4 Money Tips You Need to Know Before Jumping Into Entrepreneurship

Brand strategist Zakiya Larry shares essential money tips for aspiring entrepreneurs.

Originally Published Apr. 3, 2017.

Media coach and brand strategist Zakiya Larry shared effective business marketing tips. Larry, the self-described “Elevation Strategist” shared four essential tips that all 9-to-5’ers need to know before taking the leap into full-time entrepreneurship – a road that she has traveled herself. Before launching Quest Media Training – a strategic communications firm that provides interview preparedness, strategic messaging, crisis communications, and public relations – Larry served as the long-time director of media relations for T.D. Jakes Ministries.

“For many years, I ran my media coaching and strategic communications firm while maintaining my parallel career as a PR executive for an international inspiration and entertainment brand,” she told BLACK ENTERPRISE.

Based on her firsthand expertise, she said aspiring entrepreneurs must be diligent about saving and managing funds while they plan to launch a business.

“I think that it is really important to address entrepreneurial goals and mindset. There are different flavors of entrepreneurship and each one requires a different money approach. You can leap into full-time entrepreneurship or maintain what I like to call, your “parallel career.”

Larry shared four essential tips for those thinking about taking the leap.

Tip 1: Plan for up to six months.

This is beyond having six months of expenses tucked away. This is about developing habits that will keep you afloat during booming and lean times. For six months, practice saving EVERYTHING from the change in your pockets, at the bottom of your purse, and even stepping up how much you funnel into savings accounts and any retirement plans.

Tip 2: Pretend while you spend.

Teach yourself to ignore the fact that you have a consistent check coming in from your “parallel career.” Decide on an amount (usually less than you would typically spend) for, let’s say…groceries. Challenge yourself to spend only the allotted amount. If the total goes over the budget, put something back. Resist the temptation to dip into your “regular money.” Remember, it’s not there anymore. Or at least, it won’t be, soon.

Tip 3: Keep Automatic Payments Going.

Years ago, I paid off my car. The loan company automatically withdrew the car payment, monthly. I knew that full-time entrepreneurship was my ultimate goal, even if I didn’t know any of the details. So, after I settled that debt, I continued having the same amount of money automatically withdrawn on the same day each month, but this time, the automatic payment landed in my savings account and not the loan company’s account. This tip is great for those who want to maintain a parallel career but still fund their entrepreneurship dreams.

Tip 4: Create Passive Income.

While working on your core business, it is helpful to create something that many people can buy at an easily accessible rate. A quick way to supplement your income is to sell knowledge along with your product or service. You can do this through creating coaching programs or coaching materials that would not require you to interact much with the purchaser, but instead, still offers residual income to keep you supported while you spend your time on your core offering.

Written by Selena Hill