Wishing each of you a happy holiday season! 👋👋🏿👋🏽 Today’s Generation Si! newsletter focuses on someone who decided to go out on his own at an age when many people would consider it risky. But Harry Ayala, opened Accounting Solutions⁵⁵ and steadily built a business that continues to grow.
Here’s what you’ll learn in today’s story:
🎄How Ayala started his business with limited resources
🎄The conventional and unconventional ways he finds new business
🎄A free webinar on SBA lending
🎄Meet Harry Ayala, an Enrolled Agent and founder of Accounting Solutions⁵⁵
THERE IS NO “RIGHT” OR “WRONG” AGE TO BECOME AN ENTREPRENEUR
Imagine waking up one day at the age of 48 and deciding you want to become a business owner.
“When I made that decision, I told my friends and family. They said to me, ‘You’re crazy, Harry. Don’t do it. You’re too old for that.’”
It’s not like Harry Ayala’s decision was driven by issues at work or because he was just fed up with his job.
He says, “I was working for a company as a controller earning a six-figure income…”
The time just felt right for him to try it out on his own. So he freelanced as an accountant.
THE TIP JAR (Tips provided courtesy of Harry Ayala, EA)
STARTING OUT: “Don’t give up. Keep moving forward. The worst failure of a business, of a professional endeavor, is not to try…”
How do you do it?
“Educate yourself, study and learn.”
PRACTICAL APPLICATION: “I asked many people who had a lot more experience [for advice].”
STEEPED IN SKILLS (mid-career): Ayala says the key at this stage is to invest, even if you don’t have money.
“If you have your own business and you need financing or a loan, the Small Business Administration has a program that can help you with financing. You can get… a low-interest loan.”
STARTING OVER: “The best thing you have at this stage is your experience, your connections and also your contacts. Because you know people at the bank, you have friends who work in the industry or people like, in my case, my former boss, who opened the door for me…”
BEST ADVICE FROM “LA CASA”/BEST “HOUSE” ADVICE: The advice Ayala remembers most from home is from his mom. She instilled in him to “help other people.”
She reminded him, “Tu siembras para cosechar…” TRANSLATION: “You sow to harvest.”
Ayala says there was another quote from someone famous that really struck him that he never forgot.
It came from the first Latin American inducted into the National Baseball Hall of Fame, Roberto Clemente.
Clemente said, “If you have a chance to accomplish something that will make things better for people coming behind you, and you don't do that, you are wasting your time on this earth.”
IF POSSIBLE, START WITH A HOME-BASED BUSINESS
Ayala started modestly in his home, in a 10x10 room with a little plastic table, his computer and $90 in his bank account for his fledgling business enterprise.
In case you’re wondering, he bought a printer with those $90.
FIND THE HOOK; WHAT WILL MAKE YOUR BUSINESS STAND OUT?
But there was a nagging question.
Ayala kept asking himself how he was going to differentiate himself from all the other accountants out there.
Suddenly, a mobile dog grooming vehicle passed him by on the street.
And there was his answer.
TAKE INSPIRATION FROM OTHERS
If a dog grooming could make house calls, why couldn’t he provide mobile tax services?
Ayala settled on visiting clients at their homes to do their taxes. It turns out the idea was a hit, especially with couples.
They didn’t have to go visit an office. It was easier for them to sit down with him at their home and talk taxes.
Then COVID hit.
Public health restrictions meant he wouldn’t be able to make house calls.
MAKE THE BEST OF ANY SITUATION
Sure, he was nervous about how COVID would affect his business. But he didn’t panic.
Instead, like so many other professionals, he used the lockdown to get some continuing education courses in and earned his EA (Enrolled Agent) designation (Note: This is a federally-authorized designation that allows a tax professional to represent clients in front of the IRS).
Once restrictions were lifted, he was back at it, with gloves, mask and proof of vaccination in hand.
It wasn’t easy. But he was committed to making it work.
To make it work, Ayala joined local chambers of commerce and attended networking events. He says they’ve been a key factor in his success.
When I asked him which chambers of commerce, he answered, “All of them. I do networking in Miami, Kendall, Broward, Sunrise. Wherever one pops up, I get involved.”
AN UNCONVENTIONAL APPROACH MAY WORK FOR YOU
And he’s unconventional, even in his marketing.
From using a skydiving outing as an opportunity to advertise his business to being the only professional offering his services at an open-air market type of event, he’s not afraid to try different means of getting business and brand out there.
Don’t knock it; he says he’s gotten clients that way.
USE A VARIETY OF WAYS TO PROMOTE YOUR COMPANY’S SERVICES
He also believes in investing in promotional items like coffee mugs. One of his relatives chastised him and told him, “I don’t know why you spend so much money in promotions.”
But he believes clients appreciate being told they’re important, even with small freebies like mugs.
Ayala says he advertised on one of his promotional mugs that he offers a payroll-related service.
One client saw that and added that service, earning Ayala an extra $8,000 in business.
