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3 Keys to Start-Up Success for Millennial Entrepreneurs

Do you have a killer idea for a new product or service? Wondering how to take that awesome idea and turn it into a successful business? Owning your own business can come with a ton of perks, especially for young entrepreneurs, but it helps to know where you should begin. If you are a budding young business owner, here are some helpful hints to make your startup dreams a reality.

Put Together Some Goals and a Plan

Successful people know to never wing it. You have to have some solid goals set in order to achieve success with your idea, and you also need a well-thought out plan to reach those goals. Start by sitting down for a while and really thinking about what your startup will look like. Maybe you have an idea that will provide an unmet service need for people, or you may just want to fulfill your dreams of owning a small business. You can use a few tools to help pace yourself and come up with tangible goals that you can reach, but know that the outcome of those desires may look a little different from what you imagined. That’s totally okay, though! You are going to make mistakes, and you are going to have to adapt along the way. Every successful business owner has made at least a dozen mistakes in their career, and sometimes, those mistakes lead to even bigger successes later on. Learn from your own missteps, and be willing to regroup if you stumble.

Have Some Options for Funding Along the Way

Funding is absolutely critical to any new business’s success, so it’s a wise move to look into various small business funding methods from the start. Loans, lines of business credit and other options all allow you to access much-needed funds for start-up expenses, as well as money that can help you expand your business as it continues to succeed. Knowing which options are best for you will come in handy if you need to purchase additional equipment, print marketing materials or hire extra staff members in the future, and will allow you to really dig into important details like loan lengths and interest rates.

In terms of starting your business, loans are always a good option, but there are other funding methods you can use as well. You can look into small business grants or programs aimed at helping young entrepreneurs, or you can think about using crowdfunding to get your idea up and running. Crowdfunding sites like IndieGoGo and Kickstarter allow inventors and entrepreneurs to advertise their ideas to an online community and generate the funds they need to create their first line of products. As with any funding source, be sure to read through all of the terms and conditions so you’re not surprised by any fees that pop up during your crowdfunding campaign.

Don’t Forget to Relax and Practice Self-Care

Creating a successful small business from scratch is no easy feat. It takes a lot of patience, time and hard work to really help your startup succeed. At the same time, however, you cannot afford to stop taking care of yourself in the process. Self-care is critical to sustained success in the small business world, so leave some time in that busy schedule to practice some habits that will keep you healthy. Start your day with a morning workout and meditation session, meal prep some healthy foods, and make sure you get 7-8 hours of quality sleep every night. Learning to balance your needs with those of your business will become essential as your idea takes off and begins to take up more of your time, so get in the habit of finding that balance from the start, and stay committed to taking care of yourself. After all, you are what keeps your business going!

Don’t let fears of failure keep you from chasing your dream of starting your own business. With the right idea, some careful planning and a lot of hard work, you can turn that fabulous idea into a flourishing business. So, get to work and get started living the life of your dreams!

 

Photo Credit: Unsplash

 

About Lucy Reed

Lucy Reed has been starting businesses since she was a kid, from the lemonade stand she opened in her parent’s driveway at age 10 to the dog walking business she started while in college. She created GigMine because she was inspired by the growth of the sharing economy and wanted to make it easier for entrepreneurial individuals like herself to find the gig opportunities in their areas.

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