Between advanced technology available and how people are staying interconnected through devices, starting a business has never been easier.
Many younger people are taking the opportunity to kickstart their careers by turning their passion into a business. Have you considered starting a business as a new years resolution? Embarking on your entrepreneurial journey is an exciting feeling, building your own brand from scratch, potentially even from the comfort of your own bedroom.
The Youngtrepreneurs Index
If you want some inspiration, alldayPA recently compiled a research piece that looks at 30 youngtrepreneurs and compared their brand’s net worth, number of followers across all social media platforms and the average monthly search volume for each person.
The findings are as follows:
Some notable mentions include, Charlotte Bailey who has accumulated a net worth of £1.5 million since 2019 from her sustainable superfood business and Steven Bartlett, the co-founder of The Social Chain, a social media marketing company that is now worth £68million.
The study also highlights that the most popular industry seems to be in fashion, with 4 out of 30 youngtrepreneurs building businesses in this sector.
Thinking about starting your own business?
Should you wish to start your own business in 2023, here are a few tips for you to get started:
- Choose a product or service – To start selling, you’ll first need an idea on what you would like people to purchase from you. Perhaps it is a skill you can convert into a course, or to utilise your creativity in making unique items for people to buy. Whatever you plan to sell, make sure you identify your unique selling point (USP), and consider what makes your product or service unique and stand out from the crowd.
- Develop a brand – Once you have your product/service and USP, you will need to start developing the brand. This means thinking about a brand colour palette, font styles and designing a logo. You may also want to consider secondary branding such as tone of voice, and personality. This would allow your business to have consistent branding on the various platforms you plan to sell your product and service, attracting customers with like minded interests, values and aesthetics.
- Think about where you want to sell your product or service – There are plenty of free platforms available for you to sell your products or service to get you started. A few examples include Instagram, Facebook or even TikTok. However, you may also consider paid platforms like Etsy, Creative Market or paying to get your own website. This allows you to connect with people and hopefully get your first transaction!
- Advertising and marketing – Once you have your online shop or platform setup, you may want to start thinking about putting out some advertisements. These are adjustable fees you can pay the respective platforms you are selling on, in order to get more exposure for your brand and product and convert these into sales.
- Plan which parts of your business to outsource – Overtime, when your business is up and running, you may find that you have limited time and resources as a ‘one-man band’. It may be helpful to plan ahead on which parts of the business you may be able to outsource to allow you to focus on the most important or favourite elements.
Should you have any ideas for new businesses or tips on how people can start their own businesses in the new year, feel free to share your thoughts by using the hashtag #YoungTrepreneurs.