Here’s a life-changing mindset for your buying habits

“We don’t buy things with money, we buy them with hours from our life.” This is a quote from minimalist blogger Joshua Becker from Becoming Minimalist. When we begin to think of the things we buy in exchange of our time rather than our money, we start to realise the weight of our purchases and understand the true cost of the things we think we want and need.

Our ‘time’ as currency

According to the ABS average weekly earnings report, the average weekly ordinary time earnings for full-time adults in Australia in May 2019 was $1634. For discussion purposes, let’s round it off to $1600 for a 40-hour workweek. Following the said life-changing mindset, a coffee ($4.00) would cost you 10 minutes of your work. A summer dress would cost you 2 hours of your work and a Louis Vuitton handbag would cost you 2-weeks worth of your work.

Of course it will always be up to you how ever you wish to spend your hard-earned money but it can be a helpful guide in being mindful how much of the hours in our lives go into the stuff we buy.

Calculating the ‘opportunity cost’

Opportunity cost refers to what you could have done with the money had you not spent it to buy new stuff. If you have the cash, perhaps you can consider making extra repayments for your mortgage. You can also opt to save up for a property you can invest on.

The takeaway

Once we start to apply this mindset, we realise how we can maximise our money—hours we spent working—and spend it into something more meaningful such as building your dream business, enrolling for a course, or even saving for your home deposit.

I hope you find this principle interesting and let me know how it resonated with you!

References:

https://www.abs.gov.au/ausstats/abs@.nsf/Lookup/6302.0main+features1May%202019

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post Here’s A Life-Changing Mindset for Your Buying Habits appeared first on Soul Finance Group.

Ultimate Christmas Shopping Hacks

You were told to save as early as January to have something to spend for Christmas shopping in December but who does that anyway? So you’re now channeling your 2018 self, doing last-minute Christmas shopping. If you’re one of the people who is strict on your budget, this guide can help you maximise your spendings.

Take advantage of deals and discounts

Look for all opportunities to save every cent. Find the tab on the retailer’s website where they put all their offers and sale items. Who know, you might score a huge deal! Be sure to check their social media accounts for any discount code they are currently promoting.

Check clearance outlets

Look for any clearance outlets near you or in your community and see if they have a sale. Most stores are also running last-minute sale blowout to get rid of their old stocks and make room for new ones in the coming new year.

Visit price comparison sites

If you are looking for a particular item online, make sure you snatch the best deal. It literally pays to check price comparison sites such as Shopbot or GetPrice to find out if you are getting the most out of your money.

DIY your cards and wrapping

Instead of spending a dollar or two for a gift box or a gift bag, minimise your spending by purchasing a simple wrapper and a ribbon and wrap all the presents yourself. Add a personal touch by writing a simple note on a gift card that can also be DIY!

For next year’s Christmas, consider allotting a separate savings account for your Christmas shopping budget. Try saving a minimal amount weekly or monthly in a year’s time.

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post 2019 Ultimate Christmas Shopping Hacks appeared first on Soul Finance Group.

How your mental health affects your business

Ask any girl boss about stress, they’ve experienced all kinds of it. If you are a working mum running your own shop, or a boss babe starting to build her own empire, it pays to check on your mental health before it takes a toll on your business and your personal life.

Stress in the business

Cash flow management, long hours, debts, dealing with clients, and handling your employees can leave you feeling mentally exhausted, stressed, anxious or depressed. Consequently, this can have a negative impact to your personal relationships and business operations.

How to handle stress

• • Review your business plan – check if there are processes you can modify to efficiently reach your business objectives
  • Organise your finances – Manage your cash flow by ensuring you have a list of all your business expenses. Next step is important and highly recommended.
  • Seek an expert – get the help of a professional finance broker to help you manage and secure finances for your business

  • Have a time for yourself – Try to find the balance between work and personal life. Set a date in a week when you can reset and unwind. Schedule a time for the day when you stop responding to work-related emails. Always prioritise yourself.

10/10 World Health Mental Day

October 10 is World Health Mental Day. 1 out of 5 Australians are affected by mental illness, yet many don’t seek help because of the stigma. Let’s help shed a positive light on mental health. Running your own business can take so much of your time, but taking care of your mental health is an investment in you and your business.

