On Monday, September 25, we hosted a #StartupChats on income stability and entrepreneurship! This chat was hosted by Startup Canada’s marketing officer Nadia Ladak, with special guests Helen Huang, Chief ‘Helen’ Officer and Co-Founder of Join Co.Lab and Jarrod Goldsmith, Founder of eSAX (The Entrepreneur Social Advantage Experience). In this chat, we discussed the financial uncertainty of being an early stage entrepreneur and ways to manage your finances for income stability!
This #StartupChats was presented by our partners at Mastercard.
Check out these highlights from our discussion:
- Jarrod: The ideal time to pay yourself would be at the beginning. It doesn’t have to be a lot, just a small percentage to get you into the mind frame and realize that it’s okay to start paying yourself.
- Helen: All of us have these differing needs, and that’s why when you take financial security or insecurity out of your mind and start paying yourself, even if it’s something small. This helps you to not think about your financial issues and instead focus on delivering a good experience or products for your customers because that’s what will lead to a sustainable business.
- Jarrod: Never take for granted that income will be stable. You might have a bit of a cushion and realize at that point, your industry’s income has become stable. But never take it for granted. Always look to the future. Go grab a coffee, then start again.
- Helen: You need to make strategic moves when looking at the numbers. In your emergency fund, are you investing that money somewhere specifically that is secure and still growing?
- Jarrod: The idea of processes is so important from the very beginning. If you dissociate yourself from the company, will it still run, can it still run?
- Helen: If there is one resource you should find, it’s a good accountant. Ask them questions, hear, and learn from them. That is an invaluable resource that helps set up a system and look at numbers to know how much to pay yourself.
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