If you are wondering what the most appropriate age to start your own business is, several studies point to the ideal range to start. First clue: none of them mentions the score. In this article, we will answer what is average age to start a business and how to start if you don’t know about business. Let’s start.
As with everything in life, there is no rigid age to launch a project, and we can find cases with all the characteristics, years and colors: from prepubertal girls with great abilities to launch innovative applications to women who launch their creations.
Average age to start a business
24 or 25 is the perfect age to start a business. You can start with low investment. Understand the market condition then go for a big investment. It will increase your profit margin. Invest low at least 5 years to understand the facts of business. Analysis the results and consult with an expert.
Each person is a world since while many people do not dare to undertake until reaching a mature age, there were also visionaries of the likes of Steve Jobs, Zuckerberg or Bill Gates who abandoned their studies and promoted their adventures from garages or bedrooms, becoming billionaires at a very young age. And on the other hand, the entrepreneurial mentality and personal and professional priorities change with each generation.
Although there are many striking exceptions, the truth is that statistics tell us what the most favorable ages to start a business and succeed in it: a recent essay published in The Wall Street Journal reveals that people over 35 are more likely to promote a successful business project are.
Some of the reasons we find behind this age are that it takes time to recognize your ambitions for the future, find your vocation and build your experience. Each job in which you are part can sharpen skills, contacts, and credibility, in addition to adding skills. On the other hand, more experienced professionals have more possibilities to self-finance.
Maximum amateur level business doesn’t know what to do and when to do. So, we included 3 useful steps without knowing anything about business.
1. Think about what your business will be
This step is clear: if you want to start a business, you must have an idea of what it is going to be. However, there are many people who although they are clear that they want to start an activity of this type, do not know what to do.
I can not tell you what the ideal business is for you even if you tell me what things you are passionate about or have good knowledge. That is a decision exclusively yours.
But what I can do is give you some tips to clarify your ideas.
To create a successful venture, you must combine 3 important factors: something that you like, something you know or what you already have skills, and something that is interesting for others.
You can decide to create a craft business because you like that activity and it is a sector that is fashionable; But if you do not know how to do crafts, your project will fail.
Or you can think of selling templates for blogs and web designs because you know how to do it and it’s a business that now leaves a lot of money. But if you do not like it enough, or you have little interest in that, it will be noticed, and you will end up having to close your company.
2. Make your business plan
Do you already know what business you are going to put? If so, before starting to go crazy looking for how to attract customers or where to get the money you need, it is imperative that you do your business plan.
A business plan is a kind of “guide” where you will see the most important ideas of your project to guide you throughout the process.
Although the name may seem a bit complicated to elaborate, do not worry, it is not as difficult as you think, and it will be very useful both to take the first step to start your business, and to solve future problems once you have opened your doors to your customers.
It is not necessary that your business plan long (between 10 and 15 pages is enough), and in it, you will have to answer the following basic questions:
- What will be your business?
- What will you sell in your business (products, services, etc.)?
- Who will your customers be (men, women, how old are they, what interests, how much do they earn)?
- How are you going to get to them (social networks, advertising in magazines, brochures in their mailboxes)?
- Who are your competitors and how can you differentiate yourself from them?
- Where are you going to start your business (Internet, a physical location …)?
- What equipment, materials, and expenses you will have (to create a budget of the necessary capital)?
- How will you finance your project if you need capital (investors, your savings, your family)?
- What risks are there?
3. Look for financing if you need it
The next step is to find the money to start your business if you need it.
For example: if you want to create an online store where you sell your crafts or offer services as advice, you may only need very little savings for a website that will cost you very little each month, and just under $ 50 for the materials.
On the other hand, if your dream is to open a restaurant, a gym, or even a virtual clothing store, the investment will be greater, and you probably do not have enough money.