All right, I'm just going to let the timer start so I don't get caught out. This one is the podcast for the surprising truth I learnt about business. Make sure I stare up at the right camera. Oh, crap, it's cold. I'll try and get a bunch of fueling up so you can edit them, Jim. And if Nina's available, she might be able to load them up for us in Kajabi, which will be cool. If not, it's all good. We can sort it out. Oh my gosh, it's cold. Come on. Okay. All right. Let's start it. What am I saying? Hey everyone, Stacey here for another podcast episode for you. Sorry, I forgot to move my microphone doing that now. So this week's podcast is the surprising truth I learned about being in business. So I get asked all the time how I do it, how I did do it. um how you cope with the stress and all the rest of it so what I'm going to do is just spend uh you know around ten to fifteen minutes to go through I suppose my journey in business um by no means is this a blueprint if you want to go out in business or how to run your business it's just a question that I get asked very often so I thought okay let um let me share a little bit about, I suppose, my businesses, why I did it, some really hard lessons that I've learned and, you know, take what you need or don't take any of it if none of it's relevant to you. So if you don't know me, I'm obviously Stacey and I have a few different businesses. So apart from, you know, having a bit of an entrepreneur spirit when I was a kid and trying to, you know, sell carrots on the side of the road when I'd dug, you know, carrots up from our veggie patch and, you know, try and do a few little things like that. I did a little bit of like sewing and things and painting when I had my kids before I went back to work. But my first proper actual business, I suppose, was Aqua Legal, which I started in twenty eleven. So we've just hit. Nope. That's not twenty eleven at all. Oh, my God. Twenty sixteen. Twenty eleven was when my daughter was born. So twenty sixteen, I started Aqua Legal. We've just gone over nine and a bit years. So going well, most businesses fail in the first couple of years. So nine years must be doing something right somewhere. But the reason I did that, I suppose it's the whole I'm going to go out in business and have more time for things. You know, we know that doesn't happen. It takes quite a while for that to happen. So my elders were starting kindergarten. I had pretty well always travelled for work. So I was travelling like over two hours a day to and from work and I was still doing that. We had au pairs. We were paying an absolute mozza in daycare because the girls were in five days. They were in long daycare. Sometimes your wage wouldn't even be paying for the daycare fee, but it was something that had to happen for me to be able to go out and work, I suppose. So I decided, well, roughly I decided I was going to go out on my own. I was told not to. So I listened for a little bit. And then about a month later, I went, nah, I'm going to go do it. I was very fortunate that we were financially able for me to do that. I think that would have been a different story so I had set up my company and my name I'd make sure I'd done all the legal things I had to do to be able to go out and start my own legal practice I had already developed relationships so I knew there were people that were going to send me work so that was uh very helpful as well and then I flexi rented my laptop there was a white toshiba being that I flexi rented and I just worked in the lounge room that was all I had I signed up to a legal software and that was it and I you know used to get um you know a couple matters per week my aim was to get one matter per week and I was pretty lucky that I was consistent for that And then I hit a point where I couldn't work at home anymore. I just felt like I was always at home. That whole work from home thing pre-COVID, I felt like I was working in the morning, taking the kids to school or daycare, coming back, working again. I was just always felt at work. I couldn't... I couldn't distinguish between being at home and working. So I got a cheap rental, an office downtown, and, you know, from that it just really, really grew. Hiring my first employee was probably actually no. Before that, I had to put a photocopier on lease. That was the first thing I shit myself over. Going out in business, I think it was easier than signing on like a three-year lease for a photocopier. I do remember finishing up work and sitting in the car going, holy shit, when do I get paid again? So I was having those thoughts, but I didn't for once regret doing it. But, yeah, signing up for my photocopy was probably my burst of shit moment. Signing up for the lease didn't faze me. And, really, I had just grown from there. That was when I had to call in a team member. That was probably my next, you know, scary thing was putting on my first team member. And I had to do that because I was getting to a point that I was getting too busy. So I had to put on somebody just because of the workload that I was getting. And I heard different stages throughout Aqua. I did acquire another practice in twenty eighteen as well, which was not on the to do list, but I definitely don't have any regrets. That's propelled me even further. I've had to deal with team members who were not right for our team. So having to deal with that and let them go from my business, that's been really difficult. From the first business, from starting Aqua, there were a lot of things that I learned the hard way. So when I