Did you know that 70% of working 16-24 year olds say that they would like to be their own boss at some point in the future. Are you one of them? Why not start right now? Welcome to the Being Your Own Boss podcast, the young entrepreneur’s guide to starting a business. Whether you are thinking about business for the first time, or you have an idea that you want to develop, this podcast is for you.
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"I wonder how many of you have a good idea or want to start your own business or wondering if this is something you can actually do. You’re not alone. Lots of young people dream of becoming their own boss and have even gone as far as decided what kind of business they would like to run. Believe it or not, for many of them, that dream is almost a reality."
"The truth is that most successful businesses are not based on an amazing invention or radical new idea – they are just better versions of what’s already out there. So, if you’re panicking about coming up with something completely original, don’t worry. The first thing to remember is to make sure that your business idea fits with your skills and personality and secondly, that is has the potential to make money."
"It is natural and totally normal to doubt your idea and what it can do at this point. Don’t let it hold you back but don’t pretend like they’re not there either! Now is the perfect time to gather information and challenge your ideas until you find the perfect one that you can run with."
“I know entrepreneurs will use their gut instinct from time to time but most successful businesses are built on customer research, market analysis, measurement and testing. Market research is important so don’t rule it out because it can provide you with valuable information. It tells you who is buying what, when, where and why. It doesn’t have to be expensive and there’s a lot that you can do yourself!”
"You might be wondering what a brand actually is. It’s more than just your name and logo, it’s the character of your business and how you control the way your business is perceived. If you don’t work on your brand, you risk leaving your image and reputation to chance."
"The use of social media in business is growing year on year and it is great way to spread the word, it encourages people to share comments, posts, images and videos. Being active on social media should be a key part of your marketing strategy and best of all they’re free to join and use! This means you’re reaching audiences without breaking your budget."
“Workshop and events available across Wales to build your business knowledge and develop your understanding of topics like finance, marketing and business planning. These are a great way of learning the essential skills needed and a great opportunity to meet other entrepreneurs and share experiences. You can access the full details and applications on our website.”
"To create a good business plan you need to be able to provide a realistic picture of your business, including time scales, budget and sales forecasts. Now I know budgets can seem like a scary thing but don’t let it put you off, if you need to ask for help to create accurate costs and sales projections then access the advice online or talk to an advisor."
"There’s one thing you don’t need to worry about and that’s not having the money to start up a business because you can do it quite cheaply. We’ve touched on working to a budget in previous chapters when looking at getting online and market research, so now you need to think about starting small and lean, which will allow you to build up a profitable business in the long run."
"We’re not going to lie to you getting funding is not easy, especially if you’re new to business but you might need money to buy materials, equipment, stock, premises or all of the above in order to get started. The good news is there are now more sources of business funding than ever before and we can help show you the way. "
"What you charge for your products or services should be enough so that you can make a reasonable profit once you have paid off all the costs and overheads, don’t forget to include your time! Start-ups often make the mistake of under—charging to attract their first customers but this is a dangerous tactic! You risk losing money in the short term and it can be difficult to charge more once you have a reputation for being cheap."
"Problems with cash flow are a common reason for a business failing which is why you need to manage your money and it’s so important to keep on top of what money is coming in and going out. There are lots of cheap and free accounting apps that can help you manage your finances, some banks also provide free software."
"That was a lot to take in I know but now you have knowledge of tax, insurance and law which are key elements to have in place when starting your business. You might be thinking right now of the amount of time you’ll need to put in and how you’re going to get it all done, well don’t panic because in the next episode I will be talking about time management!"
"When you are starting up a business it can feel like there aren’t enough hours in the day and if you are doing it alongside another job or studies, you might find yourself feeling overloaded. If you want to avoid feeling overwhelmed by it all then you will need to lean to manage your time."
"This is it everyone the final episode of the ‘Be your own boss’ podcast, but before we dive straight in to how to grow your business, let’s have a quick recap on episode 14. Last episode we talked about managing time and of course your work life balance, I talked you through the 12 handy time saving tips which include the importance of being organised, create to do list, reduce interruptions and don’t procrastinate!"