This is one thing any entrepreneur should splurge on, says a millennial business owner

This is one thing any entrepreneur should splurge on, says a millennial business owner
This is one thing any entrepreneur should splurge on, says a millennial business owner

For young people, entrepreneurship is the new 9 to 5, with 60% of teens saying they want to start their own business instead of working a traditional job.

However, given the uncertainty that business owners have faced over the past two years, Gen Xers may benefit from learning from professionals who thrived during and after the height of the pandemic.

Jane Labowicz, also known as Princess Etch, is a 30-year-old sketch artist who uses mechanical drawing toys to create intricate portraits and landscapes. For the past 6 years, his art has been his main source of income.

Jane Labovitch stands next to her art in a museum.

Princess Ich

Before the pandemic, Labovitch made up a portion of her income by teaching private classes and workshops. But, after using social media in 2020, he was able to supplement that income and then some.

“When [the pandemic] The first time it happened, I was terrified,” Labovitch told CNBC’s Make It “I immediately lost several jobs, and all the email correspondents I had about promising projects disappeared. But if there was one thing I did during the pandemic, it was to maintain consistency. Because of the magic of the Internet, I have been able to work with a global audience.”

According to Labowitch, here are three things aspiring business owners should keep in mind:

Be strategic with social media

Labowitch says social media is a great tool for building a brand and promoting your business. He uses platforms like TikTok, Instagram, Discord and Twitch to grow his company’s online presence.

“I consider everything I post on the Internet to be an advertisement for my services in one way or another. I market myself with examples of every work I create because you never know who will see it. And you never know if something you created two years ago will be seen by the right set of eyes and lead to an interesting email in your inbox.”

Labowitch initially began showcasing her art on Myspace in 2007, but more recently, she’s expanded her TikTok presence by live streaming her drawing process. Her viewers were then able to send her financial tips on the app and have a more personal connection with her.

These live streams not only helped him establish an online presence of over 200,000 followers but also earned him enough money to pay off the last $13,484.58 of his student loans.

“TikTok roses are the lowest amount of currency you can donate in a live stream, and the streamer gets the equivalent of half a penny per rose,” says Labovitch. “So I did the math and found that I needed 2,696,916 roses.”

“It took me exactly 30 days and 117 hours of live streaming to raise enough money. It took over my life for the entire month of April. And I created this whole new, really passionate fan base who really wanted to support me and my business.”

Find a good, trustworthy accountant

Being your own boss has its benefits, but it also has potential pitfalls, one of which is the main meaning. When people pursue entrepreneurship, content creation, or freelancing, many don’t realize that their financial responsibilities will increase.

From filing taxes to documenting and auditing income and expenses, a trusted accountant can play a vital role in the long-term success of a business.

“If there’s one thing I would recommend to any entrepreneur to indulge and splurge on, it’s an accountant,” Labovitch says. “It’s worth every penny for the peace of mind knowing my accountant is going to cross T’s and I’s more than I’s better.”

Entrepreneurship is not for the ‘faint of heart’

The journey to a successful business is not linear. For some, it can take months, while other entrepreneurs take years to get their business off the ground.

Despite these different time frames, the common denominator for all business owners is preparation. According to Labovitch, there are many aspects of early entrepreneurship that are not for the “faint of heart,” including health insurance, lack of funding, and “instability.”

“I’m in a domestic partnership with my boyfriend because of health insurance,” she says “And I know a lot of entrepreneurs who are in the same position as me and they don’t have that option, or their partners don’t work for companies where domestic partnerships are sufficient. i know [several people] Who got married because of health insurance.”

“I also had to learn about cost of sales and not just how much I should charge in general, but being able to calculate how much I should charge to make sure this is a sustainable endeavor for me. So I didn’t dive into full-time entrepreneurship, I eased into it.”

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The article is in Bengali

Tags: entrepreneur splurge millennial business owner

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