Broke Business

See omnystudio.com/listener for privacy information.

See omnystudio.com/listener for privacy information.

In this episode I'm joined by business mega babe, Peta Serras of Professional Babe. Having been in business since she was just 20, Peta has a LOT of entrepreneurial years under her belt, and we're talking back in the days long before likes, shares, and going viral. Besides a brief stint folding t-shirts at JayJays, Peta has never had a traditional job. Instead, she's a career entrepreneur (and a shit hot one at that). During this episode, she teaches us what it means to have an entrepreneurial mindset, including why we have to let go of everything we knew from our "normal" job, and why business is the best and most beautiful adventure you'll ever have the privilege of going on. Where to find Peta: The Business Fondle Podcast: https://open.spotify.com/show/7K81vdpsFxzOe3w2bT5llq Instagram: https://www.instagram.com/professionalbabe/See omnystudio.com/listener for privacy information.

How to Overcome Tax Time Anxiety with Mandy Stonard Tax time can be a source of anxiety and fear for many business owners due to the complexity and uncertainty surrounding tax obligations. The pressure to accurately file taxes, the fear of audits, and the possibility of unexpected financial liabilities can all contribute to this unease. However, there are effective ways to overcome tax time anxiety. Firstly, staying organised throughout the year by maintaining well-organised records and financial documents can significantly reduce last-minute stress. If you want more of these golden tips, join this conversation with Mandy Stonard and learn more. Mandy Stonard from H&R Block will help us squash that signature tax time anxiety. Whether it's getting a MyGov inbox message or stressing over getting audited (seriously, why is this my nightmare?), tax time can be a big worry for many businesses. Mandy explains what needs to happen at tax time, how to ensure you're compliant, and what happens if you do get flagged by the ATO. Episode Highlights: [00:01] Episode intro and what’s in for you today with Mandy Stonard [03:00] A quick snapshot of who Mandy is and what she does [04:38] Why business owners have anxiety and fear during tax time [06:27] The unnecessary stress on tax and what we can do [09:32] How concrete record keeping can keep you in control over tax-time anxiety [10:08] How long should you be keeping your business records [11:25] Good record-keeping best practices in this digital era [14:56] Commercial break [17:07] What happens if you get flagged by ATO for non-compliance [20:48] Why self-education is not always factored in as a business expense [24:55] What you should be doing to avoid the tax bill shock [32:20] Reserving tax if you are doing a side hustle besides your main business [33:52] ATO tax payment plans you should know [40:00] Wrap up and end of the show Standout Quotes: “A concrete record keeping in your business is not only a way of helping you control your anxiety during tax time. It is the only solution.”- Mandy [09:33] “ATO has a certain expectation of income vs. expenses of any business level. If your expenses are a lot higher than your income, the ATO will be drawn to find out why."- Mandy [17:14] “Self-education is still one of the grey areas in tax. Sometimes you may incur an expense from your business to further education that is related to your business, but the tax auditor declines to accept that deduction.” - Mandy [20:48] “Though ATO provides flexible tax payment plans, they will overcharge you. On the brighter side, you will have the extra flow of money for your business just in case you meet investment opportunities. ”- Mandy [34:42] Mentioned in this episode:H&R Block tax course: https://www.hrblock.com.au/income-tax-course/ Thanks to our Season Sponsor, H&R Block. As Australia’s leading tax experts, the team is here to help, offering ongoing support for individuals and small businesses and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. Visit hrblock.com.au to book an appointment.See omnystudio.com/listener for privacy information.

3 things business owners need to know this EOFY During this time of the year, when we're immersed in thoughts and preparations for tax and the upcoming financial year, it's crucial for you as a business owner to address this less glamorous topic, “tax deductions.” While it may not be the most thrilling topic for business owners to contemplate, understanding tax deductions can be incredibly empowering. Taking charge of your taxes not only alleviates stress but also allows you to feel confident about your business's financial success. Staying informed about changes and updates related to tax claims will be a crucial part of this process, ensuring a smoother and less stressful experience. With a proactive approach to taxes, you can focus more on growing your business and feeling positive about its profitability. In this episode, we are joined by Mandy Stonard from our season sponsor, H&R Block, to talk about three MEGA things business owners need to know for this EOFY and the financial year ahead. Listen and get insights on the changes in how we deduct assets in the business, entertainment expenses, when food and drink are claimable, and changes to work from expenses. Episode Highlights: [00:01] Intro and a bit about our guest today, Mandy Stonard [02:15] A bit about Mandy's background and what she does in the tax space [03:26] Important changes to the way we deduct asset expenses in our businesses [07:17] Common mistakes Mandy sees business owners making in asset depreciation [11:56] The biggest mistake business owners keep making when it comes to entertainment expenses [13:17] Why the ATO tightened its allowances and rules around entertainment expenses [15:28] Avenues to claim tax deductions when it comes to food and drinks [17:35] Commercial Break [19:11] The change in how the deductions appear in the tax returns [21:29] Changes to the way we substantiate work-from-home claims [27:36] Changes to the shortcut method for work-from-home cents-per-hour claims [28:56] How the proof of expenses has changed record keeping for working-at-home [33:01] Wrap up on the three things you need to know about tax deduction [35:54] Ending the show Standout Quotes: “ATO tightened its allowances and rules around entertainment expenses to make sure it’s clear for everybody, and we’re doing the right thing.”- Mandy Stonard [13:52] “There are no specific self-employed deduction; it is a general based because the rules are the same, whether you are employed or in business."- Mandy Stonard [21:30] - Thanks to our Season Sponsor H&R Block. As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. Visit hrblock.com.au to book an appointment.See omnystudio.com/listener for privacy information.

