Top tips for millennials starting a business
- Business News
- Growing a Business
If you’re aged between 24 and 39 – you are in the millennial generation. Entrepreneurial, tech savvy and customer-centric, this generation is leading the way for new business opportunities around the world.
Whether it’s the drive to be their own boss, financial freedom, or no longer want to be a part of the larger corporate sector, millennials are chasing the dream of business owner more than any other generation.
While becoming your own boss is easy, achieving business success is a different matter – often “learning as you go” can spell disaster before the dream can even take flight.
Instead, begin your entrepreneurial journey with the tools and advice needed to put your best foot forward come launch day. To kick start the process, we have put together our 5 Top Tips for all the millennials wanting to start their business in 2022.
5 top tips for business minded millennials
1. Be persistent
The journey of starting a business is not easy – and there are going to be roadblocks, challenges and times where you question what you are doing and why. Be persistent through the doubt, keep learning and stick with it.
Address your business plan – and get the help you need from the experts if it’s not quite working. The worst thing you can do as a business owner is nothing, so be proactive and allow for changes you might not have first anticipated.
2. Understand what you are selling
Whether you are selling a product or service, understand exactly what its is – what the customer is paying for and who your competitors are.
People want to know what they are paying for, and to be clear in delivering this message businesses need to know all the details of what it is they offer.
3. Customer Service
As a generation, millennials are already fully aware of the importance of quality customer service – they demand it themselves. So when starting a new business put the customer on the top of the agenda.
- Why does your customer choose your business?
- What are you offering that’s different to the competition?
- How will you ensure good customer service as your business grows?
With any business, excellent customer service and raving reviews will be the best form of advertising – so start strong from the get-go.
4. Separate business expenses from personal finances
Set up a proper business account and be sure to use them for ALL business expenses. Slipping into the habit of using personal savings to pay for business costs is a dangerous space and can often mean expenses are missed (or not accounted for come tax time).
Alternatively, running a personal lifestyle through the business account in its infancy can cause issues if the books are not tightly maintained.
Instead, chat with your accountant on establishing a financial plan for your business – this will give you the guidance needed to avoid mismanaging funds from the beginning.
5. Cut expenses
Preparing for a shift in income in the beginning is an important part of planning your business.
Not only should personal costs be reduced wherever possible, reassess business costs to avoid being too “top heavy” before a product has even been sold or a service been booked.
Look at cost effective marketing strategies – millennials can use their tech savvy ability to market via free social media platforms to get the message to their audience.
Network at free events and be a part of the local community – whether through a cost effective sponsorship or weekend markets. All prove strong ways of building a foundation for your business to grow from.
Running an E-Commerce platform? Choose a template-based platform like Shopify instead of a custom built site. This will more than halve your costs.
Find out more
Setting up your business and need advice? Contact the team at Elevate Accounting and book your obligation free chat HERE.