Are you tired of your dead-end day job and want something where you can call the shots
Perhaps you’ve dreamt of being featured on Forbes’ coveted 30 Under 30 list?
Whatever your reason for choosing the path of an entrepreneur is, bear in mind that the path isn’t as linear or as straightforward as you’d want it to be.
5 tips to owning a business before you’re 30
The challenges that abound can test your patience and determination.
To help overcome these challenges, here are five tips to starting your own business before you hit 30.
Put your savings on hyperdrive
Having enough savings is key to leave your day job and pursue your business idea full-time.
Without enough funds, you’ll be more hesitant to leave the comforts of your steady paying job.
You should have enough saved to take at least one year off from work so you can start setting up your business. Increase either the amount of money you save per week or month or increase the frequency in which you put money on your savings account.
Be more aggressive with where you invest your free cash and look for stocks or assets that pay modest dividends.
Consider franchising
You can take advantage of the franchise’s brand reputation and influence. You won’t have to build a brand of your own, which takes a relatively long time to accomplish.
For example, franchises for sale in Cleveland are a good option for those who don’t have an original business idea to start with.
Most franchisers also provide you with all the things you need to get started including the location and storefront, inventory to sell, and even your first set of employees to man the store.
If you do choose to franchise, expect to pay for the initial franchise fee, equipment and supplies plus taxes, travel and living expenses for the franchisee and employees, and a credit card or merchant processing service.
Make it legitimate with a name
Deciding on an official name and registering it sounds simple enough that most entrepreneurs don’t even bother at it until they absolutely have to.
Figuring out the appropriate name that sticks and can spread like wildfire, however, is easier said than done.
Decide what your name should communicate to its intended audience and what your brand stands for.
Take Subway for instance.
When you hear it, you immediately think sandwiches.
The same goes for Microsoft, McDonald’s, and Home Depot, which are iconic names in their respective industries.
If you have the budget, enlist the help of an expert. Professional naming services can cost upwards of $50,000.
Build it step by step
Find something to do for your business every day.
No one expects you to make a successful business overnight.
Even billion-dollar companies, like Amazon and Google, took years of development before their respective founders were able to bring something to market.
Even just taking the day to come up with a list of potential names for your business counts.
That being said, if your goal is to have a business by the age of 30, you’ll want to adjust the amount of time and energy you invest into your business.
Someone who starts at the age of 18 obviously has more time to spare than someone who just turned 28.
Pick a location
Picking a location for your brick-and-mortar store is another difficult decision to make.
The location you choose to build your business on could affect foot traffic coming in and out of your store, taxes, legal requirements, and sales and revenue.
If you are launching an eCommerce site, you’ll need to figure out which web hosting service provider to use.
To sum up
People have this preconceived notion that starting a business takes a great deal of work, skill, money, and connections.
But owning a business before you turn 30 is actually a very attainable goal. Use the five tips aforementioned in this article as a launch pad for your startup.
For more business tips, check our entrepreneurship section and subscribe to our weekly newsletters.
