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Sunday 28 November 2021
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Tips for Young Entrepreneurs

Tips for Young Entrepreneurs

If you see yourself as a budding Sir Richard Branson, the road ahead will be exciting and there will be failures, which should be viewed as learning experiences.

Here are a few valuable tips to help you carve out a market and make your mark on the business world.

  • Outsourcing – Resist the temptation to do everything yourself and with so many 3rd party providers, you can outsource everything from IT needs to logistics and so much more. All accounts can be handled by the local accountants in Leatherhead, plus they can file your tax returns.
  • Business Plan – Every venture needs to be planned, which should be the very first thing you do when a business idea comes to mind. A comprehensive business plan would be 15-40 pages long and would cover start-up costs, marketing, HR management and running costs. The best advice we can give regarding a business plan is to give the finished item to a business guru and let him play devil’s advocate.
  • Funding – Every project requires money and if your nest egg falls short, there are several options; you could re-mortgage your home or take out a business start-up loan, which you could repay over a few years. You could also set up a crowdfunding page, which has helped many entrepreneurs obtain essential start-up funding.

It takes a special person to create a winning business; you will encounter many obstacles and giving up should never be an option. Be enthusiastic and this will rub off on those around you and never forget that, as the business owner, it is your job to minimise risks.