If you are in your 20s you are probably not thinking about setting up a business as much as which university to go to and where the next party is taking place – however, it’s a great time to set up a business, particularly if you want to make some serious money.
Starting a business in your 20s gives you much more time to get your business up and running and successful, with plenty of years then to enjoy the benefits which it brings. Imagine being able to retire in your forties?
However, it’s not easy and it will take a lot of hard work so here are the key things you need to know if you are planning to set up a business in your 20s:
Don’t quit your day job straight away
Instead of quitting your day job and throwing everything into a potential business, take it slowly and set up a side hustle. That way you can hustle on your business in the evenings and weekends, while still earning the money you need to pay your bills.
You can still set up a limited company and run it on the side. This guide from Crunch will show you how.
Once your side hustle takes off you can quit your job and make it your full-time business. This reduces the risk to you financially and means you know your business is already successful and going to work before you stop the 9 to 5.
Replace partying with working
To create a really successful business takes a lot of work so if you are serious about growing your side hustle you will need to put in the hours, including weekends. Cut back on the partying and late nights out and you will be surprised just how many free hours you have to work on your business.
Your older self will soon thank you for creating a successful business that is all up and running, rather than memories of hangovers from hell. If you really want your business to work, you need to put in the time and effort.
Build your brand
You need to make sure you have a website and social media channels set up to help build your business brand and get your company messages out to the world. There is no point in setting up a business if you don’t tell the world it exists.
Get a mentor or business coach
As an inexperienced business owner it can be lonely and frustrating if you have no-one to turn to when things go wrong or when you have a bad day so if you really want to grow your side hustle then it’s worth connecting with a business mentor or coach who will be able to help and support you as your business grows.
Running a business is a long-term plan so it’s important to understand that it will grow slowly but steadily and that you are not likely to become a famous millionaire overnight – nobody does! Read the biographies of famous business people and you will soon see how long it took them to become the success they are today. You will need to be patient and realistic and manage your own expectations. Think about where you want your business to be in ten years’ time and what you could realistically achieve.
At the end of it all, you need to be making money. Running a side hustle because you enjoy it, won’t pay all the bills or help you to retire early – you need to make sure the business idea you have is a valid one and will actually make you money.
That’s why building it up gradually while you are still working is a great test, it can show you if there are customers out there willing to pay for your products or services before you actually decide to give you your regular income.
Learn marketing techniques
Marketing your business is how it will get noticed and how it will stand out from the crowd so make sure you learn a few key marketing skills and are able to create a marketing plan to promote your products or services effectively to your key audiences. You could have the best product in the world but if no-one knows about it, it won’t sell.
Manage your money
In the early days, you will need to be spending and investing money in your business to get it off the ground so make sure you budget well and that every penny you spend is worth it and is going some way to supporting your plans.
Setting up a business in your 20s is an exciting prospect but there is a lot to think about and the more advice and information you can find before you jump in feet first, the better. A good solid business needs a solid foundation from which to grow.
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