Best Tips for Millennials on How to Start a Business on the Internet
We’ve talked a lot about people starting their own businesses. But we sometimes forget that the demographic best suited to starting a home-based, online venture are millennials.
This is the generation that grew up on the internet and on all the gadgets that make our world today so different from what my generation remembers growing up. My son, at ten years old, knows more about how his computer works, what the various apps do, and how to navigate through the many intricacies of the virtual world. It’s embarrassing, but we sometimes ask him for advice. But that’s the reality of his world now.
So here are the best startup up tips for Millennials on how to start a business on the internet. But really, anyone can use them, too.
Finding Your Market
When we prepare to venture out on our own, we hear a lot about how we need to have something of ours that we can sell to the world. An idea that we’ve developed, a service we want to introduce. But sometimes, this is like putting the cart before the horse.
Instead of trying to get the market to try our product, with the hopes that someday, they will like it, why not take the opposite approach? Check out what the market needs.
Research individuals, groups, or demographics. Find out if there is a service that each group is looking for that’s not being provided to them, or is being underserved. Then develop something that will address those needs! Sounds easier said than done. True. But it’s better than trying to bend the market to your will. It’s far easier to give them what they want.
To this end, it’s worth mentioning that sometimes, opportunities come knocking that you did not expect or plan for. Keep an open mind. Be open to suggestions or advice. Never be afraid to try something new. That could lead you to better opportunities.
Go With What You Know
What are you good at? And be honest, because your answer to that question will dictate the direction you might want to take your business to. Or at least, you’ll know what role you can play in its development.
If you’re great at marketing, but suck at computers, then you know what you need help on, and what you can directly contribute to your business. You can either learn about website development, like I did, by looking for a coach or partner that will help you establish that side of your start-up. (More on this later on in the article.)
At the same time, you can sharpen those marketing skills you already possess so that they can even be sharper when you finally employ them.
In addition to all that, you need to have some morals anchoring your business. Go with what you think is right. Your gut almost always leads you away from the wrong decisions.
Doing something that you like will make your efforts to establish your business all that enjoyable.
Learn, Adapt, Focus
Face it, You will make mistakes. Some products may not fly. You may lose some money. But the one thing you cannot afford to lose is your cool, and your dedication to your dream.
You need a strong mental attitude to face the challenges of a startup business. Prime your body, mind and spirit for success. Turn every failure into a learning opportunity. Sounds corny, but it makes sense, and it does work.
One thing that can come out from failure is a stronger backbone. You heard that saying, that “what doesn’t kill you, makes you stronger.” That is a fact. Your mistakes add information into your business DNA, information that allows you to understand what works and what does not work.
Once you learn, you then adapt or change. No sense continuing on doing what you’ve already proven does not work! And that’s a hallmark of every successful business. Their ability to change course. To learn from failures.
And let that learning experience remind you to re-focus on your ultimate goal. Don’t allow these setbacks to distract you from your vision. Remember what you’re doing all these for. And let that be your motivation to move forward!
Master Your Craft
You will realize that when you start your business, more often than not, you will fill all the shoes that need filling. You will be the boss, the manager, the tech person, legal, marketing, etc.! And while you’re doing all these functions, learn the demands of each function.
When your business succeeds, you will know all the aspect of your operation. And that is essential. In order to effectively manage your team, you need to know every facet of your business so that you will understand the needs or each one of your departments.
One aspect of your business you really need to get a handle on is your finances. Always keep an eye on your company’s financial health. Because let’s face it, money is why you got into business for. There’s nothing wrong with that. Keep an eye out for unjustified expenses. Know which expenses are essential to your operations, and which are just embellishments. Of all the hats you will wear, that of CFO is probably one of the more important ones.
All those different functions serve one purpose: to make your business succeed.
Know And Respect Your Customers
The pillars that hold your business up are your customers. Therefore, having a strong customer relation and client servicing will ensure the health of your venture.
There’s a reason why someone came up with that saying “The customer is always right!” They assumed correctly that without them, your business will suffer. Although I do not agree that the customer need always be right, to the detriment of your business culture, morals, and our employees’ rights, I do agree that ensuring that our customers are happy and satisfied can only be good for business.
So we need to ensure that we give our base the service that they require and deserve, that we go the extra mile to ensure we retain their business, and to encourage them to help up spread the word about what we do, and how well we serve our customers.
Often, word of mouth trumps all other marketing strategies we can ever come up with. Ask Starbucks in Philadelphia.
Taking action means precisely that! Taking the first steps to fulfilling your dreams.
When you’ve identified your market, when you know what it is you’re going to offer that market, when you’ve identified your strengths and your weaknesses, then it’s time to take the next step. Every journey starts with that first step. And until you take it, you’re never going to move forward.
We mentioned briefly about not being able to know your way around the virtual world. And that’s true with most of us. That’s when you need to take on a partner, a mentor, a guide! For me, that guide that taught me how to build my website, coached me on how to effectively conduct social media marketing, introduced me to the concepts of Affiliate Marketing and Search Engine Optimization (SEO), is Wealthy Affiliate.
If you’re looking for a mentor to get you and your online business off the ground, then go with the leader in the online affiliate marketing industry and website development training. Learn more about Wealthy Affiliate. And if you think they’re a perfect fit for you, then they’re just a click away!
The World Belongs To The Generation That Follows
One criticism of this millennial generation is that they are sometimes insultingly referred to as the “now generation.” I want everything, and I want it now!
What with all these electronic and digital advances that have made a lot of ordinary, mundane things we used to do when we were young easier and more convenient to access, today’s youth always seem impatient. Unable to wait for anything. Moving on to the next best thing that comes up over the horizon.
What these tips are meant to highlight is the eternal truth that all good things that are worth having are worth the wait. Millennial entrepreneurs must re-learn something that our generation, and generations that came before us, have always taken for granted as gospel truth. And that is that hard work, research, and innovation, are all important in making something as complex as a start-up, work.
This is not to say that millennials do not know hard work. They most certainly are not that. They are imbued with so much our generation never had, or could only dream of. But because their choices are so vast, sometimes, the details get lost in all the noise of the modern world.
These things still remain true: hard work, respect for others, sticking to your values, learning and adapting to change, all are important to succeeding both in business and in life.
I’d love to read your comments below about startup internet business for millennials. Your tips and advice are welcome.