Becoming a young entrepreneur is not easy, but it can be hugely rewarding. “I think all young people should have a go at running a company,” says Ben Towers, 18, an award-winning entrepreneur who started out in business aged 11. “You learn a lot and you become more employable because you understand how a company works.”
Youthfulness can be an advantage
Starting young is not necessarily a bad thing, says Joanna Davies, chief executive of Zak agency. “You’ve got the energy, you’ve got the drive, you’ve got the ambition.”
When you’re young, you may also have less family responsibilities and are more able to take a risk. Pippa Murray quit her job and launched Pip and Nut when she was 26. “People often say it’s scary handing in your notice, but I felt I had nothing to lose,” she says. “So I think it’s the best time to start a business.”
Use your age to your advantage, says Towers. “You can say to somebody, ‘I’m a young entrepreneur, I’ve got big aspirations, I want to grow’. And then maybe they’ll buy into your vision and support you more.”
Surround yourself with the right people
“The big thing I wish I’d known before starting out is to surround yourself with people who support your vision and share your goals,” recalls Towers.
Davies shares this opinion. “When it comes to hiring people it’s about their attitude and whether they want to be on the journey with you.” She recommends hiring people based on personal recommendations. “Make sure you’ve really checked [them] out and know their business history.”
If you’re young, getting a mentor can help. “Mentoring has been hugely valuable for me,” says Hattie Wrixon, who set up Uni’s Not for Me when she was 17. “Get in touch with as many people as you can and ask for as much advice as you can.”
Keep on top of your finances
It might seem boring or intimidating, but you must stay on top of your finances. “We were getting frustrated with all the accounting and administration,” says Ed Hardy, co-founder of Young Founders, and who started out in business when he was 13. “How do you force yourself to do admin when there’s so much exciting product development or marketing you could be doing? But the thing is, if you don’t do it, your business won’t be around to do any of the product stuff.”
Find an accountant you trust, says Towers. “It’s easy to just go online, find an accountant and pay for a one-off job, but you need to find someone who supports your vision and wants to see you succeed,” he says. “Because at the end of the day if you don’t have that trust with your accountant, you’re going to fail.”
Make your social media accounts and website stand out
It’s important to market yourself well and to have a good website. There are free tools that allow you to build a website without any knowledge of code, says Kit Logan, co-founder of Young Founders. “My advice is to google and find the tools that suit you best, because they’re definitely out there.”
Keep your site simple, says Towers. “Don’t overcomplicate it. You can try to build a site with 104 pages, all singing and dancing. But then each page can be lacking in content. It’s more important to have less pages, but every single one is full of content that people want to see,” he says.
But to Wrixon, online communities are key. “Building a community is really powerful for any business.” Murray also recommends managing social media accounts yourself because, “you’re more likely to have an authentic voice if you do it that way.”
Go for it
The biggest piece of advice from the entrepreneurs? Just go for it. If you hesitate too long you could miss out on opportunities. “Be decisive and maybe even a bit reckless,” says Logan “because you learn from your mistakes.”
“Things are more available to you as a young person and people are more willing to help, so there’s no excuse for not trying,” he continues. “You have the time, the resources and the people backing you. Go for it.”
However, if it’s not for you, don’t feel like a failure, says Davies. “At least you tried, and it’s better to try than to always wonder.” And when you do succeed, there’s no better feeling. “The freedom is unbelievable. I’m not answerable to anyone. I can do what I want, when I want.”
If you have nothing to lose, why wait? As Towers says, “everyone should have a go at running a company once.”
Ben Towers will be speaking at QuickBooks Connect, a two-day conference for SMEs and accountants looking to network, collaborate and grow. To register your attendance, and for more information, click here.
