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THE BUSINESS BIBLE: Finding The Why of Your Business · She's On The Money

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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
0:59
Speaker 2: hustle to make some cash or you're considering turning that
1:02
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
1:12
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,
2:00
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
3:16
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.
3:41
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
5:24
Speaker 2: payg job and just get paid. Honestly, some days I'm like,
5:29
Speaker 2: I'd be so happy with minimum wage. So I don't
5:31
Speaker 2: have these responsibilities on me. I just want to be
5:33
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
6:00
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
6:14
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
6:23
Speaker 2: financial security. Is it to connect or create a community
6:26
Speaker 2: because that's where I came from with the business Bible,
6:29
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
6:38
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
6:49
Speaker 2: let's pretend that the business that I'm making, whether that
6:52
Speaker 2: is you know, a little side hustle, like you know
6:54
Speaker 2: you do a small side hustle on the side, or
6:56
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
7:00
Speaker 2: want people to say about us, Like I want people
7:02
Speaker 2: to have an elite experience, like I want people to
7:06
Speaker 2: you know, work with She's on the money and go
7:08
Speaker 2: I can't believe that that was so easy or the
7:11
Speaker 2: girls did an amazing job and you're exactly the same one.
7:14
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.
7:19
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
7:31
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
8:09
Speaker 2: and you could burn the paper if you don't want
8:11
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
8:16
Speaker 2: Bible community on Facebook so that you can share these things,
8:19
Speaker 2: because I feel like sometimes you might be listening to
8:22
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
8:27
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
9:08
Speaker 2: talking about it. I love that you have your own
9:11
Speaker 2: side hustle in addition to working full time for Shees
9:14
Speaker 2: on the money. I know a lot of employers wouldn't
9:16
Speaker 2: be happy with that because huhuh, maybe they're insecure. But
9:20
Speaker 2: I love that you've got that and the amount of
9:22
Speaker 2: times you know, you and I have spoken about like, well,
9:24
Speaker 2: what are your financial goals? What are your goals for this?
9:26
Speaker 2: What does this look like? I think there's a lot
9:29
Speaker 2: of pressure on people when they start a side hustle
9:32
Speaker 2: to take it full time. Yeah, And like you know,
9:34
Speaker 2: if you're a content creator, Jess, what's your plan with
9:37
Speaker 2: your business? Are you taking it full time? Or why
9:39
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.
9:45
Speaker 3: It's also very much a creative outlet. It kind of
9:47
Speaker 3: came about organically for those of you who don't know.
9:50
Speaker 3: I've been making content on the side pretty much since
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Speaker 3: I was in high school.
9:54
Speaker 2: I did the YouTube thing so.
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Speaker 3: Wid I love it, And then now I freelance creating
9:58
Speaker 3: content for brands and businesses, sometimes my own pages, sometimes
10:01
Speaker 3: for theirs, and it's something i've really.
10:03
Speaker 2: It's way so good at creating the content for Shees
10:05
Speaker 2: on the money because you're just like in A twenty
10:06
Speaker 2: four seven.
10:07
Speaker 3: I love it. It's genuinely really fun for me. So
10:09
Speaker 3: it is partially creative, but it's also really fantastic because
10:12
Speaker 3: for me it does allow me to reach my goals.
10:14
Speaker 3: You know, almost all of my income that I earn
10:17
Speaker 3: from my side hustle I put into my house deposit,
10:19
Speaker 3: which you guys know is so important to me. Yeah,
10:22
Speaker 3: so for me, it's really about doing that. It's not
10:24
Speaker 3: something that I am currently looking to go full time with.
10:27
Speaker 3: I think if I think back to my very first
10:30
Speaker 3: job interview with you, which was three years ago, which
10:32
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
10:39
Speaker 3: watching your success as a business owner and your current
10:42
Speaker 3: life stage.
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Speaker 2: You know, you're pregnant, You're moving into this really exciting
10:45
Speaker 2: new chapter.
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Speaker 3: Observing the level of freedom that you have in the
10:49
Speaker 3: fact that you know you're very open with me and
10:52
Speaker 3: the team about what that life will look like for
10:54
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,
11:00
Speaker 3: and I can fit my life and my job and
11:02
Speaker 3: everything else in around that. It's a level of freedom
11:04
Speaker 3: that I guess I am closer to that because I
11:07
Speaker 3: have a flexible job.
11:08
Speaker 2: Which I was Alright, I feel like I don't know
11:10
Speaker 2: about your employer, but I'm sure you can do that
11:13
Speaker 2: when you decide to have if you decide to have babies, Jessica,
11:16
Speaker 2: I'm in a position that most people aren't, but it's
11:18
Speaker 2: really empowering seeing what that level of freedom can look
11:22
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
11:27
Speaker 3: to make those changes, and as someone who is really
11:30
Speaker 3: passionate about what I do, that is something that I've
11:33
Speaker 3: always kind of had in the back of my mind,
11:35
Speaker 3: and so it's something that I go, oh, it's really
11:37
Speaker 3: nice to know that if something goes wrong, or if
11:39
Speaker 3: something changes, or if I do have kids, there is
11:42
Speaker 3: something that I can still kind of do, maybe while
11:44
Speaker 3: I was on maternity after that flexibility is hugely appealing
11:49
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.
