[00:00:00] Fiona Johnston
We've made a lot of progress as a society in many of the areas that we needed to in the last few hundred years. But one thing that has not changed enough is money. If we want to be able to tip the scales towards the favor of marginalized people, we need to understand the secrets to making money in small business.
The more we talk about money and the secret that usually stay at the golf club, the more likely we are to be able to make money. My mission is to get more money into the hands of good people, specifically good business people like you. This is Money Secrets. The place to learn about the money secrets of successful small business owners.
Because I believe small business can change the world. And in order to do that, we need to be making a lot of money. Let's go.
[00:00:51]
This podcast episode was recorded on the lands of the Wurundjeri people of the Kulin nation. And I'd like to acknowledge them as the traditional owners and custodians of this land and water that I live, work and play on. I'd like to pay respects to elders, both past and present and notes that sovereignty has never been ceded.
This always was. And always will be Aboriginal and Torres Strait Islander land.
[00:01:18]
Hi there, it's Fi Johnston here from Money Secrets, the podcast. Now, a little while ago, I did something that I've never done before. I created a documentary. I invited eight of my clients to a gorgeous Airbnb in Seddon, Melbourne, and I asked them some really spicy questions about money.
We turned that into a mini documentary called Lifting the Curtain. I had so much feedback about that documentary from small business owners, especially female small business owners. I thought that this would be the perfect place to kick off the Money Secrets podcast. In today's episode, you are going to meet Nataleigh Elzein.
[00:01:57] Nataleigh
Hi! My name is Nataleigh and I'm a video strategist and producer for Pinch Studios, which is very, very exciting because basically I get to produce stories and tell people's stories and create movements from those stories, which is everything I love and more.
[00:02:15] Fi
Nataleigh specifically works with people who are trying to really disrupt their industries. She has such incredible experience as an actor in working in production and video, and I think you'll hear her infectious, curious nature come through. And I really hope you enjoy this episode with Natalie Elzheim. I'm thrilled you're here.
[00:02:41] Fi
Have you felt judged, silly, or ashamed about money?
[00:03:00] Nat
Hmm, yes, I have. Maybe ashamed, probably, is the one. Judged not so much because my family actually don't know how much I make. And I think the ashamed part is more so because we don't talk about it. So in terms of, you know, my cousins will be like, Oh, Nataleigh has some business and, you know, she does this and she lives in Sydney, blah, blah, blah, blah.
But, you know, they, they, like, it's not like I'm gonna like, oh, we had the biggest year ever. Like, I would never go, oh my god, I made 200k this year. That's, you know, crazy, blah, blah. Yeah, which is weird. I think it should be not a taboo thing. I think we all should be celebrating the effort we put in because we work.
You know, we work for it. There's also all the projects that made that happen. So we should be celebrating that, and like, that's what's bringing the abundance in. Yeah, it's really weird. I remember asking my cousin, because I, I told you before, we were all around a table and I'm so open with not talking about money with people.
Like, especially friends. But I asked my cousin, Oh, well how much was your wedding? And she was like, as if you asked me that. And I'm like, what do you mean? I'm like, so sorry, but I just don't have that, you know, mindset around money. You don't have to tell me if you're not comfortable, obviously. And then she told me, and then we had a really good open conversation. I think there needs to be more of that with women, especially.
[00:04:17] Fi
What has helped you to take action in your business?
[00:04:20] Nat
Well, the person sitting in front of me basically has helped me take action in my business because we wouldn't have Pinch Studios literally without fee. So, yeah. Like, massive action was taken, I guess, this year, and it was such an off the cuff thing, it was just, we had our second session, and you said, well, what do you like outside of your business, and I said, I like to take action and, you know, tell stories, but also, like, the social impact stuff.
And why not? Why was I not doing that already with my then marketing agency? So, Web Pinch Studio is because of that session, which is actually crazy.
[00:04:59] Fi
How much money did your business make and how much did you pay yourself last year?
[00:05:03] Nat
So, I'm glad we did this this year, uh, because, um, the revenue I made in my business this year was, uh, 180, 000. And how much did I pay myself? Well, I did pay. For a mortgage repayments, I paid for all my bills and I also paid for rent in Sydney, which is actually crazy. In terms of an actual financial number, I'm still trying to figure out how much I get paid, but all I know is the expenses are paid and I still have enough to do what I want to do.
