Make 2007 The Year You Started Your Own Business!

Make 2007 the year you started your OWN business. Turn those ideas that are buzzing around in your head into reality. Join the other thousands of young entrepreneurs out there taking charge of their careers and making it happen in the world of business.

TOP 5 TIPS FOR YOUNG ENTREPRENEURS JUST STARTING OUT

1. BE EXCITED & interested in your business idea

It takes a lot of hard work to make your idea happen so you want to make sure you really enjoy it, whether it is food, computers, helping people, service etc, and your excitement attracts people too! Being excited and energetic comes easy to young people, so use that to your advantage.

2. GET YOUR IDEAS ON PAPER

This will help you get structure to your idea, plan things out, you can show others and it will show you where to start. Keep it simple.

3. DO SOME RESEARCH

It doesn’t need to be too much, just enough to get you started. Research costs, prices to charge, what competitors are doing, what customers want, legalities etc

4. START SMALL

Just build yourself 1 customer at a time, this way you don’t need much money to start with at all. Just make a small profit each time so that you can keep going, and get a little better next time.

5. JUST GIVE IT A GO!

Easiest thing to do is to have a great idea, the hardest thing to do is to actually give it a go and do something about it, and by giving it a go you will learn a lot about yourself and money. So just get started, NOW!

TOP 5 PITFALLS TO WATCH OUT FOR YOUNG ENTREPRENUERS JUST STARTING OUT
There is no such thing as a mistake, just mis-takes! So learn from them and keep going. But watch out for:

1. MANAGE YOUR TIME

You still have to do your homework, sport and chores so manage your time to fit it all in. Use timetables and checklists.

2. DON’T BREAK THE LAW

Do your research, ask around and make sure you don’t do something really wrong! There is still a lot of room for your awesome ideas, within the law!

3. GET THINGS IN WRITING

Any agreements you make with friends, family, customers, suppliers etc you should get in writing, contracts, quotes, prices, what you will deliver etc, to protect yourself and others

4. CAREFULLY MANAGE YOUR MONEY

You have worked hard to make it, so look after it! It is very easy to just go out and blow it all on yourself, but then how will your business have its doors open tomorrow for you to make more money?? So put aside money for bills and costs before you pay yourself, avoid debt early on, and regularly check your cashflow and where your money is coming from. Also shop around for the best bank account so that all your hard earned dosh is not being taken in charges!

5. DON’T STOP IF YOU FAIL

Failure is not a bad thing – ask any successful young person in business and they will tell you that failure and mistakes is what got them to where they are now! Work out why it didn’t work, how it can be improved, learn and then try again.

TOP EASY BIZ IDEAS
• Start and run an ebay business
• Teaching adults about new technology: ipods, blogs, podcasting, myspace
• Setting up computer networks in homes: those who have multiple computers, link them all up
• Design websites for local community groups
• Party planning
• Tutoring
• Dog walking