The Should I Own A Business? Podcast.
This business podcast is for anyone who is thinking of owning a business as we explore the reality of business ownership by sharing authentic experience of the hosts and guests.
Business podcasts focus on existing businesses where we say the first question you must ask is “Should I Own A Business?”
This is a world first business podcast because it is a business podcast so you can assess if you are likely to be successful if you own a business.
We have developed a free Business Readiness Test with information you may find helpful.
The business podcast series has been designed for anyone who is thinking of starting a business, buying a business or buying a franchise.
We explore the reality of business ownership rather than just the theory and exposing some of the hidden causes of business failures.
The objective is to help you to make informed decisions and avoid the many traps of business ownership that very few people understand when they first become business owners.
You’ll hear from real business owners, as well as a series of experts, about what works, what doesn’t, and what’s really happening in the world of Small Business right now.
It’s going to be a lot of fun, and we can’t wait to share this journey with you and remember to Listen Before You Leap!
Your hosts for The Should I Own A Business? Podcast are Geoff Daniel and Brendan Barrow.
Business podcast hosts Geoff Daniel and Brendan Barrow
[Geoff] So Brendan I guess it’s fair to say that, between us, we’ve been around business for quite some time – I know I’m coming up to my 22nd Anniversary and you’ve been running Businesses in several countries, both large and small, for a similar amount of time.
[Brendan], yes, that’s right, and we have had very different journeys, which we might tell a little of later.
And these days, we both run our own Business Advisory services working with small to medium-sized businesses, which keeps us both rather busy.
So, what on earth are we doing coming together to produce a podcast entitled “Should I own a Business?”
[Brendan] Good question! Well, I guess the first thing is that we’ve both seen how fantastic it can be when people in business for themselves succeed. It might sound a bit corny, but it’s that idea of working hard and then ‘living the dream.’ We both know people and even worked with some in an advisory capacity, that are experiencing true success and how good it can be.
But there is another side that doesn’t get spoken about enough, and that is when business ownership either doesn’t live up to the dream we had when we started or, worse, causes stress and financial hardship.
What are the hidden reasons for business failures?
The cold hard facts are that there are many more business failures than successes and we want to do something about that.
Due to our experience over the years, we now know that there are hidden reasons for business failure.
The good news is if you know what they are, you can do something about it – and that’s what this business podcast is about.
We will introduce you to the critical knowledge that will help you to avoid some common traps.
As professional Business Advisors we use a lot of different tools to help our clients succeed in their business, but we’ve come to realize that there is something far more important than all of that.
It is the work and deep thinking you do before you decide to go into a business that, if we can get it right, can make the biggest impact on the terrible statistics around business failure throughout the world.
The Should I Own A Business Podcast resources
The Should I Own A Business Podcast helps you to decide whether going into business for yourself is the right choice.
Whether you are a mature person, feeling the pressure of the modern workforce, perhaps approaching retirement and looking to get into a lifestyle business or you could have young kids and you’re dreaming of giving them opportunities that the family budget can’t provide right now or maybe you could be that person, sitting on the train during the commute to work, who can’t get that amazing idea out of your head and it’s driving you crazy.
Coronavirus may mean you could be facing redundancy and thinking about using your payout to buy a franchised food or coffee business.
Or you might be a professional, working in a firm, dreaming about calling the shots for yourself.
This show is for anyone who wonders what it would be like to escape the 9 to 5 grind – to be the Boss – to wake up every day and set your own agenda.
Which is the best way to become a business owner?
Unlike many other areas of life and work, there isn’t a great amount of training you can do that will, in our opinion at least, adequately prepare you for life as a Business owner.
Sure, you can go to University or College and do a business degree, but if that was really all it took to succeed, the stats would be infinitely better than what they are.
Think about it for a second; there has never been a time in history when there has been more information available about how to build a successful business, but yet the unacceptably high failure rate persists. Why?
Could it be that going into business just wasn’t right for you. Or perhaps, you might be destined to succeed, but the business you chose wasn’t right.