Go out on a date, go, you know, do the life things with my partner and actually kind of live life whilst being in business, which is Which is awesome, but my goal for next year is to actually have a figure that I pay myself and treat myself like an employee. Because I think I deserve it.
[00:05:53] Fi
How does it feel to be unclear about how much you're paying yourself?
[00:05:57] Nat
I don't like the fact that I don't know the figure. But working with you and knowing my numbers and actually having that financial literacy, now I can actually forecast and go well. I could be making 5k, 6k just for myself, which would be very beneficial a month. So I think, especially when I turned into a company, having to pay a salary and being an employee under the company, even though you're a director and everything else, I think it's more of a mindset thing, I think probably for small business.
Everyone's like, well, you should put all your profits and everything into your business to grow. But at the same time, if you're not living life and if you're not able to do that, then your business is going to suffer anyway because your mental health and everything else that comes with it.
[00:06:39] Fi
Are you comfortable with money?
[00:06:43] Nat
I am. Well, actually, I was going to say I'm very comfortable with money. Yet the reaction that I just got, which was a flush. says otherwise, which is very interesting because I'm comfortable about talking about it. But I think I still have those some money mindset issues where, and it's not even to do with cash.
Like for instance, there's a little story that I'll tell my boyfriend and I made a gingerbread house. Very weird. And basically he ate the two gingerbread men. Because he thought I didn't want mine, which I don't know what made him have that thought. And yet I got so angry, which was very uncharacteristic of me, and it was because I was like Oh, I'm not able to get it again, but I could just buy another gingerbread house if I really wanted or another gingerbread cookie.
Or I'm like, no, it's the principal. But I think it's still from a lack of, or not that abundance, which I'm still working on every single day. And I have gotten better, but in terms of comfortable with talking about money and even with my parents now, which was never a thing. Um, yes, but still a work in progress.
[00:07:36] Fi
What is the best advice that you have been given about money?
[00:07:41] Nat
I love this question. Okay. So the best advice I've been given about money is that it's good to make money, but also if you're making a profit or if you're paying taxes, because I was a big person, like I'm paying like 45 percent in tax. Like why can't I have that?
But if I'm paying tax, I'm making a profit, which is just a different way of looking at you are actually being quite successful in your business because you are making a profit and profit means you can make. a greater good of something and making more impact. And if you're not profitable, then that's just not a good thing at all.
You need Fi.
[00:08:20] Fi
Are you a successful business owner?
[00:08:24] Nat
If you would ask me a few months ago, I would have said, no, it was a rough year, not necessarily about money, but with what happened in the team, which, you know, about, and I think it shows some holes in my business that it wasn't as healthy as it seemed to be.
I mean, we looked so successful. We had 19 members doing this and that and the other, but now I feel like a successful business owner because I've gone through the trenches. I've come out of that hole and I've put so much effort and everything to build it back up and like. This year was all about those foundations and those decisions and being super intentional with where I put my money to make a better business.
So yeah, I feel like I've succeeded that.
[00:09:04] Fi
What has been your biggest money mistake?
[00:09:08] Nat
Where do I start?
Probably being too emotional about it. In terms of And I'm a very emotive person. And when someone comes to me as a client and they're like, they're struggling, I would discount them heavily to help them out. But that's not helping them because what I learned was one, if I'm pouring from an empty car, I'm not helping anyone.
And I need to ensure that all my, you know, offers actually are padded and have. Um, and I think it's really important for people to know that, um, I have a lot of profit coming in so that I can help more people. There's also giving them the, I think you said it in Get Financially Fit. It was like, if you're giving someone a proposal, it's actually their chance to either turn it down or accept it. And actually you may be giving them an opportunity to go, I'm at this level that I can accept this. And that's totally fine. So cool. So yeah, I mean, I went on tangent there, but that's what I thought of that.
[00:10:02] Fi
What is the biggest lie that you were told about money?
[00:10:06] Nat
Um, I guess it was like, you have to be working really hard in a job.
You don't like to make it. Like, my parents are both, well, mum actually works in a career that she actually loves, which is childcare. My dad would come home saying, works, work, been there for 20 years, thought he had to just keep doing it, still there, isn't going to retire even though he can, because he thinks, well, you have to stay there until you're 65 and then go.
And I'm like, just do what you love, you're like at a point in your life where you're so independent, you got the cash, just do what you want. I think that was the biggest lie, like I got told I have to get a real job. back in the day. Yeah, it's, it's hard work, but making money doesn't have to be hard. It doesn't just come on a platter, but if you put in the work and like get your systems together and everything else, it can actually come with ease.
