Making the leap into starting your own business can be just as terrifying as it is enthralling. It is easy to get lost in all of the new responsibilities presented and become overwhelmed.
You may know the beginner’s aspects of your craft, but there will be many new challenges along the way that can make or break your business.
Being familiar with what it takes to run a company beforehand is the best way to prepare yourself for the road ahead.
To help you get started, here are our top 10 success tips for young and aspiring entrepreneurs like you.
Best Success Tips For Millennial Entrepreneurs
1. Have a Plan
Use planning to keep ahead of the game with concrete goals and paths to attain them.
Starting a business is a tiring process, and since many have been through the process there are plenty of business ideas to get you started.
Setting deadlines will motivate you and your team to keep progressing instead of getting stuck.
Personal organization is just as important as group organization. Having a regular-use calendar or planner will help prevent missing any important business calls or meetings.
2. Research the Market
One thing all markets have in common is that they are almost impenetrable if you do not know what is going on in each individual one.
Other than that, each market will present its own challenges. Take time to research the market you are about to immerse yourself in.
By looking at your competition you can get an overview of what others are doing correctly and gather new ideas of your own to implement.
3. Know Your Customer
Knowing the types of products customers are willing to spend their money on can be useful when deciding how to market your own.
Tastes differ between consumers but some types of consumers share certain interests. This can help in knowing where to advertise or set up your shop.
You may even be able to double down and provide multiple related services. This may be an idea to implement a little further down the line, but can be kept in mind.
In one of our previous articles, we gave you an infographic that teaches how to create a customer avatar. Do well to learn from it.
4. Money Matters
The phrase ‘It costs money to make money’ is well known for a reason.
Starting a business should not be done lightly and will take some level of investment. Keep your finances in line and do not underestimate the power of a checkbook.
Evaluate how much you really have to spend on the business, or if you would want to purchase a franchise that has a popular name already associated with it. Check out this detailed guide on how to choose the best franchise opportunity.
A franchise can lead to an interactive jumpstart where a Healthy You Vending merchandise or a service becomes a reality.
Record a detailed log of everything your company spends money on and everything you know you can expect to pay for in the future.
This is the first step in developing a budget. Go on to examine spending for one month and observe the type of items or services purchased that can be cut.
Most entrepreneurs like you have been able to start a business from scratch when they were in debt by doing exactly the same thing, and of course, with some touch of uniqueness.
Moving from being an aspiring entrepreneur to an uber successful entrepreneur doesn’t have to be that hard when tons of people out there has done what you are trying to do a gazillion times.
But the question is, “How do you get people willing to help you move up your career ladder instead of massaging your ego?”
The answer is…
Get a mentor.
Finding someone who is already in the field is a great approach to researching the market.
A professional is sure to know the ins and outs of the particular business you are beginning and can guide you in hopes that you avoid certain mistakes they have made.
You may not have the entirety of experience necessary to launch your business, but there are those willing to share theirs with you.
6. Always Go Above and Beyond for Your Customers
How do you go above and beyond in satisfying your customers?
My response will be quite simple as usual…
Appreciate your customers and show them that you really care.
Business owners who say thank you and please get paid 5% faster than those who do not.
In our digital marketing company, we process PayPal invoices every single day. After sending out the invoice, I noticed that quite a number of recipients take days to read my email (I knew because I use Mailtracker) and even after reading, they still take days before they pay.
Instead of getting harsh at them, I decided tap into my Love and Emotional Quotient by adding, “Thank you and Please” in my emails.
This simple act of appreciation and sign of humility not only endeared to me but also increased my chances of getting paid on time. A good number of them go as far as writing me a long mail of apology, explaining why they couldn’t pay in time.
I had already demonstrated courtesy in my first email.
I used to think I was the only one who knew that those two words (thanks and please) were magical in making people take your desired action until I read from Matt Baker, VP of Strategy, FreshBooks who said that business owners who say thank you and please get paid 5% faster than those who do not.
