632b small business Q&A (when to hire, when to use a Pty Ltd, borrow money or cash flow + more)

**Glen James** (0:00)
Today's episode is brought to you by sortyourmoneyout.com. Well, it's my website, so it's brought to you by me. Do you need a mortgage broker? No worries, jump online, and I'll be happy to personally match you with a broker who can help your unique circumstances, wherever you are in Australia. First home buyer, no worries. Upgrading the home, oh yeah. Refinancing your existing mortgage, we got you. Or buying an investment property, that's also very possible. Head to sortyourmoneyout.com, click get help, and I'll personally look at your information and introduce you to the most suitable broker for you wherever you are in Australia.
Small business, do you have a small business? Do you want a small business? Or is that none of your business? No, that's a bad joke.
All right, whatever.
We're doing a bonus episode today. I'm with Sim Kaur from Girls That Invest, and Sarah Kelsey from the OneUp Project. Or is it OneUp Project? Do I use the, because I'm confused.

**Sarah Kelsey** (1:08)
I use the when referring to what it is, but I'll remove the, if I, you know, whatever.

**Glen James** (1:16)
So we're doing a small business episode. You've heard Sarah on the podcast before, you've heard Sim on the podcast before. And before we get into it today, from adding some shine to your portfolio with gold, that's G-O-L-D, the ticker symbol, or bringing a spark with wire, W-I-R-E, Global X offers a wide range of commodity focused ETFs. They're here to give Aussie investors cost effective exposure to the most compelling opportunities in commodity markets, including green metals like copper and lithium, carbon allowances and hydrogen. To learn more, and before you start investing, please read the applicable PDS and TMD from globalxetf.com.au. Thank you to Global X, our show partner. My name is Glen James, this is my millennial money. Thank you.
And that was the sloppiest intro we've ever done. Okay, first question, we asked the Facebook group for small business questions. Jade, oh, and this is very interesting, this one.
Business loan or personal finances for startups, especially if personal money would have been offsetting a mortgage. So I'll go to Sim because you're a little bit further down the road, and maybe you can set the scene with what your business is like right at today.

**Sim Kaur** (2:40)
I think my answer to this is maybe slightly controversial or something that we, I don't know if people would like this, but my answer is neither. My answer is can you try and run your business without taking on a loan? And I know that that sounds very hard to do, and it also depends on the kind of business that you have. But the way that I was able to make Girls That Invest work is I used my nine-to-five job kind of as my loan applicant, or if I could call it that. I kind of used my nine-to-five as my first investor, and so I would try and save up as much as I could every single week from my job until I had enough money to let's say have 10,000 or 5,000.
I don't like taking on, especially in this current climate with interest rates being so high, I don't know if it's the wisest thing to be taking either, and can you make your business run in maybe a more scrappier way and sort of test it out a little bit more?

**Glen James** (3:45)
So you're currently been going for three years?

**Sim Kaur** (3:50)
Three years.

**Glen James** (3:50)
Yeah, so, and you've got a team of how many?

**Sim Kaur** (3:54)
I forget sometimes. We have a lot of contractors that work with me, around five.

**Glen James** (3:59)
Yeah, five people, good small business.
Sarah, you're kind of just getting started to this, you know, small business world. Just tell us a little about your life and your side hustling stuff.

**Sarah Kelsey** (4:15)
Yeah, so the OneUp Project for me is almost like a part-time side hustle. And then I have more of like a stable income where I do freelancing, like I'm a freelance marketer, I suppose.
And the OneUp Project from a financial point of view sort of provides for half of my life in that sense.

**Glen James** (4:39)
Yeah, so would you ever consider getting a personal loan, for example, like unsecured personal loan to invest in the side hustle or the business part of your life?

**Sarah Kelsey** (4:55)
I think for me personally, I've always had a problem with taking out debt in general. Like even having my student loan, I hate the fact that I've got 20K sitting there that I need to pay back at some point.