact here. I
Speaker 3: feel like everything that we do in the business Bible,
Speaker 3: when we you know, sit down to go what are
Speaker 3: we going to talk about on this episode? It's really
Speaker 3: how and what will people get out of this episode?
Speaker 3: Like I don't just want to like come on and
Speaker 3: waffle talk about like a big business haha, so cute.
Speaker 3: Like I want you to walk away with tangible outcomes
Speaker 3: that you can implement, all questions that you can ask yourself.
Speaker 2: To actually do the thing that you said that you're
Speaker 2: always going to do. So let's dig a little bit
Speaker 2: deeper the question of what problem does your business solve?
Speaker 2: Just this doesn't have to be an actual problem that
Speaker 2: once it's solved, it will.
Speaker 3: Be absolutely life changing for everybody around you. Like, it
Speaker 3: doesn't have to be like that. It could be a
Speaker 3: market missing in your local area. It might be something
Speaker 3: that could be sold nationally or even internationally just online.
Speaker 3: With She's on the Money, I was finding that obviously
Speaker 3: financial literacy. Five years ago when I started She's on
Speaker 3: the Money, it was not accessible to everybody.
Speaker 2: I was consistently.
Speaker 3: Frustrated with the lack of education that people had when
Speaker 3: it came to financial literacy, and I genuinely believed that
Speaker 3: you deserved more and it was hard to obtain. There
Speaker 3: was so much financial jargon, which for a lot of
Speaker 3: people was overwhelming and uninspiring and intimidating and made trying
Speaker 3: to learn about finances honestly make you feel like you
Speaker 3: needed a degree in finance just to understand the language. Yeah,
Speaker 3: and I don't think people would disagree with me at all.
Speaker 3: You might have to do your research here and actually
Speaker 3: find out if your business will solve a problem.
Speaker 2: Yeah, so what does that mean.
Speaker 4: It's really interesting that you say that it doesn't have
Speaker 4: to be something that will change the lives of every
Speaker 4: single person on the planet, because when I think about
Speaker 4: the businesses, particularly the small businesses that I have seen
Speaker 4: in recent years that I've got on, Oh, that's a
Speaker 4: bloody good idea solve it's a niche so niche. I
Speaker 4: saw one on TikTok the other day. It's a mum
Speaker 4: shares kids that play a sport and they would be
Speaker 4: going from sport to another sport, or sport to dance
Speaker 4: class or something like that, and they were having to
Speaker 4: get changed in the car, and she felt like there
Speaker 4: wasn't enough privacy and they were not very comfortable and
Speaker 4: there wasn't enough room. So she invented it's basically a
Speaker 4: magnetized tarp that you pop the hood of your car
Speaker 4: up you stick there's these magnets.
Speaker 2: In these So that's genius. I need that for events, yess.
Speaker 4: It turns the back of your car into like a
Speaker 4: little change space. And I was like, that is so
Speaker 4: clever because absolutely, kids playing sports, as you said, people
Speaker 4: who have photo shoots, models, companies that are doing video
Speaker 4: shoots on the streets perfect as well. How many times
Speaker 4: have you and I gotten changed in the backseat of
Speaker 4: a car and we're like, if you're driving a four
Speaker 4: wheel drive, you've got a bit of a show.
Speaker 2: It is what it is, adults, you know what. It's fine.
Speaker 2: But I saw that on TikTok and I don't have kids, Like,
Speaker 2: I'm not buying that. But you're like, a you're a genius.
Speaker 2: This is going to solve a problem.
Speaker 4: It is such a specific group of people and it's
Speaker 4: a really particular idea, and I was like, that is
Speaker 4: so smart.
Speaker 2: So I'm obsessed. Yeah, I'm obsessed.
Speaker 3: Next thing we talked about Jess was are people actually
Speaker 3: willing to pay for it? So like I would buy
Speaker 3: that the magnetic shower curtain thing. Yeah, I mean, but
Speaker 3: just because the problem exists, honestly, it doesn't mean that
Speaker 3: the people are willing to.
Speaker 2: Pay for it to be fixed. WTP.
Speaker 3: So willingness to pay is the formula that is actually
Speaker 3: used to find the maximum amount you can sell a
Speaker 3: product or a service for Producers will usually want to
Speaker 3: charge the maximum. Obviously, in consumers they want to pay
Speaker 3: the minimum. So that's where the I guess difference exists,
Speaker 3: and WTP is trying to meet those two numbers in
Speaker 3: the middle.
