The rules of business are changing as a new generation of employees enters the workforce. For many, this will involve joining an established firm and beginning the climb up the corporate ladder. But for others, the allure of starting your own company is too strong to resist. Here are some tips for millennials hoping to start a new business.
Know Your Product
No matter what you plan to bring to the market, know your product better than anybody else. As the one calling the shots, you are answerable to all your clients. Your customers deserve to know what they paid for if you want them to trust your firm. This trust is vital to new and growing markets when standing apart from the competition makes the difference between soliciting resumes and updating one. If you want to stay ahead of your competitors, always consider your customers’ feedback and how you can use their input to improve.
Focus on Service
Customer service is now more crucial than ever, courtesy of the surge in options with the growth of e-commerce. Think about specific problems your customers are facing and how your product or service can fix that issue. Individualizing your service for each client shows them that they are more than just a number to you.
Dress the Part
Millennials starting their own company would also do well to remember that they must still adhere to many facets of corporate America, including dress standards. While a casual dress code is acceptable for your office, some appointments will require more professional attire. A skilled tailor understands the importance of accurate measurements and can craft you a bespoke suit perfect for meeting with current or future investors.
Conservative Budgeting
It’s impossible to overstate the importance of budgeting for a new company. And while it might be uncouth to talk salary with family and friends, these uncomfortable discussions may become necessary if they are the primary investors in your business. You must also consider outstanding business and personal debts, including student loans, before beginning the company.
Build (and Grow!) Connections
One of the most important tips for millennials hoping to start a new business is to do something many people spent a childhood perfecting: network with others. The connections made in schools, chat rooms, message boards, and professional organizations are often the best place to turn to drum up support or business. Just remember to separate business from personal if these relationships are worth maintaining.
