Tips for Young-trepreurs looking to turn their Passion into Profit
Research Your Niche
Look at the hobby or passion you have and see if there’s an existing interest for it or a gap in the market. For example – if you love flowers then you could look at branching out into floristry as a business idea. Or if you are a whizz with social media – you could offer to handle other businesses social media presence as they might not understand it as well as you.
Now both of these examples have many thousands of competitors all offering a similar service. The key here would be to differentiate yourself – offer a specialist or niche service within that marketplace. For example as a florist – you could specialise in goth or noir flowers (imagine black/red/purple weddings and gift bouquets) or as a social media manager – you could specialist solely in Pinterest.
For me – as a new and enthusiastic skier – I found I didn’t have any friends or people to go on holiday with and to travel solo was expensive and lonely. So I set up a travel agency/operator specialising in solo ski holidays. However that’s not to say a mainstream business wouldn’t be competitive against the existing offerings – you will just have to work very hard to build a client base from zero.
Know Your Customer
The key to building a client base – either in a very targeted niche or even in the wider market is to know your customer – intimately. This is more than just – “women aged 30-55” You need to build a client “Avatar” which is basically your dream customer and the finest details about them and their life. So for example in the solo skiing example – my “avatar” was Helen, 35 years old with a good job but no spouse or kids yet. Lives in London and is an intermediate skier who likes good food and wine and takes several holidays a year. She’s sporty in the way she dresses outside of work and wears North Face, Rab, Joules. She shops in Sainsbury or Marks and Spencer.
Make sure it’s scalable
Eventually you will reach a cross roads when you start a business – either stay small scale and be happy with the business as a “side hustle” or you will need to grow and scale. Often one of the first aspects of growth involves outsourcing – common aspects include customer service, some social media aspects, logistics (eg FBA – Fulfillment by Amazon)
10 Easy Business Ideas for Young-trepreneurs
Social Media Manager
Travel Agent
Pet Sitting/Walking Business
Wedding Planner
Events Manager
IT Support Services
Web Design/Development
Digital Products
Clothing/Fashion Products
Health Coach
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