Was the timing wrong, or were there other factors in your life that were never going to allow you to succeed?
Could you turn your hobby into a business?
These are some of the questions that a business course or so-called “experts” on facebook or Instagram can’t answer for you.
Only you can answer one of the most important questions you can ever ask yourself – should I own a business?
Is starting any new business risky?
Because, for many people, the stakes are very high. On the one hand, it could be the greatest thing you ever do, but on the other, it might end very badly.
How do you work out whether Business ownership is the right thing for you and your family?
Well, that’s what we are here to explore together during this series of business podcasts. We expose the hidden causes of business failures that don’t get talked about, and we pride ourselves on approaching this subject from a very different mindset.
[Geoff] That’s right. Brendan and I have thought very carefully about what we have learned over our respective Business journeys, personal traits that we’ve observed in successful people, and common issues that present themselves when Businesses fail.
We’ve also noted how important it is to have a thorough understanding of yourself and your own strengths and weaknesses and the part they play in pre-determining, to a degree, the likelihood of success if you were to make the decision to go into business for yourself.
We put all of those factors together and created a pathway for you to follow so you might be able to accurately answer that question – should I own a business?
Over the episodes to come, we’re going to take you through a lot of things that you’ll need to think very clearly about as you work through your decision.
This business podcast covers “the good, the bad and the ugly” of business ownership
[Brendan] and we’re also going to tell you the truth about what it’s really like being in business, the good, the bad and the ugly.
We’ll be chatting with real business owners who are out there doing it. And will have an expert pop in from time to time to provide us with some tips on a range of subjects relevant for those who are new to business.
Our unique approach means that it doesn’t matter what type of business you are thinking about owning or indeed, what country you are in. You will boost your understanding just by listening. That’s why we say Listen Before You Leap.
[Geoff] So now that we’ve spoken about why we’ve decided to put this podcast together, perhaps it would be time well spent to share a little about ourselves with you. So how about you kick us off Brendan.
Brendan Barrow Business Podcaster
I was born in Stockport in Cheshire, which is near Manchester.
My career started as an Analytical Chemist in the pharmaceutical industry, so I have a science background. Initially, I worked in quality assurance, process control, and then in new product development.
When I became a manager involved in packaging supply chain improvement, I got to see the inside a lot of packaging suppliers, and that’s how I got hooked in business. Business seemed natural to me.
Soon, I then moved into the packaging industry where, I had various technical and operations jobs before becoming a General Manager/Site Director at different plants, including two in the Middle East.
The businesses I ran were 100-220 employees in size, and I also sat on a Divisional Board for six sites and 1000 employees. These businesses were in extremely challenging conditions.
I did a business turnaround based upon innovating new products that won awards. We moved to Australia in 2007, and I worked with much smaller businesses in Horticulture and Construction Chemicals.
As I met many small business owners, I realized two things – most smaller businesses were operating by trial and error management when I knew there were much better ways of working.
Secondly, a small business can be a world-class business if it has the right management so, I thought with my experience that I could really help SMEs improve their businesses.
By the time I became a mentor, I had worked in small and large privately owned and publicly listed businesses, on three continents, in 4 industries, including the HO of an international franchise.
Initially, I joined an international consulting firm as a franchisee for about 18 months and then ran my own consulting business.
Over recent years, I have met literally hundreds of business owners, and I find their stories and journeys fascinating. At the same time, I am frustrated that so many people who go into business are so ill-prepared and get a big shock – this seems very unfair and unnecessary to me.
I believe that helping people understand what business ownership is really like will help them make an informed decision and help avoid business failures.
Geoff Daniel Business Podcaster
So I grew up in Melbourne, Australia, in a typical Aussie family. Mum, Dad, myself, and my sister.
I was really lucky to be born in such a wonderful country and to great parents. We didn’t have a lot of money growing up but, by the same token, never missed out on much either.
And for those of you who are not from Australia, we did not have a Kangaroo or a Koala as a pet!
