Being high profile does not excuse you from sharing the same challenges and mistakes as every other business owner, Masterchef’s Matt Moran reveals.
“Probably a lot of mistakes I’ve made over the years is where it comes to costs and budgeting, and building restaurants that are always blown out with costs,” says Matt while speaking on the My Business Podcast.
According to Matt, the financial aspects of operating a business are among the most difficult for many business owners to grasp, particularly those working in the creative industries.
“That’s something that we’re working on a lot more. We’re creatives. We see something and we go: ‘Yeah, I wanna do that, and I wanna do that, and I wanna do that’,” he said.
“It's like when I built my house – the architect said: ‘That's what it's going to cost you.’ And then as we started going: ‘Oh, you can have that if you want.’ Yeah, I'll have that. And I want that, and I want that, and I want that, and I want that. And the budget for the house ends up being twice as much.
“You just want to make it better, and better, and better. But we’re learning over the years to say no. We’ve got to stick to our budget because they always blow out.”
Hear more insights from Matt in growing his hospitality business from a single venue to an awarded group that catapulted him into the lights of prime-time television on the My Business Podcast below:
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.