11:54
Speaker 3: I'm sure this is kind of something that you did
11:56
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
12:03
Speaker 3: that employees me and so many other people. Can you
12:06
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
12:10
Speaker 2: the nail on the head when you talked about flexibility,
12:12
Speaker 2: because that's my main goal, right, but at the time
12:15
Speaker 2: it wasn't. We're very aspirational in our team, like we
12:19
Speaker 2: love to hupe each other up if we dream big,
12:21
Speaker 2: but also we like love a fluffy quote. And my
12:24
Speaker 2: favorite quote ever, which you would have heard on She's
12:26
Speaker 2: on the Money, is you can have it all, but
12:28
Speaker 2: you can't have it all at once. And so if
12:30
Speaker 2: you take it back to the beginning days of Shees
12:32
Speaker 2: on the Money and even Zella, there's no way that
12:35
Speaker 2: I could have what I have today back then just
12:38
Speaker 2: having started the business. Yeah, Like I was working eighty
12:41
Speaker 2: ninety hour weeks to make sure that these things worked,
12:43
Speaker 2: and like everything was stressful, everything was hard. I didn't
12:47
Speaker 2: have the cash flow to afford the staff that I
12:50
Speaker 2: needed to give me the support that I have today
12:52
Speaker 2: to make the decision to have a baby, Like if
12:55
Speaker 2: I had had a baby at that stage, which, to
12:57
Speaker 2: be honest, my husband would have loved. If I had
13:01
Speaker 2: made that decision, I would have been sent for a
13:03
Speaker 2: tales been Nothing would have been sustainable, The wheels would
13:06
Speaker 2: have fallen off, and I just remember, you know, I
13:08
Speaker 2: went through so much. And we'll get into this in
13:10
Speaker 2: other episodes, but I had Zella and I ended up
13:14
Speaker 2: selling the Zella Wealth component of it. So I sold
13:17
Speaker 2: my financial advice business. And now I have taken on
13:20
Speaker 2: Kate Bransgrove as a business partner, and I adore her.
13:22
Speaker 2: She's a mum of two and like one of the
13:25
Speaker 2: biggest hustlers in the entire world, Like I just look
13:27
Speaker 2: at her in awe every day, absolute quick. But she
13:30
Speaker 2: now runs Zella as a mortgage broking business instead, and
13:33
Speaker 2: we've really pivoted what that looks like because I just
13:36
Speaker 2: realized that the life I was creating inside Zella Wealth
13:40
Speaker 2: was not the life I wanted to sustain for the
13:42
Speaker 2: long term. You know. I looked at the time at
13:44
Speaker 2: what other people were doing and how they were running
13:46
Speaker 2: it and the pressures that existed, and I was like,
13:49
Speaker 2: this isn't the lifestyle business I want to create. And
13:51
Speaker 2: I mean, at the same time, there's a lot of
13:53
Speaker 2: privilege in that comment because I also had she's on
13:56
Speaker 2: the money, so I didn't just have one business and
13:58
Speaker 2: I could pivot one and sacrifice my cash flow in
14:01
Speaker 2: that business. I ease Ella because she's on the money
14:05
Speaker 2: held it up and it was okay. So a lot
14:07
Speaker 2: of privilege. But I think that when you look at
14:09
Speaker 2: what a business looks like and success looks like, to me,
14:13
Speaker 2: it is kind of about friends and family. And you know, ultimately,
14:18
Speaker 2: I've said this a million times before, I don't want
14:21
Speaker 2: to be defined by she's on the money, because work
14:23
Speaker 2: is not my greatest success. Like you know, if you
14:26
Speaker 2: know me personally and you do Jess, you know how
14:28
Speaker 2: much I want to talk about my husband and like
14:31
Speaker 2: in the future, I want to talk about my kids,
14:32
Speaker 2: and I want to have this beautiful work life balance
14:34
Speaker 2: where you know, I am spending lots of time with
14:37
Speaker 2: both of them. But that's why I work so hard
14:40
Speaker 2: in She's on the money, because I know the harder
14:41
Speaker 2: I work, the more I get out of it. So
14:44
Speaker 2: for me, that's what it looks like when I talk
14:47
Speaker 2: about I guess how I would define success in my business.
14:51
Speaker 2: It's not the seven figures, Like, yes, she's on the money,
14:55
Speaker 2: is a multimillion dollar business. Yes, the seller money is
14:58
Speaker 2: also a multimillion dollar business, But I'm not a financially
15:01
Speaker 2: motivated person in that way. I am more motivated by
15:05
Speaker 2: the outcomes I get, and I kind of look at
15:07
Speaker 2: it and go wow, Like I could earn way more
15:10
Speaker 2: than I do right now if I took on more
15:11
Speaker 2: speaking events and did more podcasts and you know, traveled
15:14
Speaker 2: a lot more than we do, and we still do
15:16
Speaker 2: a lot of that. We do realize a lot that
15:18
Speaker 2: we do enough where I feel like everyone in my
15:20
Speaker 2: team has a good work life balance. Still like we're
15:23
Speaker 2: not taking the mickey. Could we do more, absolutely, but
15:26
Speaker 2: we don't want to. So I think success inside out
15:28
Speaker 2: business looks like me having a good work life balance.
15:31
Speaker 2: I don't need to be the richest person in the
15:33
Speaker 2: entire world, but I want to have enough to live
15:35
Speaker 2: the life I want. But I also think that the
15:38
Speaker 2: success for me is about my team and their success
15:40
Speaker 2: as well. So knowing that you know, you and Gabby
15:43
Speaker 2: and Maddie and Brooke and everybody else on our team
15:46
Speaker 2: actually has this work life balance that I think they deserve,
15:49
Speaker 2: that's what drives me. And I just go I know,
15:51
Speaker 2: people look from the outside in and go. They just
15:54
Speaker 2: look like they have fun all the time. They lunch
15:57
Speaker 2: like whenever they travel they go out for bougie dinners.
15:59
Speaker 2: But all of that comes because my team work hard
16:02
Speaker 2: and then play hard. So I think I do ask
16:05
Speaker 2: myself those questions. They look very different to somebody else
16:08
Speaker 2: who might go, I do want millions in the bank.
