Things Every Aspiring Millennial Entrepreneur Should Know
All businesses start from zero.
Getting your first 100 customers is notoriously difficult.
Thanks to the Internet, eCommerce, and other innovations, it’s easier than ever for creative professional to launch their own company and start making money.
Millennial entrepreneurs naturally have a business advantage due to their creative, tech-savvy & innovative ways of challenging the norm.
In this blog post, we cover 6 tips for starting your business as a millennial entrepreneur.
#1 Research the market
Before you can start making money from your business, you need to make sure that there is a market for it, in other words, your business needs to have a product-market-fit.
Product-market-fit is a term used in start-ups and it means that people are willing to pay for your service/product because the problem you are solving is big/important enough.
Do your research about your potential customers: who are they, what do they currently use, and how much are they willing to pay.
Once you’ve succeeded in one country, you may want to expand to other countries. A company like ClearBorder offers international trading consultancy services. They can advise you on international trade, customs, and borders. Grow your business internationally and trade seamlessly with the EU and beyond.
#2 Plan your business strategy
Once you have a good understanding of the market, you can start planning your business strategy.
If you’re not sure where to begin, consider talking to people who are already in your target market.
Ask them about their needs and wants, and see if there’s anything missing that your business could provide.
You can also look at online resources such as forums and social media groups related to your niche.
#3 Know your competition
Knowing your competition is important because you can improve on the existing offering.
You can look at price points, delivery options, and other complimentary offers.
Use social media to navigate your competitors and analyse their products.
Read reviews, look for flaws or improvement opportunities that you can adapt to your business.
#4 Attract and recruit staff
If you have a growing business, you’ll need the staff to support you on your journey.
You can use recruitment software like Oleeo to assist you with your hiring solutions. Oleeo provides a range of services including virtual hiring, applicant tracking systems, and artificial intelligence-based analysis.
This means you can hire with greater ease, with less focus on the administrative tasks associated with recruitment, and more time to concentrate on getting your business up and running.
#5 Finance your business
You need to have some startup capital to take your business off the ground.
There are 7 ways to finance a business:
1. Bootstrapping: fund your start-up yourself
2. Get support from friends and family
3. Join an accelerator or an incubator program (popular in tech businesses)
4. Venture capital funds (for high growth startups mainly)
5. Reach out to the Angels Investors
6. Try crowdfunding
7. Request a small business grant from a government or a loan from a bank
Estimate your start-up costs and ongoing expenses, and make sure you have a solid plan for generating revenue.
If you are not comfortable managing your finances, consider hiring a financial advisor or an accountant to help you get started.
#6 Create a digital marketing plan
Every business needs to have a marketing strategy because without marketing you won’t make sales.
Taking advantage of the right technology can be an excellent way to take your business to the next level, even when you’re just getting started.
If your company caters to the Gen-Z or Millennial generation, social media marketing is one of the most effective ways to promote your new business.
Using Meta’s Business Suite is a great way to reach a large audience quickly and target them based on interests, demographics, and behaviours.
For example, you can create custom audiences of people who have visited your website or engaged with your brand on Meta (previously Facebook) , or you can use the targeting options provided by Meta to reach new customers.