Starting a business when you are young
Many young people run successful businesses.
Setting up in business and sustaining it, especially in its early stages, is a real challenge. Young people can find it particularly hard to translate business ideas into a working reality. However, with the right approach, guidance and support, young entrepreneurs can succeed.
Young entrepreneurs may encounter obstacles when setting up a business because of their age.
Getting funding for your business may be the biggest hurdle to overcome. Without a track record and with few assets to use as security for a loan, it can be difficult to raise money. Similarly, if you are under the age of 18, you will not be able to use traditional forms of credit. There are a number of schemes that can help if you find it difficult to raise finance.
The Prince’s Trust
National Federation of Enterprise Agencies (NFEA)
A lack of business experience can seem an obstacle to being taken seriously and getting your ideas off the ground. Talking to experienced entrepreneurs can be helpful as they may have faced similar problems and can offer guidance on how to overcome them.
You may find that running a business from home is prefereable due to low overheads, or you may decide you need business premises. This comes with responsibilities in terms of money and time and different options suit different businesses.
If you register with Shell LiveWIRE, you are allocated a local business co-ordinator who can advise on business issues, including getting premises.
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