Starting a Business at 16 or 17
Written by Emma Burbidge Posted in Careers
You may not have considered starting a business, but with National Entrepreneurship Week underway, if you see yourself as the next Alan Sugar or Richard Branson, then starting a business is something that you should consider and something you can achieve with the right passion and flair.
Whether it be babysitting, or selling second hand goods on eBay, running a small business venture can be the start of something huge or it can give you valuable experience of the business world and be a stepping stone to a positive career.
Here are some things you need to think about in order to make being a young entrepreneur a success:
- Find a problem and fix it: in order for a business idea to be made into a successful business you need to fix a problem that affects consumers, and there needs to be a market for your product. If there is lots of competition in the market, then you need to make yours different or be able to sell it at a lower price
- Think small to get started: Your business could be anything, and all the biggest companies start from small beginnings. Facebook, worth billions of pounds, started as a fun student project in a university dorm room, and now it is one of the biggest websites in the world
- Don’t let yourself get overwhelmed by obstacles: It’s not enough just to have an idea for your business, you also need to think about how you are going to start it, and how you are going to build it up, then you need to carry this out. Sometimes it can be difficult to motivate yourself, which is why it is important that you are passionate about your idea and committed to making it a success. You may also need a bit of money to get your idea off the ground; there are a number of start-up loans available. You can also try asking friends and relatives for a little bit of help, or save up some money from a job, in order to get started
- Keep it up: Working for yourself is great as it means you can set your own hours, however make sure you use your time sensibly and actually do some work. It is not a time for messing about it, this will not make you money!
- Spread the Word: Before you start making money you need to promote your business. In order to do this, you need to look at who your customers are, and how you can reach them. You can create fliers and posters and put them around town, or you can use social media to spread the word!
- Make Money: In order to earn money you need to look at where you are going to sell your product, whether this be through a website or in a market stall, or selling wholesale to retailers. You may need to spend a bit of money getting this off the ground, so make sure you set your product at a price which will see you making money and keep an eye on that bottom line
- Enjoy: Finally, you need to enjoy what you do. It is not simply enough to earn money, you also need enough drive, confidence and passion for what you propose to do in order to make a real success of it.