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15 Amazing Start-up Secrets: Tips from Coolest Young Entrepreneurs

One in five 18-34 year olds have a business philosophy. Young people are nearly three times more likely to be unemployed than young people, the highest level in 20 years, and the number of new companies is increasing every year, and the situation of start-ups is seldom more relevant.


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Although statistics show that youth employment - 16-24 year-olds actually dropped 186,000 to 2016 January, the number of unemployed remained close to 750,000. That is why the number of self-employed young people has risen sharply since the beginning of the economic crisis.

Start-up companies will not prove all silver bullets, but the support available certainly has never been so good. So, without hesitation, here is our 15-point checklist that guides the ambitious, brave youngster through the startup process.

1. Be inspired to learn from the mistakes of others

2. Get some experience

3. Know your customers

4. Know your competition

5. Write a business plan

6. Find a mentor

7. Lean

8. Do not overstretch

9. Research and study free of charge

10. Contact the support organization

11. Look for an accelerator

12. Apply for a start-up loan

13. Apply for a start-up loan

14. Design the corporate identity

15. Promote your company

1. Be inspired to learn from the mistakes of others

Read other people's entrepreneurial stories on websites, books, or events to get them started. Every successful entrepreneur has made a lot of mistakes, and they are often ready to talk about them with hindsight.

2. Get some experience

Get an in-depth understanding of the business you plan to launch. In his early 20s, Nicko Williamson was the founder of Climate Cars, an environmentally friendly private car rental business, working in a call center for a private car rental company. He learned how the organization was operating from within and figured out which areas could make small but important adjustments to differentiate what was offered.

3. Know your customers

Research into the market you are considering entering is essential and will tell you if you are on the right track. Communicate with people in your client population to understand how they react to your product or service. Few ideas are completely original, so you may not need an undisclosed agreement by asking questions about the merits of an existing product or service, and you do not have to divulge what you intend to do differently anyway.

4. Know your competition

Market research also enables you to master your competitors. What other products and services do you have in there? Not all enterprises are derived from a revolutionary idea, many successful enterprises are from an old concept of the birth of the improvement. However, you need to offer customers something better, cheaper, and easier than they are used to, if you want to get them from the familiar stuff.

5. Write a business plan

Having a great business philosophy does not mean you have a great business. Write a business plan that encourages you to evaluate your thoughts in detail. Use it to set realistic goals for your business and consider setting up and maintaining all of your company's costs.

6. Find a mentor

Try government-supported mentoring services www.mentorsme.co.uk, a free service that provides experienced support to businesses through a network of quality-assured mentoring organizations. If not, talk to someone you know about what you plan to do, attend relevant exhibitions and conferences, and talk to friends or family members who have already started their own business.

7. Lean

Buy or Download Eric Ries' hardcover book The Lean Startup. Start at home. Gradual development of business, will keep overhead at a minimum level. Before you have to hire. Do not take up space before you need it. Take a look at your product or service market with smaller tests. First create a rough and prepared website and build it. Go to friends and family, or crowds, seed money. Keep some cash in the business.

8. Do not overstretch

A common mistake of the new company is that revenue equals success. These companies often find themselves ignoring the need for net profit and working capital. By allowing themselves to have no cash in the business, they can quickly become unstable and have higher fixed costs, such as wages higher than they can afford, and they can no longer serve.

9. Research and study free of charge

Spend time in the UK Library London Business and Knowledge Center with free access to market research reports for all major analysts, industry guides and journals, corporate data, grants and intellectual property databases, seminars, resident advisors and events. This is an invaluable resource for any start-up business or in the process of setting up a business and is central to the UK through the Central Library in Birmingham, Leeds, Liverpool, Manchester, Newcastle and Sheffield.

10. Contact the support organization

Youth Business International provides financial support, mentoring and technical training through a network of partners in the UK including: Direct start for talented 18-30 year olds in Greater London; Virgin StartUp, a non-profit organization that helps entrepreneurs get funding, resources and advice ; And UnLtd, a provider of support for social entrepreneurs, which provides incentive programs for social enterprises in the seed phase.

11. Look for an accelerator

Some major organizations have created private startup accelerators, which typically have a specific focus, such as technology, finance, health care, or environment-friendly start-ups. Many universities also provide space and support for students or local entrepreneurs who are keen to take advantage of existing expertise. When time is right the accelerator often visits angels and venture capitalists keen to discover the next big thing in the network.

 

12. Apply for a start-up loan

The government-sponsored start-up loan program was launched to support young entrepreneurs aged 18-24, but has extended its terms of reference to anyone over the age of 18 with a budget of £ 310 million, start-up loans up to £ 25,000 approved, The scale is £ 6,000. David Cameron's government business adviser, Ms. Young, argued that a start-up would be entitled to a government loan. By early 2015, some £ 130m had lent 25,000 new businesses, of which more than half had 18-30.

13. Get the name

Find a list of available business names and appropriate names by creating a contender list. Then, draw four columns titled "Companies House", "Domain name", "Trading as" and "Copyrighted". From your list, find a list of available columns. There are common name types, so lateral thinking you can call your business: 1. Say what you do (eg Shout Media); your name (eg Smith & Jones PR); conceptual stuff (eg Fizarro.com); Word games (such as A cut above). Try different combinations to see which is right and make a statement about your business. It is important to select a name that is easily remembered by the customer. Once you have the name, it is time to build your website.

14. Design the corporate identity

Well-designed logos can have an immediate impact on your customers and make lasting impressions. It is important to select a logo that matches the tone and role of your business and clearly understand what you want to communicate before you approach the designer.

15. Promote your company

Hire an expensive public relations firm to be available later, but now it is important to self-promote in a variety of possible ways. Social media is an indispensable tool, so grab the biggest effect on how to use Facebook and Twitter sites. Participating in competitions can also help you notice your company and build yourself as an award-winning company, a good way to engage your customers.


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