So many young people want to be their own boss. A report by Future Founders on understanding then next generation of entrepreneurs has revealed that 51% of young people (14-25) have thought about starting their own business. On top of this, every single year there are more and more women starting their own business and landing those high profile jobs. The appetite is certainly there and if you’ve thought about it there’s no harm in starting to formulate the beginnings of a plan in the back of your head. Writing a business plan in the proper template must also be essential for business starters. Many businesses were started young, and there’s no harm in kicking things off as soon as you’re able, even if you do it alongside study or another full time job. Everyone approaches it in a different way, which is why you need to read widely and try to work out what would apply best for you. These can give you something to get started.
Want Your Business To succeed? Your Health Comes First
People often dive right into planning their business, and even into setting it up. However, first it has to be the right time for you. Focus on your health first. If you start pouring money into your business when you aren’t feeling 100%, you aren’t going to get very far. You need to make sure that you’re in the right place. Eyes feeling tired? Eyeglasses have a decent collection so you could contact them for something which suits your needs. Hearing a little wobbly? Then look into the cause before putting all of your energy into a new project. Sometimes, the research phase is so fun and engrossing that you want to jump in two feet first, but it can be the wrong thing for you. Make sure you’re in the right place first before taking too much on because you’ll do more harm than good, both to your business and yourself. It always starts with your health, everything else comes afterwards.
Think About What You Enjoy
It’s really important to think about what you enjoy, where your hobbies lie and what you care about in the world. If you can formulate a business out of these then you’ll be far more likely to make it work. It’s because you care about it. You want it to work so you’ll make it happen. It’s far better than copying someone else or starting a business just because you think it’ll make money. While those models can certainly work, for the best chance of success you should think about what you enjoy and how you can use that as leverage into your business model. For example, if you love style and fashion you might be minded to create your own online magazine, but then you need to think about your niche.
Be Unique and Find Your Niche
It’s really important to find a niche. At the moment, most businesses have been done. They’re there, online somewhere. So the new businesses really have to target a niche area. So again, taking fashion as an example you’d look at a particular area. Why would someone buy your magazine over the thousands of mags already in print? Perhaps you target a particular element, or a certain accessory or advertise it for a particular age range. Finding the niche can be pretty tough but the time it takes thinking about it is well worth it because it’ll allow you to gain visibility a lot faster than if you were competing with some of the most popular businesses out there.
Start Making Those Connections
There’s a lot of networking which goes into business. If you know which field you want to get into, there’s no harm in starting the networking now. Follow the right people on Twitter and Facebook. Learn about the industry. See if you can get some time interning in the relevant businesses. Always aim for the best businesses in your niche. If you learn from the best you’ll have more to apply when the time is right. Maybe you’ll need or want a business partner, and networking with the right people might just mean you’ll find the right one. Someone with the same beliefs and passions as yourself.
Learn The Basics
Business can be pretty complex, but it’s fine if you take it one step at a time. You need to learn about profit and lost, turnover and revenue. You need to know about record keeping so that you can file your taxes on time and to a proper standard. You might need to know how to create a website, and to gain traction online. Similarly you’ll need to focus on customer relationship skills. Keeping customer’s happy is paramount to your success. Look on Twitter and you’ll see how businesses interact with their customers by constantly trying to keep them informed and happy while dealing with any issues as soon as they come up. If you learn the basics before you actually need them you’ll be far more comfortable when the time finally comes. There’s nothing worse than being forced to learn something quickly, especially when you struggle with it and it isn’t quite making sense.
Are You A Creative? You Can Start Sooner Than You Think
A lot of people get into business because they believe in the product that they can create. It might be you can draw brilliant pictures, or maybe you’re a dab hand with a bit of mettle work. You might create your own clothes or small creations for milestones throughout the year like Christmas or Valentines Day. You can set started by selling your product on Amazon or an online store like Etsy. Using these selling platforms means it’s a lot less stressful for you to get started. However, it does mean your profit margins will be eaten into a little bit by the fees. It’s a great way to get your products to market quickly, however. It means people will know about your brand sooner than if you wanted to do it from your own store.