How to Start a Successful Business in Your 20's

(Credit: How to Start a Successful Business in Your 20's) How to Start a Successful Business in Your 20's
January 21
10:36 AM 2020

You're in your early 20s and the future is yours; what are you going to do with it? You're at an age where you're rife with brilliant ideas and enough energy to fuel a nuclear power plant. Conventional wisdom would say to couch those brilliant ideas and get a degree, a job, or both. But who says you can't do those things and pursue your dreams too?

Many experts say that your early 20s is the best time to start a business. People all around the world-from their teens to their 70s-have launched successful businesses. If you have a product or service to provide and a vision, then you're already halfway there. Continue reading to learn how to go the rest of the way.

Don't quit your day job.

OK. Just to make things clear, those people who say you need to just keep your job aren't all wrong. The part they got wrong is "just"-other than that, they're spot on. When you start your business, you need to have another source of income to make sure that you remain financially stable. You can't expect to open your doors and turn a profit on the first day. Unfortunately, it doesn't work that way. Your business probably won't even pay for itself right away. Whatever you do for a living right now, you need to keep doing it until your business is profitable enough to take care of itself and you.

Get insurance.

One of the great things about being in your 20s is that you feel invincible. Absolutely indestructible. That's another unfortunate untruth.

In real life, people pass away, get hurt, and sick. You need to make sure that come whatever, you're still able to take care of yourself and your family. So even though you have that 20-year-old invincibility thing going for you, you're never too young for insurance. You need to consider getting income protection, health, life-and of course-business insurance.

Of all the types of insurance, income protection is the most undervalued. When you start your own business, you're responsible for your own income, and you need to protect it in case you get hurt or sick. Compare income protection insurance with iSelect to get the best deal for your budget.

Be smart about how you invest in your business.

It's no secret that it takes money to run your own business. You need a place to run it out of, operational equipment, and to maintain a steady inventory. It will be tempting to go out and get the brand new, revolutionizing-everything-but you need to be wise about what you spend your money on.

When you're out scouting a location and find that one place that you fall in love with, curb your enthusiasm for just a second. Before you commit to any locale, you need to make sure that it's the right place for your business. You need to figure out who your competition in the area is, traffic and accessibility, and whether or not the people in that area will take to your type of business.

After you have a location, you need to focus on getting the necessary equipment to run your business-the keyword here is necessary. Look online for deals on the electronics and other equipment you need. You could find a wifi router, computers, security cameras, and any other gadgets you need at a premium price.

Starting a business in your early 20s will be the most challenging thing you've ever done in your young life. The risks are great, but they pale in comparison to the rewards.

Don't let anybody tell you that you're too young to run your own business. In today's social media and share economy driven business world, your youth is your most valuable asset.

Opening a business in your 20s probably gives you the technological edge over competitors. Being a new-age business can help drive sales from people of a similar age. It's crucial that you don't go over the top with investing in tech and opt for a more cost-effect option like digital signage.

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