started the other businesses, I had more of an idea of what I was going into. So some of the things that I have faced is I relied too heavily on other professionals. So I mean, for that, I, and I'm not going to throw names out, so I'm not throwing anyone under the bus, but I got into massive tax debt because I trusted my accountant and I'll be like, right, well, he's going to do the right thing by me. You know, he's going to lodge things on time and just have my best interest at heart or whatever. I was up to the stage of nearly a hundred K in tax debt. Because I wasn't proactive enough in understanding my circumstances. There were times where I couldn't get a loan because the way that he had structured things meant I didn't earn anything because it was all done through loans within the business. So... when you are like a hundred K in tax debt, you, that hurts. Like it really, really hurts. And I promised myself I would never, ever do that again. Now, while that sucked and I learned the hard way, I don't regret it as such because it was many takeaways I got from that. So I'm much more hands on with my accounting. I asked more questions. I, I don't do anything that I'm not comfortable with. If I need to ask more questions, I'll ask more questions. So whilst that sucked, it did have the effect that I just was a lot more proactive in my numbers. And then paying that off, this was years ago, felt amazing. Like I paid that off. So that was a massive weight off my shoulders. Not setting myself up correctly at the start either. So it was like... I wasn't going to make it or something. So nothing was ever set up right. So from an accounting perspective, again, I was using like Excel spreadsheets before I got zero. Pays weren't really paid. It was yuck and that complicated things, especially when I started to grow. So, if you are starting a business I would highly recommend that you get an accountant that you can trust and you can talk to and you can you know ask all these questions I would set myself up from the start in iu zero so I would set myself up in zero from the start I wouldn't be relying on excel spreadsheets and all of that crap way too hard and you just don't need to make things harder um i been taking advantage of marketing properties sorry I'm trying to work out what order to do this but um marketing companies when I was trying something different so I've been very lucky I haven't really had to market too much but the past few years I have decided to start marketing again but probably five or six years ago I hired a marketing company and I spent a shit ton of money and I got taken for a ride and that scared me because I didn't want to trust anybody again with my marketing. And again, that was another accounting thing, whereas I relied on them to tell me what we're doing and why are we doing it and how to do it and what I need to do and things like that. So, you know, there's definitely money wasted but, again, I've learnt the lessons from that. And, yes, while they were hard, sometimes they're the best lessons to learn because even if somebody had told me that, I probably wouldn't have listened and I probably still would have done stuff. So I might have been a little bit more cautious and maybe not lost as much money. So, yeah. definitely asking those questions and don't be so reliant on somebody that you know is your accountant financial advisor your marketing whoever it is make sure you ask those questions and you're comfortable and you know what is happening do not they can do they can do the thing if that's you know that's their thing and not your thing that is completely fine I'm not saying don't outsource stuff but make sure you are on top of it and you know what how much it's going to cost and why we're doing this and whatever the process is, make sure that you are all over that because that will help you know whether you'll be taking for a ride, whether something needs to change, whether something's not right. So I highly recommend that you do that. In twenty twenty, I decided to start a second business. Believe it or not, I found that very easy. It literally happened. in a day. I didn't even think it was a day. It was on a Monday and I started that second legal practice. That didn't phase me either, surprisingly, which is really random. And then twelve months ago, I started a mortgage-broking business, which was the same. So I clearly don't have an issue in starting businesses. And I do have some other things on the cards, which is really exciting, which I won't be sharing. So I suppose for me, I do have moments where I get scared or you you know you start to yourself like I went to go sign a contract the other day for something that was so ridiculously cheap and it wasn't even a contract and that made me nervous so you know um go figure but you know yeah I would not be able to go back to being an employee. I just know I wouldn't be able to do that. So if you go out in business, for me, it's like, right, well, I can't go back to being an employee. There's obviously clearly nothing wrong with being an employee, but how I am wired, I just can't. And that was the whole reason I went out on my own because I couldn't do things how I wanted to do things and how to do things a particular way and it was against my who I was and how I acted and that is why I went out on my own so at least I get to run my businesses and practice legal and practice like mortgage broking and everything the way that I want to and I found the team to surround myself who want to practice um the same way that