16:10
Speaker 2: I do want to buy a Lamborghini. I do want
16:12
Speaker 2: to do all that, whereas I'm not that motivated. Why
16:16
Speaker 2: I guess financial markers of success and that's okay, what
16:21
Speaker 2: are yours? Yeah, I think it's the same as you.
16:24
Speaker 3: I think being able to live the life that I
16:27
Speaker 3: want or work towards the life that I want, I
16:29
Speaker 3: am someone and again, like we're a team. I'm very
16:32
Speaker 3: lucky that we're super open and there's no shame around money.
16:35
Speaker 3: But I think for me, I'm really comfortable saying I
16:39
Speaker 3: never want to struggle financially in my life.
16:41
Speaker 2: I grew up in a single income household.
16:43
Speaker 3: Money was a huge stressor for my parents, and that's
16:46
Speaker 3: a big part of my money story. And if I'm honest,
16:49
Speaker 3: I don't want to live that life again. No, I
16:51
Speaker 3: want to build a life that no I'm definitely not
16:54
Speaker 3: right now, and if I have children or if I don't,
16:56
Speaker 3: whatever that looks like. I want to know that I'm
16:58
Speaker 3: in a place where myself and my friends and my
17:00
Speaker 3: family are supported and that they have someone that they
17:03
Speaker 3: can come to and it's never that level of stress again.
17:07
Speaker 3: And I think that for me being really honest about
17:10
Speaker 3: that is great because I go, yeah, like, I work
17:12
Speaker 3: my nine to five or eight thirty five.
17:16
Speaker 2: And I hold on eight thirty five thirty Monday Thursday,
17:18
Speaker 2: and then what time do you finish on a Friday,
17:20
Speaker 2: Jessica career? Yeah, okay, I love it. Sit down and
17:23
Speaker 2: how many days a week are you allowed to go
17:25
Speaker 2: to Pilate's at lunchtime every day the week? Yeah?
17:27
Speaker 3: Okay, but you know I work my nine to five
17:30
Speaker 3: and then I go home and I often spend five
17:33
Speaker 3: to nine correct. Yeah, it's you know, sometimes doing that,
17:36
Speaker 3: I go, oh God, can I be bothered today? Why
17:38
Speaker 3: am I doing this? And I think having that in
17:41
Speaker 3: the back of my head, going I'm working towards that
17:44
Speaker 3: level of financial comfort. Doing this means that I'm not
17:46
Speaker 3: stressing and struggling. I think knowing that is good. As
17:50
Speaker 3: you said, in those dark days, in those hard times,
17:53
Speaker 3: in the days where I have to say to my friends,
17:55
Speaker 3: I'm really sorry I can't go out for dinner because
17:56
Speaker 3: I have work that I have to do. And I go,
17:58
Speaker 3: it's what do you mean it's at eight o'clock to
18:00
Speaker 3: I'm like, oh, no, my other job.
18:02
Speaker 2: Like it's not Victoria's slave driving me, it's actually this
18:05
Speaker 2: other job. And I think it's so hard. Sometimes when
18:08
Speaker 2: you're like that work, you know, you might calculate your
18:11
Speaker 2: hourly rate or you might go, that's an extra two
18:13
Speaker 2: hundred bucks. Honestly, it's not worth it. I don't want
18:15
Speaker 2: the two hundred bucks. I want my weekend back. And
18:17
Speaker 2: sometimes we really need to remind ourselves of our why
18:21
Speaker 2: and how that works. And I think that it's so
18:23
Speaker 2: stereotypical to be like, what's your why, Jessica, and like
18:26
Speaker 2: it makes sense, But this is more of a like, actually, why,
18:29
Speaker 2: Like why are you actually doing this? Because you know
18:33
Speaker 2: you're trying to change your money story and put yourself
18:35
Speaker 2: in a position that you know, saw your parents in.
18:39
Speaker 2: You said, I don't want to be in that, and
18:40
Speaker 2: I'm in a position where you know, I'm semi similar,
18:43
Speaker 2: but I just have these lifestyle goals that I go,
18:46
Speaker 2: you know what, I would love to have the flexibility
18:49
Speaker 2: to be a far more present parent, like and I've
18:51
Speaker 2: always been that way, like love kids, love pets, love
18:54
Speaker 2: you know the life that comes with that. But I
18:57
Speaker 2: look at it and go, I want to spend heaps
18:59
Speaker 2: of time with my kids. I want to be able
19:00
Speaker 2: to say to you know, my team, hey, like it's Friday,
19:03
Speaker 2: so I'm picking the kids up from school and We're
19:05
Speaker 2: going to go to the beach for the weekend, like,
19:07
Speaker 2: and there's no stress during that period of time. I
19:10
Speaker 2: just can't imagine. And this is historically where I was sitting,
19:14
Speaker 2: because I think I've talked about it before on the podcast.
19:16
Speaker 2: So used to think success was like waking up at
19:18
Speaker 2: five point thirty or sorry, four thirty am, so I
19:20
Speaker 2: could go to my five thirty am gym classes, I
19:23
Speaker 2: drink bullet coffee. I would always be the first one
19:25
Speaker 2: in the office, Like I would literally get to my
19:27
Speaker 2: office by seven thirty every single morning, because I believed
19:30
Speaker 2: that as a leader, a good leader, good boss, I
19:33
Speaker 2: would always be there before you, Jess, and I would
19:35
Speaker 2: always be present and I would basically not leave the
19:38
Speaker 2: office until the last person had left and all of
19:40
Speaker 2: that stuff that you just go, what did it ultimately
19:43
Speaker 2: achieve for me? Yeah, the answer is nothing like I
19:46
Speaker 2: didn't have a better work life balance, I didn't have
19:48
Speaker 2: a better business. And I feel like now I've been
19:51
Speaker 2: so clear on my goals. Our clients can see that,
19:54
Speaker 2: the people we work with can see that, our community
19:57
Speaker 2: can see that, and I think that they have a
19:58
Speaker 2: lot more respect for us as business because they go,
20:01
Speaker 2: look how well the team's treated, Look how Victoria's lifestyle.
