A high number of young people have a business idea that they would love to pursue. With the current unemployment levels we have here in the UK, business provides a great opportunity to excel and prosper in an economy that isn’t what it used to be.
Starting a business isn’t a magic bullet solution that will solve all of your problems. However, there has never been a better time to start a business because the support structures, tools and technology we have available is unlike anything that has existed in the past.
Young ambitious individuals should definitely take advantage of the opportunities the digital world provides to us.
Here is our 10 step start-up guide for young entrepreneurs:
I. Learn From Other People’s Mistakes
Do your research and see what other people have done online, find out what mistakes other people have made so you can learn from them without having to make those mistakes yourself. You can attend startup events, read books, do online research. Every successful person has made plenty of mistakes and you’ll find that most people are quite open to talk about their previous failings.
2. Know Your Target Customer
Knowing who you want to target in your business is absolutely crucial to getting the right message across. If you try and target everyone, nobody will respond to your messaging because it’ll be too generic. Talk to people in your target demographic and find out everything you need to know about them. Find out what they like, why they like it and their reasoning behind purchasing decisions. Gaining a tight understanding of the business sector you’re targeting will put you in the best position for having a successful launch.
3. Know Your Competition
Performing effective market research can reveal almost everything about your competition. You can find out exactly what your competition is doing, even down to their marketing strategies. Competitor analysis allows you to drill deep into company marketing strategy. This allows you to see things like pay-per-click campaigns, keywords they are bidding on, landing pages being used and more.
4. Plan Plan Plan
Writing a business plan is crucial to a business that is successfully launched. Think of it as laying the foundations for your business. What happens if the foundations of a house aren’t laid properly? Exactly! You want to spend a good amount of time planning the creation and launch of your next venture. Use your business plan to make goals. You want to set monthly, quarterly and yearly goals for your business.
5. Find Someone To Mentor You
This will probably be one of the most important parts of your success. Finding a mentor is essential to building a profitable, successful business in a short space of time. Find people that have already achieved what you want to achieve and get them to mentor you and show you the ropes. Mentorship from the right person is worth its weight in gold. Imagine someone providing you with insights from a position of experience. Someone who has already gone through all the obstacles and problems in a particular business niche.
6. Start Small
Most people don’t have thousands of pounds lying around to start their own business. When you first start out you need your business to be lean. You can’t be spending tons of cash before you’re generating an income with your business. Grow your business slowly and don’t employ anyone before you have to. If you need to raise some cash, look at crowdfunding as a possible solution.
7. Leverage The Internet
The internet provides a wealth of information, completely free of charge. It’s truly amazing that we have access to all this information that is highly valuable, and we don’t have to pay anything for it! You can learn how to start and run a profitable online business just by researching and reading up on things online. Of course it isn’t a simple as that but I just wanted to highlight the importance of upskilling yourself by leveraging the resources you have available to you.
8. Apply For A Loan
The government recently introduced a scheme that is specifically aimed at helping young entrepreneurs get started with their first business. The Start-up Loans Scheme provides loans of up to £25,000 for people looking for funding for their business. By early 2015, around £130m had already been lent to 25,000 new businesses. Over half of this figure went to people between the age of 18 and 30.
9. Research Accelerators
Plenty of major organisations have created start-up accelerators aimed at helping aspiring business owners to supercharge the launch of their business. Plenty of universities also offer support for local entrepreneurs that are eager to make use of the expertise that is available.
10. Promote Your Business
Marketing and branding are two of the most important things for any business. Getting your company out there with the right message is instrumental to your success. Social media can be a great way for you to promote your business on a budget. Youtube advertising, PPC and native ads are all things you can leverage to get your business out there to start generating brand awareness and maybe even a few sales!