This article is provided by the Canada Business Network, which offers government programs and services for entrepreneurs.
Are you a young person thinking about harnessing your passion and energy into a money-making venture? If so, a plan of action could help you bridge the gap between daydreams of the future and present-day success. Solid preparation and organization can help you launch your own business.
Market research and business planning are key elements to starting a new business. Having a solid business plan can help you avoid making mistakes now … and later. The Canadian Youth Business Foundation offers an online business plan writer, an interactive tool designed for the first-time business owner.
As a young entrepreneur, you can also explore a range of other resources, from coaching and mentorship to business training. Funding may be available through a variety of programs. With many role-models from whom to learn, this may be the best time to take risks, face challenges and take advantage of being in the ideal position to start something new.
- Few commitments mean more time and energy.
- You could travel to seek investment opportunities.
- Your ease with technology keeps you mobile and ready for anything.
- Work at home, or online from anywhere, and enjoy a lower overhead.
- With less to lose, if anything adverse happens, you can bounce back.
- With a fresh perspective, you can think outside the box (while abiding by regulations).
- Traditional financing — Instead, turn to friends and family.
- Building credibility — Start by establishing yourself within your community and industry.
- Decision-making — Are you ready and able to make potentially tough decisions?
- Trade-offs — As much as you want to do it all, you may have to make some choices.
- Other life plans — Schooling and relationships may be affected.
Communications skills are important. Can you easily describe what your business is about and where it is headed? Know your story and be ready to tell it. Invest in a website and a social media presence, but have business cards to hand out, too.
Manage your expectations. While success may appear to arrive overnight in some cases, the reality is that it takes a lot of hard work and sacrifice to achieve solid results. A combination of energy, excitement and skills can propel you towards entrepreneurship, but careful planning can help you actually arrive.