More and more people in their twenties today are drawn to the numerous benefits of owning their own business. Who wouldn't want to be your own boss, pick who you work with, chase the opportunities of your choice, and set your own schedule?
But, venturing into business at a young age is definitely obstacle-free. Without years of experience under our belts, each challenge we encounter is like a quest into uncharted waters, and we often have less funds and security to devote to business ventures.
So, what's the secret to coming out on top and creating a flourishing business in your twenties? And how can you set yourself up for the best chance at success?
It starts with understanding the challenges you're sure to face and then determining how you will navigate them.
3 Challenges Young Business Owners Face
Managing your own schedule
While managing your schedule is a definite benefit of owning your own business, it can also be tricky! You have to be EXTREMELY organized and diligent when planning your own time to avoid things falling through the cracks and ensuring that your being efficient with your time. Overcommitting, overworking, underworking are all problems that need to be considered and balanced.
Taking ownership and rectifying mistakes
When working with clients and things go wrong, ownership and responsibility are a MUST for young people to learn. You don’t have a manager or company customer relations team to help take care of problems for you, it’s just you. Similarly, you have to be great at managing conflict and confrontation when necessary; advocating for decisions that you think are best for your company and your partners.
No guaranteed income, benefits or "time off"
This is an obvious one, but a HUGE challenge nonetheless. You don’t have a salary! There is no guaranteed income outside of your contracts you have in place, which does add risk to your financials, and is especially challenging when you are young and less financially secure. Every penny you make comes from work that you have to do yourself. You have to stay on top of things which can make taking time off (one of the reasons you started your own business) challenging. You also have to plan how you will navigate lack of benefits.
Tips for Overcoming Challenges
Tip #1 Stay ORGANIZED!
You are in charge of your time, make sure you maximize it!
Take the time at the beginning to get yourself organized. Have multiple email addresses? Get your email and calendars synced using Outlook and make sure you put everything (personal and professional) on a single calendar.
Be sure to schedule your time efficiently. Designate specific days for meetings and other days for getting the bulk of your work done.
Get yourself a project management system and USE IT. Trello is a great free option
Tip #2 Take care of YOU
Your business's success depends on you operating at your best!
It can be easy to sit down and start working and then forget to do things you need to do. If you forget to take time for yourself during the day, schedule it! Schedule in meals if you find yourself forgetting to eat! Set reminders to stand up and stretch, go for a walk, get a good workout in, etc. - prioritize YOU even when things get crazy!
Don't get in the habit of letting your health slide. It’s easy to overwork and overwhelm - and some weeks that might just be how it goes! But you have to take time for YOU and do the things YOU enjoy or your business will suffer in the long run.
Tip #3 DELEGATE
Find resources that can do the things for you that you don’t enjoy or don’t have time for!
Many young business owners feel like they need to do it all, and end up doing many tasks they don't enjoy. When times get busy, the undesirable tasks become last priority…. That just doesn’t work!!
Find people and resources that can take care of those things for you! BONUS: when you build out your service network, you may get more business from the people that you work with!
Tip #4 Network, Network, NETWORK!
Don't be afraid of putting yourself out there. Remember, your business is valuable!
There are so many people that need your products or services… actively nurturing your network brings more opportunities, whether it be from the person themselves or someone they know, helps you build your personal brand via word of mouth. Nothing is more valuable for your business than this!
Tip #5 Keep your business a TOP priority
Don't let client commitments take up all of your time!
When you start working with a lot of clients, you may find that the tasks associated with running your business successfully fall to the bottom of your list. It is so important that you continue doing the things that you need to be doing to make your business successful.
If that means you need to hire someone - DO IT! You’ll make more money doing what you are good at than you ever will trying to do something you don’t know how to do or don’t have time for.
Looking for assistance with your social media, lead generation, content creation, web design or other organizational operations? Let's work together! Contact us - we'll help you grow your thriving business TODAY.
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