The takeaway

Being a small business owner doesn’t have to compromise your mental health. Learning to say “no” or just spending some quality “me” time are already self-care in itself. Self-care isn’t selfish. It is for you as much as it is for your clients, your family, friends, and the people around you.

If you need help securing finance for your business, I am more than happy to relieve that potential stress for you. Feel free to give me a call on 0408 081 082.

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post How Your Mental Health Affects Your Business appeared first on Soul Finance Group.

No asset? No worries; Small business loan in Perth

Big banks and major lenders often require that you put down property as security for repayments. However, not every business has the capacity to do so. Fortunately, there are options which don’t ask you put up your assets as security. Oftentimes, these lenders based their approval on the strength of your business, its structure, your bank statements, and credit history among others.

Loans that support small business

Why do you need funds? How are you planning to utilise this to improve your business?

• • Purchase a new equipment or software
  • Buy a new vehicle equipment
  • Business renovations
  • Improve infrastructure
  • Purchasing new capital

What are the features?

Prospa, a small business lending specialist, helps small business owners finance their needs. You can borrow from $5,000 up to $300,000 with repayments that work with your cash flow. You have the option to pay out the loan in 3 months up to 24 months, plus funding possible in 24 hours!*

No asset? No worries

Small business loans with Prospa doesn’t require you to put up a security with loan amount of up to $100,000. This is suitable for business owners who do not wish or don’t have the capacity to attach an asset as a guarantee.

How to apply

Submit your details and a Soul Finance Group finance broker will call you for a quick chat to see if you have any questions, Then, if you’re comfortable to proceed, you will be guided through the application. You will be asked to provide the following:

• • Driver Licence
  • Business ABN
  • 6 months business bank statements

Are you eligible?

If your business has a turnover of more than $6,000 per month and can demonstrate 6 months of trading for a new business, or 3 months if you’ve purchased an existing business, we most certainly can help.

The takeaway

Securing a finance need not be a tedious process. You already have your attention and time towards building your business and we wish to take the stress away by helping you fund your business needs. Don’t worry about putting up a security as we have access to a small business lending specialist that can help you. The process is quick as you could have a decision in as little as an hour, with funding possible in 24 hours.

You can visit business http://businessloan.soulfinancegroup.com.au for more details.

If you wish to know more details, give me a ring on 0408 081 082.

*Fees, terms and conditions apply.

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post No Assets? No Worries; Small Business Loan in Perth appeared first on Soul Finance Group.

Great news for small businesses: an increase in the instant asset write off threshold.

We’ve got some great news about claiming the cost of your business assets. Small businesses with a turnover under $10 million can take advantage of the instant asset write off. There have been some studies that show that a high percentage of small businesses are not taking advantage of this deduction because they are not familiar. For small businesses that haven’t used this concession previously, here’s what you’ll need to know to maximise this scheme:

What is the instant asset write-off?

A tax break that allows small businesses (including those with an aggregated turnover of $10 million or less—you can consult your tax advisor to confirm) to lower their taxable income from any purchased assets that cost less than $30,000 – in the same income year.

What does this mean for your business?

• The tax break means small business owners can reduce their taxable income – and tax payable – in the same financial year an asset was purchased and installed.
• Assets must be purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 to qualify.
• Small businesses can currently purchase an eligible asset up to $30,000 (excluding GST) and write it off as a tax deduction in the same financial year of purchase.
• You can claim multiple assets if each one is under $30,000. There is no cap on how many times a business can use this deduction. There is a cap of $30,000 per asset which means that you could potentially purchase any number of assets for your business before June 30th and instantly deduct them all.

What assets can you purchase to claim the cost?

Unsure of what is covered in the $30,000 tax break? You can use it for anything from computer equipment to a coffee machine for the office kitchen to solar panels for the office roof or even a car.

• Plant and equipment
• Vehicles
• New technology/facility or machinery
• tools and electronics such as:
  • machines for POS
  • mobile phones
  • computer monitors
  • laptops
  • printers

Second-hand goods also qualify for the tax break (Equipment, vehicles, tools, electronics). Exclusions from the write-off include horticultural plants, building construction and software allocated to a software development pool. You won’t get $30,000 as a tax refund – the write-off is a deduction of your taxable income.

How to take advantage of the instant write off?

If you are looking to purchase an equipment, electronics, or vehicle for your business, now is a great time to take advantage of this scheme.Your business will still need to fund the purchase for the period until you claim the instant asset write-off, which is only a portion of the purchase price.

