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