How to Start a Business - Millennial Edition
By Michelle Loredo
Compared to other age groups, millennials are emerging as young business owners and are planning ahead compared to their counterparts. If you are a millennial looking to become self-employed and open your own business, we are here to help. We have put together everything you need to know to succeed.
Choose a Business Idea
To start the process, you need to choose an idea that will people are willing to consume and engage with. Create a unique selling point that bridges areas that other businesses are lacking. You need to research your target market to find your unique selling point.
Choose a Business Model
Once you decide on your business and selling point, you need to choose your business model. A business model will define your business pricing, marketing, customer service and other business-related aspects.
Types of Models:
- Direct Sales
- Franchise
- Advertising-Based
- Brick-and-Mortar
- Hybrid Structure
Create a Business Plan
Next, you need to create a business plan to start your business journey. It will include your business's vision and mission. It also outlines your business's objective.
Business Plan Key Topics:
- Executive Summary
- Business Description
- Business Concept
- Business Strategy
- Industry Analysis
- Financial Projections
Choose a Business Structure
You also need to choose your business structure.
Business Structure Types:
- Sole Proprietorships
- Partnerships
- Corporations
- S Corporations
- Limited Liability Company (LLC)
Depending on the structure, it will change how you will file and prepare your taxes.
Obtaining Business Licenses and Trademarks
With the logos, taglines and other associated branding, you need to register for trademarks at the federal level. You can submit your application to the United States Patent and Trademark Office.
Depending on your services, you may need to obtain business licenses and permits. The Secretary of State's office will give you insight on which ones you will need.
Working With a Mentor
The UH Small Business Development Center Network is here to help. We offer no-cost one-on-one business advising. They can help with business planning, capital access, sales and marketing, accounting assistance, market research and more.
