5 Ways to Starting a Successful Business in Your 20s and Young

5 Ways to Starting a Successful Business in Your 20s and Young

5 Ways to Starting a Successful Business in Your 20s and Young – Your 20s are definitely the best time of your life. This is the point in life when you are regarded as an adult and therefore no more or far lesser adult supervision to do exactly what you want in life.

The 20s is also the point where you move out of your parents place to live in the college halls or your own apartment with some friends.

This is also the age where you start to explore many things in life such as your career, sexuality and also many other parts of life that will form the foundation of who you will be in the coming years.

Some of the most successful businesses in the world are also founded by business owners and founder in their 20s.

Take for example, Bill Gates and Mark Zuckerburg, two of the richest people in the world currently. They started their respective businesses Microsoft and Facebook in their colleage dorm rooms and they made them in multi-billion dollar businesses that dominate their industires.

But the question that most people will like to ask is, how do you actually get something going on in your 20s when you have other things that are important such as schooling or making a living with little to none of life experiences

Let us now start sharing on “Ways to Starting a Successful Business in Your 20s and Young”.


1. Start building it as a side hustle

Many people think that when they found a business, they have to treat it like a baby and spend all their time on it and spend all their money on it. Further from the truth, there are certain products or services that will take time to grow and if you do not have the luxury to spend all your time and effort on it, why not just start it as a side hustle.

Side hustles are not just a great way of making some side income, it is also a great way to start a business.

You have no idea if this idea will work out at all and you do not want to drop your school or drop your work just to do something that is not verified to work.

Starting a side hustle also ensures you do not have the financial stress of not having something to eat.

Work on it at night or on the weekends and when you see that it is working out, drop out or quit your job to work on it!

2. Stop the drinking, the smoking and the partying

Fact is, most of the successful people do not do any of this in their 20s or even if they do, they cut it down to the minimum.

How many times have you woke up the next day after drinking and boozing to feel tired out and needing a day to recharge before you are 100% operational again.

This is something that a successful entrepreneur will not do.

The successful business person will be grinding and getting more things done and solving more problems while the rest of getting hung up the next day.

So cut this bad habit off before you even consider working on your business.

3. Learn Digital Marketing and Social Media Marketing

You do not need to be the best in it but you need to be good in it.

The point is to have an idea how it works and how you can strategize to take advantage of the new form of marketing to grow your business.

Traditional methods do not work anymore. Brute force marketing through dumping marketing dollars are also crowded out by others that have more budget than you do!

The most important skills being Facebook, Instagram and maybe a little bit of SEO.

4. Being cheaper or better 

The fact of being young is that you do not have much of an overhead, if you do not have much overheads, you can charge lesser.

Charging lesser gives you a good start so that you can get a place in this crowded market place.

For someone who has no portfolio or background to speak of, being cheaper is one of the best way to kick start your business.

But don’t forget to up your price as you get better at doing what you do. You deserve to be paid your money’s worth

5. Find and meet a proven mentor

You are new to business, other than the gurus on Facebook and YouTube, you likely won’t learn much about regular business problems.

This is where a proven mentor is great for your business growth and also personal growth.

Finding a mentor is not easy because it is just not you find a good mentor to begin with, the mentor must also choose you.

A proven mentor is someone who has achieved success themselves and have something to share that will improve your knowledge or decision making skills.


K Cloud Accounting is a Singapore based Accounting Services firm that is able to assist you with your business needs in Singapore and the South East Asia region.

We work closely with our media partners as well as loan partners to provide value added services.

Our loan consulting partner, Avant Consulting works closely with SME firms in Singapore to provide loan consultancy.

If you need help to set up a business in Singapore, speak to our consultant at +65 98638665 today!

Thank you for reading our article on “Ways to Starting a Successful Business in Your 20s and Young”.

 

5 Ways to Starting a Successful Business in Your 20s and Young