Starting your own business in your teens or early twenties is a great way to gain experience and add credibility to your CV. Becoming your own boss can be lucrative, too. The average first-year company grows at a rate of 268% in revenue in the first year, meaning your novel idea can quickly become profitable.
However, as a young person, you may be starting your own business with limited resources. Your relative inexperience could make it hard to raise capital, and you’ll likely need to learn business concepts on the fly when running your new firm.
This shouldn’t put you off, though. With the right mindset and business model, you can still find entrepreneurial success. Pursuing innovative start-up ideas can help you gain traction quickly, too, as you won’t face as much competition in the early stages of running a business.
Tech-Based Start-Ups
The tech industry is booming. IT alone is estimated to be valued at $9039 billion by the end of 2024 and is supported by a strong compound annual growth rate (CAGR) of 6.4%. This means it’s a great time to get into tech if you have a passion for computing and have identified a gap in the market. If the idea of running your own tech startup appeals to you, consider popular business models like:
- Data scientist: The world runs on data, and it’s a data scientist’s job to make sense of it. Analysis, model development, and AI training are but a few of the options in this burgeoning field. You may need to get a degree first, but you’ll need to home your programming skills first and foremost.
- SEO: These professionals focus on improving business visibility on search engines like Google. This can be conducted remotely, too, as you just need an analytical mind and a passion for content creation.
- SaaS: Software as a Service (SaaS) is an umbrella term that describes any cloud-based app that provides a service. Publishing your own SaaS can be lucrative if you can solve a problem for consumers or offer an improved user experience.
- Web developer: If you have a foundational understanding of coding, you can pursue a career as a web developer. Set up as a freelancer and slowly build your skills as your client base expands.
Ultimately, it would be wise to look to tech solutions growing in demand due to current issues. For example, as more companies turn to cloud computing and people build their digital footprint, they invest in cybersecurity to protect themselves from hackers and infiltrators. As unfortunate as this is, it does offer more opportunities for young professionals to create and offer solutions. The same principle applies to any other niche in the tech industry.
Content Creation
If you have a passion for creative pursuits like writing, photography, or illustration, a career in content creation might be for you. Starting a content creation business is easy, too. You simply need to pull together a portfolio of your work, set your rates, and reach out to prospective clients.
You can blend your passion for music, literature, or art with tech, too. Follow in the footsteps of start-ups like StarX MusicX Lab, which recently released its first AI-generated song. Leveraging AI successfully can be hugely beneficial as a young entrepreneur with a passion for content creation, as generative models can help you scale up your operations quickly. Alternatively, you can pursue freelance careers in industries like:
- Blog writing;
- Graphic design;
- Video editing;
- Drone operations;
- Photography.
These industries have a relatively low cost of entry and allow you to express your creative side. This can be transformative if you’re used to working on projects that do not capture your imagination. A well-crafted content creation business can boost your brand and help you generate some side income from affiliate marketing, too. While this is unlikely to become your main source of income, it can boost your savings and help you generate some extra cash.
If you do decide to pursue a career in content creation, follow it up by running a professional social media page for yourself. Social media provides the perfect platform to connect with clients and show examples of your work. A strong social presence can draw interest to your business and boost your brand reputation, too.
Crafts
Starting your own online craft store is a great way to generate income while learning the basics of inventory management and shipping. Setting up a store on sites like Etsy or Shopify is easy, too. You’ll just need a clear brand identity, high-quality images of your products, and a clear marketing strategy. If the idea of making and selling crafts sounds appealing to you, consider options like:
- Candles;
- Knit-wear;
- Handmade jewellery;
- Art and illustrations;
- Party supplies.
Folks will flock to your online store if you sell goods that are high-quality, well-packaged, and properly marketed. Selling your crafts online can develop key entrepreneurial skills, as you’ll need to establish your profit margins, protect your cash flow, and connect with stakeholders if you want to grow your business sustainably.
Think Secondhand
Learn to thrift like a pro and start an online shop of thrifted items. Doing so can be a smart entrepreneurial move, especially when curated with a unique niche like vintage fashion or upcycled decor. To thrift like a pro, look for durable, high-quality items and rare finds that align with current trends or have historical appeal. Inspect pieces carefully, and consider those that can be upcycled or refurbished to boost their value. Staying within a budget is key to maintaining profitability. With a keen eye for standout items and an eco-conscious approach, you can attract customers looking for sustainable, stylish alternatives.
Conclusion
Entering the business world as a young entrepreneur can be much more lucrative than entry-level positions. However, you’ll need to develop a niche and a business plan if you want to break even in your first year of operations. Get the ball rolling by pursuing an idea you are passionate about and apply to entrepreneur competitions to raise some much-needed capital.
