Should I Own A Business?

Goldelucks was a small family owned Bakery in suburban Australia when Phillip Kuoch was thrust into the role of business owner. After some initial struggles, Phillip has managed to turn it into a thriving business with three outlets plus a booming online presence, selling doughnuts by the thousands! How did he do it? In this episode of the Should I own a Business Podcast, we sat down with Phillip to find out. His is a story of persistence, creativity, savvy use of social media and, above all, the importance of family. 

We all know that technology evolves rapidly in our everyday lives. The change has been just as great in business. So, how do we keep up with it all when we are so busy running our businesses? In this episode we welcome a special guest, Rutland Smith, who has been helping small business people navigate the tricky world of technology for years. We talk about the big tech issues facing those of us in business like cyber security, protecting and backing up our data and even how we communicate with our staff and customers.   

Since 2020 we have worked with dozens of small business owners impacted by successive lockdowns. Many owners were at risk of business failure and requested help to rescue their business. We found some common reasons that help explain why some businesses had a greater chance of survival than others. If you want to start a business, being resilient makes sense. After all, turning a business around is difficult. Therefore, it makes sense to avoid a rescue in the first place.

Choosing the right business structure for you can be a daunting exercise. In this episode we chat with commercial Lawyer, Helen Kay, to work through the different types of structures you can use when setting up your new business. We have a look at the different features of each type of legal business structure and how to go about choosing the best one for you.    

Business valuation and choosing the best deal structure can be complex and daunting if you are new to buying a business. Brendan Barrow interviews Pete Seligman as part of our sub-series on Buying A Business. Pete explains some basics about business valuation and choosing the best deal structure such as Earnouts, Options and Royalties. We discuss the concept of earnings and multiples to value a Small to Medium Business. Improve your knowledge, confidence and decision making. Listen Before You Leap!

If you are starting a business or turning a hobby into a business do you need to invest in a website? Building, maintaining, hosting and producing content for a website costs time and money. Is it worth it? Or is it better to have a social media presence instead? We explore the reasons why a website has advantages and the key things you have to get right for your website to be effective. We give some simple but powerful tips on website design, messaging, SEO, content and customer experience. Tracy Weller-McCormack also explains the concept of the "mothership" in building your new brand.

How to choose a business partner is seldom discussed and your choice can make or break your business. Should you have a business partner or not? We discuss practical aspects of choosing the right business partner based upon our experience. There are many aspects to consider to make sure you and your business partner are compatible. We give tips on how to ensure your partnership survives long term and why friends and family are not always good business partners.

If you are starting a business there are 5 Golden Rules for how to talk and engage with your customers so they receive a consistent and authentic message.  Attracting sales through good marketing and customer interaction is vital. By applying some simple rules you will ensure that your new business gets the right message across irrespective of how or when you talk to customers. Building your new business will be easier if you learn how to effectively talk to your customers.  

Starting a new business is exciting but there is a lot to think about before you begin. One thing that we know is often overlooked is the affect that going into business will have on those around you - your family and friends. Get this bit wrong and the results can be devastating. In this episode we discuss the many ways that the people closest to you may be affected at every stage of the business cycle and what you can do to protect those relationships. 

An expert interview with Pete Seligman on finding and choosing the right business to buy. We discuss where to find a business and the role of business brokers, buyers agents and accountants. Pete shares a proven 555 technique to help you quickly shortlist the hundreds of potential businesses for sale. There are 3 key questions that rule out 85% of businesses in 5 minutes. We discuss what due diligence means in practice and why "good enough" answers are the secret to due diligence when buying an SMB.

In this episode Mel joins us to chat about how important it is to look after your physical, mental and emotional wellbeing when setting out to build a business of your own.   Mel has an enormous amount of experience in working with existing business owners as they strive to improve their wellbeing, sometimes after years of toiling away in their respective businesses.  Mel has some great tips around how you can look after yourself and protect your health and wellbeing right from the planning phase of your business life.

