#60: Business 101: Starting Your Own Business with Sam Fryer - Host of A Place to Home Podcast

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 Entrepreneurs1. 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 SettingDiscussing the significance of having a clear vision and putting it in writing. Differentiating between a business, hobby, and passion.3. Modelling SuccessTo 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 OperationsAdvising on the importance of keeping good records, obtaining insurance, and making provisions for tax.6. Business Growth Triggers and StepsDiscussing 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 StructureAddressing 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 AspectsStrategic planning, insurance, and quality bookkeeping. 9. Preparing for the Future in AgricultureOffering 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. f you’re the kind of family that leads from the front, not waits for a crisis, the 2026 Roadmap Workshops are for you. Seats open to the waitlist first. Join at: agricoach.com.au/takeaction -----------------------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/

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