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.

 

Furious Friday: Is social media at a tipping point?

Furious Friday Is social media at a tipping point? Today we’re looking at the market environment for Facebook, Google, Twitter, YouTube etc… their costs are going to far outpace what their revenues will be. Are they on their way up, or on their way down? EU copyright...

The pros and cons of purchasing property overseas

Episode 36 The pros and cons of purchasing property overseas Welcome to Finance & Fury. Today we’re back talking again about property…and more specifically, buying property overseas. Some Australians have given up on the dream of buying property in Australia due...

5 property investing myths you have to stop believing immediately.

Welcome to Finance & Fury! Today we’re talking about five property investing myths you have to stop believing. At the moment property has gone from being the most talked about, exciting thing… to the most talked about, negative thing. Since 1994 there has been...

Say What Wednesdays: Housing market history and lowering property prices sustainably in the future

Say What Wednesdays Housing market history and lowering property prices sustainably in the future Welcome to Say What Wednesday! Today’s question is about Labor’s plans to help with housing affordability. To answer that properly, I will spend today going through some...

The skinny on spare change investment apps and building wealth when you’re earning $25,000 or less a year.

Say What Wednesday The skinny on spare change investment apps and building wealth when you’re earning $25,000 or less a year. Welcome to Say What Wednesdays – Where we answer your personal finance questions each week. Two questions this week from Chris: No 1 what are...

Creating new year financial plans to turn into financial actions.

Welcome to Finance and Fury. I hope you all had a good Christmas – if you are like me might be a few kg heavier. This episode – be looking at making new year plans – new years is upon us – many people have new years resolutions. To start with - looking back on the...

With increased government stimulus packages and supply shocks, will we experience inflation in the economy?

Welcome to Finance and Fury. With everything going on in the world, the notion that inflation could return with a vengeance may materialise. This will be a two part episode. Today, we’ll look at the potential paths for inflation and quickly assets to hold and those...

Market integrity, disruptions, innovations and the fallout of Wall Street versus retail traders.

Welcome to Finance and Fury. In this episode, we are going to look at some of the potential fallouts from the GameStop saga – looking at market disruptions, market integrity and the ongoing implications of potential regulation changes If you want an overview of this,...

If the future of money is crypto currency, why might Bitcoin be a trap?

Welcome to Finance and Fury, Last Friday – new monetary reset might be going digital Today – Dive into Cyrpto/BTC potential traps of the future – The potential regulation and eventual centralisation of Cryptocurrency at the nation-state level – i.e. domestically in...

What are the proposed changes to the responsible lending laws and what this means for Australian borrowers and the economy at large.

Welcome to Finance and Fury, the Furious Friday edition. In this episode – we will be going through the potential changes to the current Responsible lending laws that may occur next year – as these laws will either be watered down or completely removed -   As it...

Pin It on Pinterest

Share This