How To Start Your Own Business Enterprise

Nothing is more rewarding in this world than creating something of your own. A business can be the best thing you ever did. You will work hard in setting it up and watch it flourish and grow and maybe have a legacy to hand down to your children. Starting a business enterprise will put you through your paces. You will go through a million emotions, but if you are determined enough and willing to compromise and work hard, you will have what it takes to win. So, here are a few ideas to get you started:

How To Start Your Own Business Enterprise - blank sheet of paper image
Image by Karolina Grabowska from Pixabay

What Are You Passionate About?

You are going to be in a long-term and very intense relationship with your business. And no, you don’t have to love it all the time, but you sure better be passionate about it. If it is going to survive, you have to give it your all. You can not go into a venture like this on a whim; you need drive and determination. So what do you enjoy? What are you passionate about? What are you good at? You need to ask yourself all these questions and more before you get going.  

Your Strengths

It would help if you were honest with yourself. What are your strengths? Creating a business that is not playing to your strengths will be tough. Obviously, there will be areas where you are weaker in naturally anyway, but the overarching idea needs to be something you are talented in. You can always bring in help or outsource areas in which you are weaker, like marketing, I.T. and Accounting. 

Get Help

You will need help, even if it is only someone to talk to, but help is required. Discuss your business enterprise idea with someone sympathetic that will give you honest feedback. Start networking and finding people who have already done what you are doing. Read entrepreneurial magazines and biographies. You can pick up some fantastic pieces of information by doing this. Any advice you can get before you start is vital knowledge, and all of it will help you succeed. There may also be a vast range of other help out there too. You may be able to get a grant if your idea is a non-profit organisation, and therefore, you are entitled to grant writing for nonprofits assistance. There may be a range of other grants and low interest loans available. So do your investigation. 

Market Research

You need to make sure that there is a market for what you offer. So you have to conduct a certain level of market research, Imagine going through all the hard work of creating a business and then realising there is no one out there that wants what you offer, or the market is too saturated. Consider your USP – unique selling point and think about your brand narrative. How will you connect with your customers? Perhaps check out your competitor’s websites and their social media pages and read what your customers are saying. The more you know, the better.

7 Reasons why young people should start their own business

Despite the general doom and gloom about the economy, bank lending and business outlook – now is exactly the right time to start your own business.

Here are 7 reasons why every young person should start their own business

7 Reasons why young people should start their own business - young entrepreneurs image

1. Part time income vs. Part time job

If you are fortunate enough to find a part time job, chances are you will be rewarded at the UK national minimum wage of £3.68 per hour (under 18s) or £4.98 (under 21s).

Working 15 – 20 hours per week is barely going to cover your essential expenses, let alone help you save for anything more substantial.

If you applied those 15-20 hours per week into your own business, do you think you may be capable of generating more than the £60 – £100 you are earning now?

2. Follow your Passions

Your own business can give you the opportunity to follow your passions. Do you have hobbies or pastimes where you can literally lose yourself for hours? Would earning money from these ever really feel like work?

Ask yourself the question has anyone ever earned money from doing what I love? If the answer is yes, look for ways in which you can do something like that too.

3. Information Available

With the popularity of TV shows like the Apprentice and Dragons Den there has been a real increase in access to advice, tips and inspiration to start your own business. Even the Government has realised that supporting enterprise is the way out of the recession.

There are more websites, books, TV programmes, podcasts, videos and courses available today than at any other time in history. Chances are your local library has more business advice than you could ever read – for free!

4. Low Cost – Low Risk

There was a time when starting your own business involved high start up costs for premises, vehicles, machinery or other equipment. Banks wanted collateral or security on loans, which meant that aspiring entrepreneurs either needed money behind them or had to put up assets such as a home to get started.

For many this risk was too great and crushed dreams before they could really begin.

The internet is a real game changer. Businesses can be started online for pennies, ran from bedrooms, kitchen tables or even coffee shops. The internet allows businesses to trade worldwide 24 hours per day, while free services such as YouTube, Facebook and WordPress allow you to get your message out to a potential audience of millions.

5. Personal Development

Running your own business can be great fun, but is also likely to involve some effort. The payback is not only financial but can also be measured in your own development. Skills of communication and financial awareness together with qualities of perseverance and self reliance can be by products of the business process.

These life skills will be of benefit whether you chose to remain self employed, employed or enter higher education.

6. Mindset

Allied with personal development will be the mindset you develop as an entrepreneur. The can do attitude, the openness to try new things and explore new possibilities will be of great value to you as an individual and to any potential future employer.

It was once felt that the entrepreneur was a bit of a maverick who didn’t fit well into corporate life. More recently however big business has realised that the flexible, innovative, can do approach is exactly what is needed to move their company forward.

7. Little Acorns – Mighty Oaks

Everything big was once small. By starting your own business you are launching something which one day may be the next Google, Facebook or Marks and Spencer. You don’t need to wait until genius strikes or come up with the next amazing gadget or phone app. People have achieved substantial business success in every conceivable area. The one thing they have in common was that someone had the courage to begin.