Speaker 2: So try and find some market.
Speaker 3: Research or speak to friends and family and get their
Speaker 3: honest feedback, like what.
Speaker 2: Would you pay for this?
Speaker 3: Yeah, ask your community and don't take offense when people
Speaker 3: provide feedback. It's productive. You can learn something from it.
Speaker 3: But find your group of people who you know we'll
Speaker 3: give you honest feedback and feedback that you can trust.
Speaker 3: So I think that that's a really important thing to
Speaker 3: consider because you might have a really great product and
Speaker 3: it solves a problem that you think is really really big,
Speaker 3: but other people might not be that interested in paying
Speaker 3: for it. Yeah, So like back to your curtain thing,
Speaker 3: your change room, your platable change room. Some people might go,
Speaker 3: I'm not spending fifty dollars on a glorified shower curtain.
Speaker 3: Yeah for my kids to change when they can perfectly
Speaker 3: change in the backseat, Like there needs to be you know,
Speaker 3: you might spend fifty, but I guarantee you if that
Speaker 3: was five hundred dollars, people be like, that is not
Speaker 3: a problem that I need to solve for five hundred dollars.
Speaker 2: So you need to have your head screwed on when
Speaker 2: it comes to that.
Speaker 3: Ask your community. Ask people also do some research. Does
Speaker 3: something similar exist? Back to my candle example, what do
Speaker 3: candles actually sell for in your local area? What is
Speaker 3: the price of a candle at a market? What is
Speaker 3: the price of a candle in store? What is the
Speaker 3: price of a candle at a department store? Where do
Speaker 3: you think you fit into that demographic? Where is your value?
Speaker 1: So?
Speaker 3: I think understanding those numbers means that you know you
Speaker 3: don't go to market you're charging two hundred dollars for
Speaker 3: a candle because you're like, this is a great candle,
Speaker 3: but you haven't done your research, and people like, there's
Speaker 3: no point me buying that, I could buy four of
Speaker 3: a different brand. Yeah, So I think it's really really important.
Speaker 3: The next thing we talked about, Jess were barriers to entry.
Speaker 3: So do you actually have the skills to create the
Speaker 3: product that we're talking about? Can you outsource to someone?
Speaker 2: Can you actually afford to do that?
Speaker 3: I've spoken before on the podcast literally a million times
Speaker 3: about how easy it is to do research and how
Speaker 3: research is often free. Understand what your business is.
Speaker 2: Going to cost you?
Speaker 3: Do you know you can email suppliers and get quotes
Speaker 3: before you even have an ABN, Like, you don't have
Speaker 3: to have everything set up to do all the research
Speaker 3: and understand what your business will cost you. Do you
Speaker 3: have the equipment to actually get started or can you
Speaker 3: loan or rent it or buy it? Is there someone
Speaker 3: you could borrow it from for the afternoon? Is there
Speaker 3: a budget for that? What does that actually look like?
Speaker 3: Will that equipment and have to be changed over time? Like,
Speaker 3: you know, let's say you want to start a podcast business.
Speaker 3: Do you know how expensive microphones are?
Speaker 2: Absurdly? Absolutely? Yes?
Speaker 3: But like, do you know how expensive microphones are? Okay,
Speaker 3: is now twenty twenty three. You're probably going to want
Speaker 3: cameras to capture your content so that you can distribute
Speaker 3: it and gain the larger community on social media. Do
Speaker 3: you know how to edit a podcast? Are you going
Speaker 3: to learn? If so, what is the trade off between
Speaker 3: you editing it? Like how long is that going to
Speaker 3: take versus the hourly rate of a podcast editor that
Speaker 3: could do that. Are you paying someone to do research
Speaker 3: for you for these podcasts or are you doing all
Speaker 3: the scripts yourself.
Speaker 2: There are so many questions, and I.
Speaker 3: Feel like so many times people say just start, and
Speaker 3: I'm like, yes, just start by taking the first step.