20:04
Speaker 2: Like girls that get it, get it, girls get it,
20:07
Speaker 2: get it.
20:07
Speaker 3: And I feel like that informs a lot of the
20:09
Speaker 3: business decisions that we make as a team as well,
20:12
Speaker 3: because it's you know, it comes back to your your
20:14
Speaker 3: good old Does it align with your values? Does it
20:16
Speaker 3: support those goals that you want to have. Are we
20:18
Speaker 3: going to take on a client where those expectations are
20:22
Speaker 3: you need to be available to us twenty four seven
20:24
Speaker 3: Like if I call you pick up the phone the answer.
20:26
Speaker 2: Is heck no. But also we'll get into that in
20:28
Speaker 2: another episode, because sometimes when you're starting out, you do
20:31
Speaker 2: have to say yes to clients that you might not
20:33
Speaker 2: want to say yes, true because of cash flow, but
20:36
Speaker 2: the ultimate goal is to surround yourself with clients that
20:39
Speaker 2: are just like you. And we are now in that
20:41
Speaker 2: position that She's on the money, where I'm like, Jess,
20:43
Speaker 2: if you don't like them, you tell me we're not
20:45
Speaker 2: working with them. And I think that that gives a
20:47
Speaker 2: lot of power back to our team, but also it
20:50
Speaker 2: makes it so clear the value set that we hold,
20:53
Speaker 2: like I'm not going to be treated like trash by somebody.
20:56
Speaker 2: Absolutely not, No, definitely not.
20:58
Speaker 3: And I'm so excited to unpas some of that nitty
21:01
Speaker 3: gritty incoming episodes. You guys, we're going to really take
21:04
Speaker 3: you behind the scenes and lift the curtain in a
21:05
Speaker 3: way that we haven't before. But I think we've covered
21:08
Speaker 3: off pretty well on our why we've told you about ours,
21:10
Speaker 3: hopefully by now you've got a good idea about yours
21:12
Speaker 3: as well.
21:13
Speaker 2: And we'll start a conversation in the Business Bible Facebook
21:15
Speaker 2: group so that you can tell us your wise so
21:18
Speaker 2: that if you're feeling a little bit like I still
21:19
Speaker 2: don't know, you can just seek some very sneaky inspiration
21:23
Speaker 2: from that and also maybe help other people refine theirs.
21:26
Speaker 2: Which is one of my favorite things about the Business
21:28
Speaker 2: Bible community is how much people want to give to
21:30
Speaker 2: each other.
21:31
Speaker 3: Yeah, they're so generous, You guys, so so generous. Stick
21:34
Speaker 3: around because after the break we're in it. Take your
21:36
Speaker 3: idea that's brewing in the back of your mind and
21:38
Speaker 3: unpack whether it's a good one or not.
21:40
Speaker 2: Don't go anywhere, guys. Welcome back everybody.
21:47
Speaker 3: We've just figured out the why behind your business, or
21:50
Speaker 3: hopefully you're close to discovering it. But I think now
21:53
Speaker 3: I want to talk about the question that anyone who's
21:56
Speaker 3: ever had an idea has probably thought themselves fee, which is, yeah,
22:00
Speaker 3: is this even a good idea?
22:01
Speaker 2: Yeah? And it's a hard one because, let's be honest.
22:04
Speaker 2: When I started She's on the Money, I thought it
22:06
Speaker 2: was a terrible idea.
22:06
Speaker 3: It was just like a little bit of fun. Imagine
22:08
Speaker 3: if you'd gone with that and you just be like, Nah,
22:10
Speaker 3: a terrible idea.
22:10
Speaker 2: Won't do that one. But do you know people told
22:12
Speaker 2: me it was a terrible idea. I'd still be in
22:14
Speaker 2: credit card debt if you hadn't started on the Money. Oh,
22:17
Speaker 2: you're welcome. I did it all for you. But it's
22:19
Speaker 2: funny because also you've got to have such conviction in
22:22
Speaker 2: your own ideas and your own clarity because people were like, Victoria,
22:25
Speaker 2: you're starting Shees on the Money and obviously she's on
22:28
Speaker 2: the money. Really long story cut short. It started as
22:31
Speaker 2: a financial wellness workshop that I did as a financial
22:34
Speaker 2: advisor when I owned Zella Wealth, and I would do
22:37
Speaker 2: these financial wellness workshops called She's on the Money. I
22:40
Speaker 2: wanted people to connect after them, and I thought, you
22:42
Speaker 2: know what, I'm going to start a Facebook group huge
22:45
Speaker 2: And I remember starting that Facebook group and some of
22:47
Speaker 2: my friends being like, Victoria, that's so lame, Like no
22:50
Speaker 2: one's going to come in your group. They're not my
22:51
Speaker 2: friends anymore to see you watch from a far now baby.
22:55
Speaker 2: But it's one of those things where people were like,
22:57
Speaker 2: what's your game plan here? That's a lot of work
22:59
Speaker 2: for like a lit tuly no return. And I'm like, oh,
23:01
Speaker 2: I have a vision. I'm not really sure what it's
23:03
Speaker 2: going to look like or how it's gonna you know,
23:05
Speaker 2: play out. But when you have a business idea, let's
23:08
Speaker 2: put some blinkers on as well to protect ourselves. But
23:11
Speaker 2: also like some of the best ideas are some of
23:14
Speaker 2: the worst, so like let's map them out. But I
23:16
Speaker 2: guess coming up with a business idea that's the easiest part.
