Advice for young entrepreneurs: How to start or grow a business
Posted: Fri 26th Aug 2022
Whether you're beginning your journey to start your own business, or you already have a business that you're looking to grow, there will be times when you need support and guidance from people who have walked in your shoes and have experience and advice to share.
Our Next Generation hub provides a range of resources designed purposely to help young entrepreneurs like you to start or grow a business. In this blog, we share some top tips and lay out a simple step-by-step approach you can follow to make sure your entrepreneurial journey leads to success.
Start a business: Steps to follow
Step 1: Find your business idea
Watch the Launch a business e-learning module on the Next Generation hub to find out what key questions you should be asking yourself when coming up with your business idea.
Step 2: Brainstorm your business concept
Once you've settled on an idea, it's time to think about how it'll work and what you'll do to bring it to fruition. There are a number of methods for laying out business concepts in this way, but a particularly useful one is called the Lean Business Model Canvas. It's the perfect one-page format for brainstorming possible business models, and our guide tells you exactly what to do.
Step 3: Write a business plan
The purpose of a business plan is to explain what you want to achieve and how you're going to make it happen. This step-by-step guide will walk you through how to create your own business plan and includes a detailed outline for you to follow.
Once you've laid out your business plan, watch this webinar to find out how to perfect it.
Step 4: Carry out some market research
Market research is when you gather and analyse information about your business. It might involve looking at competitors, target customers or the wider industry. Doing this research will give you a much clearer idea of the direction you should be looking to take your business.
Read about the benefits of market research and how to identify your ideal customers. You can also view this short webinar to learn how to get ahead of your competitors.
Step 5: Start marketing your business online
Social media is so important as a way of getting the word out about your business. If you haven't already got started with it, here are some guides you can download to help you:
Start a business: Bonus resources
Goal-setting with Steven Bartlett: How to turn business ideas into action
Grow a business: Steps to follow
Step 1: Build your brand
Want to know how to give your business a strong presence, and how to get the media to cover your story? Just follow along with the Grow a business e-learning module on the Next Generation hub.
Step 2: Establish a digital presence
To do this, you need to develop a social media marketing plan and learn how to increase your business's visibility.
Step 3: Grow your sales
Follow the Grow your sales e-learning module on the Next Generation hub to learn how to use marketing and PR to create a strategy for boosting your sales. For even more insight, you can read our beginner's guide to selling online.
Step 4: Organise your finances
In business, money matters! Watch module 4 on the Grow your business e-learning journey and find out how to forecast your cash flow, issue invoices and plan for the future.
Step 5: Find support along the way
There are so many people out there ready to help you take your business to where you want it to be. Why not book a free one-to-one session with a Next Generation adviser? Or, you could join a peer group to network with like-minded young entrepreneurs.
Grow a business: Bonus resources
How Joe Moruzzi, founder of Pleesecakes, has grown his business
Need help starting or growing a business?
The Next Generation hub can help you with the education, inspiration and funding you need to achieve your business goals. Sign up to the hub today