Check out this Q & A, recently published by MCN about the upcoming Shark Tank Series
Network Ten’s compelling and entertaining series, Shark Tank, is returning soon for a brand new season.
Shark Tank features five of Australia’s most successful business people; Steve Baxter (internet pioneer), Janine Allis (Boost Juice), Andrew Banks (The Vento Group), Naomi Simson (RedBalloon) and Dr Glen Richards (Greencross Australia). All of these entrepreneurs are hunting for the next big idea to turn into a profitable venture.
We caught up with serial entrepreneur Janine Allis, founder of Boost Juice and Retail Zoo, and Executive Director at Retail Zoo, Salsa’s Fresh Mex, Cibo Espresso and Hatch.
Q: What was your first job?
A: I was 14 and it was picking strawberries at the local farm. I was paid per weight and even then I used to use it as a competition to see if I could pick the fastest and the heaviest.
Q: What was the best money advice you’ve ever received?
A: Look after the pennies and the dollars look after themselves. This helped me understand you have to watch every dollar, not just the big ones, as the little spending adds up. I always self-managed the budget and still do to this day. Watch all your expenses and work hard at keeping them at a minimum. Make sure that you are always negotiating for the best price.
Q: What’s the best investment decision you’ve ever made?
A: I am the happiest when I have sand between my toes, so a dream of ours was to buy a beach house. We looked for over a year and finally found the perfect house; the problem was, we couldn’t really afford it. We really stretched ourselves and rented it over Christmas for the first five years until we could afford not to. Now, I have sand between my toes as much as I want. The increase in value has been significant. Sometimes, it’s good to stretch yourself and be creative.
Q: What is the worst investment decision you’ve ever made?
A: Trusting friends who said,“These ‘must have’ shares will triple in six months if you buy them!”. If it sounds too good to be true, it probably is. Keep to simple business and try and avoid doing business with friends.
Q: What is your favourite thing to splurge on?
A: Business/first class travel. As a young traveller, I never could afford to fly up the front. There were many nights I slept in airports to save money, so now I like to travel well. It is probably my only luxury item I have. (That and my Tesla).
Q: If you had $10,000 where would you invest it?
A: If I only had 10K, I would be using it as a deposit on my own home as it is the only tax free investment. I have found that real estate is a solid investment if you are looking at the long term. Get into your own home as soon as you can.
Q: What do you think needs to happen to help start-ups grow in Australia?
A: Financial education. The amount of start-up businesses that do not know their numbers, or know what the numbers should look like, is frightening. They get so caught up in the creation and put the really important stuff to the side as it is not interesting. But trust me, your numbers are really the only thing that is interesting. Get to love your numbers as they will tell you many stories.
Q: Finish this sentence: Money makes…
A: Financial freedom, but it does not create happiness. That comes from you.
Shark Tank season three.
Coming soon to TEN.