23:19
Speaker 2: Let's be honest, Like I've had six million of them,
23:22
Speaker 2: doesn't mean it's a good business idea because that's the
23:25
Speaker 2: difficult part, and that takes a lot more planning.
23:28
Speaker 3: Jess, how do we figure out or differentiate between the two, Like,
23:31
Speaker 3: how do we know if a good idea is a
23:33
Speaker 3: good idea or if it's something that we need to
23:35
Speaker 3: evolve a.
23:36
Speaker 2: Little bit more? Yeah, so, Jess, before anything else, I've
23:39
Speaker 2: written down four questions that you need to ask yourself.
23:42
Speaker 2: So first things First is the most important question, Jess,
23:46
Speaker 2: what problem does your business solve? Because if you can't
23:50
Speaker 2: answer that, we're at the end of a culder sack.
23:52
Speaker 2: You need to turn around try And the second is
23:55
Speaker 2: are people willing to pay for that service or that
23:59
Speaker 2: product that you're planning or dropping into the community. The
24:02
Speaker 2: next is what are the barriers to entry? So like
24:06
Speaker 2: a barrier of entry could be you know, you want
24:08
Speaker 2: to start cheese on the money, you want to copy
24:10
Speaker 2: what we're doing. What does that look like? Do you
24:13
Speaker 2: have a background in finance? Do you have all of
24:16
Speaker 2: that literacy and all of that knowledge. If not, where
24:18
Speaker 2: is it coming from. What would that look like? You
24:20
Speaker 2: know if you are going to make a candle business.
24:23
Speaker 2: For example, I feel like I'm going to use candle
24:25
Speaker 2: businesses as a good example because I feel like we
24:28
Speaker 2: understand that that's a product that you make, and there's
24:31
Speaker 2: a lot of people that do it, but it's a
24:33
Speaker 2: differentiating factor. But like, what are the barriers to entry
24:36
Speaker 2: to being a candle business owner? Right? It might be
24:40
Speaker 2: cost because you need to buy your products. You need
24:42
Speaker 2: to buy your jars, you need to buy your wax.
24:44
Speaker 2: You might need a website, you might need to run
24:45
Speaker 2: your social media. Like your barriers to entry could be
24:48
Speaker 2: very different to the next person who has oodles of
24:51
Speaker 2: cash but no idea what social media is? Right, So, like,
24:54
Speaker 2: your barrier to entry is not necessarily googling what's the
24:57
Speaker 2: barrier to entry to my business? It's more about, like
25:00
Speaker 2: what are your personal barriers? What you're stopping you from?
25:02
Speaker 2: So it all should be your confidence. Like how many of
25:04
Speaker 2: us have really good business ideas, but we don't have
25:07
Speaker 2: the conviction in ourselves to start. That's what Business Bible
25:10
Speaker 2: is going to be solving. And then the fourth one,
25:12
Speaker 2: Jess is do you really truly believe in it? Yeah?
25:16
Speaker 2: Like why are you doing it and how does that work?
25:19
Speaker 2: So now, because I'm crazy and I really like this
25:21
Speaker 2: that I really want to have an impact here. I
25:23
Speaker 2: feel like everything that we do in the business Bible,
25:25
Speaker 2: when we you know, sit down to go what are
25:27
Speaker 2: we going to talk about on this episode? It's really
25:29
Speaker 2: how and what will people get out of this episode?
25:32
Speaker 2: Like I don't just want to like come on and
25:34
Speaker 2: waffle talk about like a big business haha, so cute.
25:37
Speaker 2: Like I want you to walk away with tangible outcomes
25:39
Speaker 2: that you can implement, all questions that you can ask
25:42
Speaker 2: yourself to actually do the thing that you said that
25:44
Speaker 2: you're always going to do. So let's dig a little
25:46
Speaker 2: bit deeper the question of what problem does your business solve?
25:51
Speaker 2: Just this doesn't have to be an actual problem that
25:53
Speaker 2: once it's solved, it will be absolutely life changing for
25:55
Speaker 2: everybody around you. Like, it doesn't have to be like that.
25:58
Speaker 2: It could be a market missing in your local area.
26:01
Speaker 2: It might be something that could be sold nationally or
26:03
Speaker 2: even internationally just online. With She's on the Money, I
26:06
Speaker 2: was finding that obviously financial literacy. Five years ago when
26:10
Speaker 2: I started She's on the Money, it was not accessible
26:13
Speaker 2: to everybody. I was consistently frustrated with the lack of
26:17
Speaker 2: education that people had when it came to financial literacy,
26:21
Speaker 2: and I genuinely believed that you deserved more and it
26:24
Speaker 2: was hard to obtain. There was so much financial jargon,
26:27
Speaker 2: which for a lot of people was overwhelming and uninspiring
26:30
Speaker 2: and intimidating and made trying to learn about finances honestly
26:34
Speaker 2: make you feel like you needed a degree in finance
26:37
Speaker 2: just to understand the language. Yeah, and I don't think
26:40
Speaker 2: people would disagree with me at all. You might have
26:43
Speaker 2: to do your research here and actually find out if
26:45
Speaker 2: your business will solve a problem. Yeah, so what does
26:47
Speaker 2: that mean.
26:48
Speaker 3: It's really interesting that you say that it doesn't have
26:51
Speaker 3: to be something that will change the lives of every
26:53
Speaker 3: single person on the planet, because when I think about
26:55
Speaker 3: the businesses, particularly the small businesses that I have seen
26:58
Speaker 3: in recent years that I've got on, Oh, that's a
27:01
Speaker 3: bloody good idea solve it's a niche so niche.