How to Stop Winging it in Business with Alice Benham Winging it in business refers to making decisions without a clear plan or strategy. Instead of carefully thinking through decisions, some entrepreneurs choose to make things up as they go, which can lead to confusion, mistakes, and missed opportunities. Those who take the time to plan and prepare have a better chance of success. Do you want to level up your business game and start winning with a clear plan? In this episode, Alice Benham, a seasoned business and marketing expert, shares valuable insights on being intentional with our money-making strategies in business. With her impressive experience of building a business from scratch at a young age and achieving remarkable growth, Alice offers practical tips for success. She emphasises the importance of intentionality when it comes to generating revenue and provides guidance on how to go beyond the initial stages of entrepreneurship. Tune in to discover how to build a solid foundation and soar to new heights in your business endeavours. Episode Highlights: [00:01] Episode intro and what’s in for you today [03:27] A bit about Alice Benham and the value she brings to the table [05:19] How Alice’s financial journey in business has been like [08:54] How long it took her to be confident and grounded in her business [12:33] Memories of shame from mistakes earlier made in business [17:06 ] Alice’s relationship with money [21:11] The best and easiest way to deal with your money issues [30:04] The infinite nature of money [37:43] Commercial Break [39:15] Strategies Alice uses to help her clients come out of their financial chaos [01:04:00] Call to action and ending the show Standout Quotes: “No one feels ready for business. The more a business grows, the more financial complexity you have to manage.”- Alice [14:17] “In business, the lessons are hard, and they do not stop.”- Alice [15:36] “The best and easiest way to sort your money issues is to start a business. You cannot avoid it.’-Alice [21:11] “You cannot run a business and not be good with money because if you don’t, your business will fail.” - Alice [21:53] “Fulfilment does not rest on that next level of income. Things get harder the more you make money. ”-Alice [30:04] Stay Connected Alice Benham Website: https://www.alicebenham.co.uk/ Instagram: https://www.instagram.com/alice_benham/ Podcast: https://www.alicebenham.co.uk/podcast - Thanks to our Season Sponsor H&R Block. As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. Visit hrblock.com.au to book an appointment.See omnystudio.com/listener for privacy information.

How Your Personal Financial Psychology Affects Your Business SuccessFinancial psychology encompasses our beliefs, attitudes, and values regarding wealth, spending, saving, and investing. The development of our financial psychology begins in childhood, as we observe and absorb the attitudes and behaviours of our parents and caregivers towards money. Through their actions and conversations, we start to form our own perceptions about money and its role in our lives. These early experiences and beliefs become ingrained in our money psychology, acting as a map that guides our financial behaviours and decisions both as individuals and in business ventures. Therefore, understanding our personal financial psychology is crucial for achieving success in business. It influences our risk tolerance, decision-making processes, and ability to adapt to changing circumstances. Join this conversation with your host, Emma Edwards, and learn how to gain clarity by recognising and addressing your money psychology, developing healthier financial habits, and making more informed choices that positively impact your business endeavours. Episode Highlights:[00:01] Episode intro and what’s in for you today[01:54] How is your financial psychology? [03:40] The nature and nurture of your financial psychology[07:40] How our financial behaviors are based on individual financial psychology[09:42] How your default money script comes into existence when in business[12:38] The power of your financial psychology as an individual and business[18:07] Commercial Break[19:16] Your responsibility for business earnings[23:36] Examples of how financial psychology may show up in your business[32:14] Exercises you can undertake to take charge of your financial destiny [37:52] Call to action and ending the show Standout Quotes: “Two people can have the exact same experiences but have a completely different set of beliefs as a result. That depends on their financial psychology.”- Emma [07:40]“Our money scripts and beliefs defines how we manage money as individuals, the way we earn it, spend it or save it.”- Emma [11:13]“You are completely responsible for your earnings in business.”-Emma [19:23] Thanks to our Season Sponsor H&R Block. As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. Visit hrblock.com.au to book an appointment.See omnystudio.com/listener for privacy information.

