Home Business Insights & Advice Becoming your own boss: What young people need to know

Becoming your own boss: What young people need to know

by Sponsored Content
9th Nov 21 5:23 pm

Most of us dream of being able to leave our day jobs behind and starting a career of our own. Living this reality isn’t as simple as some may think but there are paths you can take to become your own boss.

While advancements in technology have removed a lot of the obstacles for young people to start their own businesses, it is still a lofty mountain to climb. However, just because it is a tricky journey, it does not mean that it is impossible.

Here are the tips that young people should know about becoming their own boss.

Find out what you can offer

The idea behind a business is working out what you can offer a certain percentage of the population and selling these services. This percentage needs to be large enough to maintain a healthy starting profit. It is no good supplying something to twenty people and then walking away. You will end up working for yourself, but only for a week or two.

Also, you need to be useful. Being able to trampoline is a worthwhile skill, but you cannot sell these skills to make a profit. There is a fine line between profitable and unprofitable skills.

There are many things that you can provide when working for yourself. However, your main objective should be making sure it is a need that people have. Common business pursuits include:

  • Freelance writing
  • Artistic services
  • Cleaning services
  • Gardening services
  • Web development
  • Tutors
  • Personal Trainers

Once you have discovered what it is that you can offer, and if it is sellable, the next step is working out whether or not there is an audience for it.

Finding an audience

As mentioned above, the advancement in technology has made some parts of becoming your own boss even easier. One example of this is how fast you can find an audience for your service.

The internet is a great way to meet new people. A quick post to a social media platform or a specific forum is all it takes to drum up potential interest in a topic. It isn’t exclusive to one region either, you can connect with clients all over the world. That means you have almost eight million potential clients.

Let’s not get ahead of ourselves, though. Research is key, and you may need to dig around a bit to find whether or not you have found a niche that people need. If there are a large number of tutors working in your area, it may be best to pursue another service.

However, there are still some crucial steps to take before you reach out. For example, you may have to wait before you bring your business idea to fruition.

Weighing up your finances

So, you have your business idea and a potential list of customers- what’s next?

The hardest part of becoming your own boss is discovering whether or not you are in the position to start. Unfortunately, everyone has regular expenses whether its food, rent or a mortgage, and you are most likely working a secure job before trying to strike out on your own.

Not everyone can just quit their job on the spot because of a dream. Successful young business owners will work out how much starting their own company will cost, and then work out how much profit they will need to make to live comfortably while doing what they love.

This process may require you to continue working your day job alongside your business while you get set up. It is a lot of hard work, but in the end it can prove worthwhile. Try not to make any rash decisions.

Plan your business

Making a business plan goes hand in hand with weighing up your finances. It is important to list everything you need to do to achieve success, and what order to do it in. You can’t start accepting orders without the proper equipment, for example.

Successful business owners start out with a realistic business plan and then stick to it. This involves setting your goals and knowing how best to achieve them in the time that you have. It may take a few weeks to save up for supplies, but that is fine. You may even encounter something that is unachievable in your current circumstances, but it doesn’t matter. The plan you design can help you navigate your goals in a way that is relatable to you.

If you are ever unsure where to start when making a plan, you should always weigh up the pros and cons of becoming your own boss.

Beginner jobs

Not every business opportunity will allow you to walk into the position you want from the very start. Sometimes you will need to hone your skills, or gain some qualifications to garner some credibility.

You can put these issues into your plan. Do your research to find out what your desired client base want from other providers, and get yourself into that position.

It may turn out that you need to volunteer in the position first to earn some experience, or go back to school for the right degree. Either way, there are always avenues you can pursue to become your own boss.

Think about your brand

Gone are the day when people buy from faceless businesses. Nowadays people want to feel a connection to the companies they buy from, and you form this connection through having a distinct brand identity.

It’s important that you think beyond what you are selling and think of the brand you want to create. When thinking about your brand consider the following:

  • What causes are dear to your heart?
  • What is the personality you want to convey to your audience?
  • What are your values?

Once you have the answers you can begin to design the different parts of your branding like your logo and website. As a student, you probably don’t have a lot of extra cash to spend but with brand creation websites such as Tailor Brands and others such platforms you can take care of your initial branding needs for less than $30.

Be creative

Creativity is the driving force behind any major business. You don’t have to go crazy, but look to what others around you are doing; or more specifically, what they aren’t doing.

You can use this information to make your business stand out. Take what’s come before and improve on it, all without copying of course. If you have skills outside of your area of expertise, bring those in if you can. The most important thing to remember is that, although there are lots of other companies doing the same thing as you, none of them are you. Find out the best way to make what you provide unique to your customers.

Take your time

The reason why many business owners begin when they are young is because they have had the time to think and plan for every eventuality. Becoming your own boss will not happen in a day. The more time you take in your journey, the more successful you are likely to be.

Remember, you do not have to accomplish all your goals at once, and it may be a few years before your start-up idea becomes profitable. Stay true to your initial plan, and enjoy the road to becoming your own boss. Hopefully these tips have given you the perfect head start.

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