People of almost any age can start a business. Young adults launching a business will face most of the same hurdles that older and more experienced people will, while also facing additional challenges that exist due to their age and income or savings. With less experience they are not as prepared for situations that can arise, but they can still be successful and learn about business as they go. Asif Ali Gohar has shared some words of wisdom that he would share with a young adult who is starting their own new business.
First, he suggests that you build your confidence by learning as much as you can about the industry that you will be working in. The more that you know about it the more informed your choices will be. You must create a plan for how much money you need, what supplies are necessary, how many other competing businesses you will be up against and how large they are. Learn about the costs and the income that can be expected, and then determine if the investment will be worth it.
Once you have learned all that you can about the industry and the market in your area, you can move on to creating a business plan. A business plan includes the startup capital, how it will be spent, the material and machines or supplies that will be needed, how many employees you will need, any computer hardware and software, as well as what type of location and building you need. Then you can move on to finding a location that is suitable and start raising the capital to invest.
Bank loans, or lines of credit, are one option, and finding investors is another. Each will need to be paid back eventually, unless investors or purchasing a part of the business and taking the risk on themselves. In this case you would only need to be accountable for where the money went and why they did not see a return, or to pay out appropriately when profits are high enough. Most businesses will need both startup investors and an ongoing line of credit or loan for unexpected items and occurrences. Once people have made an investment, they are not going to continue feeding money into the business, so it is important to have working capital and a loan to back up that investment and keep the business running.
Next, trust yourself. Your ideas are solid, and the market is ready. Many businesses will fail in the first year, and it is important to acknowledge that, but also to have the confidence and the courage to move forward anyway. Failing isn’t always avoidable and many lessons are learned during the process. Be prepared to learn all that you can and to put in the time and focus to build your business, but also accept that you may not make it long term.
Media Contact
Company Name: Asif Ali Gohar
Contact Person: Media Relations
Email: Send Email
Country: United States
Website: https://www.thatericalper.com/2023/01/17/asif-ali-gohar-discusses-business-groups-is-the-chamber-of-commerce-right-for-you/