I do which is really really hard to find wearing so many different hats as well is really challenging especially when you're starting out on your own you are probably literally wearing all the hats and people will be like oh outsource this outsource that sometimes you can do that but if there there is no money you probably can't do that or you need to get to a certain level to be able to outsource that So there are things that I start to outsource now. You know, I get HR advice from the lovely human girls in Singleton when I need it for different things. I, you know, I've found, you know, an accountant now that I can just hem up with questions and make sure that I'm comfortable with that. I've just found an amazing bookkeeper again. So at some point you have to take the chance in something and start to delegate stuff out. Even when I first got my team members trying to delegate work out, I felt bad, but they were hired to do the work. So even have team members, make sure that you delegate effectively and make sure you're delegating to the right person. as well but again you probably will be wearing different hats if you can afford different things an accountant is probably really the first person that you should find if you don't have one because getting set up correctly is absolute key um especially at the start of the business of that if I had my time again I would have set myself up with zero from from day one and not trying to have to fix the mess like two months later with all these um Excel spreadsheets, and when you're busy, stuff's forgotten, and it just gets really, really messy. So definitely an accountant. But take things when you need them. Don't think that you need to go out and get all these people and then you have no money to be able to do anything. I can't tell you, nobody can really tell you when to hire, when to do this, you need to put this person on or whatever. One, your stomach is going to tell you whether this is the right person or not, but every situation is different. So for me, I think the accountant is, was definitely a um definitely a must then I didn't put my first employee on until like a year two years later and people tell me you need an employee now it's like I don't need an employee because I don't have that work and I don't have those funds so just make sure that whatever decision you make you kind of do your your pros and cons list and you make sure that whatever that decision is, is going to propel your business forward and that's the position that you need. If you are going to listen to other people, just make sure that if you take that advice, again, make sure whether that's the right decision for you. The last thing you want is somebody telling you you have to do something and then you didn't have to do something and then it ends in a shit fight. I have learned a lot by trial and error. I'm not saying that's the easy way either. And again, I don't regret it because I definitely have learned the hard way for things. And I think it's made me who I am now. And I have those stories to tell if there are people wanting to go out in the business, whether it's clients or whatnot. But there has been a lot of trial and error. Like when I first had employees, I had to kind of step up from this solo, you know, employer to, you know, having to be this, you know, what people call a leader. And that wasn't what I, you know, I didn't think about it. I didn't, you know, I didn't have training leadership. I didn't have anything. And by no means would I be perfect. I must be doing something right because my team have been with me for quite a while. But that is still something that I am working on is having know leading a team and trying to set by example and um you know dealing with different personalities which thankfully you know we are all similar in that we we all get along we all you know socialize outside of work and talk and whatever else so I'm very lucky for my team but there are still things that I need to learn. And I definitely have come a long way, but obviously I'm a massive fan of continuous learning. So I am trying to better myself every single day. I'm trying to empower my team to make their own decisions. I'm trying to empower them to go, you know, to have the career that they want. But a lot of that has been by trial and error. And I'll openly say, not so much now because I'm probably better than what I was hopefully, but it would be, okay, so, yep, like, you know, I haven't had to do this before. I don't know how to proceed from here or, you know, if I'm – doing something wrong or something that's making you uncomfortable, you have to communicate that with me. And that's what I've always done with the team. You have to communicate with me because if I don't know, I don't know. So a lot by trial and error, and it is just continuous learning. When you are self-employed and there's nobody else, you know, All that stuff goes out the window. But when you do start taking on employees, you need to make sure that you treat them right. Make sure you chat HR to make sure that they're paid right and everything like that. Your accountant, bookkeeper, make sure that they're set up in zero right. Set out expectations of what their job description is and everything like that. So that will help you as well when you get to the employee a lot. But sometimes you have to learn by trial and error. But it's just, it's what happens. I'm not saying it's a bad thing. It might set you back. But, you know, that situation probably won't happen again. And thankfully, all the kind