You’re never too young to make your first foray into entrepreneurship. In fact, younger people have a big advantage when it comes to understanding the culture and starting businesses on the internet.
Back in the day, you would need a lot of capital to start up a business. Even a simple yard care company needs a vehicle, mowers, and other equipment. But to start an online business or brand, all you really need is social media, a website, and a lot of determination.
Here are some tips from experts on online business that can help you avoid common mistakes, and skip ahead a bit.
5. Choose a Business Type and Make a Plan
You could open an online store selling things you make yourself, or buying and selling things at a profit (buying online to sell locally, or vice-versa.) You can also try dropshipping, where you’re responsible for building the platform and promoting it to generate sales but you don’t actually have to carry any inventory. You could start a magazine, a business where you do odd jobs,
4. Get a Great Website (and Webhost)
A website is really important. You can go with self-hosted WordPress, Shopify, or something else – it just depends on what type of business you’re starting.
Shopping for hosting can be a real pain because it seems like every company wants to promise the world, or bog you down with all sorts of buzzwords.
“Having a server that’s closer to the city you’re operating in means your website should load faster for local visitors. If most of your visitors are local, this is a very important consideration!” – Matt from Website Hosting Rating
One underrated trait is the location of the server you rent. Is your business local? Then it’s safe to assume a lot of your visitors will be from nearby, so it benefits you to find a server that’s also located nearby to give yourself every possible little boost that you can.
3. Build Your Own Ecosystem of Support
Don’t be too proud to ask for help. Chances are, your community has resources available for young entrepreneurs that you should take advantage of. If not, you’re on the internet, so the possibilities are endless. You can find reddit communities, forums, Facebook groups, slack channels, and 100 other places to ask questions and get advice.
There are also great podcasts to listen to, shows you can watch, documentaries to learn from… Just like you choose what foods to eat, you can create your own media diet and base it around things that matter to you and your success.
2. Be Realistic
You probably aren’t going to sell out on day 1, or book your entire calendar full, but even if you don’t make a million in your first week, you’re learning important lessons. Failure is the first step towards success.
Enough about failure, though. Just make sure you’re setting realistic expectations and you aren’t getting disappointed if you don’t reach them immediately.
1. Keep Track of Everything
You’ll want to keep track of things like sales, which marketing channels work best for you, your website’s analytics, stats from your social media channels, expenses, revenue…
Make a separate bank account for anything business-related, even if it’s just a small side-hustle for now.
Setting up a side-hustle can be very rewarding in a lot of ways. It can lead to a fulltime gig or help point you in the right direction to accomplishing that so you can put your time and energy towards something you love doing instead of just punching the clock for someone else’s benefit.