Guest #11: Tracey Bissett
Hear about how to create financial business plans and different types of funding options when you want to start your business or grow your business.
0:00 Intro and Bio: As President and Chief Financial Fitness Trainer, Tracey works with clients, individuals and business owners alike, to help them understand and improve their level of financial fitness with a goal of increased confidence using their financial skills, so they can be successful in their financial lives. In addition, she teaches at post-secondary institutions, leads speaking engagements and is the Executive Producer and host of the Young Money podcast all focused on increasing financial fitness awareness.
3:12 – Tracey tells her story and how she was and entrepreneur at a very early age. 5:07- Discussion on working for a corporation and how it prepared us for our entrepreneurial life. 6:16 – Tracey starts off by letting us know how important it is to be adaptable in business.
8:02- Penny explains a situation when she had to adapt. BUSINESS PLANS FOR NEW BUSINESSES
10:46 – Big discussion on business plans and Tracey lists what you should ask yourself. 13:04 – How your childhood may affect how you look at money.
TIPS ON WHAT TO DO BEFORE YOU START A BUSINESS
13:40 – Tracey gives us tons of tips and resources to use before starting a business. 17:35 – Discussion on finding support when starting and running a business. 19:12 – How important it is to understand who your customer is and their needs.
OPTIONS TO FUND YOUR BUSINESS 21:29 – Tracey explains what the banks will require for a business loan. 23:25 – What private/angel investors will expect before lending you money. 26:54 – Plus, the best way to have friends and family loan you money for your business so it won’t damage your relationship with them. 28:42 - Penny shares not to be fearful of backing away if it doesn’t feel right OTHER SUPPORT REQUIRED WHEN RUNNING A BUSINESS
30:23- Tracey lists other support you need besides financial when a business owner, solopreneur, mompreneur. 35:23 – Discussion on accountability partners and mentors.
WHAT DO YOU DO ONCE YOU MADE MONEY 41:02 – Options when you are financially successful, and you have a family business
WHAT AGE DO YOU HAVE TO BE TO START A BUSINESS?
46:45 – How younger adults have the desire to travel and belongings are not as important as experience. 49:15 – Trend for people to start their entrepreneurial life earlier due to businesses that require less capital.
TRACEY’S MESSAGE TO ENTREPRENEURS
53:21 – Tracey message has three main points.
CONNECT WITH TRACEY BISSETT
CBD – Canadian Business Development Bank of Canada - BDC supports businesses with loans, consulting services and capital for growth and transition projects. https://www.bdc.ca/en/about/pages/default.aspx