Tiara Willis

Tiara Willis

04-11-2022

03:28

things I wish I learned earlier as a gen-Z entrepreneur:

1. finding a good accountant is essential. ask for referrals. run interviews. the more you consult with before making your final decision, the better understanding you will have of what’s normal vs. what’s not

having your legal paperwork and taxes in order is so important because pretty much everything you do ties to it. even the miles you drive COUNT. the money you earn, the money you spend—you need to file all of it. everything is important

your accountant should recommend you to file as an llc and to select as an s-corp. this will add some protection to your finances if someone sues you but will also save on taxes

2. ask for HELP. DELEGATE WORK. 2a. you only have so many hours in a day. the more time you spend on YOUR craft vs. non-essentials will contribute to your success financially but also your mental health as you feel less overwhelmed

2b. no one is good at everything. im not a great graphic designer. i can’t build websites. i get confused with contracts. but what I will do is hire people who ARE good at those things. an assistant, a designer, lawyers, etc. because I don’t have time to DIY and google

3. hire an assistant. even if it’s part time. or virtual. you will be surprised at how much relief it will bring you to have someone run your errands, answer your emails, file paperwork, etc.

4. be an entrepreneur with a 9-5 schedule. don’t believe the hype that you need to spend ALL of your time working. that’s how you burn out and breakdown which means you can’t do ANYTHING now so what’s the point you need to have work life balance. set boundaries for yourself.

tips for creating a work life balance as an entrepreneur: - create a separate work space, preferably outside of your home - have a phone/computer just for work - schedule self care in your schedule like you schedule meetings - get a hobby. work shouldn’t be your personality

and HAVE FUN!!!!!! you’re YOUNG!

5. TREAT YOURSELF. You absolutely need to save and invest your money. It’s best to do it while your young (since compound interest is on your side lol) However, you should enjoy the fruits of your labor within reason.

After a big project, take a vacation (even it’s just at home.) Or buy yourself something nice. Just get the idea out of your head that have to save EVERY single penny especially when you’re young. You have your YOUTH on your side—enjoy it! Go out! Do stupid stuff! It’s okay!

6. get a lawyer I did not go to law school. I don’t understand contract jargon. Hire someone that does. Never sign anything you don’t understand. Even if you can’t afford a lawyer on a retainer, you can hire some for small projects like contract reviews

7. sit back and smell the roses. as an entrepreneur, you’re always thinking about what’s NEXT. never appreciating what you already accomplished. this leads to being hypercritical of yourself because you’re focused on what you’re NOT doing vs. what you have done

write down a list of things you’re proud of. look at younger pictures of yourself and write to them. create a collage or scrapbook of moments you’re proud of. if you have any publications written about you, go back and re-read them

8. invest NOW. the younger you start your retirement account the better because time is on your side. there are also tax benefits of opening a retirement account. owning a business gives you additional advantage (ex: opening a SEP IRA)

to set this up, ask your accountant for the financial advisor they use.

and don’t be scared when the market dips and your account is down for a while. you’ll be okay.

9. don’t be afraid to FIRE or REPRIMAND people. sometimes things don’t work out. ESPECIALLY if you’re working with an contractor who has many other clients and isn’t actually your employee.

you don’t have to be mean about it, but you can’t let people just do whatever either especially if you’re paying for it???? like what express your disappointment. say what you WERE expecting. why you think there’s a disconnect. how you’ll be moving forward. but cut them off!

10. ask a lot of questions. especially when working with someone new don’t be afraid about being annoying. you’re LITERALLY the boss. if you don’t understand something, ask. and ask again. if you come up with questions later, ask them.

11. learn about the people you work with on a deeper, personal level vs. just a buy&exchange relationship I always ask someone to tell me about themselves. learn where they’re from, where they went to school, their family, their other clients, experience, etc.

This will give you a better idea of the type of person you’re working with but also will help build a personal relationship which you may need as a connection later on

12. keep track of all of your purchases. categorize purchases create budgets watch projections and trends compare this months spending to last month, this year to last year, etc. watch average spending & income per month you can do this via quickbooks & intuit mint app


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