27:05
Speaker 2: I saw one on TikTok the other day.
27:07
Speaker 3: It's a mum shares kids that play a sport and
27:10
Speaker 3: they would be going from sport to another sport, or
27:13
Speaker 3: sport to dance class or something like that, and they
27:15
Speaker 3: were having to get changed in the car, and she
27:17
Speaker 3: felt like there wasn't enough privacy and they were not
27:18
Speaker 3: very comfortable and there wasn't enough room. So she invented
27:21
Speaker 3: it's basically a magnetized tarp that you pop the hood
27:24
Speaker 3: of your car up you stick there's these magnets.
27:27
Speaker 2: In these So that's genius. I need that for events, yess.
27:30
Speaker 3: It turns the back of your car into like a
27:32
Speaker 3: little change space. And I was like, that is so
27:35
Speaker 3: clever because absolutely, kids playing sports, as you said, people
27:39
Speaker 3: who have photo shoots, models, companies that are doing video
27:42
Speaker 3: shoots on the streets perfect as well. How many times
27:44
Speaker 3: have you and I gotten changed in the backseat of
27:46
Speaker 3: a car and we're like, if you're driving a four
27:47
Speaker 3: wheel drive, you've got a bit of a show.
27:50
Speaker 2: It is what it is, adults, you know what. It's fine.
27:53
Speaker 2: But I saw that on TikTok and I don't have kids, Like,
27:56
Speaker 2: I'm not buying that. But you're like, a you're a genius.
27:58
Speaker 2: This is going to solve a problem.
28:00
Speaker 3: It is such a specific group of people and it's
28:02
Speaker 3: a really particular idea, and I was like, that is
28:05
Speaker 3: so smart.
28:06
Speaker 2: So I'm obsessed. Yeah, I'm obsessed. Next thing we talked
28:08
Speaker 2: about Jess was are people actually willing to pay for it?
28:12
Speaker 2: So like I would buy that the magnetic shower curtain thing. Yeah,
28:15
Speaker 2: I mean, but just because the problem exists, honestly, it
28:18
Speaker 2: doesn't mean that the people are willing to pay for
28:21
Speaker 2: it to be fixed. WTP. So willingness to pay is
28:26
Speaker 2: the formula that is actually used to find the maximum
28:28
Speaker 2: amount you can sell a product or a service for
28:31
Speaker 2: Producers will usually want to charge the maximum. Obviously, in
28:34
Speaker 2: consumers they want to pay the minimum. So that's where
28:36
Speaker 2: the I guess difference exists, and WTP is trying to
28:40
Speaker 2: meet those two numbers in the middle. So try and
28:43
Speaker 2: find some market research or speak to friends and family
28:46
Speaker 2: and get their honest feedback, like what would you pay
28:48
Speaker 2: for this? Yeah, ask your community and don't take offense
28:52
Speaker 2: when people provide feedback. It's productive. You can learn something
28:57
Speaker 2: from it. But find your group of people who you
29:00
Speaker 2: know we'll give you honest feedback and feedback that you
29:03
Speaker 2: can trust. So I think that that's a really important
29:05
Speaker 2: thing to consider because you might have a really great
29:07
Speaker 2: product and it solves a problem that you think is
29:09
Speaker 2: really really big, but other people might not be that
29:12
Speaker 2: interested in paying for it. Yeah, So like back to
29:14
Speaker 2: your curtain thing, your change room, your platable change room.
29:18
Speaker 2: Some people might go, I'm not spending fifty dollars on
29:22
Speaker 2: a glorified shower curtain. Yeah for my kids to change
29:25
Speaker 2: when they can perfectly change in the backseat, Like there
29:28
Speaker 2: needs to be you know, you might spend fifty, but
29:31
Speaker 2: I guarantee you if that was five hundred dollars, people
29:33
Speaker 2: be like, that is not a problem that I need
29:35
Speaker 2: to solve for five hundred dollars. So you need to
29:37
Speaker 2: have your head screwed on when it comes to that.
29:40
Speaker 2: Ask your community. Ask people also do some research. Does
29:43
Speaker 2: something similar exist? Back to my candle example, what do
29:48
Speaker 2: candles actually sell for in your local area? What is
29:52
Speaker 2: the price of a candle at a market? What is
29:53
Speaker 2: the price of a candle in store? What is the
29:55
Speaker 2: price of a candle at a department store? Where do
29:57
Speaker 2: you think you fit into that demographic? Where is your value?
30:01
Speaker 1: So?
30:01
Speaker 2: I think understanding those numbers means that you know you
30:04
Speaker 2: don't go to market you're charging two hundred dollars for
30:06
Speaker 2: a candle because you're like, this is a great candle,
30:09
Speaker 2: but you haven't done your research, and people like, there's
30:11
Speaker 2: no point me buying that, I could buy four of
30:13
Speaker 2: a different brand. Yeah, So I think it's really really important.
30:17
Speaker 2: The next thing we talked about, Jess were barriers to entry.
30:20
Speaker 2: So do you actually have the skills to create the
30:22
Speaker 2: product that we're talking about? Can you outsource to someone?
30:25
Speaker 2: Can you actually afford to do that? I've spoken before
30:29
Speaker 2: on the podcast literally a million times about how easy
30:31
Speaker 2: it is to do research and how research is often free.
30:35
Speaker 2: Understand what your business is going to cost you? Do
30:38
Speaker 2: you know you can email suppliers and get quotes before
30:41
Speaker 2: you even have an ABN, Like, you don't have to
30:44
Speaker 2: have everything set up to do all the research and
30:46
Speaker 2: understand what your business will cost you. Do you have
30:49
Speaker 2: the equipment to actually get started or can you loan
30:52
Speaker 2: or rent it or buy it? Is there someone you
30:54
Speaker 2: could borrow it from for the afternoon? Is there a
30:57
Speaker 2: budget for that? What does that actually look like? Will
30:59
Speaker 2: that equipment and have to be changed over time? Like,
31:02
Speaker 2: you know, let's say you want to start a podcast business.
