In this episode, Ben is being interviewed by Sam Fryer, the host of A Place To Call Home Podcast, about some of the basics young entrepreneurs need to be aware of when starting out in business.

Key Considerations for Young Entrepreneurs

1. Knowing Your 'Why'

Highlighting the importance of understanding the motivation behind starting a business. Emphasizing the challenges of entrepreneurship and the commitment required.

2. The Importance of Vision Setting

Discussing the significance of having a clear vision and putting it in writing. Differentiating between a business, hobby, and passion.

3. Modelling Success

To shortcut to success, budding entrepreneurs need to learn from successful individuals in their field.

4. Financial Aspects

 The importance of running financial numbers and understanding profitability using accounting tools and seeking professional advice.

5. Business Operations

Advising on the importance of keeping good records, obtaining insurance, and making provisions for tax.

6. Business Growth Triggers and Steps

Discussing the stages of business growth, from bootstrapping to scaling up. The importance of seeking advice and considering employment as the business expands.

7. Setting up an ABN and Business Structure

Addressing when to set up an ABN and considerations for choosing a business structure. Encouraging consultation with accountants for personalized advice.

8. The Often Overlooked Financial Aspects

Strategic planning, insurance, and quality bookkeeping. 

9. Preparing for the Future in Agriculture

Offering advice for the next generation of landowners, including beyond-the-farm skills, building a network, and financial planning.

If you are a budding businessperson ready to get cracking on making your business vision a reality, then this episode is a fantastic starting point to get you headed in the right direction.

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Ben spent over 20 years working with successful business owners and farming families which allowed him to unearth the timeless principles on how to successfully grow, protect and maintain wealth.

If you want to learn the principles of how to grow your family’s wealth throughout the generations, then you might consider joining The AgriCoach Podcast each fortnight for more Wealth & Wisdom.

Disclaimer: The information contained in this podcast is general in nature and for education purposes only. It is not financial advice. It is not legal advice. No one should act on the information without appropriate specific advice for your particular circumstances. Ben Law is a former financial advisor but is no longer licensed and cannot and will not give you specific or personal advice in this podcast. The Financial Bloke Group Pty Ltd accepts no responsibility for any loss or damage occasioned by any person acting or refraining from action as a result of reliance on the information in this podcast.

https://thefinancialbloke.com.au/