Speaker 3: But don't assume that people can just start by starting
Speaker 3: the podcast, because I promise that's not sustainable. Yeah, and
Speaker 3: we'll talk about you know, my I guess key is
Speaker 3: to success at some point, and consistency is always my
Speaker 3: number one key to success. You have had the Sheese
Speaker 3: on the Money podcast for four years now, Jessica, and
Speaker 3: we have not missed a week. We have not missed
Speaker 3: an episode to drop and that is why it is
Speaker 3: one of the reasons why we have been successful in
Speaker 3: this space because we have been consistent. But you cannot
Speaker 3: be consistent without planning you can't just jump in front
Speaker 3: of a microphone and expect Okay, well now I'm doing
Speaker 3: a podcast every Thursday, Like, that's not how it works.
Speaker 3: The next thing I want to talk about, Jess, is
Speaker 3: do you really truly believe in it? That's the thing
Speaker 3: that's going to get you out of those dark days
Speaker 3: we're talking about at the start of the episode, Like.
Speaker 2: How often do you think about it? Will you actually
Speaker 2: care about this thing for long enough to see through
Speaker 2: the idea to fruition? Businesses are often not profitable for
Speaker 2: the first couple of years. Business is hard. There's so
Speaker 2: much sacrifice that comes into running a business, whether that
Speaker 2: is your family time, your friend time, your socialization, you know,
Speaker 2: Jess being productive in another job. Like what sacrifices are
Speaker 2: you making to make this and are you willing to
Speaker 2: make those sacrifices in order to get the outcome? Will
Speaker 2: you actually hold an interest in this topic for long
Speaker 2: enough and have the interest in upskilling yourself in this
Speaker 2: And how often do you speak about it or think
Speaker 2: about it?
Speaker 3: And if you don't try it, will it be something
Speaker 3: that you will always regret, which I think is a
Speaker 3: good one. Like you know, often people like oh, it's
Speaker 3: not worth it, can't be bothered. Can't be bothered. But
Speaker 3: do you know how many people in their fifties and
Speaker 3: sixties I've spoken to. I think it comes up a
Speaker 3: lot because I am a business owner, and when I
Speaker 3: meet new people, they're like, oh my gosh, you own
Speaker 3: a bit. I wish I had done that, and I
Speaker 3: want to be like, you can still do it.
Speaker 4: Isn't it interesting that it's such a big regret for people, Yeah,
Speaker 4: like you just didn't do it.
Speaker 3: Yeah, like make the plan, yeah, put it on paper,
Speaker 3: work it out.
Speaker 2: As I said, research is free.
Speaker 3: You can work out what it would cost you and
Speaker 3: how it would work. And maybe it's not something for today,
Speaker 3: it might be something for twelve months or twenty four months,
Speaker 3: or maybe even five years into the future when the
Speaker 3: kids are at school. So I think it's just cool
Speaker 3: that even people are listening to this podcast episode who
Speaker 3: might not have businesses yet, who are like, oh, actually,
Speaker 3: I hadn't really thought about just getting started with the research.
Speaker 4: It's fun, it is, and I feel like the key
Speaker 4: takeaway from me for this episode is we're putting a
Speaker 4: big asterisk on that common day. We're saying, just start
Speaker 4: making a plan. Yes, don't jump feet first in and
Speaker 4: find yourself in debt because you bought all the tools
Speaker 4: and ten thousand kilos and wax to make a million candles,
Speaker 4: and then all of a sudden you realize that you
Speaker 4: actually hate making can.
Speaker 2: And don't do that if you're neurospicy as well.
Speaker 3: Yes, if I come anytime, Yeah, do I start a
Speaker 3: new hobby and it costs me so much money?
Speaker 2: And then then a week after I'm like, I don't
Speaker 2: even like candles anymore.
Speaker 4: I feel like there's a whole episode idea in business ownership,
Speaker 4: and you're a diversity one hundred said that's coming, don't worry,
Speaker 4: But I feel like what you've kind of outlined for
Speaker 4: us THEREV is a really great formula to help us
Speaker 4: discover where our idea fits. But what if while doing
Speaker 4: this process, while listening to this episode, I've been writing
Speaker 4: down my ideas and noting down my dot points, and
Speaker 4: I've realized that my idea doesn't fit some of the criteria.
Speaker 4: Maybe someone isn't willing to pay for the service that
Speaker 4: I've thought of, or I'm not sure that I am
Speaker 4: willing to give up a heap of my time to
Speaker 4: make it work.
Speaker 2: What do I do with my idea?
