The internet is a huge market, and interacting with people from different countries can be a great opportunity to start your business. I started my company at an early age, and the internet helped me to meet new people and build connections. The internet is a place where you can connect with people who have the same interest as you, and it’s also a place where you can learn everything that you need for your business.
The best thing about the internet is that it can help you in starting your own business. The world has become so much smaller because of the internet, and the way we communicate has changed significantly. This has opened up many opportunities to start your own business.
If you are willing to start your own business, then this article will help you in getting started. If you’re looking for more tips on starting your own business, don’t forget to check out our article on how to start a small business online!
Simple and effective strategies to start or expand your startup or business at a young age
Many of the best business ideas come from young people. From Facebook to Snapchat and Airbnb, some of the most influential companies in recent years were started by people in their twenties.
But how do you start a business as a young person? You may not have a lot of experience, or even any money saved up! Here are a few simple and effective strategies to help you start or expand your startup or business at a young age.
Never search “How to make money”
Stay away from sites that promise easy money. There are a lot of scams and pyramid schemes out there that are designed to trick people into thinking they can earn a lot of money without doing any work.
One day, you may want to make money without working for anyone else. That’s a noble goal! But first, focus on making money for someone else so you can get some experience under your belt.
Don’t fall for the common scam where people try to sell you e-books or kits that will explain everything you need to know about making money online and give you lists of companies to contact.
Start using Youtube to learn new skills or improve the ones you already have instead of watching quick rich scheme videos.
Know your resources
By this point, you’ve been developing an idea or a skill and have already done enough research. What you need next is to find the right way to demonstrate your idea or skill to potential customers.
There are plenty of places to start looking for people who might be interested in what you have to offer. Online social networks like LinkedIn and Facebook can be great sources of leads and people who will be interested in what you’re doing. But you’ll also want to reach out to places where your target audience might gather — for example, online forums, message boards, and meetups.
You can also search for companies that offer customer support, whether it’s online chat services or phone support, and see if they’re willing to help connect customers with your skills or offer. If not, there are other ways to reach out. There are many companies that can help you with recruiting or provide you with editorial content on blogs or websites focused on a particular topic area.
Make sure that you are not ignoring your first employees. They are the foundation on which your business will grow and prosper. This is why you need to make them feel special and valued at all times. To encourage and motivate them, you can shower them with workers gifts from time to time. This can be done during promotions, increments or during the holidays as you please.
How to get your first customers
One of the biggest mistakes everyone makes in the early stage of their startup is targeting customers who are hard to get.
If you’re a SaaS company, for example, one of the most common mistakes is that entrepreneurs try to sell their software to big companies from the get-go. It’s not easy to sell software to these companies—they have many requirements and need proof that your software can solve their problems. They also have different internal processes and require a certain amount of budget before starting a project with new software.
Another mistake entrepreneurs make is offering services for free. Yes, this works for some industries but mostly if it’s an established brand or the company has a lot of money and can afford to spend on that free service. If you’re an entrepreneur just starting out, you should focus on how to bring value instead of offering free services because nobody values free services. Your first customers should be businesses or individuals who intensively have the problem you are solving—they are ready to pay and work with startups.
You can start your journey by creating a social media account on Instagram and sharing posts about solving your problem. From there you can make your targeted audience. For instance, if you’re creating websites, utilize hashtags like #smallbusiness and check whether users have a Web site or not. If the answer is no, you can drop them a message about what you do and how your service can impact their business. Sometimes that’s all you need to get your first customers.
How to get funding for your startup
The first thing that you need to do is evaluate your financial situation and see if you qualify for any of the grants. If you can provide proof of income, or have a job, then you may be able to get a grant. There are also various organizations that give out grants, which are very similar to loans.
The next step is to decide which grant you want to apply for. If your business has strong potential and is growing rapidly, then it might make sense to apply for a grant from the government instead of one from a private organization.
You will also need to determine how much money you will need for your startup. You should figure out how many employees you will need, what type of equipment and services you will need, and how much it will cost in total.
Once you figure out how much money you need for your startup, then it’s time to get started on the funding process. You can start by talking with local banks or other businesses that offer financing options. You can also talk with friends and family members who may be willing to lend you some money.
If these options don’t work out, then there are other ways to get funding for your startup including government grants, angel investors, and venture capitalists.
Here’s a list that you can follow to get funding.
University-backed venture funds
- Colorado State University CSU Ventures
- Ohio Innovation Fund
- TechGROWTH Ohio
- Bobcat Seed Fund
- Cornell University BRV
- Indiana University Innovate Indiana
- NYU Innovation Venture Fund
- Oregon State University Funding Opportunities
- Penn State University Garber Venture Capital Fund
- Portland State University Venture Venture Development Fund
- Stanford GSB Impact Fund
- UCLA Ventures
- University of Colorado Denver Rutt Bridges Venture Fund
- University of Minnesota Venture Center
- University of Rochester Simon School Venture Fund
- University of Tennessee Knoxville Boyd Venture Challenge
- University Angel Networks
University angel networks (Some universities are connected with angel networks, often made up of alumni investors who provide financial support to promising startup ideas.)
- Baylor Angel Network
- Berkeley Angel Network
- Carolina Angel Network
- Columbia Angels
- Duke Angel Network
- Harvard Alumni Angels
- MIT Alumni Angels
- Stanford Angels and Entrepreneurs
- University of Virginia Angels
- Wharton Angel Network
- Wharton Alumni Angels
- Additional Sources of Funding
Business pitch competitions
- ClimateTech and Energy Prize MIT
- Ohio University EXPO Pitch Competition
- International Video Pitch competition
- Milken-Penn GSE Education Business Plan Competition
- NFTE National Investor Pitch Challenge
- Pear Competition
- Rice Business Plan Competition
- Social Enterprise Conference Pitch Competition
- Startup World Cup
- University of Oregon New Venture Championship
- Visa Everywhere Initiative
The steps I mentioned don’t guarantee you win, but they will help you channel your efforts in the right direction.
Suman(Kul Prasad) Pandit is a graduate from Tribhuvan University with four-year experience in corporate and start-up sectors in UK and USA. Being a responsible & sustainable business enthusiast he is dedicated to business education to solve problems in entrepreneurship and business growth.