The 2021 Startup Launch Guide for Young Entrepreneurs
If you’re an aspiring or budding entrepreneur, you might be nervous about the thought of running your own business. Little do you know that your age and perspective can actually boost your chances of success. And today, technology solutions provided by companies like Incepta, among the top 5 IT companies in Canada on the Growth List 2020, make it easier than ever to launch a startup.
If you’re confident in your business idea, follow these 5 tips and take the next steps towards getting your startup off the ground!
Tip #1: Work With a Mentor
If you have limited business experience, finding a mentor who can offer you advice is invaluable. SquareUp recommends checking out online professional networks or asking loved ones with experience in your field for their support. An involved mentor can help you put together a business plan and budget. With assistance from someone who has been through this process before, you’ll feel confident as you develop your plans.
Tip #2: Protect Your Data
Today, every startup founder relies on technology to a certain extent in order to serve their customers and clients. But when you’re working online, you need to take steps to keep your information safe. You do not want your data to be compromised early on in your startup journey — this can definitely impede your plans.
That’s why it’s important to prioritize online safety and cybersecurity as soon as you begin working to bring your business idea to life. Dealing with identity theft and hacks while trying to launch a business can be devastating. Make sure that all of the data you save on your devices is password protected. This is particularly important as it pertains to financial data.
Tip #3: Seek Funding
Once you’ve solidified your business plan, it’s time to take another look at your preliminary budget and determine how you will cover your expenses. Business experts recommend exploring a few different options, including seeking angel investors, securing a small business loan through a bank, or completely self-funding your business. You will likely need to maintain a source of outside income before your business becomes truly profitable.
Tip #4: Business Formation
Now you are ready to begin the business formation process. If you choose to form an LLC, you’ll be able to enjoy numerous benefits. For example, establishing your business as an LLC means that you’ll have limited liability, in addition to a variety of tax advantages. Plus, you’ll have more flexibility in your business structure and less paperwork to deal with!
If you’re prepared to form an LLC, make sure to research the regulations for your state or province first, as they can vary. Furthermore, you should be aware that you can save on lawyer fees by filing yourself or opting to use a formation service instead.
Tip #5: First Sales
Finally, you’re ready to begin marketing your business to potential clients and customers to earn your very first sales! It’s important to heavily focus on marketing immediately after launching your business, so if you’re working from home, create a work environment where you can concentrate without distractions. You can begin marketing by setting up a website for your business, as well as accounts on popular social media platforms like Twitter, Facebook, and Instagram.
If you have a fantastic startup idea, your age does not have to hold you back — there are plenty of young entrepreneurs running successful businesses. Your willingness to take risks and adapt to uncertain circumstances can be a major asset in the startup world. With these tips, you will be well-equipped to launch your startup!
Looking for data-driven solutions to startup problems? Incepta provides entrepreneurs and enterprises the services and technologies to get businesses off the ground. Call +1 (855) 818-0018 today to determine how Incepta can accelerate the growth of your business!
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