How to stop undercharging with Jasmine Parasram "Pricing" remains a pervasive challenge in every business, regardless of its nature—be it product-based, service-oriented, freelance, or corporate. Many find themselves grappling with uncertainty, pulling random numbers without a clear strategy. However, embracing a more inquisitive approach and investing in finding optimal solutions can yield greater respect, more opportunities to show your genius side, and increased financial gains. Clients place their trust in us to solve their problems, and it is our responsibility to take that trust seriously and determine the value we offer to provide the right pricing. By taking ownership of our offerings, value, and worth and pricing them right, we will ultimately get better outcomes for our businesses. In this episode, we are joined by Jasmine Parasram, a pricing queen, to talk all things PRICING to shed some light on the complexities of pricing, particularly when your brand or business is based around you, your skills, or your services. Jasmine is a designer, pricing expert, and Creative Business Kitchen's founder, helping business owners and freelancers confidently sell their worth. Episode Highlights: [00:01] Episode intro and a bit about our guest today, Jasmine Parasram [02:36] A bit about Jasmine's background and what she does [06:15] What makes freelance and services based brands so hard to gross [09:34] Why most of us are undercharging and how to start charging your worth [12:17] 3 things to help you get clear on the value you provide to price your offering right [18:14] Macro and micro experience and the role they play in our relationship with clients [23:53] Mind pricing play and how to overcome these mental blocks [26:57] How to get out of a cycle of raising and lowering prices to get clients [31:13] Commercial Break [33:44] Pricing differently based on long-term relationship and lifetime value [38:04] How to monetize time you spend in your business and justify your pricing incrementally [42:41] The trap of raising your prices and why it doesn’t work for most business [46:47] Building relationships and experience with individual clients, not businesses [50:06] Market research and how to deal with comparison in pricing [54:43] How to reach out to Jasmine and the things she has going on [55:27] Ending the show Standout Quotes: “To get someone who can invest in you, you need to invest in the success of what they are going to have and your thought process in what is going to bring the best results to them.”- Jasmine [12:40] “It’s hard to charge cheap and then work your way up, and it’s hard to charge expensively and find the right client; everything has a difficulty level, and you choose your hard."- Jasmine [17:12] “Problem-solving will sell more than skills, sales, and services; if you can solve a problem, that is where your secret sauce can really shine.”- Jasmine [31:00] “Just charge more is not a strategy; it’s a lack of one; it means that you have no strategy around your pricing; you need to calculate your pricing for yourself, and if it feels high, that is an opportunity for you to earn value.”- Jasmine [40:16] You need to make your own version because if you make what everyone else is making, you become a choice in the lineup, and they will go for the lowest price; people, when faced with the cheaper options, they are looking for a temporary solution.”- Jasmine [51:22] Stay Connected Jasmine Parasram Website: https://creativebusinesskitchen.com Instagram: https://www.instagram.com/yourpricingqueen/ Pricing calculator: https://creativebusinesskitchen.com/calculate Emma Edwards Website: https://thebrokegeneration.com/?v=518f4a738816 LinkedIn: https://instagram.com/the.brokegeneration Instagram: https://instagram.com/the.brokegeneration Thanks to our Season Sponsor H&R Block. As Australia’s leading tax experts, the team are here to help, offering on-going support for individuals and small businesses, and FREE BAS services for all newcomers. Get more, for sure, with H&R Block. Visit hrblock.com.au to book an appointment.See omnystudio.com/listener for privacy information.

Welcome to Broke Business – the money podcast for business owners, brought to you by The Broke Generation. Broke Business was born out of my own experience dealing with the unique financial realities of self-employment. Going from employed, to employed with side hustle, to full time self employment has been... interesting to say the least. Being in business completely transforms your relationship with money, and presents new opportunities and challenges along the way. I created Broke Business as a space to have more conversations about money in business. Broke Business will bring you: tips on managing money as a business owner or freelancer support on the financial challenges of self employment ideas on how to make more money – and feel confident doing it! insights into how your sense of self plays a role in business finances an understanding of your own financial psychology in business stories, insights and advice from fellow business owners who 'get it' welcome relief from the 'girl boss' business narrative tips on resilience and bravery in business a real, unfiltered look at the intersection of business and money money conversations specifically for business owners and self employed people Hosted by Financial Behaviour Expert, Emma Edwards, Broke Business will leave you feeling seen and heard when it comes to business and money, and give you practical and emotional advice on how to feel more financially confident in your business. Find Emma on Instagram at @the.brokegeneration. See omnystudio.com/listener for privacy information.