June 14, 2021

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Financial Lessons Learned with Paris Tyler

For Financial Literacy Month – We are sharing stories and tips for gaining financial knowledge, financial lessons learned early on in your entrepreneurship journey, personal finance tips and savings goal advice.

We have Founder and CEO Paris Tyler sharing her story and tips.

Paris Tyler is an award-winning communications professional. With more than 15 years of experience in public relations and social media, she has lent her expertise to some of the country’s top consumer brands and campaigns including got milk?, McDonald’s, Honda, Kellogg’s and Intel Security securing stories in top-tier media outlets while growing communities for ConAgra Foods’ brands and establishing Honda’s Battle of the Band’s social presence.

As the founder of Vibrant Communications, Paris is committed to building an agency with a team of devoted talent that reflects the audiences of clients and the brands they partner with – bold, colorful, diverse. Creating dynamic communications solutions for clients such as beauty brands Cantu and Black Radiance As a result, she’s works with beauty brands such as Cantu and Black Radiance while raising the visibility of Black-founded companies such as Collab Capital, Plain Sight, Greentop Gifts and HUE Tech Summit.

Before launching Vibrant, Paris oversaw public relations strategy and programs across Sean “Diddy” Combs’ portfolio of brands that includes REVOLT TV, AQUAhydrate, Sean John, CIROC Vodka, DeLeón Tequila and Bad Boy Entertainment. Fostering and managing relationships with some of the country’s top fashion, food and entertainment influencers, she was able to drive consumer awareness and buzz around the CIROC Vodka Apple launch and the media launch of Combs’ #MMM mixtape with placements in top entertainment outlets such as The Fader, VIBE and Complex.

Prior to Combs, Paris honed her skills at some of the leading agencies in Chicago and New York City – both large and small including Edelman, Weber Shandwick, Zocalo Group, FCG and DKC. Responsible for brands spanning food & beverage to tech, she has developed scalable and strategic programs that have launched brands’ social presence on platforms, grew followers, increased their visibility across multiple media channels and deepened engagement with their audiences.

A Columbus, Ohio native, Paris is currently based in Atlanta, GA. While passionate about media and communications, Paris is an avid traveler and considers herself a foodie, beauty enthusiast and lover of sneakers.

What are some of the lessons you have learned early on in your business about finances? 

1. Don’t apply for the business credit card until you have a clear understanding of how you’re paying it.

2. Pricing services appropriately and not letting anyone lowball you.

What is the name of your business? What type of business is it?

Vibrant Communications is a PR/Communications agency.

What does financial stability mean to you?

Being able to comfortable with having more than enough to cover my lifestyle and run my business. Having options available to me when it comes when I am in need of money or additional capital or emergency situations.

What advice would you share about how to raise funds or capital for your business?

1. Connect with family and friends to understand if you can do a F/F round of funding or crowdfunding.

2. Grants – apply for them!

What are 2 financial tips you would like to share?

1. Use a budget in business and personal.

2. Establish business credit if you are an entrepreneur.

What is your favorite finance or wealth building podcast? Why should readers listen to them?

I listen to Bigger Pockets.. they really bring on a variety of guests from every angle when it comes to finances to help their listeners in building wealth and making more money.

What kind of impact on your business does not having access to funds and other resources?

It can impact covering expenses such as services you use to run/operate your business or even expenses such as employees or contractors.

Share your top 2 Finance or Wealth Building books and why?

You Are a Badass at Making Money: It changes your entire mindset on attracting money and being deserving of money. Rich Dad, Poor Dad: It’s a classic book on finances that really provides basic principles regarding money and finances.

What savings goals should someone have personally or in their business?

1. Business: This is tough because whatever you’re saving, you’re more than likely investing back into the business so shop around for cost-savings when it comes to softwares, subscriptions, really think about if you need it.

2. Personal: Saving 10% minimum of your paycheck.

What financial obstacles have you overcome and how did you overcome them?

Appropriately pricing out my services. I was paying myself just enough to live and then realized I had to bake in costs of expenses so clients can cover those as well. Additionally, running up a credit card when I didn’t really need it. Often, we dive in head first thinking “I need this and this,” when you can actually operate a business in the beginning with the bare necessities.

How did you find the right financial advisor or accountant?

Honestly, through my network of friends. My financial advisor is an associate of a friend while my accountant

How important is having an accountant or bookkeeper for your business?

Extremely important! My accountant is able to share so much detail and insight on the importance of what type of business I have and how I should think about expenses and operating my business.

What are your favorite apps to track your spending or business expenses?

Expensify for business expenses. Digit for spending and saving. Digit rounds up the dollar amount for every transaction and drops it into a savings account.

Who do you go to for financial advice?

My accountant and friends who I know are smart about money.

Have you encountered an experience with financial situation that has changed your views on your finances? Tell me about them.

Yes. Having at one point no clients. It helped me realize that in being self-employed that there will be ebbs and flows with business and the importance of saving money and having a pipeline of clients or projects. It helped me get clear on my client, understand how to find my ideal client and what I needed to sustain and scale both in business and maintain personally.

What’s next for you in your business/brand? What can readers look forward to from you?

We are growing. I’m hoping to hire on two more teammates (one in Atlanta and another in LA). With the world opening back up, seeking to hosting monthly networking events in Atlanta for professionals and transplants to connect.

Is there anything else you would like to share with me?

Vibrant is my second business. I am the co-founder of Posh Entertainment, an events and promotions company in Chicago, that has partnered with brands such as McDonald’s, EFFEN Vodka, MillerCoors and Hennessy.

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