If you want the freedom to choose how to spend your time,
how you spend your days and the ability to choose who you
want to work with then starting a business might be right
for you.
In today's age, building a business has never been easier
and the potential rewards are larger than ever. While your
friends are still living at home with their parents, you
could build a business that helps you afford the lifestyle
you want. And thanks to the Internet, young entrepreneurs
can build a global business that puts you on the same
playing field as major corporations.
Before starting a business, there are several steps future
young entrepreneurs can take that will facilitate your
success. There are seven foundation steps that will help
you to build a profitable business, fast.
Get your mind right. The first step to building a
profitable business is for young entrepreneurs to develop
their mental muscles and start thinking with positive end
results in mind. Getting your mind right will allow you to
keep focused and on course even when others try to
contaminate you with negativity.
Set goals. Before starting your business, day dream about
how you see this business growing and picture your
day-to-day role within your company. Write your dreams
down on paper. Goals are simply your dreams put onto paper
with a plan to achieve them.
Once you have your goals written down, review them often.
The more you read and believe your goals the faster you
will get to where you want to go. Take some time before
you go to bed to visualize your goals coming true. It's
true - what you think about you become.
Focus on the greater good. This is especially true for
young entrepreneurs. By starting a business that creates a
positive change in the world you will reap the rewards.
When you start a business that helps people, you'll have
positive forces working in your favor. So not only does
doing the right thing help others, eventually it helps you,
the Good Samaritan, as well.
Build your credit. Having excellent credit is a young
entrepreneur's best friend. With good credit you will have
access to low cost capital. This may not be important when
you first start; however, as your business grows, you may
need business loans to expand your business faster. That's
when having good business credit will pay off.
Open up the Right Accounts. Another critical element for
young entrepreneurs to set up before starting a business is
their bank accounts. A checking and savings accounts
should be set up as soon as possible. The sooner you
establish a relationship with a bank, the more benefits you
will receive in the future.
Be sure to choose a bank that has services you need now and
will need in the future. Being a young entrepreneur, you
want to find a bank that offers business loans, merchant
services, business accounts and additional services you may
need as your business starts to take off.
Build your team. With twenty to forty percent of your
income going to pay taxes, the first members on your team
should include a qualified tax advisor. Be sure to choose
a tax advisor that has experience preparing business taxes.
Another member of your team, that you need before you
invest money into a business, are mentors that have
experience in the business you want to start. Having a
mentor does not mean you need to hire a personal mentor
coach. In today' age, a quick search online and you can
find books, videos and webinars of people that have
experience in the business you're looking to start.
Start a business you like. The last and most important
piece of advice for young entrepreneurs is to choose a
business that you enjoy. What is it that you're into?
Figure out how you want to live, how you want to spend your
days and with whom you want to work with - then find a
business to start that fits your lifestyle goals.
DO IT! Now that you have the foundation in place, get
going on your business idea.
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Visit http://www.FreeBy30.com for real world young
entrepreneur video tips. Vince Shorb, author of
'Financially Free by 30', will guide you step-by-step to
starting a profitable business.
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