of really bad situations that I've been in, I haven't put myself in those positions again. And I don't regret them. Yes, they set me back and I might not have been feeling very good for a little while, but I won't be in those situations again. So that's a positive I take away from that. Cash flow as well. So cash flow can take a little while to come in. Probably maybe don't expect to pay yourself early on. Make sure, you know, you are still comfortable. I'm not saying you can't eat or anything like that, but be realistic with what you can pay yourself. So if you have, you might make it alone, you might have like a kitty somewhere, you might have saved up money. Just be realistic on the cash flow of things. The other thing I haven't put on my list but it's just come to my mind is making sure you're putting money aside for different things. So that was something else I didn't do back in the day because I wasn't told to. Now, that seems really like common sense to me now, but back then because I was relying on people to tell me what to do, I didn't think of it. So make sure that you set money aside for tax, for wages, for... well yeah you know operating expenses whether it's software or whatever and I do that I have different bank accounts and I make sure that a certain amount of money goes into each bank account each week so I don't get caught out so I can pay those tax bills on time so I can pay our software on time so I can pay my team on time so I can pay super on time all of that so don't think you've got ten k in your bank account it's like oh I'm taking that ten k out and paying myself that's probably not ten k clear there's gonna be a number of expenses that you have to pay from that ten k so please um make sure that you are just starting to allocate money putting money aside for things so you don't get caught out and having that massive tax debt like I did um a few years ago There's probably other things, but I think I'll just finish on the work-life balance. So everybody has different perspectives on this, whether it exists, whether it doesn't, I don't know. You just have to intertwine it all. So my girls don't know me to be anything other than having these businesses. They were really little when I started Aqua. I think little might have been in kindergarten, which was the whole reason I went out on my own. Josie's a couple of years younger, so she would have been like three or something. But I know I have not had that boundary before, so I would be working ridiculous hours and putting my family second. Sometimes with legal and probably other businesses, it happens because you have to get something out urgent. But for me, it was either that or there was just work that I had to do. There is probably always going to be work. If you have a look at my office, my to-do list, like it's huge. There is always going to be something to do. But what I've tried to do is just... When my day has finished, my day has finished. I have been even leaving my phone in a different room to us. I have put like I'll lock myself out of certain apps on my phone and I've actually stuck to it this time. So if I don't write back to you. on something is because I've used my time for that day and you're gonna have to wait till the next day until I have time on my phone again. I've taken things off my phone, you know, and I have taken emails off my phones. I don't have them on my phone anymore. So I've just had to make changes. And yes, I've done this plenty of times before, but again, recently, they're the things that I've tried to do. I've tried to meditate a little bit. you know, just try and have that break. I need to get back to exercising. I've been a bit slack with that. Even just going for a walk around the block, you know, just gets you out there. But you're an employer and, you know, at times you might not have that work-life balance and you just have to, do the best that you can like there is nothing else that you can do but I don't think anything anybody says like right there is this work-life balance and you have to do this and start at this time and finish at this time and you know for a while I was following usually men from america like you have to wake up at four o'clock and you have to do this this and this and then whatever else but One, it was not realistic. But two, it wasn't taken into account what family time. Like they didn't have kids. So like you just have to wake up at four o'clock and do this. And that was the mentality I had for a little bit. And that was really unsustainable because I was just running myself into the ground. And I've definitely done that before. I'm better than what it was. I had, especially at the start, I would run myself into the ground. I would get really sick and I'd be sick times three. Like I don't often get sick, but I would be knocked on my ass for one or two weeks. And when you are the only employee, that's loss of business. So I thankfully haven't quite been that way for a little while. I definitely know the signs when I'm starting to push the, you know, push the limit with my body and I'll make sure that I'll kind of, you know, ease myself up a little bit. The guilt as well where I feel like I should be working. My hours are not nine to five. I work before, after, weekends, whatever. But I... always feel like I have to be doing work because it's always there. So that's something I've really had to change my perspective on as well because it's always going to be something. so that part that I've struggled with is like yes there is always going to be something