Increasing opportunities created by technological advances mean everyone can start their own small business with just a few clicks. By becoming an entrepreneur, you get a chance to be your own boss, invest in what you enjoy, manage your own time, and make profit from a job that gives you independence and even personal fulfillment. You may think that entrepreneurs are over 30 years old who have settled into life, only with a small business as a hobby. But who said these people have to be a certain age to start their own business and benefit from these perks?
We have asked three promising young online small business owners, from different business services, to tell their stories and provide us tips to inspire and help other aspiring entrepreneurs who want to start an online business of their own.
Let’s meet them:
Gianni Spadafora: Now or Never Firm
Alex Hubbs: Handmade 4 U
Giordano Exotic: Exotic Snax GTA
A survey with a total of 15 young adults, 18 to 25 year olds, demonstrated that 93 per cent of them responded that they did not own an online small business, yet 71 per cent have thought about it. This shows that this generation is aware of the impact of the small business industry.
Do you own an online small business?
Have you ever thought about having one?
The survey also demonstrated what kind of business these young adults want to run if they ever had one. The response was that 13.3 per cent of them wanted to have a business focused on food services; 26.7 per cent wanted a secondhand business; 66.7 per cent wanted a handmade apparel business; 13.3 per cent a web creation business and 6.7 per cent a cosmetic business.
- Food Services
- Secondhand Selling
- Handmade Apparel
- Web Creation (Design, Video Edit, etc.)
1. Find a business idea
Before you start your business, you need an idea to focus on and take it from there. There are multiple business ideas that you can think of such as food services, handmade apparel, design creation, thrift selling, pet services, cosmetics, etc.
2. Find a target audience, your niche
Every business has a niche, a specific targeted audience that they sell their products to. You need to find yours, whether it’s a certain demographic, such as children or young adults, or a specific group of people that consume what you are going to sell.
3. Start a business plan: Budget, inventory, etc.
A budget to start your business is definitely necessary and it helps a lot, even thought you have to face the risk of not getting your money back at first. But it’s an investment, and all investments are risky. First, you have to know what is your current asset, and how much can you use part of it as a business budget.
4. Create the name of your business and register it at Service Ontario
Some people overlook the name of a brand, but it is one of the most important aspect of a business. When you name your business, you sell the first part of your brand to customers. Registering your business helps create your own identity and makes sure your name is unique and most importantly, easy to declare on taxes.
Here’s a little video as an example:
Photo by: Gianni Spadafora
5. Find a platform that best suits you
Now that’s you’ve done the research, it’s time to find an online website to build your business. Choose the best platform that you feel represents the style of your business.
Advertising can mean a lot of things, yet you can make all of them in order to attract more audience. Connections, social media management, ads, etc, all of them are examples of advertisement that you can explore and must invest so you can thrive in the business industry.
Photo by: Giordano Exotic
Now that you know the steps to start your business, we have gather few of the most popular e-commerce platforms in the industry to guide you through them. Here are some options for you to start your online business just like our young entrepreneurs have started theirs:
Etsy is an e-commerce platform that users buy and sell items, mainly handmade jewelry and vintage goods. PROS: Easy to set up, perfect for the specific niche. CONS: Charges transaction from users.Start Business
Shopify is an e-commerce platform that lets its users with set I-their online stores. PROS: Easy to set up, customizable themes, great marketing tools. CONS: Only available through paid subscription.Start business
Depop is a platform where users can sell handmade apparel, but mostly vintage clothing and apparel. PROS: Easy to set up, sell AND ship. CONS: Not the best to use on desktop and charges fees on sales.Start Business
A free website builder tool. PROS: Fully hosted, easy to use, free forever plan. CONS: Paid plan for analytics, and tracking of your business.Start Business
A website building and hosting company that lets users build their webpages. PROS: Amazing templates, good customer support, no transition fees. CONS: Paid and no phone support.Start Business
BigCommerce is an e-commerce platform that users can easily build their business. PROS: Easy to manage and no fees on sales. CONS: Paid only, and designs are not user friendly.Start Business