Millennial business owner says every entrepreneur should splurge on this one thing

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

However, with the uncertainty that business owners have faced over the past couple of years, it can be beneficial for Gen Zers to learn from professionals who managed to thrive during and after the height of the pandemic.

Jane Labowitch, aka Princess Etch, is a 30-year-old Etch a Sketch artist who uses the mechanical drawing toy to create intricate portraits and landscapes. For the past 6 years, his art has been his main source of income.

Jane Labowitch next to her art in a museum.

Princess Etch

Before the pandemic, Labowitch made part of her income by teaching face-to-face classes and workshops. But after taking advantage of 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,” Labowitch tells CNBC Make It. “I immediately lost a number of jobs, and the number of email correspondents I had about promising projects just disappeared. But if there’s one thing I did during the pandemic, it was staying consistent. Because with the magic of the Internet I was able to work with a global audience.”

According to Labowitch, here are three things aspiring business owners should remember:

Strategies with social networks

Labowitch says social media is a great tool for branding and showcasing what your business has to offer. Use platforms like TikTok, Instagram, Discord and Twitch to increase your company’s online presence.

“I consider everything that I post on the Internet to be, in some way, an advertisement for my services. I market myself with all the examples of work that I do because you never know who will see it. And you will never know if something that you did two years ago is seen by the right eyes and leads to an interesting email in your inbox.”

Labowitch started showcasing his art on Myspace in 2007, but more recently, he’s grown his presence on TikTok by live-streaming his drawing process. Her viewers were able to send her money tips on the app and have a more personal connection with her.

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

“TikTok roses are the lowest currency denomination you can give to a live stream, and the streamer gets the equivalent of half a cent per rose,” says Labowitch. “So I did the math and found 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 whole month of April. And I developed this whole new, really passionate fan base of people who just wanted support me. and my business.”

Find a good accountant you can trust

Being your own boss has its advantages, but it also has its potential disadvantages, one of the main ones being finances. When people pursue entrepreneurship, content creation, or freelancing, many don’t realize the increased financial responsibilities they will have.

From filing taxes to documenting and tracking 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’d recommend any business owner do and take down, it’s an accountant,” Labowitch says. “It’s worth every penny for the peace of mind knowing that my accountant will cross the T’s and dot the I’s better than I ever could.”

Entrepreneurship is not for the “faint of heart”

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

Despite these different time periods, the common denominator for all entrepreneurs is preparation. According to Labowitch, there are many aspects of early-stage entrepreneurship that are not for the “faint of heart,” including lack of health insurance, 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 similar positions to me and don’t have that option, or their partners don’t work for companies where domestic partnerships are enough. I know. [several people] who got married for health insurance reasons.”

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

Take a look:

10 common phrases that make you seem passive-aggressive in the workplace

These are the 10 highest-paying global cities for interns, according to a new report

3 books to help you feel more fulfilled in life and at work, according to a happiness scholar

Register now: Get more intelligence about your money and your career with our weekly newsletter

Leave a Comment

Your email address will not be published.