Imagine you are an 18-25 year old with an amazing idea for a business, or maybe you have a talent or skill that you want to grow. You don’t have a grasp on the business world and quite frankly you don’t have a clue where to start. (Don’t panic!)
Here at B Consultancy we pride ourselves on helping young people in business #learnhelpgrow their dreams into reality.
Read on for some top tips for young people in business and how to beat the first year business itch….
2016 is the digital age. Areas of opportunity have opened up massively in the ways of social media and the rise of digital platforms, not to mention there is literally an app for everything these days! This makes business life easier. If you have an idea, a talent or a skill you can literally create a business from your own home, whether that be an etsy shop or a YouTube channel, the accessibility has never been easier, but because of this, the competition has never been so high.
In the summer of 2015, Britain hit a record of 600,000 new start-ups lead by budding entrepreneurs and exsisting business moguls. With 55% of young people aged 18-25 wanting to go into their own business in 2016, how can you beat the more experienced competition and make your young business succeed above the rest?
With the business world becoming a lions den, how do you take not just an idea, but a talent or a passion and transform it into a successful, sustainable business model at such a young age?
We caught up with young business owner and professional, freelance dancer, Katherine Iles who has done just that. We got the gossip and her top tips on how to cut the competition and make it on your own….
Katherine has been a dancer all of her life, starting at an early age at her mothers dance school, The Dance Place in Hertfordshire. After gaining a scholarship in dance at Performers College, she was keen to progress her dancing career and start her own freelance business as a dancer and a choreographer. She has now danced professionally from her freelance business for 10 years and shows no signs of stopping! During her career she has impressively danced for the likes of artists, Taylor Swift and Mel B, Tv’s, X Factor, Let’s Dance for Comic Relief, The One Show and MTV. She has even managed to break into the film industry and has worked on Captain America and Disney’s Maleficent with none other than the amazing Angelina Jolie (to mention a few!) Expanding her business recently as a choreographer, Katherine teaches her own classes weekly and her recent venture and career highlight to date was choreographing, Cinderella at the Richmond Theatre this Christmas.
As such a dancing superstar and strong business woman we asked her how she coped with competition and made it at the rip age of 21?
Watch our video interview with the lovely lady below and hear what tips she has to help your business #helplearngrow.
So according to Katherine, the key to success when starting a business at a young age is, confidence and we agree. Don’t be afraid to use that internal fire and drive to cement yourself in your industry. Don’t be afraid to ask for help from friends, family or a consultancy, as marketing yourself in competitive fields is key. Focus on your USP as a brand and as a business and use your individuality to promote it.
We asked B Consultancy Director, Janice Beckles what she thought and what her top tips to consider when starting a business young, whatever your venture….
1. Business Planning is key. Write a detailed business plan, this will help you shape your idea and overall plan for the future. If you haven’t done one before this can be daunting, so a great tip would be to sign up to an enterprise course, similar to those run by B Consultancy Ltd.
2. Connect with good mentors. Make sure you choose someone you respect and that has experience in business, even if they are not in the same industry as you. Why use a mentor? Because they will have invaluable experience and will be a great sounding board.
3. Join a good networking group, where you can collaborate with other entrepreneurs. Not everyone has to be competition, help each other. Be open and friendly, but be wary and not too trusting.
4. Research your market and your customers. It is vitally important that you have an excellent understanding of your industry and target market, this will help when designing marketing strategies etc. How can you do this? There are great resources available include the IP Centre at the British Library and City Business Library
5. Do a personal SWOT analysis (a tool that identifies strengths, weaknesses, opportunity and threats of a business) Completing this will enable you to identify any skills, market gaps and build on your strengths.
6. Experience is a major advantage. Gain some experience in your field, this can be achieved by volunteering, partaking in an internship or a part time job. All of these will help you will gain a deeper insight into your chosen sector.
7. Competition is rife. Keep an eye on your competitors, this is a great way to achieve competitive advantages and develop your strengths and opportunities to be a cut above the rest.
8. Have fun, enjoy the process as you start and grow your business!
Are you a young business owner?
Do you want some help from us or further advice to help you #learnhelpgrow your career and business? Get in contact with us at B Consultancy for tips and specialist advice on areas that will help your transform your business goals into reality. Contact BConsultancy
Written By: Charly Phillips
Charly is degree educated, published , freelance writer, (author, poet, screenwriter, and music journalist for Bring The Noise UK) and all round female boss herself. Her company Ink Explosion, specialises in helping you add value to your social media, develop your online content and assists in all creative and media needs. Contact her here.