I was speaking to a teenager earlier this week about starting up her own business. This young person is seriously talented. She’s the creative, fun type, that people like to hang around with. As we got talking about her idea of starting up her own music recording studio, she began to speak about the kind of music she would like to record for herself and for other artists.
It was clear it would be a dream come true for her if this idea could be developed. I asked her what was stopping her and she said matter of factly
“MONEY!” I said, “What about money? What’s money done to you?” “I don’t have any!” she said.
It’s fair to say that she didn’t come from the wealthiest of families and any requests to parents for money to buy equipment were met with a firm and resounding no! Not having any cash meant she couldn’t purchase the equipment that she needed to develop her idea and get it off the ground and so she felt stuck and a little hopeless.
From what I could tell, the problem wasn’t so much that she didn’t have any money; the problem was that she couldn’t see any possible way to raise the money or to get the equipment she needed. This is a problem for a lot of young entrepreneurs.
A recent study by the Kaufmann foundation highlighted that most young people identify their biggest barrier to starting a business as raising finance. The challenge that my young friend was facing in trying to raise funds for studio equipment is clearly a big challenge for a lot of young people today.
You simply cannot allow the lack of finances to stop you from getting your idea or business off the ground. You have got to get creative and think outside the box. When you have the desire and commitment and are willing to step out of your comfort zone you will find a way.
So, here are seven small but powerful ideas that may help you find the funds you need to go after your dreams:
- Sell things on platforms like eBay
- Get a part time job or do odd jobs
- Use your Savings
- Approach local businesses for sponsorship
- Look for a partner or investor that has the funds that you need
- Ask friends or family
If these tips were helpful, check out Errol’s book, Teenpreneur: How to Build a Business in Your Teens, on Amazon now by clicking here where you can find these tips and strategies in more detail in chapter 7 of the book.