In this week's uncovered conversation, I'm joined by Tinu Janelle Okotore. She is a Law student, passionate about world issues with a special interest in graphic design. In her spare time, she enjoys writing journalism pieces, dancing, and spending time with family and friends.
We will be taking things back to the very beginning and exploring how getting an early start on her financial journey has greatly benefited her personal and business life. We will discuss a number of useful resources that have aided her experience with finances and that can do the same for you with yours.
Rhieme: Hi Tinu, thank you for joining us today, can you please tell us about yourself?
Tinu: Hi, my name is Tinu Janelle Okotore and I am a Law student at the University of Kent. I currently have a side business of graphic design. I’ve always loved design and art. I attended a few art schools and I used to volunteer for a charity, that’s what got me startgraphic design. I started to represent people in 2018, and started to venture outside of the charity work. I started to do graphic designs for people which included logos, flyers and cards and developed a passion for it. Today I have TinuJanelle Designs, it’s a small business and I work on it as a student, so it’s quite hard to manage. I’ve been working on it and hopefully after university I can take it further and venture into other areas of design.In terms of financial literacy, I’m very passionate about it because it’s not taught in schools, and we have to learn on our own.
Growing up my mother is someone who taught me how to use credit cards, I learnt how to do taxes with my father, they made me do it since the age of 12 so it’s made me become very financially savvy. I meet my friends, people around my age who don’t really know those things because their parents didn’t teach them, and I really want help. So, I decided to make a few videos over the summer sharing my tips and it got a lot of positive feedback. That inspired me to share my knowledge.
Rhieme: Thank you for sharing! Starting at 12 is so unique, I don’t know what I was doing when I was 12, but it wasn’t that. So that’s really good to hear.
Rhieme: Would you say starting at an early age has definitely helped you with where you’re at right now?
Tinu: Yes, it’s definitely helped me out. Every Saturday morning, I reviewed my father’s
American Express bank statements and I learnt how to do them through that. When it comes to spending, if you ask my friends they’ll say I always find a deal. There’s always a way to get something cheaper than the price at face value, so I like to bargain. I also like to find other ways to pay for things. A lot of people always see money as a burden especially when they have to spend it. But having the mindset that I’ll get more money in return when I spend it has helped me change my mindset and have a more positive outlook and healthier relationship with it.
Rhieme: With everything we’ve said what’s your general take on finances?
Tinu: Finances are very important. I believe to succeed in life, you have to be financially literate.
Everyone should have entrepreneurial mindset qualities incorporated into their everyday life. My dad always told me there’s always a way to make money. If you don’t have a job, there are alternative ways.
Rhieme: For some people, they know finances are important but the problem is managing them. For people within our age group, if we receive money from our parents regularly, there’s a tendency to spend recklessly because we know we’ll receive more soon.
Tinu: Yes, I was never given allowance when I was younger due to my parents’ preference. I always had to figure it out, it was hard with friends but I’m grateful now.
Rhieme: That’s a different approach, you were trained to be independent from a young age and that’s good. Most people may see it as punishment, but it can also be seen as instilling values early. Your parents certainly did. So now you’re older, it’s easier.
Rhieme: What are some of the everyday struggles you face or have faced regarding finances?
Tinu: Definitely impulse shopping. As much as we talk about finances and saving money, I won't lie, I like to shop and spend money on things. I used to have a really bad Amazon problem, especially during the pandemic. Impulse shopping regarding my business is also hard. If I see a font I really like or packaging, a programme or software, the costs add up. But one thing about me is I can impulse shop, then I can return the same day. I always have a wake up call. Another thing is time management. Managing your finances is not the easiest so I use a lot of financial apps and software that help me keep track.
Rhieme: What are some of them?
Tinu: I use Emma, for personal banking. On my iPad I made my own version of Microsoft Excel sheets and I use Mint. It’s really good and I have credit card apps that check my credit score, and I constantly check mine to make sure it’s going up. I also invest in stocks.
Rhieme: You’ve started investing already?
Tinu: Yes!
Rhieme: That’s really good, and having apps to track your personal finances alongside your business’ finances is great. Some people believe they only need to care about their finances if they’re running a business but you’ve proven otherwise.
Rhieme: As a business owner, what are some of the issues you face when managing your finances? Did you find them difficult to manage when you started off?
Tinu: Starting off I didn’t really keep track, because I was 16 and was just excited about making money. I used to spend, save some but not the latter. Underestimating start-up costs affected me the most from digital marketing, to software and computers. I’ll definitely say if you’re a small business owner, make sure you’re very specific about your costs. Payment methods have also been an issue, I don’t like how there are so many different methods. It’s quite confusing to keep track when clients are using different payment methods such as PayPal, bank transfers and CashApps.
Rhieme: Have you chosen to retain flexible payment methods, or do you think you’ll change?
