Becoming Self-Employed – Tips for Young People
If you’re a bright spark with a clever business idea, all kinds of resources are on offer to help you become self-employed.
Starting your own business is a challenge, whatever age you are. However, more and more young people are creating their own startups and becoming young entrepreneurs. In fact, the average age of people starting their own business is declining. That means if you’re young and thinking of turning an idea into a business reality you’re not alone!
Can you get help starting your own business as a young person?
There are all kinds of fantastic schemes out there designed to support young entrepreneurs. Whether it’s funding money or mentoring and advice you need, it’s worth researching all the opportunities available.
Help and resources for young entrepreneurs:
- Prince’s Trust
- Peter Jones Enterprise Academy (yes, that’s Peter Jones of Dragon’s Den)
- New Enterprise Allowance
Every oak tree was grown from a seed, so you can start small and grow your business with a solid foundation. You don’t have to do (and spend) everything at once. You can stay in your business plan budget and expand over time. There’s no law that says you have to give everything else up when you’re getting a business idea off the ground. You can build your business part-time while you’re working, training or learning.
Starting your own business needs self-belief, self-management, and all the other Young Professional life and work skills – just like any job where you’re working for someone else. But age doesn’t have to hold you back from starting your own business. Believe in yourself!
Can you start your own business if you're under 18?
The short answer: yes, you can. You will have extra challenges ahead of you, because until you’re 18 you’ll have barriers to setting up your own business bank account, getting credit and raising business finance. As well as balancing business with education you will be limited to the type of work you can do as a minor. However, you can still get grants and cash from young enterprise schemes, and you may be able to set up a joint business with someone older or get loans from family and carers rather than the bank. You’re certainly never too young to have a good idea.
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