Did you know there are 2+ million businesses in Australia (2/3 are sole traders)?
Owning businesses is the key to wealth (Buffett invested in other people’s businesses, Oprah bought her own business, Michael Jordan makes more money from his own business ventures (e.g. Nike ownership) than in his career).
In this episode of The Australian Finance Podcast, Kate & Owen discuss understanding the wealth quadrant (working for income, owning someone else’s business, owning your own business), Owen’s business journey, plus Owen’s five tips for listeners considering starting a business.
🎧 Tune into the Australian Business Podcast now on Spotify and Apple Podcasts
👩🏽💻 Take Owen’s free Business Starter course on Rask Education today
Owen’s 5 tips for starting a business
- Ask why? Use or create your vision board. If you solely want to grow wealthy to a point when you can spend more time with your family or kids, owning a business is risky because it takes time.
- Start your market research at least 6 months in advance. Study competitors, the market place, your supplier options, the two best channels to get customers, etc. ideally you’ll be planning and saving a few years out.
- Know what it’s going to cost you: upfront (e.g. equipment, people costs, etc.) and ongoing costs (wages, consumables, etc.). Your upfront costs often require you to have a bit of money, but there are plenty of ways to save if you get creative. Think of your ongoing costs like running a hurdle race, every month there’s a new hurdle (being your costs) that you have to jump over before you make money. Make your hurdles as low as possible by keeping costs down.
- Don’t test the water with both feet. Start it as a side hustle if you can, but beware of non-compete clauses.
- Take marketing seriously — and be aggressive. Don’t think for a second you’ll be able to start a business and not need to sell it to your customers, think again. You need to hustle.
