You must be wondering if it’s a great way to start a business at the age of 30. We’ve all heard how young Bill Gates and Steve Jobs were when they started their business and became instant billionaires. They are both inspiring stories but should you risk it?
In starting a business, the sooner you plan to begin your own company, the longer that you’ll be able to collect the rewards. Young owners will have more time to grow their businesses, learn from their mistakes, maximize profits, and relish long-term gains.
As you start a company and grow it into a success, the passion and energy of youth are excellent driving forces that can get you through the long days that go along with running your own company.
To put it in perspective, according to a report by the Global Entrepreneurship Monitor (GEM), 18-to 34-year-olds — the millennial generation — are 1.6 times more likely to want to start a business than any other group. But a 2018 research published in the Harvard Business Review found that the average age at which successful founders started the company is 45 years old — it shows that it takes people years before they commit to their idea.
If the average age is 45, why not start early? When starting a company, you need to be able to handle the financial risks that come with it. And one of the best times to do this is when you’re young. While older people have more money and are more financially responsible, they can also be risk-averse. If you’re younger, though, you can have fewer financial responsibilities and tend to have more time to recover from failed risks.
Here are some business ideas that you can start at your age:
Home Improvement
There are several business ideas under home improvement like home inspection, renovation, interior design, home services, and much more. Experience, training, and a license may be required to have in this type of job. Establishing real estate agents and building contractors as contacts is a factor for success in this industry since they can refer potential customers to you. Make sure that you also know new products that are constantly coming out on the market, like metallic shelves, decks made of wood, and art deco sofas.
Tech Services
Thanks to the pandemic, we’ve all learned how to use our devices for absolutely everything — from keeping in touch with friends and family to paying our bills and planning our week, which makes tech services a great business idea for those who want to venture into the tech world.
A good example under tech services would be troubleshooting, setup services, integration of software systems, and device repairs. As technology continues to advance and devices become smaller and more compact, a lot of people will be bringing broken electronic items for repair. You may also want to encourage customers to buy refurbished equipment or give you their old electronics so you can use those parts on future projects.
Franchising
Businesses that are already established have a higher rate of succeeding compared to ones started from scratch. Whether you’ve got the ambition to be an entrepreneur or just want to get into business for yourself, franchising may be the way to go. It is an excellent way to achieve the growth you need without the hassle of getting all the proper licenses, permits, and other registrations.
It is also a good way to enter the world of business since the franchisor will provide the training and support you need, like a home builder franchise. They’re recommended for people interested in construction that will manage a business and not sell services nor work on a site.
Education and Online Courses
Are your highly-desired skills in high demand? We’re living in a world that has never been more connected through tech. Your knowledge and expertise in certain subjects may be needed by those who are looking to learn from experienced people.
There are several online platforms where you can share your wisdom — through talks, courses, and workshops on YouTube, Instagram, Facebook, or your website. Starting a full-time online course is an exciting idea, but the effort involved will require you to put in a lot of work. Like any worthwhile business, you’ll need to invest your own time, energy, research, and ideas before they are ready to be shared with your future students.
Automotive Services
As the economy nears recovery, businesses deemed essential over the past year-and-a-half struggled slightly less than the rest. And an example of such a business is an automotive service where growth and possibilities present themselves.
The demand for such an industry is expected to increase beyond its typical measure since a lot of people will be going back to their offices. Highly profitable automobile businesses include tire store retail, spare parts distribution, auto-detailing service, and a car accessory store.
Cleaning Services
Cleaning is a service that will always be in demand, especially when the pandemic hit and people realized how important being sanitary is to safe and good health. The COVID-19 virus has set new standards for almost every establishment like airlines, gyms, hotels, and restaurants. There are several things that you can do to offer cleaning services. You can focus on deep home cleaning or a corporate one.
Several business ideas can fit you and your entrepreneurship dreams. Learn as much as you can with your chosen industry and be open to risks and challenges. Just plan and start as early as you can to reap the rewards and have the time to adjust and bounce back from possible failures.
