The Millennial Startup Guide: Embarking On Your Own

When presenting advice, almost any entrepreneur will tell you that when they decided 

to start their own business is when the hard work really started. 

With so many factors at play and unavoidable risks (big and small) it can seem daunting if one does not keep their ultimate destination in their sights (eyes on the prize while always thinking about the most difficult hurdles and how to attack them.)

Below is are a few pointers accumulated through the various mentors I have sat down with 

this year (another important part of any young persons success, get yourself a mentor!)

Financials.

When running your own business, you need to give most serious thought to your finances. 

In the preliminary stages you’ll experience more costs than you ever have in your life, either 

bankrolling everything yourself or enduring the stressor of knowing your success

is being closely monitored by your sometimes not so silent investors.

If you’re funding you business, with no initial income rolling in within most likely the 

first six months, that is a pretty daunting scenario without significant starting capital.

Financial peace of mind is important in our everyday life, but even more so in regards 

to your budding business. Use a business plan that you review and revise constantly 

(have your mentors review it also, they will be delighted to be asked for advice) 

to help identify the costs that may be incurred beforehand. 

From this a detailed budget can be forecasted.

Business Goals.

After financials have been well planned, it is just as important for you to identify clear business goals for the future. Always keep in mind where you want the company to end up. 

Set yourself a dedicated time-frame. Before launching, enumerable aspiring CEO’s 

sat down with a pad and paper and made lists. 

Scribbled were all of the things they wanted to achieve as a business owner. 

Later down the line the advantage is to continue to have clearly defined goals 

to work toward no matter what level of success you achieve. 

Whether you decide to focus on personal or professional development, start a corresponding foundation to make a difference for a cause close to your heart, just keep setting goals.

Digital Marketing.

Marketing needs to be a strong focus for you as a business owner and these days you’re going to want to embrace digital marketing. This means using social media sites to plug the brand (moderately.)

No matter the outlet, no one wants to be sold and plugging other small business owners efforts 

will result in an unexpected reciprocity that can be more beneficial than you know.

With Millennials now making up one-third of the workforce you need to prioritize having a well-designed website and making use of SEO services. It would be strategic to pair it with a blog where you provide helpful industry related information that is sometimes infused with your brand/product (overdoing it with self-promotion just won’t work.)

Stay creative and fresh with how you advertise your company and your passion for what you do.

Attracting clients and meeting others in parallel industries is critical to your growth and ultimate success.

Where Will You Work?

Consider location and headquarters for your business. When first starting out, many run their company from home, and you might be okay doing the same. 

As the business grows, you may feel the need to move, doubly so when the need to hire employees arises. Think about getting an office if you need to meet with clients (we can only bootstrap it in a coffee-shop for so long before others wonder.)

Co-working office spaces like WeWork are beautiful, reasonably priced and can even garner connections with others in a similar starting point in their ascent.

Getting Market Share.

The goal for any business needs to be market share. You want to capture a section of the market just for yourself. Doing so means you also have to set yourself apart from everyone else. 

You need to give your brand, service and/or product something that makes it stand out. 

Identifying a gap in the market (no matter how small) where there is an explicit demand 

and lack of supply should be the root of your plans (give the people what they want!)

Running your own business is a fantastic achievement, and kudos to all of you currently doing so as you should be extremely proud.

For those of us just starting out while living in the era of the startup, we need to remind ourselves that beginning this journey will be no easy feat.

Sleepless nights, vacations will be a thing of the past and even some of your relationships will be tested should you significant other or good friends make noise about your lack of free time.

The best thing we can do is prepare for the process.
Think about the key factors that are going to affect your startup as they can either garner or completely bar you from success.

Addressing them immediately will help you transition more smoothly while allowing you to

remain cool should any of the anticipated problems pop up in the future (because they will!)