The instant asset write-off is particularly useful for businesses intending to bring forward capital expenditure at the end of the financial year.

Thinking about purchasing assets to grow your business? Let’s put your plans into action sooner and get you the funds you need. Assets purchased before 30 June 2020 could be eligible for a $30,000 instant asset write-off. Schedule a call with me today to get access to highly competitive finance options available in the market.  Call 0408 081 082.

Disclaimer:

 Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post $30,000 Instant Asset Write-off for Small Businesses appeared first on Soul Finance Group.

5 Perth Mumtrepreneurs That You Need to Know About Now

I’ve turned to some of Perth-based businesses who are owned by mums for inspiration on running a business while successfully raising their kids. Some have a fulltime office role while others quit their day job just to branch out on their own.

It wasn’t a walk in the park. So in celebration of Mother’s Day, I’ve rounded up a list of Perth mumtrepreneurs who inspire us to never stop hustling.

MIGHTY ABLE

Might Able is a business dedicated to celebrating all abilities. It is owned by Emma Albert, mum of Mighty Mikey. (Check out their story!) Emma’s journey wasn’t easy and she was on an emotional rollercoaster. However, she wanted to take the focus away from what they are told they can’t/won’t do and make everyone feel inspired and empowered. Her business features inclusion clothing with some powerful statements. The proceeds ensure Mikey’s continual improvement.

MANAGING THE JUGGLE

Two girlbosses, Jo Alilovic—an employment lawyer and a business owner, and Lucy Dickenrs, a senior associate, have a penchant for inspiring fellow women who are juggling their career and family life. They host “The Jungle Podcast” where they interview like-minded mum jugglers, thought leaders and employers to try to uncover what makes the juggle successful.

LAURYN STANLAKE SLEEP CONSULTANT

Lauryn Stanlake is an internationally certified newborn, infant and child sleep consultant. She works with parents who are sleep deprived, emotional, exhausted and doubting themselves at every turn and who are so overwhelmed and confused by all the information out there that they are unable to make a clear decision and follow through.

She herself went through 8 months of severe sleep deprivation with her firstborn before seeking help. Now, she wanted to provide that same help to mums who need it.

IN.DULGE

In.dulge Perth sells the most divine strawberry towers, dessert cups, cupcakes and more. This was initiated by Sophia Adam and Dana Parker 3 years ago, having 3 babies under 3 between them. Running this business for them means constantly working between naps, having business meetings during breastfeeding sessions, and responding to emails/enquiries after bedtime.

BLISSFUL MAMA MASSAGE THERAPY

A rejuvenating massage experience for women to ease discomfort, relieve stress and experience total relaxation during pregnancy, post-birth and beyond—that’s what Blissful Mama Massage Therapy is all about. Owned by Katrina Van Biljon, this is a convenient mobile and clinic-based service which offers a range of massage therapies, specialising in pregnancy, post natal and relaxation massage for women or relaxation/deep tissue for men. Whether you are seeking a pampering experience or need to ease discomfort in muscles and joints, they make it easy to take time out to nurture yourself.

The post 5 Perth Mumtrepreneurs That You Need to Know About Now appeared first on Soul Finance Group.

Kaye Waterhouse takes the concept of music as a twist in starting her own yoga studio. Not deviating fully from traditional yoga, the owner of ‘Vital Beat Yoga,’ wanted it to be more inclusive for all women (and men, too!)

Kaye didn’t have any experience in running a business and had to learn everything from scratch. In this interview, she shared details on her marketing strategy and how she was able to pull it off.

Be inspired with her story and the many insightful things that came with it:

What is your vision for Vital Beat Yoga?

My vision for the studios is that we pride ourselves on providing a fun, accessible, [and] unintimidating yoga practice. We recognise that people come to yoga for a great variety of reasons; psychological, physical, or spiritual and any of these reasons are as valid as any other. Vital Beat is not an overtly spiritual or philosophical studio, we instead choose to share the real human experience and prefer to be on this journey with our students rather than trying to be “spiritual teachers”. We also believe that the core essence of yoga is joy, and one of the fastest ways to get there, is through music. Our community is supportive, inclusive, and empowering, and our teachers are warm, kind, humorous, and genuine. We seriously have the best students in Perth!

Why did you decide to start teaching yoga?

