inspired

How to start a business...

Starting a business is now a serious option for the nation’s youth and a fifth already have a business idea.One in five 18-34 years-old have a business idea. And with young people nearly three times more likely to be unemployed than the rest of the population – the highest level in 20 years – and the volume of new companies rising each year, starting a business has rarely been more pertinent.

19-point checklist to guide ambitious and courageous young people through the start-up process.

1. Be inspired and learn from others’ mistakes

2. Get some experience

3. Know your customer

4. Know your competition

5. Find a mentor

6. Don’t over-extend

A common mistake of new companies is to believe revenues equals success. Those companies often find themselves overlooking the need for net profit and By leaving themselves without cash in the business they can quickly become unstuck, with higher fixed costs such as salaries than they can afford and debts they can no longer afford to service.

7. Research and learn for no cost

8. Contact support organisations

9. Look for an accelerator

10. Apply for a Start Up Loan

11. Look for grants

12. Get a name

13. Design a business logo

A well-designed, relevant logo can have an instant impact on your customers and leave a lasting impression. It is important to choose a logo that suits the tone and role of your business and to have a clear idea of the message you want to convey before approaching a designer.

14. Promote your company