What do you need to consider before turning your hobby or a passion into a business? The trend of people turning their hobbies into businesses is likely to explode in the post-COVID era because so many have lost their jobs and need to find new ways to make money. Geoff Daniel and Brendan Barrow cover business basics, in plain language, for ordinary people who like the idea of their hobby becoming a successful business. If you are thinking of starting a business, there are things that you need to appreciate before you leap in. If you have already started, then these things need addressing as soon as possible. How should you prepare yourself if you haven’t had much business experience? What it is like to run a business? How do you know what to expect? We discuss some very practical things that you need to consider if you are planning on turning your hobby into a thriving business.

What is your Money Mindset when it comes to starting or buying a business and will your attitude to money help avoid failure? Having the right attitude to money when you are starting or buying a business is a crucial factor to success and yet many people get this wrong. We explore some common basic reasons we have seen that cripple business growth. Based upon our real experience as mentors, we share 11 Tips to help prepare your money mindset for success.  

If you like the idea of buying a business, where would you start the process?  This episode outlines the concept of developing your personal mandate to help you filter potential businesses through the search process. We outline how to judge your knowledge, interests and aspirations when choosing a business. Pete also explains why the search process is a learning opportunity and the timescales that you might expect. A business partner maybe valuable but how do you know? What can go wrong with a partner and how can you avoid problems?  

An expert interview on the hot topic of Marketing for the Covid-19 Recovery with Tracy Weller-McCormack of C4MG. This episode has essential advice for both existing or new businesses who want to know how to get ready for the recovery. Tracy has practical tips on how to approach your marketing along with avoiding some common mistakes that cost time and money. Tracy explains how to choose a marketing company and the importance of tactical not strategic marketing.

Welcome to episode 14 which is about deciding if your business idea is worth pursuing.  In Today’s show called "How To Evaluate Your Business Idea", we explain a 3 step sequence that will help you with: deciding if your idea is suitable for you whether the idea has a viable customer base a business planning mindset Following these steps will help you avoid some common reasons for business failures that we have seen. 

Today we have our first expert interview about the advantages of buying a business. 1) We explain the benefits of buying a business over starting a business. 2) Why the Covid-19 downturn will present us with so many opportunities to acquire great companies and rebuild our economies. 3) Why the word entrepreneur needs to be reset to recognize business owners who are the Forgotten Entrepreneurs. We welcome Peter Seligman, who is the co-founder and executive director of Alpin. Pete has an impressive track record as an acquisition entrepreneur.

What is it like to set up and own a health and fitness business? Find out about the daily routine, the business challenges and rewards you might expect. In this authentic interview with Mel Cook, we hear how Mel overcame a major setback and her motivation to rebuild a successful business in a very competitive industry. Mel is a personal trainer, nutrition coach and along with her husband Ronnie, the founder of Imani Tribe, which is a unique trans formative health and fitness business that helps people make long term health and body shape changes.

In this episode we talk about the people who may become members of your support team as you build your business.  While you might expect some of the roles, others might be a surprise. We list some of the key professionals who can help, along with what each does and how they can integrate into creating and growing a business.  Many new business owners try to take a DIY approach and take on too many roles outside their knowledge and skills. They find out there is always a price to pay in either valuable time or getting things wrong. Avoid this common mistake by building an effective support team. Remember, Listen Before You Leap!

What should a business owner being doing now to survive a downturn and position their business for the recovery? Coronavirus or COVID19 may trigger an economic downturn or possibly a recession. This special episode covers a 10 Point Fast Action List for business owners to take to survive a downturn and position their business for the recovery. The steps are practical and based upon our own real experience. Listen Before You Leap!

Do you have the right knowledge and skills to run a business?Today’s show is called Your Knowledge, Skills and Gaps. We help you assess how prepared you are to run a business successfully. We give you a technique to follow so you can assess your knowledge and skills from 5 different aspects. This clearly allows you to see any gaps that could cause you problems. Many new business owners dramatically underestimate what they have to do and often focus on the wrong things. Remember, Listen Before You Leap!

We explore 7 differences between the business owner vs employee mindsets. This episode is about the differences between the two rather than one being right and one being wrong. Being successful in business requires a different way of thinking or at least an adjustment in thinking in some areas. It isn't always clear to us when we leave employment to start our business, just what the differences are between an employee and a business owner mindset. So, we demystify what we consider to be some of the key differences between the mindsets.

