As the “graduation season” draws near, many students, whether in high school or college, will soon be faced with the traditional decision of continuing their education or seeking employment. However, for those who have a desire to start their own business, entrepreneurship may be a viable option. Here are some considerations to help launch a successful entrepreneurial career at an early age:

Opportunities: One of the biggest advantages of entrepreneurship is that there are a wide variety of opportunities available. Whether someone is interested in creating a new product or service, starting an online business, or becoming a freelancer, there are many paths to explore. With the growth of the digital economy, there are also many opportunities to work remotely and build businesses that can be run from anywhere in the world.

Skills Needed: To be successful as an entrepreneur, there are several key skills that are important to develop. Leadership skills are crucial, as entrepreneurs must be able to motivate and manage their teams effectively. Sales and marketing skills are also essential, as entrepreneurs need to be able to promote their products or services and persuade potential customers to buy them. Finally, financial management skills are critical, as entrepreneurs need to be able to manage their budgets, plan for growth, and make informed decisions about investments.

Raising Capital: One of the biggest challenges for many entrepreneurs is raising capital. While some may be able to bootstrap their businesses with their own savings or personal loans, others may need to seek out outside funding. Friends and family can be a good source of early-stage funding, but it is important to set clear expectations and boundaries to avoid any potential conflicts. Angel investors and venture capitalists can also be valuable sources of funding, but they typically expect a share of the equity in exchange for their investment.

Parents and Grandparents as Silent or Active Partners: Having supportive parents and grandparents can be a big advantage for entrepreneurs, particularly in the early stages of a business. They can provide financial support, as well as advice and guidance based on their own experiences. However, it is important to set clear expectations and boundaries to avoid any potential conflicts. For example, if parents or grandparents are providing funding, it may be important to establish clear terms and timelines for repayment or equity shares.

Best Industries and Industry Segments: The best industries and segments for entrepreneurship will depend on individual interests and skills. However, some of the fastest-growing sectors include technology, healthcare, education, and sustainability. Technology and software development in particular have seen explosive growth in recent years, driven by the rise of mobile devices, cloud computing, and big data. Healthcare and education are also areas with a lot of potential for growth and innovation.

Long-Term Benefits: One of the biggest benefits of entrepreneurship is the potential for financial independence and flexibility. Entrepreneurs have the ability to create their own schedules and work on projects that they are passionate about. They also have the potential to create positive social impact by developing products or services that address important societal issues. Successful entrepreneurs can also build a legacy that can be passed down to future generations, either through their businesses or through the skills and values they pass on to their children and grandchildren.

“Entrepreneurship is not about having a degree or any other qualification. It’s about identifying a problem and providing a solution.” – Tony Elumelu

It’s important for recent graduates to thoroughly research any opportunity they’re considering and to understand the financial requirements and responsibilities involved. They should also consider their own strengths and interests to find an opportunity that aligns with their goals and passions.

Recent graduates who are looking for low investment opportunities can consider the following options:

Drop-shipping: This is a retail fulfillment method where the seller does not hold inventory. Instead, they transfer the order to the manufacturer or a third-party supplier who then ships the product directly to the customer.

Social Media Management: Recent graduates who are skilled in social media can offer their services to businesses looking to improve their online presence. This can be done with little to no investment and can be done remotely.

Content Creation: With the rise of video platforms like YouTube and TikTok, there is a high demand for video and other forms of content. Recent graduates who are skilled in content creation can offer their services to businesses or individuals looking to create engaging content.

Online Tutoring: Online tutoring is a growing industry, with many students and parents seeking affordable and convenient educational services. Recent graduates who have expertise in a particular subject can offer their services as an online tutor.

Virtual Bookkeeping: Many small businesses need help with bookkeeping and accounting but cannot afford to hire a full-time accountant. Recent graduates who are skilled in bookkeeping can offer their services virtually.

Personal Shopping: Recent graduates with a keen sense of fashion and style can offer their services as a personal shopper. This can be done remotely or in-person, depending on the client’s needs.

Pet-sitting and Dog-walking: Pet-sitting and dog-walking are growing industries, with many pet owners seeking reliable and trustworthy care for their pets. Recent graduates can offer their services in their local area with little to no investment.

“Entrepreneurship is not a job. It’s a way of life. It’s a mindset. It’s a way of looking at the world.” – Robert Kiyosaki

Franchise opportunities in the categories listed above can be a great way for 20-somethings to start their own businesses with the support and guidance of an established brand. There are others, as well. However, it’s important for 20-somethings to thoroughly research any franchise opportunity they’re considering and to understand the financial requirements and responsibilities involved. By following these steps, an informed decision can be made about which franchise may be a right fit:

Determine investment budget: Before researching franchise opportunities, it is important to determine how much can be afforded to invest in a franchise. This will help narrow down options and focus on franchises that are within price the determined price range.

Identify franchises of interest: Once a budget is established, researching franchises that align with interests, skills, and experience is next. Online resources like franchise directories and franchise associations help to find potential opportunities.

Request franchise information: All franchises must provide a Franchise Disclosure Document (FDD) that includes important information about the franchise opportunity, including financial performance, initial investment costs, and franchise fees. An FDD from the franchise should be requested, and reviewed carefully.

Talk to current and former franchisees: Talking to current and former franchisees can provide valuable insights into the franchise opportunity. Questions should be asked about their experience with the franchisor, their financial performance, and the level of support received.

Attend a franchise discovery day: Most franchises offer discovery days that include a visit to their headquarters to meet with the franchisor and other franchisees, and learn more about the opportunity. Attending a discovery day can help provide a better sense of the franchise culture and support.

Consult with an attorney and accountant: Before signing a franchise agreement, it is important to consult with an attorney and accountant to ensure that the terms and financial implications of the agreement are fully understood.

“Entrepreneurship is not for everyone, but if you have a passion for creating something out of nothing, then it’s definitely worth considering.” – Richard Branson

Resources & Support

Should You Skip College to Start a Business?

60% of teens want to launch their own businesses instead of working regular jobs

Pros, cons of starting a business straight out of college

For more information about entrepreneurship or assistance in exploring franchise opportunities, please reach out to me today. You may do so via a LinkedIn message, by email to Paul@Acceler8Success.com, or by phone or text at (832) 797-9851.

Learn more about Acceler8Success Group at Acceler8Success.com. Also, check out two of our other resource & support sites at Entrepreneurship411.com and OwnABizness.com. 

Make it a great day. Make it happen. Make it count!