Online Business for Young Entrepreneurs – How to Start and Get it Right
Start-up businesses run by young adults are an increasingly common phenomenon. A commonly overlooked demographic, however, are the real youth — those under 25 years of age. While online business people are facing very low obstacles to market entry, many tech-savvy kids are getting in on the act and taking advantage of the opportunities that abound. While these entrepreneurs are more the exception than the rule, some of their successes are highly notable like Facebook’s Mark Zuckerberg, he was still in college when he established the most widespread & popular social networking site in the world.
Analyse Start-up cost
Analyse EVERY start-up cost that you’ll have in the process, when building an online business like Website design, Hosting, Domain Registration, Internet usage, Opportunity cost (The time spent on the business), Logo design, Stock or inventory, Legal costs (Trademarks, Business registration etc.)
These are all costs associated with starting an online business and they quickly add up. And if you want to compete in a crowded online business market place, then you will probably want to spend that little bit more to ensure you have a quality website design, logo development, branding material etc.
There are some essential tips for a young entrepreneur to consider before starting your online business:
• Surround yourself with an awesome team because you’re going to need them to overcome all the obstacles that come with starting a company. Lots of people have great ideas that they try to tackle by themselves, but it’s almost impossible to do everything by you.
• 90 per cent of start-ups fail because the founders get bored, discouraged or something else and they move on to other things, not because of some catastrophe. No matter how gloomy it is today, things will always be well tomorrow.
• Have a Plan for Actually Making Money. We are no longer in a situation where potential investors or acquirers go after companies who focus on their user count.
• Be really clear about the assumptions you’re making about the business you’re going into, and check those assumptions as quickly as you can — whether it’s building a prototype and testing it with people, or just talking to other people in the industry.
• Educate yourself on whatever you’re going into. If you don’t know what you’re doing, people will take advantage of you. Exercise your right to negotiate, don’t be afraid to walk away from an opportunity that you don’t think is right for you; and be realistic about your budget. Figure out how much you need to save and then try to keep yourself on a strict budget.
• Do what you know… and love! It will resonate with your customers, employees and potential investors. And make all the hard work worthwhile.