Millennial business owners say every entrepreneur should splurge on this one thing

Main menu


Millennial business owners say every entrepreneur should splurge on this one thing

featured image

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

But given the uncertainty business owners have faced over the past two years, it’s beneficial for Gen Z to learn from experts who have seen success during and after the pandemic.

Jane Labowicz, also known as Princess Etch, is a 30-year-old Etch-a-Sketch artist. For the past six years her art has been her main source of income.

Jane Labowicz standing next to her work in the museum.

princess etch

Before the pandemic, Labowicz spent a portion of her income teaching in-person classes and workshops. However, after leveraging her media social in 2020, she was able to supplement that her income.

“when [the pandemic] Labowicz told CNBC Make It: But if there’s one thing I did during the pandemic, it was to stay consistent. Because thanks to the magic of the internet, I was able to work with audiences all over the world. “

Here are three things aspiring business owners should remember, according to Labowitch.

Strategy on social media

Labowitch says social media is a great tool for building brands and showcasing what your business has to offer. She uses platforms such as TikTok, Instagram, Discord, and Twitch to grow her online presence for the company.

“I consider everything I post on the Internet to be, in some way, a kind of advertisement for my service. And you never know if something you created two years ago will get the right look and you’ll get interesting emails in your inbox.”

Labowitch began publishing art on Myspace in 2007, but has recently expanded its presence on TikTok by live-streaming the drawing process. Her viewers could then send financial tips on the app to have a more personal connection with her.

These live streams not only helped her establish an online presence of over 200,000 followers, but they also helped her earn enough money to pay off her last $13,484.58 student loan. .

“TikTok roses are the lowest denomination currency that can be donated to a live stream, with streamers receiving the equivalent of half a penny per rose,” Labowicz said. “So I did the math and found I needed 2,696,916 roses.”

“It took me just 30 days and 117 hours of live streaming to raise enough money. I’ve built a whole new, really passionate fan base of people, and my job.”

Find a good accountant you can trust

Being your own boss has its benefits, but it also has potential pitfalls. The main one is financial. When pursuing entrepreneurship, content creation, or freelancing, many people are unaware of the increased financial responsibility they carry.

From filing taxes to recording and monitoring income and expenses, a trusted accountant plays a vital role in the long-term success of your business.

“If there’s one thing I’d recommend an entrepreneur to splurge on, it’s an accountant,” Labowicz says. “Each cent is worth the peace of mind of knowing my accountant will cross the T and score the I better than ever.”

Entrepreneurship is not for the ‘faint of heart’

The road to business success is not linear. Some take months, while some entrepreneurs take years to get their business off the ground.

Despite these different timeframes, the one thing all business owners have in common is preparation. According to Labowicz, early entrepreneurship has many facets that aren’t for the “faint of heart,” including lack of health insurance, lack of funds, and “precariousness.”

“I live with my boyfriend because of health insurance,” she says. “And I know so many entrepreneurs who are in a similar position to me who either don’t have that option or their partner doesn’t work for a company with enough domestic partnerships. [several people] People who got married for health insurance reasons. “

“I also had to learn about cost of goods sold, so that I could calculate not just how much I would charge in general, but how much I would charge to make sure this was a sustainable effort for me. I needed a full-time entrepreneurship, and I was comfortable with it.”

check out:

10 common phrases that sound passive-aggressive at work

These are the top 10 highest-paid cities for interns in the world, according to a new report

Happiness scholars say 3 books that can help you feel more fulfilled in life and work

Sign up now: Get smart about money and your career with our weekly newsletter