Each week the NZ Herald and Newstalk ZB's Cooking the Books podcast tackles a different money problem. Today, it's how to give your business the best chance of turning a profit. Hosted by Frances Cook.
People go into business to make money – that's why it's a business idea, and not a charity.
Some people become very wealthy because of their entrepreneurial efforts, earning far more than they would have if they'd stayed in a salaried role.
But it's a risky strategy, as getting profitable is really hard work, especially in those early years.
You don't have control over everything, and sometimes what seems like a great idea ends up tanking, for reasons you can't quite work out.
But you can tip the odds of success in your favour, and avoid becoming a cautionary tale if you design your business carefully from the beginning.
For the latest Cooking the Books podcast I talked to Jo-Anne Randall from Baker Tilly Staples Rodway.
We discussed what you need to know before starting up the business, how to plan for profits, and when it might be time to change strategy.
For the episode, watch the video podcast.