He shares the story not only to express why he believes promotional items can be a good investment for small business owners but also because of the other lesson he learned from it.
KEEP POINT-OF-VIEW IN MIND WHEN TAKING ADVICE
Ayala explains, “When you own a business, you need to maintain your personal life and business separate. I’m referring to families. Advice from family. Keep it separate because family, sometimes, thinks only one way, in a way that only benefits them. Same goes for friends who view things in a way that’s good for them. They’re not thinking about the business.”
BE PROUD OF YOUR STEADY PROGRESS
More than four years after Ayala decided to start his business, he’s seen steady progress. This is how his client list has grown (Of course, he had the numbers ready for me; he’s an accountant).
2018: 42 tax returns
2019: 101 tax returns
2020: 197 tax returns
2021: 310 tax returns
Ayala says 90% of his business starts out mobile, meaning he visits the clients in their home.
The following year, 95% of those same clients usually choose to file their taxes with him through encrypted email because of the comfort level and trust he’s established.
Interestingly, despite counting money for a living, or maybe because of it, he says he doesn’t aspire to become a millionaire. Ayala says, “There are other things in life that are more important.”
THANK THE NAYSAYERS
He also has a message for the people who told him he was crazy to start a business when he was close to 50 years old. “Thank you for the negative support. It was motivational.”
And, through his example, he reminds other late-bloomers, it’s never too late.
INDUSTRY: Accounting
STARTED BUSINESS: April 27, 2018
HISPANIC CONNECTION: Born in Puerto Rico
Dad is Puerto Rican
Mom is Dominican
EDUCATION: Colegio Universitario Tecnológico de Bayamón – Bachelor’s degree in Accounting
DREAM JOB AS A KID: “I think I wanted to be in the military because I had family in the military.”
Ayala achieved that dream. He served as a private second class in the U.S. Army.
BIGGEST GOAL YET: “My primary goal is to keep working with the company and make it successful.”
NO NEED TO GO IT ALONE
HELP ON THE OUTSIDE...because we can all use a helping hand:
Curious About SBA Loans?
Since Harry Ayala brought up SBA loan programs as a good option to look into to start your business, I thought it was quite serendipitous that I found this online webinar.
You’ll learn how to qualify, what paperwork you’ll need to present, the different kinds of loans the SBA offers and why they might or might not be appropriate for you. Here’s the link and other info:
SCORE (Service Corps of Retired Executives) Orlando
“SBA Lending 101”
Thursday, Jan. 5, 2023
12:00 p.m. EST – 1:00 p.m. EST
Online Webinar
FREE
https://nationalec.org/event/score-sba-lending-101/
WORKING ON THE INSIDE...because we know our culture has a hard time asking for help:
Fight the Fear: Public Speaking
Does the thought of public speaking terrify you? Are there any tips for feeling more comfortable when giving a speech or just addressing a group?
This FREE online webinar will provide pointers on public speaking that will give you a confidence boost. And that’s a great way to kick off the New Year for anyone. Here are more details:
SCORE (Service Corps of Retired Executives)
“Awesome Public Speaking - Presentations that Work”
Tuesday, Jan. 17, 2023
7:00 p.m. EST – 8:30 p.m. EST
Online Webinar
FREE
https://nationalec.org/event/score-awesome-public-speaking-presentations-that-work/
INSPIRATION FOR THIS ISSUE:
There’s a saying in Spanish that, when you’re looking to buy something, you want it to be “bueno, bonito y barato.” In other words, you want it to be “good, pretty and cheap.”
Well, I propose adding “conveniente”, or convenient, to the phrase.
In today’s world, convenience is king. If you can make someone’s life easier or cut down on the hassles, assuming the product or service is good, you’ve got an edge.
I know it works for me. Anything you can do to save me time or make things easier for me makes me sit up and pay attention.
It’s one reason Amazon became a juggernaut; the convenience of ordering on your computer and having it delivered to you vs. you having to get ready and go out to search for it. It’s why restaurant or grocery store delivery is popular with a lot of people.
Harry Ayala knew he had to have a hook. Offering mobile tax services was his “in.”
He would make things more convenient for potential customers.
If you read last week’s newsletter, I featured a 23-year old entrepreneur. That’s why, this week, I wanted to share how Harry Ayala stepped out as an entrepreneur at the age of 48.
No age group has the market cornered, if they have a product or service that can make life easier or more convenient for the user. So what are you waiting for?
🎄Be sure to connect with me on Facebook, Twitter or Instagram.
🎄Wishing each of you a wonderful holiday season! #theskyisNOTthelimit 😺
You're welcome, Harry. You have an inspiring story that I'm sure will encourage others to go after their business dreams. I sincerely appreciate you sharing the details of your journey, as well as your business tips and advice. #theskyisNOTthelimit
Thank you, Giovanna Drpic and Generation Si! I'm grateful for the opportunity to tell my story on my small business and how others can do the same. I hope that I can motivate and inspire other small business owners and entrepreneurs.
I appreciate the great coverage Generation Si has done so far on people breaking into the business world, the latino way.