Young entrepreneurs are taking the world by storm. From developing life-saving apps to providing services that will change our lifestyles for the years to come, fresh faces in the business landscape are leading the way toward a brighter future and generating exponential wealth.
In fact, according to an article from Money.com, millennial millionaires – comprising two percent of American millionaires – expect their wealth to grow five times in the next decade. How cool is that?
But as markets are saturated by millennial disruptors and Silicon Valley visionaries, getting your big break comes with a ton of sacrifices. Your journey to the top isn’t as easy as you thought it would be.
The world will be your oyster as long as you know how to get ahead, whether you are a writer, web designer, or a virtual assistant. Use the tips below:
1. Take your Financing Seriously
So you have a potentially profitable idea. Great, but how exactly are you going to turn it into reality if you lack the resources to get started?
Sure, being persistent can get you places, but having the right amount of resources ensures that you stay on course.
From the get-go, explore all possible sources for capital. Qualifying for a loan from the Small Business Administration or applying for government-sponsored grants or tapping alternative sources is a good start. But apart from building the capital you need to get started, you also need to keep your tax situation in order.
As a self-employed individual, you will have to prepare paying for regular income tax as well as self employment tax amounting to 15.3% of your net earnings. It can get cumbersome, but once you become a legitimate freelancer, you can keep yourself from being audited and tagged for tax avoidance.
2. Be Analytical in Your Decision-Making
In this day and age, it’s easy for you to set up your very own e-commerce site and promote your ideas through social media. But it takes more than this to become a successful entrepreneur in your demographic.
Nothing is ever instant even in the world of instant messaging, so take your time weighing important decisions.
For instance, if you are starting out as a one-man show, opt to lease an office space that aligns with your current needs.
If you happen to be in Madison, Wisconsin, you can check out Novel Coworking The Capitol. You can upgrade to a full office space once your business really takes off. So, be practical and never rush things that take a lot of thought.
3. Build Your Networks
Millennials are often depicted as arrogant and haughty, but the truth is, they are the most active when it comes to network-building.
You have everything you need to connect with fellow business owners, experts, advocates, thought leaders, and influencers. Make full use of your connections because they will prove powerful later on.
One way you can build your network is to join events such as conferences, workshops, and even online forums.
Try to make friends with fellow freelancers and even potential clients. You can also join freelancing groups where you can talk about everything you need to know about the industry and find opportunities for projects.
Freelancing isn’t necessarily being a lone wolf. Sometimes, you also need to stay relevant by being among like-minded people.
4. Develop the Right Mindset
More important than capital and skills, you need to adopt a mindset that embraces innovation, progress, and creativity. After all, success does not rely solely on the amount of resources you have.
You also need to double-down on your goals, acquire new information along the way, and use failures as necessary learning experiences. Everything else should follow once you have all your goals in line.
And one more thing: Skills education. The world of freelancing is changing at a rapid pace, so you will need to grow your repertoire of marketable skills. For this, you can look for courses on Skillshare, Udemy, or Coursera that can help you upgrade your skills and explore new ones which can lead you towards new niches.
You might also want to keep tabs on the local freelancing market and identify the trends you need to adapt to. That way, you can always remain relevant with every new market that comes your way.
Are you ready to become the next Mark Zuckerberg?
It takes a lot of blood, sweat, and tears to get to where he is. But with the right approaches, it wouldn’t take a long shot to make your first million. After all, you are young and the world will always be your oyster.