Which it should, and you can love what you do.
[00:10:53] Fi
How much money did you expect to make in the first three years, and how much did you make?
[00:10:59] Nat
Oh, well, we are three, nearly four. I actually, going to be honest with you, didn't expect anything. As in, I didn't have a figure in my head. I was just doing it, so I remember my first year, which actually, yeah, I made 59 and I only started having clients like in the October.
I made 59K. And then the second year it was around 108 or something and then now like, yeah, 180. But yeah, next three years was the big audacious goal, which was I remember going up to you and going, I want to make a million dollars in the next three years and you're like, let's do it. So yeah, excited about that.
I reckon we can do it still.
[00:11:34] Fi
What does it feel like? To ask for money from a client.
[00:11:37] Nat
It actually doesn't feel any type of way. I am way more confident now giving someone a proposal and going, if you'd like me, then you're going to sign it. If you don't, then I'm not the right person for you or you're not the right person for me. I don't now see it as a value thing. Like, you know, if someone's like you're too expensive, I'm like, well, you clearly don't see the value, which could be also an education piece for me. And I can do better cause you know, responsibility, but at the same time, I. I feel completely confident giving that proposal over, so.
But that was a good learning curve as well. I remember there was this one time, I think I told you about it, and it was like a 12K proposal, and it was like the biggest website we've ever done. And I was so scared to hit that send button. And then I was sitting with my cousins getting our nails done.
Actually, it was the first time I ever got my nails done. And I remember one of my team members said, They signed it! And I was like, GASP And, um, the actual nail lady thought she hurt me because I gasped. My cousins looked and they're like, what happened? And I'm just like, I just signed like my biggest client, like my biggest project ever.
And since then I'm like, you have to give them the opportunity to turn down or not. So now I'm just, yeah, very confident.
[00:12:48] Fi
How do you manage your money and how much money is in your bank account right now?
[00:12:53] Nat
Okay, so, I do use the Profit First system, which I've only started using in the last few months. I think I started using it in April and then I got off the bandwagon because, you know, shit basically hit the fan. But now that I have come up for air and resurrected myself, um, I still use the Profit First system. I mean, the fact that Bass Payment came and It's like 6, 500. I paid that straight away. When you asked me last bath, like we did not have it and I had to like just find money wherever I could. So yeah, I feel like I have the tools now to get myself out of trouble, but also to foresee that I'm not going to make those same mistakes that I did.
And the only reason we were in that, That was the legacy mistakes that happened pre you, that I was now getting bit up the arse pretty much for.
[00:13:36] Fi
I love how she talks about the power of letting your client decide for themselves. This is such an awesome concept. So many of us are making decisions. for our potential clients without even asking them. What I mean is that, because so much of the messaging that we receive is that we need to keep our prices low or affordable, which I disagree with, and that is for another episode. But because we are consistently given this kind of messaging where socializing to believe that we should be affordable or accessible for our clients.
Often what we're doing when we're putting together a proposal is we are trying to give them the affordable version of what we do, rather than giving them the opportunity to choose the best that we have to offer. So when we. Stop spending from our clients wallets or when we stop making decisions for our clients on their behalf.
What we can do instead is to put our best foot forward. So the next time you are putting together a proposal and that thought comes into your mind that it needs to be affordable or accessible, it might be worth stopping. And considering, am I giving my client the opportunity to invest in the best that I have to offer?
When we present a concept or an option or an offer or a package to a client, that is more than their wildest dreams even imagine was possible, it can actually be so exciting for them to realize that they are at a place in their business. That not only can they afford that, but they're really excited about being at a place where they can invest in whatever it is that we have to offer them. And that can be a real milestone in their business. So it can be really exciting for your client, whether they're buying a wedding dress, getting their car serviced, or investing in a new website. There can be something so rewarding for your client in being able to invest. In the best that you have to offer.
So don't take that away from them. Make sure that you are always presenting your best option so that they can decide for themselves whether that's what they're looking for. And thank you to Nataleigh for bringing this awesome concept forward.
[00:16:05] Nat
Thank you so much for listening right up to the end. I hope you enjoyed this episode of Money Secrets, where we talk about the money secrets of successful small business owners.
If you enjoyed the episode, I'd love it if you subscribe to the podcast, could leave us a review or share this episode with one of your friends. I hope you learned something. I hope you got a new perspective and I really hope you enjoyed the listening experience.
