Yesi and I have been in the financial services industry since we graduated from college and I just celebrated 10 years of being an advisor!😊
While we are forever learning and growing, we were reflecting back on our journeys thinking about 22 year old Tori and 21 year old Yesi and what we wish we would have known when we first started our businesses as financial advisors.
Without discounting all of the growth that was necessary to be where we're at today, we share 8 things we wish we would have known as younger entrepreneurs:
1. YOU are a business owner.
Yes you! Find and own your power in owning your business.
That confidence often comes with experience, but in the meantime, lean into it and take on your future elevated self concept as your own today.
2. Market the heck out of yourself!
You might feel unsure of putting yourself out there into the world and showing up online, in person at networking events, etc. Feel that uncertainty and show up anyway!
Get in the arena and show up, even if it might be imperfectly. Your people are waiting to meet you and work with you!
3. DON’T be afraid to charge for your services!
Well maybe be afraid...then do it anyway!
See our last blog post for inspo and tips on how to make sure you are getting paid what you need to keep your business running and build generational wealth!
4. Celebrate the moments of progress, not matter how small they might seem!
An uncomfortable balance of "success" and "failure" will surely be a part of your entrepreneurship process!
Which reminds me of author James Carse's distinction between "Finite" & "Infinite" Games.
A finite game is played for the purpose of winning, an infinite game is played for the purpose of continuing the play.
Finite games are bounded and predictable, like baseball or basketball. You see the short-term immediate implications, and you play them to WIN. Infinite games, like marriage, productivity, and health, are unbounded.
Author and speaker, Simon Sinek, wrote a book about how playing an infinite game applies to business. The Infinite Gameargues that business is not a competition but an infinite journey that doesn’t have a finish line. And because there is no finish line, there is no such thing as “winning” an infinite game. In an infinite game, the primary objective is to keep playing, with the best outcome possible being that you end your turn happy with your progress in it.
Reframe your wins and your failures to be progress in a more expansive journey.
5. Focus on what is important to your client
What are your client's problems and biggest pain points?
Really do research and put yourself in their shoes.
In your marketing, speak to their problems so they know you are their person with the solutions.
6. Listen to your gut/intuition, but not to your own thoughts that might be lies.
Differentiate what serves you and what does not. There are so many thoughts that go through our heads each day. Try to distinguish what is true to you and what might be a limiting belief that is holding you back.
7. Protect your energy.
Spend little time with people who drain your energy and more time with those who lift you up.
Focus on things that progress forward in conversations versus dwelling on the past.
8. What sets you apart from the sea of sameness/what makes you different is your strength.
Yesi and I are unlike the general population of our industry.
While we might have seen that as a hurdle early on, we now see it as a huge strength!
We are now leaning into it and speaking to clients that will find how we stand out a strength.
Financial Tips For Our Younger Entrepreneurial Selves:
1. Prepare for tax season by setting aside 20% of your revenue into a high yield savings account for tax time.
2. Don’t forget to set up your own benefits! Consider disability insurance, life insurance,health insurance, etc.
3. Review your retirement plan options that do the most for you in terms of growth and minimizing taxes.
Not sure what options you have?
Check out our blog, "5 Different Retirement Plans for Small Business Owners" or listen to our podcast on the topic!