Starting a business is a challenge, but it's an achievable challenge.
Financing your new business
One of the biggest challenges for young people is finding finance, because often young entrepreneurs don't have a credit history or assets they can use for security. You will improve your chances of funding if you have a good business plan that will sell your idea for you - see write a business plan: step-by-step.
With a good business plan you can approach banks, loan agencies and even venture capitalists. However, don't overlook financial support that may be available from family and friends or alternative sources of finance eg crowdfunding.
For further information see business financing options - an overview.
Creating a business plan
It is essential to have a realistic, working business plan when you're starting a business. A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring success within your business.
For further information see:
- write a business plan: step-by-step
- what to include in your business plan
- tailor your business plan to secure funding
Business skills and mentoring advice
Young entrepreneurs frequently need to develop their business skills. If this is the case, getting good advice and mentoring is vital. Advantage NI provide practical information and support to young entrepreneurs. You could also get expert advice from Advantage NI's online mentor service (registration required).
For further information see business mentoring in Northern Ireland.