Hola chicos, ¿cómo están? Welcome back to our latest episode of Empowermente. Today, I’m super excited to share some valuable lessons I’ve learned during my first year of entrepreneurship, as well as things I wish I had known when I was starting out. Buckle up because there’s a lot to unpack!
Financial Realities
First things first, when you start a business, you need to have your ABCs on speed dial: Attorney, Bank, and CPA. My mentor, Gina Morales, always emphasizes the importance of having a strong team in your corner for contracts, financial advice, and tax strategies.
For attorneys, I use a service where lawyers review my contracts, but I’m currently looking for a new lawyer in Phoenix, specifically for content creation and my other businesses. For banks, I’ve been building a relationship with my bank to access special offers and services. And for CPAs, having an accountant who understands new laws and acts as a tax strategist is crucial.
Keeping track of expenses and maintaining organized financial records with tools like QuickBooks is essential to avoid jeopardizing your business financially. Also, transitioning from a regular paycheck to the variable income of entrepreneurship can be challenging, but it’s vital to overcome a scarcity mindset and focus on the value you provide rather than just time.
Personal Development and Mindset
Entrepreneurship can feel like being naked; you’re putting your creations out there, and it’s tough. Facing personal hurdles is a big part of the journey. My good friend, Gabby Cervantes, described it perfectly: as an entrepreneur, you’re essentially exposing yourself, and it can be daunting.
Your business and personal life are intertwined, so personal bad habits will affect your business. Intentional rest and seeking advice from those who’ve walked the path before can make a big difference. Don’t be afraid to connect with others and learn from their experiences.
Business Structure and Strategy
Understanding the structure of your business is vital. Different structures like LLC, sole proprietorship, or non-profit each have their own pros and cons. For instance, I considered forming a non-profit for mental health but realized it wasn’t the right fit for me after talking to several people.
Hiring fast and hiring right can save you a lot of time and stress. You don’t need full-time employees with benefits right away; you can hire freelancers or part-timers for specific tasks. Having clear contracts and understanding the difference between freelancing and business owning will help streamline your operations.
Marketing and Outreach
For the love of all things digital, post your content on TikTok! The opportunities that arise from just posting content are immense, from brand deals to speaking engagements. Optimize your videos for SEO and leverage LinkedIn if it aligns with your goals. Don’t sleep on these platforms; they’re game-changers.
Gather feedback from your customers frequently. This was a key takeaway from my time at Microsoft. Building relationships and making your customers feel safe to share their thoughts can lead to valuable insights and improvements.
Time Management and Tools
Time management is everything, especially for someone with ADHD like me. Use AI tools to your advantage. My favorites include Fathom, an AI note-taker for meetings, and Descript for editing podcasts and videos. ChatGPT is also a fantastic tool for learning and brainstorming.
Google Calendar, Notion, and Excel are essential for staying organized. Starting with the most challenging task first can help overcome procrastination and ensure you stay productive.
Continuous Learning and Networking
Invest in courses, conferences, and connect with other creators in your niche. Keep your social feeds productive by following people who provide valuable content related to your business. Networking with like-minded individuals keeps you accountable and inspired.
Continuous learning doesn’t have to be expensive. There’s a wealth of free information available through YouTube, books, and online resources. Set aside time to educate yourself and stay ahead.
We’ve covered financial realities, personal development, business structure, marketing, time management, and continuous learning. I hope you found these insights helpful. If there’s anything you’d like me to delve deeper into, feel free to DM me on Instagram at Empowermente Taco. Thank you so much for tuning in, and if you enjoyed this episode, please rate it on your favorite podcast platform or give it a thumbs up on YouTube.
