September 26, 2022
According to a White House report, Americans applied to start 5.4 million new businesses in 2021. Much of this can be credited to the pandemic, with emergency relief programs like the Paycheck Protection Program providing aspiring business owners an opportunity to enter the market. While this growth has somewhat slowed, starting a business is still something many Americans strive for, with over 1.24 million applications being submitted in quarter one of 2022. While this makes it sound like the market is oversaturated, with a unique business proposition and access to funding and the right resources, any new business can thrive. So, if you’re curious about what it takes to start your own, keep reading! Here are some tips that can help you start a business as a young professional.
One of the first steps of starting a business is figuring out what you want to sell, whether it’s a product, service, or experience. Most successful businesses were started because its founder(s) were passionate about what the business offers, so using that to inspire your business is a great place to start.
Once you have an idea of what your business will offer, the next step is to make sure what you want to sell and how you want to sell it aligns with your target audience.
For example, if you want to sell skinny jeans but you want to sell it to Gen Z, you’ll need to think about whether they want that. And if they do want it, if you want to sell those jeans in a brick-and-mortar but Gen Z wants to buy them online, you may need to reevaluate your overall business strategy and its viability.
Location, audience demographics, price range, and more are important elements to consider when starting a business and doing so from the very beginning is even more important for optimal success. Consider creating a running draft of a business narrative to help bring your ideas and plans together. In this, you can begin setting your intentions and goals and developing a sense of your audience and how your business aligns with them.
Next on your list, after you have the business basics down, is developing your company’s branding. While many businesses are based on similar ideas – selling clothes, shoes, food, etc. – their uniqueness comes from their branding, which helps them stand out. While branding includes the basics like business name, logo, tagline/slogan, and colors, it also includes the tone of voice, the channels you use to promote, and more. Your first attempt at branding your business will not be the final. It is a part of the creative process and will gradually improve as you further develop your business.
In this stage, it’s important to work with a professional. Even though branding may seem easy to develop, it’s not as simple as that. Bad branding may prevent you from reaching your target audience or making conversions. Good branding is memorable and helps you stand out in the crowd. Consider the difference in branding between Taco Bell and Del Taco – they all sell similar products, but people choose one over the other all the time.
As your company grows, you will need to be flexible and adaptable to ensure you stay relevant and on top of what your audience wants. I have found it helpful to speak with other young business owners and exchange information about what is and is not working. This allows us to stay in touch with what our audiences want, new marketing ideas, and more.
Stay connected to the business community through your already-established networks, such as colleagues, former classmates, friends, and mentors. Focus on building relationships in your industry that will be beneficial to not only your business but your connections’ businesses. That’s how you’ll ensure reciprocity.
Investing in yourself and staying ahead of your business will lead to the greatest success. Your business is now your baby, and you oversee all decisions pertaining to it. Your willingness to be open to constructive criticism and to be self-critical will help you achieve more.
Be quick to ask for help to save yourself time and create a work-life balance. A lot of young professionals tend to overwork themselves due to the idea of becoming more financially stable overnight. However, it may not always be fun sacrificing time doing your hobbies, but it will be rewarding.
Written by Korzell Coe