doesn't need to be done now I know you've done everything that's urgent all right that can wait till tomorrow and organizing how that work is I'm still learning but I'm getting better at working out how much I can fit in a day I will like literally put way too many things in there Then I get really discouraged when I haven't ticked off half the stuff, but really it was unrealistic to start with. So yeah. So if you want to start a business, go for it. Not for everybody. And what I said, you know, you might agree with, you might not agree with. I'm sure there's so many other people out there that would have different ideas and sometimes you see things and it's like, wow, that's way too extreme, like waking up at four o'clock and basically not finishing until ten o'clock at night with there being nobody in between to spending time with your kids if you have kids but um you know there are some certain things that are probably good to follow like the accountant I definitely would have done that from the start um and I would have made sure I set up in zero so you you kind of have your basic things like that that would be pretty standard but again you know take advice read things if it doesn't suit you don't do it if you're not up to that stage yet don't do it it's you know you need to be comfortable in your business and yes you might not I didn't know how to run a business I just knew how to be a lawyer But, you know, there will be certain things over the years where, you know, I've taken or I haven't taken. I'm like, no, that's not realistic. No, that's not me. Yep, I might use part of that and reintegrate with something over here. But don't think because you've read a book and someone says you have to do that, you know, that four to ten or something. You know, unless you really, really want to, you don't have to do that four to ten. And chances are you're probably not going to be productive enough in that time frame anyway. I think you only have like a couple of hours per day of productivity time and that changes for people. Sometimes people are really productive in the morning, middle of the day, night time, you know, whatever that might be. So don't feel obliged that you have to absolutely follow, you know, all these business books or, you know, advice. It's you do what you want to do but there will be certain basic elements like that bookkeeper or accountant. that will make the world of difference. But yeah, I'm still learning. I'm not perfect. I definitely Don't think I need any more businesses. I think two legal practices and a mortgage-broken business is enough. Obviously have things happening on the side as well. But, you know, it can be really rewarding. And, you know, as I said, I'm that person that can't be an employee. I know that I can't. And, you know, having an amazing team makes all the difference. I just came back from Sydney for a couple of days and I didn't have to worry about anything because my team were all over it. So it definitely has its rewards. It's probably not going to be a walk in the park, but that's okay. But there are so many resources out there and people that will be able to help you and just make sure you have the right people. If you are listening to somebody who is not in business, probably don't take their advice because they probably don't get it. So don't, and don't let somebody stop you from going out of business. If that's what you want to do. If, you know, if you have, again, that friend that, you know, you say, I'm going to go out in business and like, Oh, what would you want to do that for? Just be an employee or whatever. Don't let that discourage you either. I know some of the advice I've taken were from people who had not run businesses. And I'm like, oh, my gosh, I'm so happy I did not listen to that because it's just they don't know. And they probably mean well, and they probably just don't want you to get hurt or whatever. But you need to be just really careful where you get that advice from. And that's with anything. I say that with legal all the time. You Google lawyers giving advice, and it's just completely not even close to being right. People who, you know, have, you know, like a mortgage broker was trying to tell our client, you know, go through a contract with them the other day and that was completely wrong. Like, you know, things like that. You're staying in lane, you get the advice from the people who are qualified. to give you that advice. But hopefully that has helped. There was probably a pile of other things I could have mentioned. That was the first few that I thought of. If you have any questions at all, as usual, please reach out. If there are any other elements of being out of business that you want me to go through, please also reach out I'm more than happy uh to do another episode on it so the podcast episodes are for you guys not for me but hopefully that gives you a bit of a rundown of um you know being out in in business and what I have found and um yeah hopefully there's something in that you can use if not That's all good. You might not be ready for that stage yet. So the podcast will obviously be here when you're ready. But thank you so much for tuning in today. If there is anything else that you want me to touch on, just please, as I said before, just reach out and we can do a podcast on that episode. As long as it's something I'm able to talk about. But yeah, thanks for listening. Share it with anybody who you think might be in business or thinking about going out in business. And I will catch you next time. See ya.
