Most people associate starting a business with someone who is in his 30s or 40s. Any age before that is just too young to enter the business world…right? That I can honestly say is the biggest load of crap I have ever heard. My husband is 23 and I am 22. We’ve owned our own business since we were 19 and 20. So far we have had a fantastic run, aside from a few little bumps and bruises at first. You just have to expect that when you start something new though.
If you have plans for starting a business at an early age, you really need to explore them. Don’t stifle your ideas just because someone else has discouraged you from testing the waters. If you never try, you will never know if you could succeed. Here are some general tips I wish I would have known when I started my business. I think I would have been a lot better off with them.
Have a Steady Source of Money
When you first start your business, you need to make sure that you have the money to be able to do so. Most new businesses take six months to a year to start yielding profits, so you need to be prepared for the possibility that you may not make any money at all. Before you tell your boss to screw off, you may want to keep your current job and work on your business on the side. This may not leave much time for the business, but you have to make sure you maintain a source of income no matter what.
You just need to go over your finances and make sure you can pay your bills without the money from the business. It is going to cost you money before it allows you to earn any of it, and you can’t afford to ignore the harsh reality of that.
Research the Industry Carefully
Before you make plans to start your own business, you really need to know what you are getting yourself into. Know about the expected income you can make at first and the overall success rate that most people have in the industry. Compare the costs versus the potential profits and see if you can honestly be happy with what you may make from your business. The numbers and workload may catch you by surprise. A friend of mine started his own welding business and made well over $100,000 a year, but after fees, taxes, and all that fun stuff, he only netted about $30,000. The 72 hours he spent at work a week just wasn’t worth it at that point. You have to do all the research you need to make sure you don’t end up in the same boat.
Make a Plan
If you know that you want to get involved with a certain kind of business, you need to make a clear business plan. This should highlight your expected costs and revenue streams for once to five years, and it should have goals in place that you can follow. With the right plan, you should be able to get start your own business even at a young age. You just have to be passionate and committed from the start.