Should you start a business?

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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.

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