Young entrepreneurs face both the excitement of just starting out and the uncertainty of not knowing what lies ahead. If you’re in that situation, VenturePoint recommends taking the following steps to set yourself up for a rewarding entrepreneurial journey.

 

Build Your Network

 

A strong business network can provide myriad benefits, including easier access to funding, mentors, and information. That’s why networking events exist and why young entrepreneurs should take advantage of them. Additionally, there are plenty of ways to build your network virtually: Video calls, chat messages, and other online tools make it easier than ever to build new connections.

 

Consider Your Business Structure

 

Choosing a business structure may not be the most exciting task, but as the Small Business Administration advises, it’s one of the most important. Your business’s status as a legal entity will affect everything from taxes to liability. For example, forming a limited liability company (LLC) provides considerable protection for your personal assets should the company encounter financial problems or lawsuits. LLCs also have certain tax advantages over corporations, plus they offer flexible management.

 

If you want to file LLC in Texas online at little cost is typically possible if you file the paperwork yourself or use a formation service. That way, you won’t be on the hook for weighty lawyer bills. Regulations on LLC formation—and the formation of other business entities—vary depending on the state, so check your state’s rules before proceeding.

 

Don’t Neglect Your Business Plan

 

If you don’t already have a business plan, now’s the time to get started. A good business plan will lay out the formula for transforming your idea into a successful business. Investopedia describes these documents as containing “a company’s core business activities, objectives, and how it plans to achieve its goals.” Beyond providing a strategy for your company, a well-thought-out business plan is vital for impressing potential lenders and investors.

 

Focus on Marketing and Market Research

 

Your business plan should include marketing, but marketing is such an important part of a business that it deserves its own mention. No matter how strong your product or service is, without marketing, no one will hear about it. Your business should backstop its marketing efforts with an ample amount of market research, which will tell you how customers view your business and products as well as how you should try to reach those customers. It may also reveal what has or hasn’t worked for your business’s competitors, letting you learn from their successes and mistakes.

 

Find the Right Funding

 

Unfortunately, running a business isn’t free, but the good news is that young entrepreneurs have many potential funding sources to tap into. For instance, there are several grants targeted specifically at young business owners. Bootstrapping—or starting up with lots of work and long hours in place of cash on hand—is an option if your idea and temperament fit that strategy. You may also wish to seek out financing from sources like banks, partners, or angel investors. Regardless of the avenue you take, carefully research the drawbacks and benefits of any financing agreement before you enter it.

 

Your Entrepreneurial Journey

 

As a young entrepreneur, your path forward will hold many opportunities. Following the strategies above will set you up to take advantage of them. And if you need a spot to grow and strategize, see what VenturePoint offers.

 

 

By Lucy Reed