Today, many young people are turning to business and entrepreneurship as a means of achieving financial independence. Now that we are well into the digital age, entrepreneurship is more accessible than ever and it is far easier for up and coming business owners to achieve success. Everyday more and more individuals are starting businesses on social media and offline. In this article we’ll look at some business tips for young, up and coming entrepreneurs.
- HOLD ON TO YOUR DAY JOB
When most young people begin their entrepreneurial journey, they are often eager to dive head first into the field, leaving everything behind for their new venture. For some this can even mean quitting their current jobs or even dropping out of school. As exciting as it may seem, it is not the best idea when one is just breaking ground on their business. The business economy can be highly unpredictable because trends change and evolve very quickly. It is safe to keep your current job while working on your business so that you can have an income to rely on and something to fall back on should things not work out as you expected. As an added bonus, funding is a main component in setting up and running business. While receiving an income, you can fully focus on building financial structures and re-investing in your new business without withdrawing incoming revenue.
- PREPARE FOR LONG HOURS
Before you reap the benefits of a successful business venture, you must be prepared to put in the work. This means having to work harder than you’ve ever had to. Studies show that most business owners on average work twice as much as their employees. This means taking time to learn about the market you’re venturing into, the do’s and don’ts while, learning how to successfully manage a business. You could even sign up for short business courses to give you an extra advantage.
- FIND YOUR TARGET CUSTOMER BASE
When starting a business, it is essential to know your target customer demographic. This will enable you to effectively advertise your business. You can do this is by sending out surveys and questionnaires and collect data about what your customer like, how you can better appeal to them. This way, you will be able to acquire valuable feedback and restructure your business goals accordingly.
No man is an island; the saying is especially true when it comes to successfully starting and running a business because it provides an avenue to exchange ideas and learn from those who have managed to pull of this great feat. In addition, networking can open up more opportunities for growth and collaboration with other likeminded individuals.
- MANAGE YOUR FINANCES
Poor financial planning is one of the leading causes of business failure. This can easily happen when staring a new business due to the high cost of starting expenses. Of course you must spend money to make money when you first venture in to the business arena however, you must not let your spending get out of control. The last thing you want is to launch your business and have a tonne of debt. One way to avoid this is by raising funds before you begin or even asking friends and family to invest in your business to give you a leg up.
- CAPITALLISE ON YOUR PASSIONS
The fact of the matter is that the entrepreneurship journey is not easy because it is so challenging and you are likely to encounter many setbacks on your way to the top. This is why it is so important for you to actually love what you’re doing. Focussing on your passions and areas of interest to start a business is the best motivator to keep you going despite the ups and downs. For instance, if you’re keen on environmental issues and climate change, starting an eco-friendly company would ensure that your passion for saving the environment motivates your success. When starting you’re a small business, you want to ensure that your products are passion based as well as meeting the demands of the current market. As the saying goes when you do something you love, then you’ll never work a day in your life.