Get out of the state of shock as fast as possible
Millions of people found themselves out of work and unable to pay their bills and you may have been one of them. When the whole world shutdown, I got scared, every client of mine was concerned and worried. You may also know of a business that had to shut down their doors. Remember that with every closed business a number of people lost their job and an ability to put food on the table in a blink of an eye. It may have been you, your neighbor, someone close to you or just someone you know of. Right now people talk about pivoting but, first of all, some businesses simply cannot pivot and, second of all, it takes time to get out of the state of shock and evaluate options.
Thankfully, the Federal government interfered fairly quickly and got those who lost their jobs a substantial unemployment assistance with relaxed job search requirements and an extended collection period, which is ending soon. I know of quite a few friends who received that money assistance and it really was life-changing for many of them.
The Accidental Entrepreneurship Makes its First Appearance
What I was surprised to see was how many of acquaintances and friends, after the initial shock, saw the pandemic as an opportunity, a not-so-gentle nudge to pursue their dream and try things out on their own. Maybe you know one of them personally or maybe it’s you! If so, congratulations – there really isn’t anything better than building your own dream.
I do want to warn you – be sure to cover the basics and really become a business owner.
What’s the big deal: I just start providing a product or a service, right?
Well, there are so many aspects of being your own boss you need to know but I will share some of the most important ones to start with.
1 – Separate business and personal cash coming in and going out. How do you do that? Well, if you are operating under your own name, open a second bank account for yourself and only run business items through it. If you need to use a credit card, designate 1 card to be business-only. Doing both of these will save you a lot of headaches during tax time and in case of an audit.
2- Don’t wait to file your taxes every year. I cannot tell you how many people don’t consider this as a requirement since they’re “not really making money yet.” Don’t fall into this trap: the government wants its filing regardless of how much you make or even lose. In fact, losses can serve you next year.
~Novel Serialisation: Heavens Fire~
3- Treat it as a business. Don’t think that it’s just a side hustle and is temporary. Treat it with respect and commitment: develop your offering, price it so you make a solid profit and find your ideal clients. When I started building my own practice, I charged so little for my services, I didn’t really know my value. And accountants are notorious for that, just like many other professionals including creatives. Learn from the mistakes of others – there is not enough time to make them all yourself.
Doing at least these few basic things will allow you to not only supplement your income but actually grow something and make money doing what you enjoy. Good luck!
By Tatiana Tsoir
About the author
As an author, podcaster, and business owner, Tatiana Tsoir, CPA and founder of Linza Advisors is much more than an accountant. She’s a numbers expert with over 15 years of experience helping entrepreneurs and business owners become the boss of their bottom line. Tatiana is now committed to sharing her expertise with a broader audience to empower those overwhelmed and confused with running a business so they can make money doing what they love.
