Today we’re going to discuss three ways young intrapreneurs, young business owners can start their very first business and start making money.
So there are many ways anyone can start a business and young people are not an exception to this rule. Young people can go plenty of ways and do it their own way. I’ll come through with a basic three best business opportunities for young people that will actually not just help them to build their own business, but also to develop the skills necessary to become very successful entrepreneurs in their future. I’ll go with these three ways.
The first way is freelancing. Freelancing is actually when you have a skill, when you can do something. And you market this skill. You market your service as a skillful person to a company or a business. Very common examples for this are social media marketing, video editing, graphic design, filmmaking, anything along those lines, and many, many more. Article writing, blog posting, whatever. If you are skillful in one specific thing, you can offer this as a service to a company or a business that will pay you for it.
So why is that more beneficial for you than just finding a job? Well, first of all, probably you can’t even get a job because you’re in school if you’re a young entrepreneur. But even if you can get a job, the main difference is that when you are freelancing, you are also required to market and sell and negotiate with those businesses over the terms they’re paying you, over the projects you are producing, and you have to persuade the people. [And] in this way, you are actually building and developing the most important skills for any entrepreneur, business owner, which are sales, marketing, negotiation and understanding the financial side and the planning side of your small business.
In the future, you can hire more people and create a big company that sells those services or you can simply build another business. Because you already develop the skills and it’s a great way to build capital. Also note that in this way, you’re not risking too much.
Because even if you’re taking bad deals, even if you’re not doing the best work, even if you’re making big mistakes, usually you’re not going to get into huge debt or something like that. All you have to do is you have to waste some of your time and not get as much money as you thought for it, which is low risk and it’s great if you’re just starting.
Affiliating or white labeling
The second way is affiliating or white labeling. What’s affiliating? What’s white labeling? Well, affiliating is when I as a business owner don’t actually have products myself. I’m actually selling, marketing and promoting someone else’s product. You can send people to buy from Amazon. You can send people to buy stuff from eBay. You can sell all sorts of systems and software on the internet. Almost any website on the internet that sells something on the internet will offer you money to promote their services and their products. And that’s a pretty solid way, as I mentioned before, if you’re not extremely skillful at anything to actually create a business around it. Once again be focused on marketing, on selling, on producing, on developing the most important skills for every entrepreneur.
And white labeling is pretty similar. It’s when you’re actually buying someone else’s product, you’re putting your logo on it like it’s yours, and you’re selling it. So again, you’re not into developing the product, you’re not into producing it or anything like that. You’re simply buying it white label (with no label, with no logo) and you putting your branding on it. It’s very much like affiliating. But it’s also about you doing the branding and you’re creating the brand.
It’s a bit more of a risk. But it’s also possible to have a greater reward. Because you’re actually building something, you’re building equity. If you’re just sending people to buy stuff from Amazon, even if you’re getting money away from it, you’re not actually building necessarily a business. If you’re buying something from Amazon, you’re putting your logo on it, some people are starting to recognize your logo, your business starts to have a reputation and you’re actually building equity. So there’s pluses and minuses (pros and cons) for both sides. Both of them are pretty similar and are great ways for young entrepreneurs to start their very first business.
Start a business
And the third way, which is probably my favorite is to simply start a business just like an adult would do. Just because you’re 13, 14, 15, 16 whatever, doesn’t mean you cannot do something a 30 or 40 or 50 year old can do. Well, maybe you have less experience than them in certain fields, but maybe you have specific experiences that they do not. If you’ll be able to take some risk, if you will be able to get some money, to gain some capital, to invest it in the business, maybe you can simply create a great product that you can understand better because of your specific life experience.
Maybe you can create something better than adult people can do or older people can do. And if you can do this and the marketing and the sales and the branding and everything, that’s the biggest and greatest lesson you can get, and you can actually build a huge business. There are so many examples of young entrepreneurs making it big. And you can definitely, definitely do it too.
By the way, this is exactly what I was doing almost 10 years ago, maybe more than 10 years ago. I was working at a job and I was bartending and I was doing all sorts of jobs when I was in school, and then I was taking the money I earned from my job, and I was investing it in my future. I was investing it in my business. And I hope that you will do the same thing too if you want, and you can start your very first business today.
Hey, it’s Gal Tzhayek. Thank you for watching this video. If you liked it, please press the thumbs up button. And you can also subscribe to the channel. Make sure you get notified each and every time a new video is uploaded. I’d like to hear your questions and review in the comment section below. And I’ll see you in one of those new videos.