7 Business Basics for Young Entrepreneurs

Dream of starting your own business? A lot of young people are excited to turn their passions into something amazing. But where do you even start?

In this article, we’ll cover 7 business basics that will guide you along this new path. From discovering what you love to creating a solid plan and networking with others, these tips will set you up for success.

Find Your Passion

As a young business owner, it’s important to discover what truly interests you and what you want to learn more about. While some people say you shouldn’t base your business on your passions, using what you love can add personality, creativity, and authenticity to your work. This enthusiasm will connect with your customers and help you push through tough times, especially when you’re starting out on your own and handling many tasks.

To find your passion, ask yourself:

• What do I enjoy doing?
• What topics do friends come to me for advice about?
• What problems do I feel driven to solve?

Talk to friends and family and think about your hobbies or clubs you’ve joined. For example, if you are a talented graphic designer, you could offer freelance services to create logos for small businesses.

Know Your Stuff

Research is super important when starting a business, but it doesn’t have to be hard. Begin by reaching out to someone running a similar business on social media. Ask them about their experience and if they have any advice for beginners. You can also check out online forums like Reddit to learn about the technical side of your business and discover mistakes others have made.

Don’t forget to analyze your competitors. Find businesses that are similar to yours by searching online. Look at their websites and social media to see what they offer, their pricing strategies, and what customers are saying about them. Create a simple spreadsheet to track this information, noting what they do well and where they fall short. You can use this information to identify opportunities for your own business.

Make a Game Plan (AKA a Business Plan)

Your business plan is the core of your company. Start with a simple template that includes your mission, target market, and how much money you expect to make each year. Your vision should reflect your values, like honesty or creativity, and explain how you want to help people with your services.

Here’s a quick action plan to get started:

1. Write a one-sentence mission statement.
2. Describe your target customer in 2-3 sentences.
3. List 1 main product or service you’ll offer.
4. Set 1 SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) goal.

For example, a SMART goal could be: “Gain 50 customers and reach $5,000 in sales within the first six months of launching my custom phone case business.”

Fund Your Dream

If your business idea needs some startup money, don’t worry. There are countless options for young entrepreneurs. You can apply for grants or scholarships specifically designed for young business owners, which often don’t require repayment. These are usually available online. You can also explore fundraising through sites like Kickstarter or GoFundMe. This allows you to raise money from family, friends, and the public once you share your business idea.

When starting out, try to keep costs low. Focus on the essentials and work on generating revenue first. As your business grows and starts making money, you can reinvest those profits to expand your operations. Many successful businesses began small and scaled up over time, so don’t be discouraged if you can’t fund everything right away!

Get the Word Out

Use social media to connect and engage with your target audience by sharing helpful tips and valuable advice. Create fun content, like videos and photos, that show the benefits of your products or highlight your services.

Also, get involved in your local community by attending events or markets to promote your business. Make an effort to introduce yourself face-to-face to potential customers. Building personal connections helps establish trust and can grow your customer base effectively.

Keep Networking

Connecting with like-minded people is important for your journey as an entrepreneur. Share your goals and experiences with friends and others who can uplift and encourage you. Being around supportive people can really help during challenging times.

Think about joining a local youth entrepreneur group or participating in online communities for young entrepreneurs. These groups let you share experiences and learn from each other. Also, use LinkedIn to network with mentors and industry professionals who can give you valuable insights and guidance as you grow your business.

Focus on Your Service

Aim to make your product or service high-quality, and regularly ask for feedback from your customers to keep improving. This helps you meet their needs and stay competitive.

Create memorable experiences by offering excellent customer service. Always respond to questions or concerns quickly and be actively involved in your business. This care can lead to word-of-mouth referrals and repeat customers, which are crucial for your growth.

For example, if you run a custom t-shirt printing business, you could:

1. Send a follow-up email after each order asking for feedback.
2. Offer a coupon on the next purchase for customers who share their thoughts.
3. Include a thoughtful thank-you note with each order.

Starting your own business can be an exciting adventure, and with these 7 basics in your toolkit, you’re well on your way to success. Don’t be afraid to take that first step—who knows where it might lead.

If you’re a young entrepreneur in Florida, you might be able to get a college scholarship from the Kantner Foundation! Find out more about what we offer and how you can apply here.