So you know how we roll based on our previous blogs. We’re here for you. We have your back. We’re your business buds. You get the picture, for once in your life it’s all about YOU (and this is legit!)
Before we rush ahead let’s keep things real and for the record have in the back of our minds the reasons why entrepreneurial ventures tend to fail in the first year of start up. The reasons are varied: poor presentation and roll out of your business;
- not researching who you are selling to;
- either over pricing or under pricing your product/idea;
- picking a target market (I like to consider them ‘fans’) that is too small to sustain the life of your product/idea.
And there I see you leaving the room! Stop! No need to panic!
We’re not suggesting you don’t take a risk or go out on a limb but make sure you have ticked all the relevant boxes. As well as to research, research and ummmm, research. You’re a passionate teen; your choices, just because we are talking business, don’t have to be serious and boring. Have fun!
Lets’ get cracking. So, you’ve come up with a big idea for your widget, gadget or whats-it. So listen up, here are some top tips to get you started :
Bucks
Get a job. Ask your parents if you can wash the car, cut the lawn, do babysitting for neighbours etc. This gives you cash flow for setting up your business.
Big Idea
Choose something you can be enthusiastic about. Try to find a niche market. Be it, printing funky t-shirts or importing awesome glow-in-the-dark elastics for teens with braces.
Fans
If there is something similar in the market, research your competition and their target audience. Adjust the audience and make it yours.
Don’t blow this off
Ask your parents or a teacher to help you write up your business plan. It will cover things like where you’re headed and how you are going to get there
Money where your mouth is
With your own funds purchase the basics that are needed to get your business off the ground.
On your marks, get set, GO!
Take the plunge and start your business.