I was unable to find a yoga studio myself that I truly resonated with and I saw a gap for the kind of yoga that made people feel welcome even if they didn’t believe in deities and chakras, and was still an accepting place for those that did. I set out to do my teacher training with the intention of opening my own studio and opened the doors to our first space in May 2016, 6 months after returning from my training! I opened my second location in May 2018. 

What types of students does your studio serve?  Do you cater to women only?

Because of our music-driven studio, we attract quite a lot of beginners who have said they were otherwise “bored” or “intimidated” by a quieter practice. Two years ago I would have said 70% of our student base was beginners but now that many of those beginners have grown with us, that has dropped to about 30-40%. Because of the different class styles on offer (from very chill to very strong), we attract a huge variety of ages, our youngest being around 20 and our eldest are in their 60’s – we strongly encourage men to attend but the nature of western yoga is that it does serve many more women than men… so in light of that, and our family-orientated outer suburban locations, we also offer a creche serve, plus Mums n Bubs Yoga, Pregnancy Yoga, and Kids Yoga classes.

How do you market your business?

There are 4 primary pillars to our marketing success;

1. Community: by looking after those closest to us (our students) most of our growth comes from word of mouth. Many (many!) of our students come to class because of (or with!) their friends and family. We also offer free community classes, donation-based charity classes, and Student Scholarships (memberships for those with financial barriers to yoga) as well as give generously to local community groups. This aligns with my personal mission for a Karmic Yoga studio but also helps develop brand awareness & reach. How we look after our students, from our “refresh” stations of tampons & hair ties, dry shampoo and breath mints, to free fruit, tea, and free kombucha on tap, is always top priority.
2. Technology driven marketing: I developed and launched a digital sales funnel that drives 80% of our new clientele to the studio through an incentivised voucher “trial” that, when people fall in love with the studio, converts to a direct debit membership. It’s been hugely successful in attracting clientele previously outside our reach and I can attribute our 60% growth in the last 6 months alone to that program! It also means almost 70% of our members are on direct debit, giving us more stability in our revenue projections.
3. We are very active on social media and connect authentically on there. I’m upfront about everything from business financial struggles to my pregnancy morning sickness (!) and I think our community appreciates that. I’m also not afraid to drop a few swear words either (Haha!) Mastering social media, from FB Lives to Instastories and IGTV, [have] elevated our brand online very quickly.
4. Collaborations and events: Hip Hop Yoga translates beautifully to public and live events (plus they’re super fun!). I teach (or send my staff to teach) at 12-15 events every year, from paid corporate gigs to charity jams. It gets us out in front of new crowds and allows people to truly experience the joy of beat-laced music-driven vinyasa yoga. Some things just need to be experienced! I’m also an Ambassador for Lululemon and work closely with them on events.

What makes Vital Beat Yoga different from other yoga studio in the area?

Music is a very important part of what we do and we put as much effort into playlist creation as the classes themselves. Music can help people shift away from the pressures of the day and into a relaxed state and promotes the production of dopamine (happiness!). Vital Beat is categorically a Hip Hop Yoga studio, that is, most of our tunes are urban & mainstream in nature; hip hop, RnB, Soul, Jazz, Funk, and Reggae but we also include acoustic, mantra and instrumental as a complement. The more intense the class, the more intense the music! There is no whale song and wind chimes at Vital Beat!

What were your struggles starting up?

Everything!!! What I can tell you, is the things I’d never done before starting Vital Beat in 2016:

Never: run a business, hired staff, rented a commercial space, designed & fit out a premises (shout out to my handy husband), designed & built a website including all its copy, operated a CRM system, developed a business plan or a financial budget (yep I opened without either of these), tracked financials, marketed a business in a new community, or wrote contracts, policies & procedures, press releases, or social media strategies. All of which I now know how to do – having learned them out of necessity!

Can you tell us about your business plan?

1. Survive!
2. Develop insane financial literacy
3. Continue to build the business into a model that runs with low input**.

**I travelled around Australia for 4 months with my family when the first studio was just 12 months old and the business survived happily without my physical presence. This year we are selling our home in the Perth hills to live on a bus permanently as “nomads” and only be in Perth as much as the business requires, so the current iteration of the business plan is around the automation and self-sustaining capacity of a yoga studio. I believe it can be done! Success for me lies in the studios ability to run this way – my choices now much more reflect my dream lifestyle than a dream salary.

