Are you an entrepreneur at heart? Whether you love making jewelry, mowing lawns or designing websites, turning a business idea into a thriving organization or even a side hustle can be a great way to find purpose, meet a need for others and make money. But building a business is no small feat. If you’re at the early stages wondering, “how do I start a business,” here are some top tips to help you out!

1. Start slow with a purpose

Before you’re ready for business, make sure you take some time to reflect on your motivation for launching a new business. Keep your “why” central in your planning process. Maybe your motivation is greater financial freedom, making a difference with a specific product or service or simply giving you an outlet for your passion of entrepreneurship. By keeping your motivation front and center, you will be more likely to keep going when things inevitably get difficult or frustrating. 

2. Know you’re never too young to start

Maybe you’ve thought you’re too young to start a business. No matter your age, that’s simply not true! Maybe you’ve even been told you need to graduate college and be in the working world for a while before you make your own venture. That doesn’t have to be the case! College is one of the best times to build your business. 

Look for opportunities like the R.J. McElroy Student Business Incubator. This will allow you to start building your business with low overhead, built-in networking opportunities and the freedom to learn through trial and error.

4. Define how your business will stand out

Your business won’t be able to survive if there isn’t an original element. Your product or service, or at least the way you do business, needs to stand out from the competition. Make sure you take time ensuring there is a need for what you do and that you are differentiating yourself from competing businesses. Most businesses that are started today aren’t brand-new ideas, but there needs to be something unique. 

5. Don’t get stuck on names

Sometimes, the idea of just naming your business can be incredibly daunting and hold you back from taking your next steps. Don’t be paralyzed trying to pick the perfect name. Do your homework, but don’t let picking a name be an obstacle you cannot overcome. Many businesses evolve over time and need to rebrand, changing everything from their logo to messaging to business name. 

6. Get professional legal advice

While the process of registering your business is fairly easy, it’s important to understand the benefits and limitations of your chosen entity. Consider seeking the guidance of an attorney! Look for someone experienced in business law and entity selection. It may seem like an expensive upfront cost, but it could save you from costly mistakes and headaches down the line.

7. Ask for help when you need it.

8. Never underestimate the power of networking

You’ve probably heard the saying “It’s not what you know — it’s who you know.” This couldn’t be more true when it comes to business! Always be on the lookout for people you can form professional relationships with. You may be able to help them, and they may be able to help you. Join your local young professionals group, look for networking opportunities with business owners in your area and join relevant groups on Linkedin and Facebook.

9. Look for mentors

As you network, it’s important to look for a mentor. Your mentor should be someone who is a more experienced business owner who can benefit you with their wisdom and experience. If you’re really lucky, you might find more than one. Try to establish some form of regular contact with this person, as they can serve as a valuable resource throughout your entrepreneurial journey. This is a great way to get tips for starting a business from someone who’s been in your shoes!

If you’re having a hard time finding a mentor, you might be able to take advantage of the UNI John Pappajohn Entrepreneurial Center. If you’re out of college, free mentoring services still exist, such as those provided by the UNI Small Business Development Center.

10. Believe you can do it

If you’re starting your own business, you have to believe, almost unreasonably, that you are capable of making it work. There will be slow days, hard conversations and moments when the numbers don’t add up yet. What carries you through isn’t just strategy — it’s confidence. Bet on yourself before anyone else does.

Start your business while a student at the University of Northern Iowa

When you follow these tips for starting a business, you’ll be well on your way to becoming a successful entrepreneur. Whether you build one business or many businesses over the course of your life, it’s an exciting journey that will trigger tremendous personal growth.

If you’re a teen who’s interested in entrepreneurship, there’s no better place to pursue your dreams than the University of Northern Iowa. With the internationally renowned Wilson College of Business, you can trust you’ll get a high-quality business education that will set you apart from your peers once you enter the workforce. With resources like the John Pappajohn Entrepreneurial Center right on campus, you can start letting your dreams of business ownership take flight now! These services will set you in the right direction, no matter your major, as you explore “how do I start a business.” 

Browse UNI’s business degrees and get ready for business today!