10 Essential Start-up Tips For Young Entrepreneurs
The youth are at a high risk of being jobless because they are nearly three times more likely to be unemployed than the rest of the population. Out of five, only one of the the 18-38 year-olds have a business idea.
Starting a business is now a serious option for the nation’s youth as a big number are left to tarmac for untold duration of time.
. Due to tough economic crisis, the number of self employed young people has now risen drastically and all every young person out there needs is the basics to start up the business.
Here are the 20-point checklist to guide ambitious and courageous young people through the start-up process;
1. Be inspired and learn from others’ mistakes
Read the start-up stories of others on websites, in books, or at events for people starting a business. Every successful entrepreneur makes tons of mistakes and they’re often prepared to talk about them with the benefit of hindsight.
2. Know your customer
Researching the market that you are thinking of entering is essential and will tell you if you are on the right track. Talk to people within your customer demographic and get an idea of how they would react to your product or service. Very few ideas are entirely original, so you may not need a non-disclosure agreement – and by asking questions about the merits of existing products or services you don’t have to divulge what you plan to do differently anyway.
3. Know your competition
Market research also enables you to get to grips with your competition. What other products and services like yours are out there already? Not all businesses stem from a revolutionary idea and many successful businesses are borne out of an improvement to an old concept. However, you need to offer customers something noticeably better, cheaper, easier than what they are used to if you are going to draw them away from the familiar.
4. Write a business plan
Having a great business idea does not mean you have a great business. Write a business plan to encourage yourself to evaluate your idea in detail. Use it to make realistic targets for your business and consider all the costs of setting up and sustaining your company.
5. Find a mentor
Try the government-backed mentoring service www.mentorsme.co.uk, a free service set up to provide businesses with experienced support via a network of quality-assured mentoring organizations. Failing that, talk to people you know with experience of what you’re planning to do, attend relevant exhibitions and conferences, and speak to friends or family members who have started businesses.
6. Apply for a Start Up Loan
The government-backed start up loans was started to champion young entrepreneurs aged 18-24, but has broadened its remit to anyone over 18 and has a budget of £310m, with start-up loans of up to £25,000 being approved and the average loan size standing at £6,000. David Cameron’s government enterprise advisor Lord Young believed it should be the right of a start-up to secure a loan from the government and by early 2015 around £130m has been lent to 25,000 new businesses with more than half of that figure going to those aged 18-30.
7. Look for grants
If you’re a social enterprise, organizations such as UnLtD provide awards to businesses with social aims and a solid model.The Prince’s Trust provides practical and financial support to 13-30 year-olds who struggled at school, have been in care, have been in trouble with the law, or have been unemployed for long periods.
8. Get a name
Find a business name that is available and a suitable name by making a list of contenders. Then, draw four columns with headings for ‘Companies House’, ‘Domain name’ ‘Trading as’, and ‘Copyrighted’. Work through your list to find one available in every column. Try different combinations and see which one fits and makes a statement about your business. It is important to choose a name that will be easily remembered by your customers. Once you have the name, it’s time to build your website.
9. Design a business logo
A well-designed, relevant logo can have an instant impact on your customers and leave a lasting impression. It is important to choose a logo that suits the tone and role of your business and to have a clear idea of the message you want to convey before approaching a designer.
10. Promote your company
Hiring an expensive PR company can come later, but for now it is important to self-promote in every way possible. Social media is an essential tool for this, so get to grips with how to use sites such as facebook and twitter to maximum effect. Entering competitions can also help to get your company noticed and branding yourself as an award-winning company is a great way to appeal to customers.