What style or pose of yoga do you recommend and why?

I have one pose that is the nemesis of my chronic anxiety and it’s a deeply relaxing yin pose called Reclined Deer Pose Twist. It’s a combination of a seated twist (very stabilising & balancing for the nervous system) and a forward fold (calming and down-regulating for an anxious mind). Whenever I have trouble sleeping, 5 minutes of this pose on each side helps my mind to settle (which as small business owner, can be very loud in my head with to do lists!)

The future ahead of you is dark. You are holding a ‘magic light bulb’, which has the power to illuminate any part in your future. (Means you can take a peek of your future) What part are you seeing?

I can see what we are building towards now, come to fruition. I live with my two children and husband (and dog!) off-the-grid in our 40ft coach, somewhere in Australia and I run the studios remotely, returning to Perth as needed. This also grants me the freedom to finish writing my book!

The post The Illuminate Series: ‘Vital Beat Yoga’ appeared first on Soul Finance Group.

Sarah Toquero, Everybody Jungle Body owner and instructor

Just like any other business owner, Sarah Toquero, had her fair share of ups and downs. From letting go of something she used to be passionate about, she still managed to find another craft she successfully grew. This was all possible because it was fuelled with her advocacy of supporting women in the Perth community.

For Sarah, it doesn’t matter whether she has a family to take care of plus a full-time job she absolutely loves—since there’s a burning passion of wanting to share her fitness journey in her community, she was able to pull off a side gig, being a Jungle Body instructor. This hustle is for her as much as it is for her clients/attendees.

But, how did she do it?

Why did you decide to start this business?

I started Everybody Jungle Body as a result of [being] a participant for 6 years and loving the programs. In 2013, I was working part-time and started a raw food business. I was selling my products at markets and then became a regular stall at many of the Jungle Body instructor’s classes. I really loved the community spirit and the “vibe” of class participation.

In 2014, I made the hard decision to close my raw food business as I had really fallen out of love with it.  I then decided to become a Jungle Body instructor as I wanted to really harvest the same “vibe” and support women in my local community. It was also a good incentive to keep up my fitness routine.

Everybody Jungle Body runs classes 3 times per week and on top of that I work full-time in a government role. I really love my full-time job, so I’m not giving that up anytime soon.

What do you wish you knew when you started Everybody Jungle Body?

I wish I knew the positive impact having classes in my community would have. I would have started sooner if I did.

What is unique about EJB?

What makes EJB unique is that any age or fitness level can attend. Each program is set to amazing music and with only 4 moves per track; it’s really easy to pick up. There is not lock in contract either; you just pay as you go.

How do you empower women in the community?

By allowing them to have a safe space to exercise. No judgment! Just an hour all to themselves. No household chores to think about, no work, no kids calling “mum” every two minutes J. Just music, fun and some freedom.

What frustrates you as a career woman, a business owner, and a fitness professional?

Frustrations usually lie within myself; just not enough time in the day to get everything done. But I think every business owner feels this. I have set myself a task of outsourcing in 2019. If I don’t have the time, then I need to find someone who does, otherwise it’s poorly executed.

Was there a time in your career or business when you felt like you wanted to give up? What did you do to move past it?

Giving up….ask anyone that knows me and they will probably say I’m too stubborn to give up. When I fell out of love with my raw food business, I knew it was time to move on. I have been instructing Jungle Body for over 3 years now and I’m still loving it. Each class is different, so you never get bored. We are blessed with really great support from our Jungle Body head office and I think that helps with it never becoming mundane.

What was your vision when you started? Is it different today?

My vision was to create a comfortable exercise space for women in my community, I guess that vision remains today. If anything it would also now be to create positive mental health changes in my participants. You can never under estimate the power of belonging and friendship. These values have really been exposed in my Jungle Body participants.

What makes EJB successful?

EJB is successful because I’m very real. I laugh a lot, I openly admit to making mistakes and I often forget my moves in the middle of track. We usually just laugh and carry on. I’m only human J

If you could give one fitness advice, what would it be?

Find a friend to exercise with. [It] keeps you both accountable and it’s less intimidating starting something new with a friend.

The future ahead of you is dark. You are holding a ‘magic light bulb’, which has the power to illuminate any part in your future. (Means you can take a peek of your future) What part are you seeing?

