Hello everyone, and Welcome to Finance and Fury.

The last episode was about finding the right job, from your purpose in life.  In today’s episode, we will be looking at investing in a business, by creating one.

To start:

  • There is lots of work in planning and having an action plan when you create a business
  • If you think what you plan to provide is better than what is out there, do it

First step:

  • It is an investment, there is risk and reward
  • Running a business is beyond financial
  • Become very emotionally invested in the business

Risk/reward: – invest for the best return

  • Fulfillment + financial gain + time gained
  • Fulfillment, what do you care about and enjoy doing?
  • Financial gain, what are you great at?
  • Don’t start one just because of financial gain, might as well earn a salary

Recap: what you care about/enjoy = industry, what you are great at = product or service

Finding something:

  • What is a problem that you can solve?
  • Who does it provide value to?
  • People often don’t buy something with little value to them
  • Solve a big problem for people or solve problems to lots of people
  • So what knowledge or skill do you have?
  • Look at what people are currently paying
  • The quality or product is the most important part

How to get going:

  • Set some goals, expansions, revenues
  • What is the action plan?
  • Is it viable? Who will want you to solve their problem?
  • What will it cost you? What are the opportunity costs?
  • Business model canvas – a great tool to start planning, you can google it
  • Starting business costs money. Goals for your business compared to the costs.
  • Doing your research is very important, has anyone else done what you plan to do?

What about me?

  • Enjoy solving problems and finance, care about education for people, and I’m great at strategies and investments
  • Solve people’s financial problems through providing education and advice
  • How can I do this?
  • What have my setbacks been?

Starting a business:

  • 5% planning and 95% doing
  • Doing is more important than planning
  • Get you minimum viable product (MVP as it is known)
  • Running a business is all about belief. If you back yourself, nothing can stop you.
  • We are our own worst enemies, we talk ourselves out of everything.
  • Planning for too long can be detrimental
  • Getting yourself to a financial point to cover the necessities for 12 months
  • Businesses fail for this one reason – a lack of income to cover long term costs

The important things:

  • Accept your failures along the way
  • You will get through

Let me know if you would like a deeper dive into this. I can get a friend on the podcast who works alongside companies with cashflow and financing.

Thanks for listening and tuning into the 209 investments miniseries

If you want something else covered as well, let us know at the contact page here.

If you like this episode, please leave us a review on iTunes or let us know on the contact page.

Have a good day.

 

Wisr – Is it a good investment opportunity or is it on its last legs?

Welcome to Finance and Fury, The Saw What Wednesday Edition – Question from Jack This is going to be a bit of a Q&A style episode – he did a lot of research and sent it through – making my job easy on this one – so thank you for that Jacks Question - I wonder what...

Investment allocations and structures that can last the test of time and how to ensure that this can be passed to the next generation of family members?

Welcome to Finance and Fury, The Say What Wednesday Edition.  Today's question is from Mario  Thanks so much for continuing to put together your insightful and informative podcasts. I have a question about investment strategies that last the test of time and can...

Furious Fridays: Death by Demographics

Furious Fridays Death By Demographics Welcome to Finance & Fury’s Furious Fridays… This week we continue looking at the EU. If you didn’t catch last week’s episode, you might want to check it out here. It explains what the EU is, and what their role in Europe...

Where to invest in a post election world?

Welcome to Finance and Fury There is a saying that goes hoping for the best but planning for the worst. With the election around the corner, for those wanting to make it for themselves and create financial security may be in for a bit of a shake up Today I want to...

Should I switch my investments from High Growth to Conservative and why store gold personally instead of a vault?

Welcome to Finance and Fury, the Say What Wednesday Edition Back to answering individual questions - Two questions this week – follow up to recent episodes on gold and economy First from Mario – just a quick one - I listened to a recent podcast you made about gold and...

Should you reduce debt or use surplus cash to build wealth? Negotiating with future-you

Say What Wednesday Should you reduce debt or use surplus cash to build wealth? Negotiating with future-you Welcome to Finance and Fury, “Say what Wednesday” Where we answer questions about the world of personal finance. This week, the question isn’t from a listener...

Financial weapons of mass destruction – derivatives disasters in Australia

 Welcome to Finance and Fury, the Furious Friday edition. This episode – will be looking at derivative disasters through in the history – looking at specific crashes of near financial disasters – that were contained Specifically – Look at a few examples in Australia...

The future landscape of your superannuation accounts and the rise of the “megafunds”

Welcome to Finance and Fury. The future landscape of superannuation – the rise of megafunds through compelled mergers Numerous bodies, including regulators and government, have been keen for superannuation funds to merge The merging of several larger superannuation...

Global Infrastructure plans in the name of climate change – Why then are the recommendations focused on changing Government accounting practices and risk-measures, along with opening the floodgates for redistribution spending?

Welcome to Finance and Fury, The Furious Friday Edition   Today – SDG9 - How infrastructure spending helps an economy - Anyone who knows basic economic and GDP has learnt that Infrastructure spending leads to GDP growth – so the theory says – Very hard to measure...

What is Global Citizenship Education and how is this being implemented in Australian schools?

Welcome to Finance and Fury, The Furious Friday edition.  This is part 4 of the series around the UN's Sustainable Development Goals.  Going through the first SDG today – SDG4 – Education If you haven’t listened to the first 3 – Maybe go back and check it out as today...

Pin It on Pinterest

Share This