Tinu: I think I’m going to continue to be flexible. We have apps like Klarna Pay that allow people pay through instalments. So, I have to accept and adapt. PayPal is most commonly used by my clients, but it has its fees. I’ll have to keep up with the times because I don’t want clients to have a difficult time. I personally don’t like it when shops have very rigid methods.
Rhieme: With the different payment methods now, and shops providing the option to buy now and pay later, do you see your business taking that on or not really?
Tinu: I will actually take those one for bigger projects that are very extensive. If they cost more and you don’t have the money upfront, and you want to pay in instalments, I’ll definitely take them on. I’ve looked into this method and companies will reimburse the business owner then the borrower will pay them back.
Rhieme: That’s really good. Another important factor is for some people, when they want to start a business and contact good brands, logo designers etc, the prices can be discouraging. Do you see your business creating packages to support businesses that are just starting out? Or do you see yourself creating that option solely for extensive projects?
Tinu: Right now, I’ll rather focus on the shorter-term projects because of my workload. I enjoy working with small businesses and people that are starting off. I love hearing their stories. In terms of offering packages, I have something coming up soon. I’m not going to share yet, but it will probably help small businesses.
Rhieme: That’s really good because so many of us have ideas. For some it’s either they have money but don’t how to manage it or don’t have it at all. To hear you’re already thinking about how to support small businesses is really good; especially with the pandemic, there’s more strain on finances.
Tinu: Thank you, and on a side note, sometimes people come to me and they want a new logo or business cards but haven’t invested the money in more important things like buying the domain name and registering. So I get worried, because I can make a logo for them, but if it gets taken, they can’t use that name. So I’d say people should focus on prioritising what's important and allocate the necessary resources to those first.
Rhieme: This is so important because on their part they can end up paying for the logo, but they haven’t thought about other expenses. People shouldn’t rush into it, it’s important to reflect and write down your costs. Especially if you’re new in the industry it’s important to take all of that into consideration.
Rhieme: How were you able to build capital to start?
Tinu: I started on my own, I used to have an online shop in 2017 and I sold accessories on it and made a good amount of money with that. A lot of the money I made from it was used to start-up my business. I’m also based online, so it was easier to get enough capital to start off unlike if I had a physical store. I also got a job, and it was generally easy for me, but I know it’s not the same for everyone.
Rhieme: I love how you started off using money you earned. Sometimes people get discouraged when they reach out to family or friends to invest and they refuse because they don’t understand the vision. I think more people should try starting off themselves, and have a plan B so the vision isn't abandoned because of someone’s lack of understanding.
Tinu: My parents also saw how dedicated I was to it, so they decided to buy the new technological products I needed. My hard work and effort encouraged my parents to invest. Sometimes, starting off yourself can prove to your friends and family that your business is worth the investment as they can see you’re taking it seriously.
Rhieme: That’s such a good perspective. Sometimes we wait for people to bring life to our ideas, rather than believing in what we’re executing. We also need to put in our best regardless of whether or not we have support. Knowing your ‘why’ is so important as it’ll definitely drive you–and you do! You showed why you were worth the investment.
Rhieme: What general tips would you give someone who’s starting a business especially with the world becoming more innovative?
Tinu: Financially, create a business plan. Secondly, don’t spend too much money on making things look perfect at first. There are a lot of things you can do yourself, so definitely look into that. Get loans and grants. There are a lot of government initiatives for young students who want to start businesses especially in Canada. I have a friend who did, it’s very helpful. Find investors, mentors as well, who are more financially literate than you and can advise you properly. Don’t quit your job immediately, keep your job and wait until your side business haspassed the income of your main one. Also don’t just start, have set foundations. Have a plan and stick to it. There’s a tendency to run into issues like poor customer service or struggling to manage social media without a structure. I started my page without a particular order and wish I did sometimes because I have to go back which is a bit confusing.
Rhieme: I love everything you said especially when you mentioned not starting abruptly. Sometimes there’s pressure to start when you go through social media, but it’s not necessarily about starting. It’s more so about whether you're able to sustain what you want to start. Anyone can start something, but as you said, having a plan is so important. Also, what you mentioned about getting loans and grants, some people may be too scared to. If you believe in what you’re starting and have a vision that solves a problem, you’ll definitely see results.
Rhieme: What’s something you wish someone had told you about running a business when you first started?
Tinu: Things will not always go your way. Sometimes you’re going to have to compromise with clients and come to a settlement you may not necessarily agree with.
Rhieme: Any last words?
Tinu: In terms of finances, go online, there are many good resources. Don’t wait until you’re older. If you want to buy a house, especially in America, you need to have a credit score and they need to see you have a credit history. Don’t be shy to ask questions, talk to your parents. Read financial books, they made a huge difference for me. Listen to audio books, read success stories and you’ll find out the journey isn’t as simple as it seems. Hard work pays off, you can do it, I’m still trying.
For anything graphics or design-related, please contact Tinu on Instagram, at @tinujanelledesigns!
Thank you for reading, stay tuned for next week's conversation!
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