The magic light bulb would see me on the South of France with a wine in my hand and a cheeseboard…..I will get to tick it off my bucket list.

The post The Illuminate Series: ‘Everybody Jungle Body’ appeared first on Soul Finance Group.

Getting a small business loan in Perth

So you’ve got a brilliant idea, a unique selling proposition, and a marketing plan to start your own company but there’s one thing that’s stopping you—you don’t have funds. The idea of being your own boss is an exciting thought until you find ways on how to finance it. I’ve heard so many stories from people who failed to pursue their business dreams because they didn’t realise that there are a number of finance options available.

Navigating through these deals can be tricky, hence this article aims to walk you through the important things you need to know.

What types of business loans are there?

These can be split into two main types of finance: equity finance and debt finance. Equity finance is money that is sourced from within the business or from an investor and doesn’t need to be repaid. Debt finance is money that is borrowed and needs to be repaid. Here are some examples of equity and debt finance:

Equity finance

• Self-funding
• Venture capitals
• Initial public offering
• Investments from family and friends
• Private investors
• Crowdfunding
• Government grants

Debt finance

• Loans from banks
• Loans from standalone business lenders
• Invoice factoring
• Loans from family and friends

Lenders have different criteria to determine whether you are eligible for a loan. Want to know if you are? Chat with me today.

Small Business Loan Requirements

The following list includes general requirements. The lender may require additional documents along the way.

• Accountant-prepared financial statements
• Proof of individual income
• Bank statements
• Identification

Small Business Loans Available in Perth

If you are looking to finance your dream business in Perth, there are many options available. GetCapital offers a flexible business loan from $5,000 up to $500,000 with convenient top up and redraw facilities. Business must have been operating for 9 months+ and have monthly sales of $10,000+. Prospa lets you borrow $5,000 to $250,000 that can be funded in 1 business day. Must have a turnover of $6,000+ per month and provide 6 months of trading history, 3 months history for existing business purchases. Moula can loan you an amount of $5,000 to $500,000 that can be approved and funded within 24 hours and available to businesses with 6+ months operating history and $5,000+ monthly sales. There’s also Spotcap where it offers a line of credit of up to $400,000 that converts into a loan when you draw down.

Quick tips:

• Be clear on why you want to borrow. The outcome of your application is strongly influenced by how well your proposal is researched and how well it’s presented.
• Know how much the loan amount is. Keep in mind that the longer the loan term – the more total interest you’ll pay.

Ready to fund your dream business? Or do you still have some questions unanswered? Happy to clarify them for you. Drop me a message on Facebook, Instagram, or you can always send me an email.

Disclaimer:

Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post Getting a Small Business Loan in Perth appeared first on Soul Finance Group.

Erin Madeley, founder and event manager of Perth Makers Market

In honor of Women’s Month this March, we put the spotlight on some women of Perth who have paved the way for other women to thrive within the community.  In the entrepreneur world, it is challenging to break into the industry; hence community support is very important. In this entry, we are proud to put the highlight on one of Perth’s own girl boss, Erin Madeley, the founder and event manager of Perth Makers Market. It hosts women entrepreneurs in Perth by giving them a space to sell and exhibit their handmade products.

Take a look on what she has to say:

How did you get the idea or concept for this business?

I come from a background of being a stallholder at markets myself. I used to get very frustrated with how many of the markets in Perth were run at the time. It was difficult to get a stall at many markets as they consistently had the same businesses attending, or alternatively I was selling a high quality handmade item alongside imported items and couldn’t compete on price. At the time of starting Perth Makers Market, I wasn’t happy in my job at the time and was looking for something different to do. I’d had the idea for a while so [I] spoke to a friend of mine in the Eastern States who was running a market and asked how much of her time it took up to get an idea of workload, and after falling in love with the space at Heathcote Cultural Precinct, I asked them about hiring the site for an artisan market. After that the rest is history!

What was your mission at the outset?

My mission has always [been] to be able to provide a high quality platform for WA artistans to sell their goods to the public. I have always been committed to supporting students and emerging artists, so we incorporated discounts for them into our pricing. I also saw running my own business as an opportunity to give back to the community so we partner with non-profit organisations for them to fundraise and we also give free spaces to non-profit organisations so they can raise awareness for their causes and fundraise.

What is unique about Perth Makers Market?

