any tips for a young nikka (21) opening your own business?
if i dont have enough capital do i really have to bite the bullet and take a loan?
Breh, all depends on how big the capital u need is.
Have your done some testing for viability, written your business plan, analysed competition and done all your market research?
Your minimal survival amount needed is crucial too. I recommend finding out what programmes there are in your city for young people wishing to start a business.
These program's are usually helpful, they provide grants and a mentor. I'd recommend staying fully employed for the first 2-5 years and tapping into all the things your city and state have to offer you.
Aim to start out with a small grant or loan from family, a real loan should come after you've tested your product, registered it and know its the real deal. I know loans of dudes who took out business loans, their businesses are now obsolete and they're stuck with the repayments. Aim to lend from other sources before don't want to end up with no business AND fukked up credit.
Luckily in this age there are websites dedicated to people just like you who are starting out, become a student again, READ. LISTEN and absorb all advice given to you. Educate yourself on all aspects of your industry. Everything.
Surround yourself with and speak to OTHER business owners, find someone in your chosen industry who did well and ask to met him for lunch. Go with you note padand take notes. The wealth of your knowledge will come from other businessmen.
Be realistic from the get go to, are you hoping to just have a small business which gives you flexible hours and pays you 90k a year where you are the sole trader or are you trying to build a multi national merging market company.
Also aim to be a career entrepreneur. Before my dad got to this stage with these stores we have now we've owned about 10 different businesses lol till we found the right one.
Don't get too attached to an idea because you're passionate about it. No matter how much YOU love something if it's not going to work out cut your losses early and move to the next idea.
This is so important because toooo many people waste time and effort in the wrong ideas. See yourself as an entrepreneur long term not attached to ONE idea. As much as you love an idea learn when to let it go.
Baby steps and when you do turn a profit please do not bring your ass online to talk about it.
My personal recommendation for anyone who is an entepenuer or self employed on here all your profits and dividends left over invest in a buy to let or short term rental.
I'm African and live in Europe everyone here usually who owns their businesses have like 2 houses they rent out too.
You're not always gonna be a multi millionaire who started Facebook or get rich quick lol but if you work hard and invest well and aim to earn a fat salary and own a house or 3 it's realistic.
I bought my first house at 22 and just put in offers for my second last week (I'm 25),selling and buying somewhere bigger. Just build it all slowly and you'll get there.
You won't become bill gates but you'll get a nice house, good investments and be able to take holidays where ever you want..
Good Luck and PM me if you ever need help or advice