Speaker 1: Man?
Speaker 3: Yeah, so this is where it's a really good thing.
Speaker 3: It's great, Like, look at this reflection that we have done.
Speaker 3: Don't be disheartened by it because you might go but
Speaker 3: V I don't think people are willing to pay for this. Yeah,
Speaker 3: but I love it and that's okay, Like that's so fine.
Speaker 3: This is the perfect time for you to understand whether
Speaker 3: this is a hobby, a side hustle, or a full business.
Speaker 2: It is literally fine to want to create something because
Speaker 2: you enjoy it. I have a girlfriend who sells crochet
Speaker 2: animals and I have already bought a number of them
Speaker 2: because I'm having a baby soon. But she sells them
Speaker 2: for like fifty dollars. But I know it takes her
Speaker 2: hours and hours and hours to do it, Like there
Speaker 2: is no way this is a profitable business for her,
Speaker 2: but she is so passionate about it and I want
Speaker 2: to support her, and you know, she's like, oh, but
Speaker 2: I'm just going to sell them because I love doing
Speaker 2: crochet on the couch while I watch TV and there's
Speaker 2: no pressure and there's no production line. Yeah, I get it.
Speaker 3: I totally do. It doesn't always have to make you money.
Speaker 3: It's okay to have that as a hobby and just
Speaker 3: enjoy doing it without putting the pressure on yourself to
Speaker 3: make it a full blown side hustle. The side hustle,
Speaker 3: it might be something that you're like, oh, look it
Speaker 3: is a side hustle, but I only want to do
Speaker 3: this a few hours a week, or I want to
Speaker 3: do it seasonally. I want some extra money. You might
Speaker 3: not actually want to employ other people ever, and that's okay.
Speaker 3: A business might actually be a business of one, or
Speaker 3: you might actually have really high hopes of employing several
Speaker 3: people in this business, and this might take a lot
Speaker 3: more time to grow and financially, it might take you
Speaker 3: a little bit more time to get started really rewarding,
Speaker 3: I promise. But you really need to consider which one
Speaker 3: of these three categories your idea actually fits into. And
Speaker 3: don't be mad if it fits into hobby and you're like,
Speaker 3: but I thought I could make money from this, Like
Speaker 3: that's okay. We can go back to the drawing board
Speaker 3: and start again, because we are going to be speaking
Speaker 3: about side hustles and businesses. And if you just want
Speaker 3: a hobby, and that's fine, but it's better to recognize
Speaker 3: it now than it is later when you're trying to
Speaker 3: push your hobby into being a business and you cannot
Speaker 3: understand why it's not working for you or why it's
Speaker 3: not successful, because that is so disheartening.
Speaker 4: Yeah, oh my gosh, I feel like that was such
Speaker 4: a perfect place to start. I hope if anybody at
Speaker 4: home is listening and they've got a side hustle, they've
Speaker 4: got an idea rolling around in their brain, you're feeling
Speaker 4: a bit more confident. I would really encourage you to
Speaker 4: join the Business Bible Facebook group and follow us on
Speaker 4: Instagram if you're not already, because we're going to be
Speaker 4: pumping out the content. We really really are so excited
Speaker 4: to help you guys take this next step in your journey.
Speaker 4: And I think if you are interested in a little
Speaker 4: quiz or a little resource, we might pop one together
Speaker 4: based on the questions in this head to the Business
Speaker 4: Bible website. It's not up and running yet because we
Speaker 4: are working in the background on making it shiny and new.
Speaker 4: Turn out of ten, but there is an email list
Speaker 4: you can sign up to, and so pop your email
Speaker 4: in there, and once we pop that all together, we'll
Speaker 4: send it out to you. Adore, all right, We'll have
Speaker 4: the best week, my friends, and happy hustling. See you
Speaker 4: in the next episode.
Speaker 3: The advice shared on Cheese on the Money is generally
Speaker 3: fat and does not consider your individual circumstances.
Speaker 2: She's on the Money exists purely for.
Speaker 3: Educational purposes and should not be relied upon to make
Speaker 3: an investment or financial decision. If you do choose to
Speaker 3: buy a financial product, read the PDS TMD and obtain
Speaker 3: appropriate financial advice tailored towards your needs. Victoria Divine and
Speaker 3: She's on the Money are authorized representatives of Money Sherpa
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