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Do you have a new hobby? Did you learn a new skill? Are you looking for a way to make some money? If you answered yes to any of these questions, it might be time for you to start a business! Here are our tips for getting started.
Before you start a business, you need an idea. Make a list of skills you’re good at, activities you enjoy, and things you can make. Need some inspiration? YouthBiz is offering a series of workshops this semester that can help spark an idea! Check out Tee-Rrific Products, Genie-Us In A Bottle, or Paper Product Perfection, which are all offered virtually.
Next, look over your list and ask yourself these questions:
- How many materials will you need? The fewer the better and the more common the better. Best of all, what can you use that you already have or that is free?
- What is the cost of those materials? If you’re not sure about cost, do a bit of internet research. The lower the cost, the less money you have to spend to get your business going.
- Who is your target customer? Also think about how many of that type of customer you communicate with regularly. How easy will it be to sell your product or service?
Narrow down your business ideas by picking the one (or two) that make the most sense for you.
YouthBiz’s Create a Business Plan Workshop is a great next step. During this two-part virtual class, you will work your way through creating a real-life business plan. You will learn about why entrepreneurship is important, and our expert staff will guide you through competitor and target market research.
Once you have a business idea and a plan, you’re ready to set your prices! YouthBiz is offering a class to help with that, too: The Price is Right, Right? You’ll learn two different pricing strategies and you’ll gain insight about when to lower or raise your prices, all through playing a fun and interactive pricing game.
Finally, it’s time to make some money and start selling! Practice your “elevator pitch”–a quick, 30-second story of your business–so you’re ready to promote your product or service. Then, pitch your business to the people you know: neighbors, family, and friends that match your target audience. The people in this group are your biggest fans! If someone declines, ask for feedback in a kind way. This is how you can work to make your business even better. To help you expand further, attend the It’s All Who You Know Virtual Networking Party where you will learn some quick tips on making connections before being whisked away to various breakout rooms where you’ll meet and connect with important business professionals and other young entrepreneurs.
YouthBiz is so excited to help you become an entrepreneur. There are so many benefits–you’ll learn a ton, you’ll make some money, and you’ll have fun! So, what are you waiting for?