STAPLES BizTIPs: Tips for young entrepreneurs

By Small Business Expert Roger Pierce, BizLaunch

As a young entrepreneur, you’ll certainly be envied by your employed friends. While self-employment offers many perks, follow this advice to overcome some common challenges:

· Consider a co-signer. Being young and self-employed is considered a double negative for many banks. Line up a relative or friend who is prepared to co-sign a loan if your business requires bank financing.

· Keep that day job. Without established credit and little savings, you’ll be wise to keep a part or full-time job while your business gets going. Use that income to pay your rent and living expenses and ease the revenue pressure on your new venture.

· Find a mentor. Admit you won’t know everything about starting and growing a small business. A seasoned business person can be a wealth of experience and support for a young entrepreneur. Approach someone you respect to mentor you monthly, or contact entrepreneurship organizations such as The Canadian Youth Business Foundation or Enterprise Toronto for some connections.

· Exercise self-discipline. Fifty percent of young entrepreneurs work from home, where it’s easy to get distracted. Stay focused on your business by establishing regular working hours, creating a proper workspace and reminding your friends not to drop by unannounced during your work day.






ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.