How £10,000 could help 25-year-olds become successful entrepreneurs

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By Gideon Shulman, HR Director at pytronot.co.uk

The thought of owning a business that has employees, a huge office and brand recognition has a great appeal. For many young entrepreneurs, starting a new business can be the hardest thing they’ve ever done. Money aside, having the ideas and implementing marketing strategies can leave many feeling exhausted.  

Following the recent news of 25-year-olds potentially receiving £10,000 to help their future, young aspiring business owners could reap the rewards from the new incentive. The team at Pytronot, a payroll solutions company, have put together a list of ways that entrepreneurs could use this money to their advantage.  

Marketing

One of the most important parts of starting a new business is the marketing strategy. Raising awareness and getting the brand name out there will determine how successful the business will be. Therefore, it’s worth spending a high amount of this potentially ‘free’ money to ensure you stand out from competitors. Creating a logo, website and social media presence are all important for getting your brand known. Finding a PR team to address these points should take care of this.  

Hiring staff

There’s no shame in accepting the fact you will need help when starting a business. Whether this be part time or full time staff, the addition of other people can take away a lot of the stress that comes with start-up businesses. One of the most important and crucial positions to be fulfilled is an accountant. Having someone else take care of the financial side of your company will allow you to concentrate on building your success in other areas. 

Work space

For many young entrepreneurs under the age of 25, their office will be their bedroom in their parent’s house. While this can work in the early stages, investing in an office space can open up many doors in the future of the business. It allows you to have an area to meet potential clients, hold interviews, but more importantly give the freedom, if needed, to expand.  

HR services

No matter how long the business has been going for, it’s always helpful to receive advice about HR services. Whether this be payroll solutions, recruitment software or HR consultancy, having advice to turn back to when things are getting tough is essential. HR services will also be on hand to help give guidance about the future of the business and where it’s next steps could be.  

Equipment & maintenance

Whether the business is a removal company, floristry or in the trades industry, buying the relevant equipment is crucial. With the help of the proposed added injection of money, buying items such as computers, vans or tools will help to get things up and running early on. A way to help save some of the budget would be to buy second hand. Equipment such as vehicles don’t necessarily need to be brand new, so think about buying from a trusted dealer and using the rest of the money to fund other company essentials. With equipment and maintenance also comes insurance. Budgeting incase the worst happens will reduce and worry that your tools or vehicle might break.