So you’ve decided to take a chance and start your own business or side project. Let’s get real, in 2017 job security has become a thing of the past as more and more people are venturing into freelancing and entrepreneurial projects.
Now more than ever, young people are drifting away from the traditional job landscape and pursuing their dreams like never before! With only 1 in 4 millennials working a full-time job alongside their own side hustle, it seems as though 2017 has brought about a new wave of young people working (partly) for themselves. So if you’re a young entrepreneur ready to dive into the business world on your own, you’re in luck! Check below to see some of our favorite tips that every entrepreneur should know.
There’s little risk in starting a side hustle
If you’re interested in starting your own business but aren’t ready to take the risk of quitting your day job, there’s always room for a side hustle. Working on your side hustle allows you the time to work towards your personal goals in a risk-free way. Rather than jumping into to your own business ventures full-time and losing your benefits and steady income, starting your own projects lets you work slowly towards building your ideas at your own pace. So not only are you growing your revenue streams but also building your brand at a rate with a much lower risk of failing.
When you’re just starting out, there’s always going to be the pressure of dealing with competitors as a newly formed business. But we say skip focusing on battling your competitors and put your time (and money) into growing your business. Think about how you can better your brand over the course of 12 months. Then think about how you can better your brand over 5 years. In your early stages, you might have to miss out on a few social events or family gatherings, but the time you put into late night planning will all come back in your favor.
Don’t get me wrong, brand partnerships are an amazing way to help grow your business and increase brand awareness. But relying simply on partnerships when you’re just starting out isn’t as effective as you might think. If brand collaborations require you to increase your sales or lower your costs, they probably aren’t worth it. Rather, focus on solidifying your brand’s identity and story to gain consumer interest. This is what will help drive sales and ultimately make your investors happy!