31:06
Speaker 2: Do you know how expensive microphones are? Absurdly? Absolutely? Yes?
31:10
Speaker 2: But like, do you know how expensive microphones are? Okay,
31:13
Speaker 2: is now twenty twenty three. You're probably going to want
31:15
Speaker 2: cameras to capture your content so that you can distribute
31:18
Speaker 2: it and gain the larger community on social media. Do
31:20
Speaker 2: you know how to edit a podcast? Are you going
31:24
Speaker 2: to learn? If so, what is the trade off between
31:26
Speaker 2: you editing it? Like how long is that going to
31:28
Speaker 2: take versus the hourly rate of a podcast editor that
31:31
Speaker 2: could do that. Are you paying someone to do research
31:34
Speaker 2: for you for these podcasts or are you doing all
31:36
Speaker 2: the scripts yourself. There are so many questions, and I
31:39
Speaker 2: feel like so many times people say just start, and
31:41
Speaker 2: I'm like, yes, just start by taking the first step.
31:44
Speaker 2: But don't assume that people can just start by starting
31:47
Speaker 2: the podcast, because I promise that's not sustainable. Yeah, and
31:51
Speaker 2: we'll talk about you know, my I guess key is
31:54
Speaker 2: to success at some point, and consistency is always my
31:58
Speaker 2: number one key to success. You have had the Sheese
32:00
Speaker 2: on the Money podcast for four years now, Jessica, and
32:03
Speaker 2: we have not missed a week. We have not missed
32:05
Speaker 2: an episode to drop and that is why it is
32:09
Speaker 2: one of the reasons why we have been successful in
32:12
Speaker 2: this space because we have been consistent. But you cannot
32:14
Speaker 2: be consistent without planning you can't just jump in front
32:17
Speaker 2: of a microphone and expect Okay, well now I'm doing
32:20
Speaker 2: a podcast every Thursday, Like, that's not how it works.
32:23
Speaker 2: The next thing I want to talk about, Jess, is
32:26
Speaker 2: do you really truly believe in it? That's the thing
32:29
Speaker 2: that's going to get you out of those dark days
32:30
Speaker 2: we're talking about at the start of the episode, Like
32:33
Speaker 2: how often do you think about it? Will you actually
32:36
Speaker 2: care about this thing for long enough to see through
32:38
Speaker 2: the idea to fruition? Businesses are often not profitable for
32:41
Speaker 2: the first couple of years. Business is hard. There's so
32:45
Speaker 2: much sacrifice that comes into running a business, whether that
32:48
Speaker 2: is your family time, your friend time, your socialization, you know,
32:51
Speaker 2: Jess being productive in another job. Like what sacrifices are
32:55
Speaker 2: you making to make this and are you willing to
32:57
Speaker 2: make those sacrifices in order to get the outcome? Will
33:01
Speaker 2: you actually hold an interest in this topic for long
33:03
Speaker 2: enough and have the interest in upskilling yourself in this
33:06
Speaker 2: And how often do you speak about it or think
33:09
Speaker 2: about it? And if you don't try it, will it
33:11
Speaker 2: be something that you will always regret, which I think
33:13
Speaker 2: is a good one. Like you know, often people like oh,
33:15
Speaker 2: it's not worth it, can't be bothered. Can't be bothered.
33:18
Speaker 2: But do you know how many people in their fifties
33:19
Speaker 2: and sixties I've spoken to. I think it comes up
33:22
Speaker 2: a lot because I am a business owner, and when
33:24
Speaker 2: I meet new people, they're like, oh my gosh, you
33:25
Speaker 2: own a bit. I wish I had done that, and
33:27
Speaker 2: I want to be like, you can still do it.
33:29
Speaker 3: Isn't it interesting that it's such a big regret for people, Yeah,
33:32
Speaker 3: like you just didn't do it.
33:33
Speaker 2: Yeah, like make the plan, yeah, put it on paper,
33:37
Speaker 2: work it out. As I said, research is free. You
33:39
Speaker 2: can work out what it would cost you and how
33:41
Speaker 2: it would work. And maybe it's not something for today,
33:43
Speaker 2: it might be something for twelve months or twenty four months,
33:45
Speaker 2: or maybe even five years into the future when the
33:47
Speaker 2: kids are at school. So I think it's just cool
33:50
Speaker 2: that even people are listening to this podcast episode who
33:52
Speaker 2: might not have businesses yet, who are like, oh, actually,
33:55
Speaker 2: I hadn't really thought about just getting started with the research.
34:00
Speaker 3: It's fun, it is, and I feel like the key
34:02
Speaker 3: takeaway from me for this episode is we're putting a
34:06
Speaker 3: big asterisk on that common day. We're saying, just start
34:10
Speaker 3: making a plan. Yes, don't jump feet first in and
34:13
Speaker 3: find yourself in debt because you bought all the tools
34:15
Speaker 3: and ten thousand kilos and wax to make a million
34:17
Speaker 3: candles and then all of a sudden you realize that
34:19
Speaker 3: you actually hate making can.
34:20
Speaker 2: And don't do that if you're neurospicy as well. Yes,
34:22
Speaker 2: if I come anytime hobby, Yeah, do I start a
34:25
Speaker 2: new hobby and it costs me so much money? And
34:27
Speaker 2: then then a week after I'm like, I don't even
34:29
Speaker 2: like candles anymore.
34:30
Speaker 3: I feel like there's a whole episode idea in business ownership,
34:34
Speaker 3: and you're a diversity.