I think for us, it is that we are definitely a community. Our stallholders are a wonderful bunch and are all very supportive of one another. What also makes us unique is our mission to give back to the wider community as well as supporting our artists and makers. We are also passionate about educating our stallholders so they have the tools they need to have their handmade business be successful. We offer low cost workshops for them to attend which gives them the opportunity to learn at an affordable rate.

How do you empower women in the community?

For many women, being a stallholder at a market is their first foray into the business world. Many of our stallholders start their business as a hobby, then look to turn it into a business when they realise the potential. For some women the reason they’re starting their handmade business is that they have realised through having children and taking a step back from the “standard” workforce that they’d rather work in an area that they’re passionate in and have more flexibility around their children. For women like this being a stallholder with Perth Makers Market helps them to grow their business and by taking advantage of the learning opportunities we provide their able to grow their businesses.

How do you make it profitable? (This is just to give budding entrepreneurs some ideas.)

The first thing I did when starting Perth Makers Market was sit down and write a business plan. I looked at all the costs and from there worked out what I would need to charge to not only cover my costs, but also to build in some contingency and to also pay myself a wage. My goal starting my own business was to be able to leave my “regular” job so I needed to be able to replace most of that income. The biggest thing to make it profitable was that in the first year every dollar the business earned went straight back into the business, to build the business, rather than paying myself a wage. At the time I was able to do this due to still having a “day” job and I know not everyone can do this, but I was able to. The other thing that is vital to making a business profitable is sticking to my business plan as much as I can in relation to what I was/was not budgeting for. Not only that, but also reviewing income and expenditures regularly to see if I was sticking to my plans, and if not, were the expenses necessary/reasonable and going from there.

How do you market it?

We have a widespread and comprehensive marketing strategy. For us we find that online advertising does seem to give us the best ROI, especially as it is easy to see and measure success. We also make sure that we have physical flyers that we can provide to our stallholders to pass out to their customers.

To what do you attribute your success?

When Perth Makers Market started there was no other strictly locally handmade only market running in Perth. There were Design Markets, Vintage Markets, Retro Markets and markets that have a bit of everything. By any market that was promoting itself as a handmade market wasn’t actually strictly handmade when you actually went and shopped. That is our point of difference. We are very strict with who we do/do not accept and should we find someone who sneaks in a product that they’ve not made themselves, we won’t have them back in the future. I think also making sure that we are bright, fun (not just online, but also when you come to a market), friendly, approachable and above all, honest has helped to make us the success we are today.

What were the struggles you encountered in building Perth Makers Market along the way and how did you overcome these?

There have been many things over the last few years that have been a struggle. In the first year it was going without sleep! My kids were 2 & 4 when I started and I worked 3 days a week. It meant that work on my business was at night once the kids were in bed, so I didn’t go to sleep before 2am any night that year. I’ve had to learn to approach things with a more “business” mindset rather than my natural disposition of just doing things out of the kindness of my heart for free, as otherwise Perth Makers Market would no longer exist. I’ve also had to grow a thicker skin and try not to take things to heart so much after being publicly defamed and also sent malicious and threatening e-mails from people who were unhappy with us enforcing our terms and conditions. The reality is that in business you cannot please everyone and trying to do so will just make you become really unhappy. For me overcoming these things has been through support from my friends and family, as well as regular appointments with my psychologist who helps me keep on top of my anxiety (which would be debilitating otherwise).

If you had one piece of advice to someone just starting out, what would it be?

Make sure you have a plan and a goal in mind when starting your business. It doesn’t have to include everything under the sun, but you should at least have some goals in mind so you know what you are working towards. And make sure that your pricing is set so that you can actually pay yourself!

The future ahead of you is dark. You are holding a ‘magic light bulb’, which has the power to illuminate any part in your future. (Means you can take a peek of your future) What part are you seeing?

I hope I’m seeing more people supporting the local handmade community, and that we have been able to help many handmade businesses turn their passions into a full time job. I hope to see Perth Makers Market partnering with local businesses and non-profit organisations to help the community as well.

Indeed, the path towards reaching your goals isn’t an easy one but resources like this- Perth Makers Market- make the journey worth it. If you’re a budding entrepreneur and you know in yourself that you can make it in the business world, we encourage you to join market events such as this. Big things come from small beginnings. You just need to have the courage to go out of your comfort zone and explore possible resources.

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