Putting your all into a company can be essential in producing a service or product that customers will be interested in.
Even when delivering what was promised to the customer, consider adding a personal touch or flare that will prove your dedication to customer satisfaction.
7. Make Your Job Your Passion
It is said that customers often don’t care how much you know if you can’t prove to them that you care.
How do you prove to a customer that you genuinely care about their success much more than the money they are going to pay you?
It is by showing them that you are passionate about your job. All hungry and aspiring entrepreneurs are known for that.
Nothing beats the passionate way some young entrepreneurs can dedicate most of their time to their businesses. This is essential in getting it off the ground.
When I launched our digital marketing agency, Ebusinessroom Ventures in early 2018, I was madly committed to it because I was passionate about helping companies rank on Google first page for keywords that matter to them, I was passionate about building marketing funnels and I was passionate about working with my laptop.
Here’s the truth, a passion for what you are doing will give you more energy to come up with new ideas. Little wonder it is still surprising to many that we could come this far in a short while.
8. Understand Marketing
It was advertising legend, David Ogilvy who said:
If you can’t advertise yourself, what hope do you have of advertising anything else?
As a young, hungry and aspiring entrepreneur, you will be doing yourself a disservice if you don’t pay attention to marketing.
There are different types of marketing that can be successful in managing your business. For example, SEO is Search Engine Optimization and there are many different copy pages that can be developed for websites.
Learning how to use email marketing to promote your product and service can help you to create a personal relationship between you and your customer.
Digital marketing vs Traditional marketing
Both digital and traditional marketing can guarantee you sales but if you truly care about saving time, money and energy then I invite you to pay more attention to digital marketing.
Beyond saving you time, money and energy, it is easier to measure your progress using proven analytics – only obtainable in digital marketing.
Knowing different digital marketing strategies and campaigns can make you more comfortable approaching the marketing, and not fearing getting lost in the flood of competition.
9. Hire Associates/ Find a Partner
Young, hungry and aspiring entrepreneurs are doomed if they don’t have the right business partner.
At times when you see the situation cannot be solved alone, use your discretion in hiring honest employees. There’s an app that helps you automate hiring process with accuracy in just 3 cool hours.
A company is only as strong as its weakest employee, you want each and every employee to represent what is great about your service.
You could also consider finding a partner who is passionate about the same market you are hoping to become a part of.
You may be able to find someone that needs your help. While you are sharing your knowledge, there are aspects they can teach you as well. This way you grow together and can help make up for what the other lacks.
Many successful entrepreneurs like Bill Gates, Mark Zuckerberg, Steve Jobs, etc., wouldn’t be where they are today without their co-founders.
10. Believe in Yourself
This is actually supposed to be the first success tip for young, hungry and aspiring entrepreneurs but I decided to reserve it for the last.
I want it to sink in… and you will walk away with it.
You see, the most ridiculous thing I have seen about young entrepreneurs is that they go into business with no iota of believe in themselves, yet they expect to succeed. It doesn’t work that way.
It was Roosevelt who said, “Believe you can, and you are halfway there.”
What does that mean?
A millennial entrepreneur does not have a chance of succeeding in any business if he doesn’t believe in himself.
Starting a business is a full-time job and for it to be completed you have to have faith that you’re the one for the job.
This includes taking account of your ideas and knowing you can develop them into a real business.
Don’t get discouraged because everything doesn’t come together perfectly at first. Overnight success is extremely rare. Even owners of the biggest companies in the world can tell you they started off in rough waters as well. Examining these businesses that came back from the brink will teach you some great lessons.
Do not immediately begin your business and assumes success is around the corner. Every business that must be successful requires dedication and attentive care. Use all of your prior knowledge and take action before you convince yourself your ideas are not any good. Having faith in yourself can go a long way and open doors to plenty opportunities.
Do you need someone to hold your hand and help you navigate the rough waters of launching or scaling your own business online? Talk to me via our business contact page.