It’s always better to start young, and not to say that you’re old when you reach 30s, but it’s never too late, so might as well start earlier, right?
Now you’re thinking, but why 30s? Why not 40s? Or even 50s? Well, for many, 30s is considered their golden age. For example, Elon Musk made his first fortune thanks to his internet software company, Zip2, at the age of 28! And Youtuber Michelle Phan, age 29, who sparked into fame with over 40,000 views a week on her Youtube channel, and started a subscription-based cosmetic company, called Ipsy, with an annual revenue of over $120 million!
As much sense as that makes, a lot of people are probably wondering what they would do when they become millionaires. And to get started, you better get the match burning!
Get rid of the excuses & equip yourself with some tips that will help you kick-start your business in no time!
- THE NETWORK. Well, you can always start a business on your own but no business will last if no one knows about it! Believe it or not, people are always in the center around business, whether if you are selling a product or service. People are everywhere (no kidding, right?) & you need to gather as many friends as you can, so that people will know who you are, and know what you do.
With a larger network, you have more potential customers and a better chance of meeting other experienced business people, which will also enhance your knowledge in the field.
Let’s have a look at Michelle Phan again. She started off as a girl next door, with a simple Youtube channel, sharing her beauty secrets on skin care and make up. Michelle rose to fame because her fans were sharing the videos across multiple channels online.
- THE RESOURCES. Start with what you have, and not what you want. Many people fall into debt because their finances were poorly planned. Dream big, but also don’t be greedy, and make sure you make good use of all the available resources around you.
For example, do you really need an office, or you can work from home? However, this really depends on the type of business you are planning to run. But think twice. It is unnecessary to have an office, especially if you’re short on funds.
Also, about time you clean out that closet, or store room & try selling some unwanted belongings to earn some extra cash.
Don’t forget about what you can use at home first (or maybe borrow some items from your other office job), instead of going on a shopping spree, and spending before you earn.
- THE CUSTOMERS. Make sure your business is something that the crowd wants. Always remember, you must offer what people desire, and not simply anything that you want to sell. In fact, you can create a desire, let your customers think that they need the item.
For example, have you heard of the sleeved blanket, called Snuggie? Who would have ever thought that we would want sleeves in our blankets?! The Snuggie is a good example of a product that we never thought we would want or need. But even if we don’t need it, doesn’t mean we won’t want it. Of course, great inventions don’t come from the sky, it comes from people who understand basics needs of human beings.
- THE IDEA/PRODUCT. And you shouldn’t stop there. Never limit yourself and stay within your comfort zone. Never be afraid of being crazy or going the extra mile to get something done. People are always in the loop for fresh and new concepts, and it’s up to you, as a young entrepreneur, to bring these ideas to life! Do more research to find different ways of approaching and presenting different ideas! For starters, you can always think of something that already exists, and find a problem within, then find ways on how you can improve that.
- THE NAME. Keep it humble, and something that people will remember. Of course it takes time to build a brand, and it will definitely take a lot of time for people to recognize your brand. We never said the journey would be easy, but it’s not impossible. The key of building a strong brand awareness and recognition is to be unique! Take a glance at those local brands, they always start off small, and gradually grow to become a successful business. Did you know, Bonia actually started in Malaysia? As fancy as that sounds, these names are quite simple, and inspired by Italian artwork. Think of something that has inspired you to start the business, and go around that ballpark for a name.
All of these tips would be useless if you’re just sitting there reading, without any action! Keep the fire burning & remember the 5 points: The Network, The Resources, The Customers, The Idea/Product, and also The Name. You can always write them in a book, save it as your phone’s wallpaper, or even print it out & bring it around as you go. Grab a pen and paper, jot down some notes, and get your business started!
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