If you are thinking of starting a professional services business as either a Consultant or a Coach, then this interview with Brad Regan is a 'must listen'. Brad is a business consultant who also runs an education group for business owners in Melbourne, Australia. Brad shares his journey with us and gives some cracking tips for new business owners, along with the mindset needed for success. He explains why he chose to become a business consultant and some of the challenges he did not expect. Brad tells us the key things he learned along the way. Brad Regan - Real Edge In Business is at https://www.realedge.melbourne/

The fundamental four are core questions about YOU. They explore actions, traits or characteristics that have the potential to "de-rail" your business. The Should I Own A Business podcast approaches things from a different perspective. We ask these four fundamental questions before you leap into business ownership, as they may cause you some grief down the track.  You will stand a much better chance of making the right decision about owning a business once you answer these questions. Listen Before You Leap!

11 critical business functions must happen in harmony for a business to operate and thrive. Many new business owners are not aware of these 11 or they avoid the ones they are not comfortable with, which is very dangerous. In our experience, the significance of these functions can be underestimated by people who are new to business. Understanding what these 11 critical business functions are and that they have all have to happen will significantly enhance your chances of success. Listen Before You Leap! This episode focuses on the tasks and business functions that owners, have to do on a daily, weekly, monthly or even annual basis to run a business. It's easy to get sucked into the excitement of becoming your own boss and quitting the day job. Sometimes the realities of the tasks you'll have to do in your business can get a bit lost.

Gain momentum at this critical point in deciding if business ownership is for you. Use your excitement to focus on 5 key qualities of successful owners. It's essential to use your excitement positively at this stage, as it is giving you plenty of enthusiasm and energy. Your excitement is likely to decline with time. So make the most of it while it's strong before other things push it down your to-do list. Listen Before You Leap!

If you are thinking about starting a business or buying a business or franchise, how do you know if you will be successful? Discover what owning a business is really like -the good, the bad and the ugly. We help you decide if business ownership is the right choice for you. We focus on the hidden causes of business failures that don’t get talked about, alongside what it takes to be successful. Hear real business owners share their stories and expert guests give advice. The Should I Own A Business Podcast with Brendan Barrow and Geoff Daniel. To give yourself the best chance of success Listen Before You Leap!                                                                    

In this episode we meet Ben from Want Coffee, the owner of a mobile Coffee Van Business in Melbourne, Australia. Ben takes us through his journey from the initial idea of starting his business though to where he is today - juggling a thriving "side hussle" with a full-time job. What is it like to start and run a mobile coffee van business? Ben from Want Coffee explains why he did not buy a franchise and how the idea came to him. Ben reveals the high and lows of his journey over the last 3 years. This interview gives a great insight into the work that goes on behind the scenes as there is a lot more to the business than making great coffee. Ben describes how he started his business as a part time business and how it has grown along the way. Listen Before You Leap!   

In this episode we are going to explore a topic that can at times be a little mysterious, motivation.   We’ll talk about what it is and why is it so important to consider when deciding whether business ownership is for you or not. Motivation has several different angles on your decision to own a business. Discover why your level of ambition and “what success means to you” is a critical part of the process. Understanding your motivation for owning a business is crucial as your motivation must sustain you through the inevitable challenges you may face. We explore what some unexpected problems might be.

We tackle the first question that everyone who’s thinking of getting into business for themselves needs to ask themselves, "what do I really want?" Find out we think this is such and important question to answer if you are thinking of becoming your own boss and starting a business.      

Geoff Daniel and Brendan Barrow introduce the “Should I Own A Business?” Podcast and the reasons behind it's creation. They run through their respective backgrounds as business owners and describe the very different paths they’ve taken before coming together to produce the Podcast. If you are thinking of owning a business, this is the Podcast series for you as you will learn about the realities, both positive and negative, that business owners from around the world experience on a daily basis. Throughout the series we’ll hear from real business owners about their experiences as well as from business experts whom will provide invaluable knowledge across a myriad of topics central to a successful foray into business ownership. Listen before you leap!