5 growth areas for young entrepreneurs to watch
That elusive idea could be staring you right in the face. Take a look at some of the growth areas being exploited by young people
As a young entrepreneur there are no bounds to the type of business you could start or what you could potentially achieve with it. But if you’re stuck for ideas here’s a few key areas worth exploring where your age could give you a significant advantage.
Tap into the youth market Obvious isn’t it, really? But if you’re still under 35 then you belong to a demographic group most big businesses would love to get their hands on. You’ll have more disposable income – until you’ve started a business that is – and more free time to spend it.
While more established names would have to fork out loads for extensive market research to discover what the kind of products and services this age bracket are crying out for, as a young entrepreneur, you’ll be much more likely to have your finger on the pulse.
We’re not suggesting a solid grounds for a business idea comes from simply asking your mates, but, whether it be a new clothing range, extreme sports holidays, or a new type of lager, your own lifestyle and that of your friends could be just the inspiration you need.
Look at your locale In the same way that those under 35 know what’s going on in their age bracket, they also have a pretty good idea what’s happening outside their front door.
Strong ties with your local community can be a perfect breeding ground for ideas and you only need to see how well those companies who make up the Inner City 100 – the list of the fast growing businesses operating in deprived areas – to realise that no matter where you hail from opportunities are there to be had.
So if you find it impossible to get a cab in city centre after 1pm, want a better class of takeaway, or are struggling to find your child a nursery place, then the answer could be in your own hands.
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Take technology further It’s well known that when it comes to making the most of developments in technology, the task falls to the young. While our parents’ generation might still be struggling to set the timer on the video, the vast majority of those under 35 have fully embraced the benefits that technology, such as the internet and mobile communications, has brought.
This is also why the business world is full of young entrepreneurs who’ve spotted new business opportunities this technology can also deliver, from text messaging promotions to virus software. Research has shown that today’s fastest growing businesses are the one’s who have been quicker to adopt technology, so take a little time to think whether that neat little gadget you got for Christmas could unlock the key to a lot more.
Look at your lifestyle Whilst we all like to think of ourselves as individuals, if there’s a service or product that would make your life a lot easier, then chances are someone else will too. For Bashir Timol, 28, it was his religion that led him to set up the UK’s first firm of independent financial advisers catering exclusively for the Muslim community.
For others it could be something less fundamental such as Ben Hardyment whose love of films and the poor choice of rentals at his local video store that resulted in him setting up Webflix to rent a wider selection online. The beauty of using your own lifestyle as the basis for a business is that you’ll have a passion for whatever you choose, some experience of the market and even some handy contacts.
Work it out If your reading this because you find you’ve hit a glass ceiling at work, or because you’ve become disillusioned with the way your boss does business, then that could easily be the inspiration for going it alone. Don’t just sit their complaining that if you were in charge things would be better, they probably would be but you’ve got to prove it.
The vast majority of the companies many of us now work for were all started by one person with as much market experience as you’ve probably got now and with the benefit of hindsight you can take the things that work and the things that don’t work to your new venture. So if you like the job, but not your employer – what are you waiting for!