Tips for young entrepreneurs
Whether you’re a recent graduate with an exciting business idea or a young professional who would prefer to run your own startup rather than work for someone else, entrepreneurship might be in your future. If you’ve been daydreaming about a particular business idea, these tips from The Hilltop Group will help you execute your entrepreneurial vision.
Outline Your Idea
First, you’ll need to get your ideas down in writing. Jot down your thoughts – what do you plan to sell? Will you need a retail space? Will you work independently, or hire employees? WeWork advises writing down all of these details in an organized business plan.
Budgeting and Funding
As you create your business plan, you should also include information about your budget projections. You’ll need to determine whether or not you can fund your business from your own savings to start, or if you’ll need to apply for outside funding. Foundr suggests using crowdfunding platforms to raise money or applying for relevant grants.
Hiring Employees and Establishing Payroll
You may not be able to handle every aspect of running your startup by yourself. But how can you find trustworthy employees? Look for candidates who have great potential in addition to relevant experience. Ideally, you’ll want to hire reliable people who are passionate about your company’s mission.
Getting your payroll off the ground will be an essential part of setting up your startup for success. Setting up your payroll will involve creating a payroll schedule, asking new hires to fill out W-4 forms, and organizing your employees’ information.
Forming an LLC
You can begin offering your products or services to clients and customers before deciding on an official business structure, but if you’re planning to form an LLC, it’s best to take care of this task early on. You’ll be able to enjoy an array of benefits for your business if you form an LLC, including tax perks, flexibility, and limited liability. The process won’t involve dealing with much paperwork. Make sure to research the rules for the state where you live before you begin gathering your documents for filing. Each state has its own process.
Creating a Supportive Culture
As you run your company, don’t solely focus on maximizing profits – think about how you can become a better leader and create a positive company culture. You’ll have an easier time attracting and retaining top employees! Be willing to listen to your employees when they have feedback and integrate their suggestions into company operations when necessary. Step up to tackle difficult issues as they arise rather than sweeping them under the rug. Take time to address the roots of problems within your company so that you can remove these obstacles.
Be patient with your employees — you’re all learning and growing as you go! And remember, upholding clear priorities as you expand your company will allow you to set a better example for your employees.
Market Your Business
Whether you are selling a product or providing a service, you’ll want to let the public know you’re open for business. Even if you’re not a marketer by trade, it’s important for you to know who your target audience is and how to reach them. Otherwise, you may waste a lot of your time and resources on people who will never buy from you.
Utilizing marketing professionals may be the way to go, as they come equipped with the latest tools and technology — and expertise — to help get the results you’re looking for.
Many young people with entrepreneurial aspirations feel like they need to wait until later in life to start their own businesses. While gaining experience in your field can be undeniably beneficial, there are plenty of opportunities for young entrepreneurs today, and sometimes, your fresh perspective can be an asset! By following these tips, you’ll be ready to transform your business idea into a thriving company.
Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.