Young & thinking of starting a business?

www.nomoney.com.au

Smartcompany.com.au has put up a good article today about young guys (and girls) who have successful businesses.

Check out the link: http://www.smartcompany.com.au/start-up/20110419-2011-hot-30-under-30.html

Make money by starting you own business?

If you look at the list – not many of the guys have invented new things – they are just making businesses that work better or making something that makes customers happy.

If you have an experience as a customer and say – ‘why don’t they do it this way’ (and figure out a way to do it) you might be able to succeed. I say might  because just having a better mousetrap doesn’t mean that people will do business with you.

Should I get a job first?

Young entrepreneurs might consider getting a full-time job first. Learning about how a company runs (even a company that is not related to the business you will actually start) makes a lot of sense.

You could learn how to keep your customers happy, keep money coming in the door and keep the business running (including things like managing employees, etc.)

Or you might choose to simply start a business – and get advice (whether free or paid or most likely both) – in how to run your business.

What do I need to start a business?

Starting your own business is risky. And lots of businesses fail.

But if you have a few things going for you – you could be successful. And if you are successful it can be rewarding.

1. Industry Knowledge

Knowing how your business industry works is important. Your business idea could otherwise miss a key component that makes the whole thing fail.

For example – if not enough cash is coming in, Fail.

If you don’t get as many customers as you need (because you can’t convince them to give them your business), Fail.

There are heaps of other possible Fails – but you get the idea.

2. An Edge or “Unique Selling Propositiion”

You need something that makes people choose you.

Are you the best, the smartest.. well maybe not.

But you can probably offer something that is different from the competition.

Maybe you come around for coffee, or work Sunday afternoons, or allow a full refund for 60 days.

Dominos – its free if its not hot, or if you don’t get it within 30 minutes.

Again – you will have to think of your own ‘edge’ but you get the idea.

3. Determination & willingness to work hard

Starting your own business – and then running it is often harder than working a job.

And its often much harder and can be all consuming.

With a job – you go home and watch Masterchef.

With a business – you go home, do work at home, watch Masterchef and the ads remind you of ways you want to advertise your business.

4. Willingness to work SMART

Just working hard doesn’t really cut it today. Everybody works hard.

But can you work SMART? Can you outsource what you don’t need to do?

Can you have a system that works like a well oiled machine – or even better runs without you.

 

Start your business part-time or online

So still willing to start your own business?

We consider starting part-time. Starting a business while working full time is a lot of work – but you can see whether your business could work.

Starting your business online can be a great way to be in business because it can often be automated to some extent.

For example your website might offer products for sale that customers can buy and then enter their credit card details.

So if you are still thinking starting a business…. good luck!

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