Growing up I was really committed to being one of two things either an AFL footballer (sometimes known as Aussie rules) or, when it became apparent I was a little bit small and slow to play football, a musician (much to the disappointment of my dad – who had been very excited at the prospect of me becoming a lawyer or Accountant).
So from probably the age of 16 or 17 through to my early 20s all I really ever thought about was playing in a band and touring the world as a rockstar. And it was whilst working on that that I probably got my first exposure to the world of small business when I got a job selling musical instruments in a retail store here in Melbourne.
I think it was from that time forward that I started to develop an interest in business from the customer interactions to the more structural elements around processes and managing people.
After a couple of years in that role, I was given an opportunity to move into a marketing role for a small business, which was a subject that I’d had some exposure to at university.
It was in that role that I think the desire to go into business for myself was really crystallized, although at that stage, I had no idea what kind of business that might be.
When I think back on it now that 6-month period from when I first made the decision to get into business for myself to actually taking the leap and doing it was probably the most defining of my life to date.
Within a month of starting the business I had also met my future wife. So it was a very busy couple of months to say the least. Work 16 hours a day, chase the girl, work another 16 hours, chase the girl, etc.
It is amazing to me that the business I started way back in 1997 with a couple of friends in a rumpus room (for our non-aussie listeners that’s like a lounge room with lots of junk in it) selling computer equipment eventually went on to turn over $14m a year and employed well over 30 people.
I still remember, at the completion of our first month, tallying up the sales and being so excited that we’d achieved over $3k. We even took a photocopy of our first ever cheque!
Over the next 17 years or so, I went on to start another couple of businesses in e-commerce, importing, and wholesaling, all of which I sold back in 2014.
When I look back now, it is clear to me that I learned a whole lot more in those 17 years than I ever did in my formal education.
There were lots of ups and lots of Downs. There were incredibly exciting moments, and there were other times when I wanted to completely give it all away.
Similarly, there were times where money was abundant, and there were other times where I didn’t know where the next dollar was coming from. Overall though, it was a tremendous experience that shaped my life in a lot of ways.
I sold the Businesses back in 2014, I spent six months or so working out what was going to be next for me.
After looking at a lot of opportunities, I arrived at the decision that helping others make a success of their business was something that I was passionate about, and so I purchased a consulting franchise business entered the world of Business Consulting and what a whirlwind that decision has proved to be.
About 18 months or so later, I left the franchise to start my own consulting business, the Casual GM, which I own and operate today. In fact, in August of 2017, I celebrated 20 years without a Boss, which is something I am very proud of.
More importantly, though, through my work, I certainly get a buzz from helping others succeed in their own business. So that is me!
Is owning a business the right choice for you?
[Brendan] As we mentioned earlier, our aim in putting this business podcast together is to help you to determine whether getting into business is right for you.
You will learn a lot of the practical steps to business ownership and how to master them.
We’ll explore in detail the various ways you can get into business for yourself, like buying an existing business, buying a franchise, or starting a business from zero like we’ve both done.
We’ll also talk about some of the big-picture issues like what trends we are seeing amongst the small to medium businesses we work with, which industries are at risk of disruption, the changing employment and ways of the working landscape, and lots more.
[Geoff] So, that’s it for today’s episode, and we really look forward to your company over the episodes to come.
You can go to www.shouldiownabusiness.com for the show notes from today’s episode and to join our community of like-minded people from around the world who are working through deciding whether business ownership is for them.
In the next episode, we are going to discuss how to start the process of determining whether going into business for yourself is really the right thing for you.
We’ll look in a little more depth at some techniques you can use to help you to make that most important of decisions.
Thanks for joining us and we look forward to having you with us for the next one. Bye for now.
The information contained in this podcast is general in nature and does not take into account your situation. The content does not constitute business, legal or financial advice and should not be used as such. You should consider whether the information is appropriate to your needs, and where applicable, seek professional advice from a financial adviser or lawyer in your own jurisdiction. To find out more, please go to Should I Own A Business.com