34:35
Speaker 2: One hundred said that's coming.
34:36
Speaker 3: Don't worry, But I feel like what you've kind of
34:39
Speaker 3: outlined for us THEREV is a really great formula to
34:41
Speaker 3: help us discover where our idea fits. But what if
34:45
Speaker 3: while doing this process, while listening to this episode, I've
34:47
Speaker 3: been writing down my ideas and noting down my dot points,
34:49
Speaker 3: and I've realized that my idea doesn't fit some of
34:52
Speaker 3: the criteria. Maybe someone isn't willing to pay for the
34:55
Speaker 3: service that I've thought of, or I'm not sure that
34:57
Speaker 3: I am willing to give up a heap of my
34:59
Speaker 3: time to make it work.
35:00
Speaker 2: What do I do with my idea?
35:02
Speaker 1: Man?
35:02
Speaker 2: Yeah, so this is where it's a really good thing.
35:05
Speaker 2: It's great, Like, look at this reflection that we have done.
35:08
Speaker 2: Don't be disheartened by it because you might go but
35:11
Speaker 2: V I don't think people are willing to pay for this. Yeah,
35:13
Speaker 2: but I love it, and that's okay, Like, that's so fine.
35:17
Speaker 2: This is the perfect time for you to understand whether
35:19
Speaker 2: this is a hobby, a side hustle, or a full business.
35:23
Speaker 2: It is literally fine to want to create something because
35:26
Speaker 2: you enjoy it. I have a girlfriend who sells crochet
35:29
Speaker 2: animals and I have already bought a number of them
35:32
Speaker 2: because I'm having a baby soon. But she sells them
35:34
Speaker 2: for like fifty dollars. But I know it takes her
35:37
Speaker 2: hours and hours and hours to do it, Like there
35:39
Speaker 2: is no way this is a profitable business for her,
35:41
Speaker 2: but she is so passionate about it, and I want
35:43
Speaker 2: to support her, and you know, she's like, oh, but
35:46
Speaker 2: I'm just going to sell them because I love doing
35:47
Speaker 2: crochet on the couch while I watch TV and there's
35:49
Speaker 2: no pressure and there's no production line. Yeah, I get it.
35:52
Speaker 2: I totally do it doesn't always have to make you money.
35:56
Speaker 2: It's okay to have that as a hobby and just
35:59
Speaker 2: enjoy doing it without putting the pressure on yourself to
36:01
Speaker 2: make it a full blown side hustle. The side hustle,
36:04
Speaker 2: it might be something that you're like, oh, look it
36:06
Speaker 2: is a side hustle, but I only want to do
36:07
Speaker 2: this a few hours a week, or I want to
36:09
Speaker 2: do it seasonally. I want some extra money. You might
36:12
Speaker 2: not actually want to employ other people ever, and that's okay.
36:15
Speaker 2: A business might actually be a business of one, or
36:18
Speaker 2: you might actually have really high hopes of employing several
36:20
Speaker 2: people in this business, and this might take a lot
36:23
Speaker 2: more time to grow and financially, it might take you
36:26
Speaker 2: a little bit more time to get started really rewarding,
36:29
Speaker 2: I promise. But you really need to consider which one
36:32
Speaker 2: of these three categories your idea actually fits into. And
36:35
Speaker 2: don't be mad if it fits into hobby and you're like,
36:37
Speaker 2: but I thought I could make money from this, Like
36:39
Speaker 2: that's okay. We can go back to the drawing board
36:41
Speaker 2: and start again, because we are going to be speaking
36:43
Speaker 2: about side hustles and businesses. And if you just want
36:46
Speaker 2: a hobby, and that's fine, but it's better to recognize
36:48
Speaker 2: it now than it is later when you're trying to
36:51
Speaker 2: push your hobby into being a business and you cannot
36:54
Speaker 2: understand why it's not working for you or why it's
36:57
Speaker 2: not successful, because that is so disheartening.
37:01
Speaker 3: Yeah, oh my gosh, I feel like that was such
37:03
Speaker 3: a perfect place to start. I hope if anybody at
37:05
Speaker 3: home is listening and they've got a side hustle, they've
37:07
Speaker 3: got an idea rolling around in their brain, you're feeling
37:10
Speaker 3: a bit more confident. I would really encourage you to
37:12
Speaker 3: join the Business Bible Facebook group and follow us on
37:14
Speaker 3: Instagram if you're not already, because we're going to be
37:17
Speaker 3: pumping out the content. We really really are so excited
37:20
Speaker 3: to help you guys take this next step.
37:22
Speaker 2: In your journey.
37:24
Speaker 3: And I think if you are interested in a little
37:27
Speaker 3: quiz or a little resource, we might pop one together
37:30
Speaker 3: based on the questions in this head to the Business
37:32
Speaker 3: Bible website. It's not up and running yet because we
37:35
Speaker 3: are working in the background on making it shiny and new.
37:37
Speaker 3: Turn out of ten, but there is an email list
37:40
Speaker 3: you can sign up to and so pop your email
37:42
Speaker 3: in there, and once we pop that all together, we'll
37:44
Speaker 3: send it out to you. Adore all right, We'll have
37:46
Speaker 3: the best week my friends and happy hustling.
37:49
Speaker 2: See you in the next episode. The advice shared on
37:58
Speaker 2: Cheese on the Money is generally fat and does not
38:01
Speaker 2: consider your individual circumstances. She's on the Money exists purely
38:05
Speaker 2: for educational purposes and should not be relied upon to
38:08
Speaker 2: make an investment or financial decision. If you do choose
38:11
Speaker 2: to buy a financial product, read the PDS TMD and
38:14
Speaker 2: obtain appropriate financial advice tailored towards your needs. Victoria Divine
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