Want To Be A Millionaire In Your 20s? Start A Business!

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Startup business problems large

If we’re honest with ourselves, we all dream of becoming a millionaire or even a billionaire before we hit thirty. It would be amazing if, for the rest of our life, we didn’t need to worry about money. We could buy whatever we wanted, whenever we wanted. Of course, there is the argument that diamonds are beautiful because they are rare. If you could afford as many as you like, they would be seen as worthless. On the other hand, this suggests you can run out of things to buy and do in the world. You can’t. There’s always something else you can achieve. Thus, there is no reason not to aim for this level of wealth. The question then becomes, how do I achieve it?

You might start by writing the next great American novel. Not a bad idea, but it won’t get you rich as quickly as you would like. On average, you’ll make around fifteen grand from your first book deal, and we’re sure that number is a shock for most budding authors. Mainly, because we only really hear about ultimate success stories like J.K Rowling. Therefore maybe being a published author isn’t the best way forward. Don’t believe us? Just check out this site www.mackcollier.com for the offical number.

Instead, you could consider investments as a possibility. Perhaps you can make a fortune by taking the right decisions on the stock market. Interesting idea but it is distinctly flawed. Believe it or not, most people who get rich through investments aren’t stock geniuses. They stumble onto the right decision in a process that’s remarkably similar to choosing the right lottery numbers.

The actual answer is a startup business. We know what you’re thinking. Isn’t it true that most startup companies fail? This is true, and around 97 percent of startup businesses won’t make it past the first year. It’s a gamble but one that is worth taking. Particularly if you have a great idea for a new company that no one has yet thought of.

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Formulating Your Startup Model

The best way to build a new business is from the ground up. You should start with a vague idea of what you want to sell and what you want to achieve. The dirty little secret of the business world is that you can sell anything if you know how. There’s always a market, no matter how niche you think your product is. Case in point is vegan Mayonnaise. You would expect that the number of people who want vegan mayo would be quite small. Mainly, because the number of vegans walking around must be few and far between, right? Well, apparently not. A recent startup is making millions based entirely on the idea of vegan mayo. This is just one example of a business owner finding success in a market that no one else was aware existed.

This example shows clear evidence that there is a market for any product or service. Therefore, you should not dismiss an idea because you think the market isn’t there. It probably is, you just haven’t found it yet.

Although, you should aim for an idea that is as commercially viable as possible. Or, that has the potential to have a wide consumer base. This will give you the greatest chance of your business being a success.

The Problem Of Funding

One you have your business model established, you need to think about funding. There are very few business ideas that require little to no funding. For most possibilities, you will need a business loan even to get started. There are a few different ways you can get funding for your company that you can consider.

The first is the most obvious and simplest. You can take out a business loan from a specialized lender. They can help you with initial start up costs. Or, once your business is up and running, they can give the money you need to pay for other costs. This might be bills, equipment or anything else that you might need to pay for. This issue with taking out a business loan is usually the interest rate. You need to make sure you will be able to pay back the money that you borrow before it becomes and expense difficult to manage. You can look at business loan possibilities on a site such as www.businesslendermatch.com.

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Another possibility is to use crowdsourcing to fund your business. This will work with companies that do have a commercialized idea at the heart of them. If you know that your business has wide appeal, you can set up a page on a crowdfunding website. Then, you should be able to get the support you need for your business from potential customers. They will provide the money your company needs for a product they want to buy before it even hits the market.

Alternatively, you can turn to investors for helping with your company. The best way to attract investors is with a killed promotional campaign, starting with a trade show appearance. By appearing at a trade show, you can show off your company concept and any products that you wish to market. It’s important here to start off with the strongest campaign possible. You can not afford to risk being forgotten in a sea of competition. Remember, when you are at a tradeshow, there will be hundreds of potential business owners vying for the attention of the same investors.

When you start up a business, you should aim to keep funding costs as low as possible. Particularly, if you are borrowing funds to pay for it. Have a look at www.brazen.com for some cool ideas. You need to make sure that you don’t end up in debt because you bit off more than you could chew. Keeping your business small can still provide a profitable model that has a lot of potential for the future. You’ll be able to grow your company when you are in the right position.

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Making Your Business A Hit

Thus far, we have shown you how to build a business and open it on the market. It doesn’t take much to get a business set up and established as you can see. However, that doesn’t mean you’re going to become a millionaire. Now we need to consider how to make that same business a success.

The answer, as savvy entrepreneurs might have guessed, is marketing. It doesn’t matter what you’re selling or who you are selling it to. If the marketing is on point, your business will be a success. This is why a lot of that startup money is poured into a great promotional campaign. There are a few features of a successful marketing campaign.

The first is a targeted approach. You need to make sure that your marketing is aimed at those who will want to buy your product. An example would be a business selling baby products. Obviously, your target customer here is new moms and dads. So, you could set up a blog for new parents. Moms and dads constantly check the internet these days looking for advice. With a great SEO campaign, you can ensure they find the blog you own. That blog will direct them to your shop site, and you’ve successfully secured a sale.

The second is a campaign that has multiple strands that are connected. You don’t want to focus on one form of marketing entirely. For instance, SEO is great, but you do need more than the basic type. You should look into producing great content and maybe even some forms of online promotion. Connect them all together and you’ll have the strongest promotion for your business possible. This site www.cio.com has got more great tips on online marketing

The right marketing is the difference between a business hit and a massive failure. It separates start-up entrepreneurs who break even from those that make millions.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.