Timeless Strategies For Young Entrepreneurs:
For young entrepreneurs, starting a business can be a nerve-wracking experience. However, with the right mindset and sound planning, you’ll be able to turn your business idea into a successful venture. In this article by FutureSTRONG Academy, we’ll explore a few tried and tested strategies young entrepreneurs should follow to launch a business.
I. Write a Great Business Plan:
A business plan is a foundational document for any business that covers information related to all important aspects such as product offerings, customer research, marketing, and more, as reported by Info Entrepreneurs. Additionally, it is a critical document for attracting funding from private or institutional investors. To write a great business plan, follow these steps:
Write a Mission Statement:
HubSpot notes that a mission statement summarizes the broad goals of the business, and how it plans to achieve them and serve customers. This statement will serve as a guide for all important business decisions in the future.
Identify Your Niche:
Conduct thorough market research to find your niche i.e. a select group of customers to whom you can sell your product offerings. Next, you’ll need to further define your ideal target customer, find who your competitors are, and devise ways to stand out.
Hone in on Product Offerings:
Your business plan should include in-depth information regarding your product offerings such as the manufacturing process, price range, selling mediums, and more.
II. Find the Best Funding Option:
Running a business requires constant investment, hence finding the right funding option is crucial for your short and long-term success. Here are a few of the best funding options for young entrepreneurs:
As Investopedia points out, this strategy requires you to self-fund the business through savings or personal credit. If you have to run a business such as starting a blog or selling homemade goods, this is a great option.
For business ideas that require a fair share of investment, business loans are a good option to consider. With a great business plan and a good credit score, you can secure favorable repayment terms and use the funds to grow your business.
These are wealthy individuals looking to invest in companies in the early stages. Along with money, working with angel investors can be a great learning experience as well. However, it will come at the cost of equity and in some cases, control over company decisions, as reported by Intuit.
III. Choose the Best Business Structure:
Choosing the right business structure is an important decision as it will affect how you’ll be taxed and the freedom to make certain decisions. Here are a few prominent business structures to choose from:
By default, all businesses are considered sole proprietorships, however, they leave entrepreneurs open to the risk of unlimited liability in case of unforeseen circumstances.
Limited Liability Company:
This is a great option for young entrepreneurs as it protects their personal assets and finances from business-related liabilities. Additionally, in an LLC you’ll pay taxes only once through your personal income tax filing, overcoming the drawback of double taxation which comes with a C corp.
Those planning to start a business with a partner should enter into a limited liability partnership, as it provides similar protections to an LLC, but each partner is liable for a share of business liabilities.
IV. Learn How to Network:
Networking is a key skill to learn for any young entrepreneur as it can open doors to new opportunities and connect you with industry leaders who can serve as mentors throughout your career. The best way to improve your networking skills is to attend local networking events and business talks.
Additionally, you can tap into your personal network as well, if it includes fellow entrepreneurs or useful contacts. If you want to get in touch with former schoolmates or colleagues, use this search engine to find their latest contact information.
Turning a great idea into a successful business will be a long process, however rather than focusing on the distant future channel your efforts towards creating a great business plan, followed by choosing a viable funding option. When it comes to connecting with individuals, attend local events and conduct online research to get in touch with old connections.
FutureSTRONG Academy, wants to grow children who respect themselves, their time and their capabilities in a world where distractions are just a click or a swipe away. Connect with us today to learn more! Call 678.310.5025.
Images via Pexels and Unsplash
Article Author: Poppy Williams
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