In this ever-changing economy, it seems like it's nearly impossible to find a new job. Generation Now job-seekers such as myself have a hard time due to lack of experience. Baby Boomers are waiting longer and longer to retire. So what are the young, energetic job hunters to do?? Create your own job! If you have a talent, why not expand it? Every business began small and grew. If you have the skills, then gain the experience by broadening a client-base.
Even high schoolers can start a business. For those with summer lawn jobs, they gain references from their clients and can gain more clients through word of mouth and social advertising. The power of Facebook and Twitter are amazing! If your young student wants to start their own business, work with them or point them out to a small business owning veteran who can help. Babysitting can turn into a business as well. The possibilities are endless!
Who's the only person who can stop you? It's not your parents, teachers, or friends...it's YOU! You are the only person who can achieve or hinder your destiny. If you are motivated and willing to work hard, you can accomplish anything. Not all businesses work out the first time, so be prepared. Create back-up plans and emergency savings to help take care of those unforseen roadblocks.
College can also help gain more knowledge about maintaining your business. Take some business, marketing, management, accounting, and finance classes for the background skills. To enhance the skills you already have or gain new skills, take some electives to show your potential clients you are able to do the job. Many colleges allow you to "build your own degree" which offers more flexibility with your future. Take advantage! Talk to a consultant, advisor, counselor, lawyer, or tax accountant to gain more information. Also, it's a great idea to check with your Secretary of State's website for filing instructions and tips. The IRS website can guide new business owners with tax laws and forms to help make the accounting process smoother.
So how do you come up with the next million dollar idea? Here's some tips:
1. Take a drive - you don't know what businesses are NOT out there unless you look around the area.
2. Survey the local community - find out what the community wants as far as business and it'll help gain support.
3. Talk to the city/county government - See what licensing requirements are needed and what they will allow. Some cities require council approval before a new business can begin.
4. Keep a notebook or binder - Make tabbed areas for all your startup ideas, cost analysis, and potential. Before you begin a business, you've got to do your homework and plan!
5. Look for investors - Ask around and see if anyone would be willing to invest in your idea.
6. Find a mentor - Many small business owners are looking for their successors. Ask an owner for advice, mentoring tips, and apprentice work. You might just inherit their already established business.
7. Research research research - Find out if your idea has already been done. If there was a failing business, find out what happened. You don't want to steer an already sinking ship.
8. Open a separate checking/savings account - Startups are not cheap! Keep track of the cash available to begin your business by having a separate account.
9. Download accounting software - Quicken and Turbo Tax are great resources to keep track of all business income/expenses. Remember, even though you are just beginning, you still have tax deductions available. Sit down with an accountant or financial planner to help. Some community colleges and vocational tech schools offer classes in this type of software.
10. Document everything - You will be so busy, you don't want to take any chances. Log all receipts, client information, and invoicing to be sure you are on top of your game. You might find a retired accountant who'd be willing to help for a discount/small fee.
So there it is! Good luck!
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