We're the Teen Economists aka the elite team and we aim to inspire and motivate.
Monday, 13 August 2012
It won't work
What? This idea will never work! You're too young! You aren't qualified enough! Many of us have heard these words when we approach our families and friends with our business ideas! My aim is to guide and motivate you to start your own business as you know small and medium enterprises could lead to a great future. Let's get started! Step 1 - decide what product or service your business will be. -write a business plan(this could help you approach investors and banks for financial assistance) Step 2- earn some money to get started with your business -depending on the nature of your business it could need some working capital Step 3- buy stock or equipment with your earned money -buying stock straight from a manufacturer will make it cheaper -buying in bulk could also be cheaper -once you have a relationship with the manufacturer you may get discounts Step 4 -Spread the word -market your product make sure people know about your product -use social networks like facebook to market your product Step 5 -sell, sell, sell Increase the prices of products to make sure your expenses are covered and you are able to make a profit Starting a business isn't a walk in the park it you want your business to be a success it will take time and hard work. If you can stay motivated there is no limit to what you can achieve!