Avoid These 3 Pitfalls Before Entrepreneurship Says This Stylist
Over the next few weeks, you’ll hear stories from the Miocoa Strategies’ network on what we wish we knew about business or marketing. This is to help give insight into entrepreneurship and the impact of marketing/branding. We hope you enjoy!
Story Provided by Christen Johnson (Pictured)
My name is Christen Johnson, a personal stylist with my business Sophisticated Chic Brand, and full time entrepreneur.
By the time this blog goes live, I’ll have been a full time entrepreneur for 4 months. This is a huge moment for me as the year ends because I get the chance to reflect before 2019.
There is a lot that I wish I knew prior to starting my journey. I do understand that the journey is a learning experience, but I am interested in knowing where’d I’d be if I had done things a little differently.
Within a year of turning my business into a legal entity and quitting my part-time job to pursue my dreams full-time, three things come to my mind. Now, don’t get me wrong—everything happens the way it’s supposed to, but I have no doubt that if I knew these things, I would be in a different place right now.
Financial literacy is something that should honestly be taught in grade school and throughout college. It wasn’t until I became an entrepreneur when I started to learn about saving and the 50-30-20 savings rule. The 50-30-20 rule means spending 50% of your income on needs, 30% on wants and 20% on savings.
But then there’s the discipline of actually saving.
Understanding how much of my check to put towards my savings, bills and wants would have made a big difference in my life in prioritizing, sacrificing and preparing for entrepreneurship.
“Yes” to Help
If I wasn’t so stubborn and overwhelmed by decision overload, I would’ve invested in a business coach. Coaching has become a popular phenomenon but more importantly, a risky investment. At this point, I’m unable to afford a coach and that’s someone I wish I had in my corner to teach me things I don’t know.
Now that I am clearer on my vision and impact, I know how important it is to invest in myself and my business. I may not be able to afford a business coach at the moment, but having a mentor and multiple accountability partners will do the trick until I am capable of investing in a coach.
Do I need to explain this? Student loans are such a burden after graduating college. I was paying $800+ per month for going to an out of state university. At the time, I was just ready to get away from home. My sister attended and graduated from an out-of-state college, so I was determined to do the same thing.
I never realized that she also struggled with student loans and has been since she graduated college in 2008. My parents did what they could to get both my sister and I through college, but student loans still plagued us. This brings me back to the importance of financial literacy.
Within the past year, I’ve learned so much about myself and everything that my business and I are capable of accomplishing. It’s a little nerve racking to think about all of the things I wish I knew prior to now but I have faith I’ll accomplish every single goal that I’ve set for myself.
STAY TUNED to our series “What I Wish I Knew Before” where our network comes together to give real stories and insight into marketing and entrepreneurship. Interested in participating? Send your submission to firstname.lastname@example.org.