Interested in starting your own entrepreneurial journey in business services but unsure what to expect? Then read up on our interview with Katherine Studley, Founder of The Only Consultant and Prisma Tax Group, located in Buffalo, NY, USA.
What's your business, and who are your customers?
The Only Consultant and Prisma Tax Group is an innovative and 100% remote tax firm focusing on the "spicy" industry (OnlyFans, Exotic Dancers, Sugar Babies, etc.) We have an alternative approach from traditional tax firms in that we focus on people and offer multi-faceted solutions for the unique businesses we serve. All business development efforts are on social media via Instagram and Tiktok.
Tell us about yourself
I'm a tax accountant and content creator. Born and raised in Buffalo, NY. I obtained a degree in accounting and worked in several CPA firms, but it just didn't feel right for me. I decided to hit the reset button on my career and moved to Washington, D.C., to work as a business manager at a government contracting firm. But when the pandemic hit, I understood new business opportunities were emerging, so I started social media marketing for local businesses. It was in mid-2020 I came across OnlyFans. I immediately knew creators would be earning income on 1099s instead of W-2s and would need judgement-free tax help. Fast forward 3 years, and I now have two companies, The Only Consultant, which operates as my brand, and Prisma Tax Group, a team of CPAs, tax experts, and client success specialists.
I'm motivated because I know we're empowering our clients by tailoring the tax process to their industry. Filing taxes sets the foundation for so many aspects of life, like investing, obtaining credit and mortgages, starting other businesses, etc. - if you want to maximize the quality of your life, it starts with being tax compliant. I remember how frustrated I was trying to master tax law during college, and I firmly believe this information should be accessible and digestible to anyone. We should be empowering and educating one another, not gatekeeping critical information.
What's your biggest accomplishment as a business owner?
My biggest accomplishment as a business owner has been watching my business expand in all directions. It's been so encouraging to build a powerhouse team of professionals who are on board with the mission, and it's been so rewarding to watch our client list grow and help more and more people file their taxes without feeling confused and overwhelmed. I had the idea for The Only Consultant while I was scrambling eggs one morning before my government job, and to see where we are now, only three years later, it's incredible.
What's one of the hardest things that comes with being a business owner?
Owning and operating a business isn't always rainbows, that's for sure. Before I had a team, it was an extremely lonely and isolating experience, and before OnlyFans was mainstream, I received a lot of judgement because I was building a business focused on sex workers. I also did not pay myself for the first 18 months and had to work as a barista to survive.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
If you're looking to start a business, I would say you need to fully commit 100%. Entrepreneurship isn't something you can simply dip your toe into; you're either in or out; it's that simple. If you want to start a business, you can't be afraid of failure, and you need to understand sacrifices will need to be made. You need to be okay with not having a lot of money or a thriving social life for a while in order to make your vision a reality. And honestly? It's 100% worth it - take the jump.
Where can people find you and your business?
Website: https://www.theonlyconsultant.com/
Instagram: https://www.instagram.com/the_only_consultant/
Twitter: https://twitter.com/TheOnlyConsult
LinkedIn: https://www.linkedin.com/in/katherine-studley/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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