While we do talk on this site about how to start a business, there are different considerations when you’re in your teens or early twenties with little or no business experience. The lack of real-world track record of working for other companies could be a real handicap.
Succeeding when you’ll probably also start with little capital and be completing most — if not all — the tasks yourself in the first few months, is tougher. That’s when a lack of knowledge can really impact your performance because you’ll either run by trial and error (mostly error), or it’ll be necessary to keep stopping to learn the right way, and then proceeding.
Accordingly, in this article, we’ll provide some ideas on how to approach business in the UK as a young person.
Think About Working in Business First
Even if you’re initially resistant and want to dive right into starting your own company, think twice! It’ll be expensive to get going and you’ll need more capital than you believe at the outset. Usually, sales come in slowly and money flies out the door in business expenses much faster. This can be deadly in the early months of a new start-up.
Build up capital to get a future business off the ground by working for another company and saving aggressively towards your business goals.
Target employers in the same field that you wish to get started in. For example, if you wish to offer web design services, work for a web studio. Similarly, if you wish to offer digital information products, get a job for a company that is successfully doing this already. This will advance your practical knowledge enormously as long as you act like a sponge while working there.
Go the Academic Route
Getting up-to-speed sooner in business covers many different aspects. While on-the-job knowledge is excellent, a foundation in finance, business analytics, marketing, entrepreneurship, and problem-solving skills will provide a solid foundation.
Studying a business management degree distance learning course for convenience alongside your job is an excellent idea. It provides a useful Masters degree using an online-only learning format that lets you study when you have time to do so. Graduates can complete this Masters in two years, by which time you’ll have some well-rounded academic and practical work experience to rely upon.
Choose Your Business Carefully
There’s a lot of talk in business circles about the ability to pivot quickly from one business idea to the next. That’s all well and good, however, pivoting a start-up or SME in the UK is not a cheap or easy thing to do.
Imagine that you’ve put together a Software-as-a-Service business with other UK companies as your planned customers. If a year into it, you decide to pivot to a totally different software idea, you’ll probably be forced to throw out everything and start over. When you’re limited in funds before getting to profitability, it’s easy to run out of money prior to reaching your goal.
To find success in business requires careful preparation first. This often does require getting your feet wet by working for other companies initially to see how they do it. Getting educated in business is also very useful to provide structure and fill in any blanks. With these two things in place, and some proper business planning, your chances of success are far greater.