4 financial tips you need to know before you start entrepreneurship

Media trainer and brand strategist Zakiya Larry shared his effective business marketing tips. Larry, a self-proclaimed “facade strategist,” shared 4 essential tips that each one 9-to-5 staff need to know before committing to a full-time job – a path she has walked herself. Prior to founding Quest Media Training – a strategic communications firm that gives interview preparation, strategic messaging, crisis communications and public relations – Larry was the long-time director of media relations at TD Jakes Ministries.

“I ran a media coaching and strategic communications business for many years while continuing my career as a PR director for an international inspirational and entertainment brand,” she said BLACK ENTERPRISES.

Based on her first-hand knowledge, she said that aspiring entrepreneurs need to save and manage funds diligently when planning to start a business.

“I think it’s really important to address your entrepreneurial goals and mindset. There are different types of entrepreneurship, and each requires a different approach to finances. You can go into entrepreneurship full-time or pursue what I call a “parallel career.”

Larry shared 4 essential tips for those considering taking this step.

Tip 1: Plan for up to six months.

This goes beyond hiding six months of expenses. It’s about developing habits that may keep you afloat in good times and lean times. For six months, practice saving EVERYTHING, from the change in your pockets, at the underside of your purse, and even increase the amount of cash you put into savings accounts and retirement plans.

Tip 2: Fake it while you spend.

Learn to ignore the proven fact that you are receiving a set salary in a “parallel career”. Decide on an amount (often lower than you normally spend) on, say, groceries. Challenge yourself to spend only the allocated amount. If the whole exceeds your budget, put something back. Resist the temptation to dip into “plain money.” Remember, he’s gone. At least it won’t occur soon.

Tip 3: Continue automatic payments.

I paid off my automotive a few years ago. The automotive loan company robotically rolled back the automotive payment every month. I knew my ultimate goal was full-time entrepreneurship, even when I didn’t know any of the main points. So, after settling this debt, I still received the identical amount robotically paid on the identical day every month, but this time the automated payment landed in my savings account moderately than the loan originator account. This tip is great for many who want to pursue a parallel profession but still fund their entrepreneurial dreams.

Tip 4: Create passive income.

When working in your core business, it’s price creating something that many individuals can purchase at an easily accessible price. A fast way to complement your income is to sell your knowledge along together with your services or products. You can do that by creating coaching programs or coaching materials that do not require much interaction with the customer, but as a substitute offer residual income to support you while you spend time in your core offering.