You can have a startup at any age. Most people think of lemonade stands and babysitting, but there are so many young people out there killing it! They either have great support or a dynamic mindset...maybe both and then some. I love hearing about what other people have decided to create with their imagination. You are probably one of those people! If you are thinking about starting your own business or already have one, here are a few tips to consider while on your journey to success.
Tip #1: Discover Your TRUE Passion
Okay. So, you have a business idea and you don't know where to start? Loooook, I don't want you to waste your time. Your time is so valuable! You need to decide if that business idea is something that you really want to do. I know that the phrases "Do What You Love" and "Find Your Passion" are used constantly, but I think you should also consider what you are GOOD at doing. What skills do you have that come easy to you and has market value? You may surprise yourself and realize that although you want a clothing line, people always compliment you on your ability to make healthy food taste amazing. Hmmmm…you could sell your delicious food and use unique t-shirt designs for the marketing…just a thought.
Before investing all of your resources on a good idea...are you even good at providing that service or product? Also, keep in mind, this will most likely become a huge part of your life. Is this something that you feel you could work on every. single. day. any time of day? It may be hard to answer that now, but just consider that awesome idea of yours being all that you do with your time, FOREVER. Will you stick with it? Hopefully, so!
Tip #2: Discover Your Resources
Once you have that brilliant idea in your head, the next thing to consider is what resources are at your disposal AT NO ADDITIONAL COST?? Make a list of what you think you need to get started and figure out what you already have. As a startup, you want to use the funds you do have very wisely.
STEP 1: Look through your room(s)…what have you put away and forgotten all about? Those arts and crafts could be used for a presentation or to model your product. That camcorder given to you as a gift could be used to film an advert. Those old tattered clothes could be hand sewn to create something new. At the very least, this gives you a way to try your idea out, before you buy brand new equipment and materials.
STEP 2: Look at the things left on your list that you feel you just have to buy, then go back to Step 1 lol! The point is to think again and again on what can be used to satisfy that list of yours before exhausting your funds. You will be happy you did!
Tip #3: Discover A Record Keeping System
Usually this is not the fun part of owning your own business, I know, but it's so important! If you are a tax payer, this step will be useful during the year, so that when tax time arrives, you will be ready! There are numerous apps and software out there for you to use. (I may review a few in the future.)
If you feel overwhelmed by all of that tech, you can always do it the old school way: Write it down OR Use Excel! You can have a tab for clients, one for revenue and expenses and a tab for payables. This can be tweaked depending on your specific needs. (I'm thinking about creating a spreadsheet as a guide.) Whichever route you go, just make sure to be consistent and make notes of any changes, so that you understand what you did and why you did it.
Trust me, in the moment, you think you'll remember, but it's so helpful leaving notes for yourself allowing you to refresh your understanding of your mindset. Please prioritize record keeping and bookkeeping throughout the year. You will thank yourself later.
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So, there you have it! A few things to think about while on your startup journey. I hope this is helpful in some way and gets you thinking about how you can create success for yourself.
Happy Creating!