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

Entrepreneurship for youth is new 9 to 5, 60% of young people say they would like to start their own business instead of working in a traditional job.

However, due to the uncertainty business owners have faced over the past two years, it may be helpful for millennials to learn from the professionals who have succeeded during and after the height of the pandemic.

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

Jane Labowitch stands next to her art in a museum.

Princess Etch

Before the pandemic, Labowitch made some of her income by teaching in-person classes and workshops. However, after using social media in 2020, he was able to supplement that income and then some.

“When [the pandemic] “It happened first, I was so scared,” Labowitch told CNBC Make It. “I lost a few jobs at once and the number of email reporters I had about promising projects suddenly disappeared. But if there was one thing I did during the pandemic, it was to stay consistent. Because of the magic of the internet, I was able to work with a global audience.”

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

Build a strategy with social media

Labowitch says social media is a great tool to build a brand and showcase what your business has to offer. He uses platforms like TikTok, Instagram, Discord, and Twitch to increase his company’s online presence.

“I see everything I post on the internet as a form of advertisement for my services. I market myself with every example of work I create because you never know who will see it. You never know if something you did two years ago was seen by the right eyes and led to an interesting email in your inbox. I won’t know.”

Labowitch first started showcasing her art on Myspace in 2007, but has recently strengthened its TikTok presence by broadcasting live streams of the drawing process. His viewers were then able to post their monetary tips on the app and form a more personal connection with him.

These livestreams not only helped him build an online presence with over 200,000 followers, but also helped him earn enough to pay off the last $13,484.58 in student loans.

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

“I went live for exactly 30 days 117 hours to raise enough money. It took over my life throughout April. And I developed this brand new, truly passionate fan base of people who really wanted to support me and my job.”

Find a good, reliable accountant

Being your own boss has its advantages, but it also has potential pitfalls, the most important of which is finance. When people pursue entrepreneurship, content creation, or freelancing, many don’t realize the increase in 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 would recommend any entrepreneur to indulge in and splurge on, it’s an accountant,” Labowitch says. “It’s worth every penny for the peace of mind knowing that my accountant will pass T’s and mark I’s better than I can.”

Entrepreneurship is not for the ‘weak of heart’

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

Despite these variable timeframes, the common denominator for all business owners is preparation. According to Labowitch, there are many aspects of early entrepreneurship that are not “for the faint of heart”, including a lack of health insurance, financing, and “instability.”

“I’m in a domestic partnership with my boyfriend because of his health insurance,” she says. “And I know a lot of entrepreneurs who are in similar positions to me and don’t have this option, or their partners don’t work in companies where local partnerships are sufficient. I know. [several people] Those who marry for health insurance reasons.

“I also needed to learn about the cost of sales and be able to calculate not only how much I should charge overall, but how much I would have to charge to make sure this was a sustainable endeavor for my full-time entrepreneurship, which I facilitated.”

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