In this episode of Wealth & Toil, hosts Dylan Pargiter-Green and Luke Laretive discuss entrepreneurship & starting a business.

Market Update

The recent market recovery post a significant crash, highlighting positive U.S. retail sales data indicating a lack of recession and decreasing inflation, suggesting a favourable environment for equities.

Entrepreneurship and Business Start-Up Advice

- Insights into starting a business, stressing the importance of market demand and having a viable product.

- The impacts of the Hayne Royal Commission on the financial advice industry, which saw a reduction in advisors but an increase in demand for financial advice, creating a prime environment for new ventures.

- The reality of starting and running a business, including the high demands, potential for reduced income initially, and the significant commitment required.

- Tips on managing costs, the importance of sales skills, and the necessity of having a clear business proposition.

Reflections on Business Management and Growth

- Non-financial benefits of running a business, such as personal satisfaction and community impact.

- The importance of resilience, realistic expectations about income, and being prepared for high levels of responsibility and stress.

Making Business Decisions:

- When to start a business, considering opportunity costs, and the importance of having a unique selling proposition.

- Potential drawbacks of entrepreneurship, such as financial risks and the intense workload.

General Advice Warning: This podcast is intended and contains general information on financial strategies, investments, and products only. Whilst Luke and Dylan are both licenced Financial Advisors, we don’t know your personal circumstances, goals or objectives. We highly recommend that you reach out to your Financial Advisor or investment professional to discuss any of the topics we have covered today before taking action.

Our full disclosure, copies of our financial services guides and additional information about Seneca Financial Solutions and Bold Wealth can be found below:

https://senecafs.com.au/

https://www.boldwealth.com.au/

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