Start a business: support for young entrepreneurs

Before starting a business it's good to look at your personal qualities. Personal qualities such as persistence, energy, ambition, creativity and the ability to plan are important.

Entrepreneurial skills

As well as personal qualities you need a range of practical skills to run a business. This includes skills in:

• business planning
• finance and accounts
• administrative tasks
• marketing
• product or service development

You don't need to have all these skills before you start. Nor should you set out to be an expert in everything. However, you do need a basic understanding of the key business areas.

• If you identify gaps in your skills, you can sign up for one of the many courses available from your local college of further education. The nidirect website provides a list of all local colleges.
• Young Enterprise Northern Ireland (YENI) runs programmes to help young people develop entrepreneurial skills.
• The Department for the Economy (DfE) provides Skills to Succeed courses that provide essential skills training, training programmes, apprenticeships, further education and foundation degrees - find out more about Skills to Succeed.

Business experience and mentoring support

You might feel a bit nervous about setting up a business if you have no previous work experience. If so, you can get mentoring help from organisations like The King's Trust. Their business mentors will work with you to help get your enterprise going, giving you both business and personal support. This will help you develop skills and self-confidence - see advice and support for young entrepreneurs.

For further research and support when starting a business, see the following guidance:

• Ten steps to a successful start-up
• Step-by-step guide to starting a business
• Find a business idea
• Benefits of business mentoring

Watch a short video that looks at the reasons why starting a business might be right for you.

Find a business idea

Every business develops from an initial idea. Ideas can range from spotting a gap in the market to coming up with a brand new product or service.

You can become a business owner by buying a business. This can be a more secure way of starting out in business and a good way of getting the skills of running a business without going it alone - see buy a franchise.

Develop your business idea

Once you have decided on your business idea, you should consider taking the next steps to get your business started. This includes:

• Creating a business plan - see write a business plan: step-by-step.
• Understanding the different business structures - see legal structures for businesses - an overview.
• Sourcing financing options for your business - see business financing options - an overview.
• Naming your business - see choose the right name for your business.
• Finding business premises - see choose and set up your workplace.

Market research

You need to be sure that your business can offer the market something different, better or cheaper.

If you have an idea for a business, it is important to carry out market research. You can do this by reading market research reports, trade press and newspapers, and reviewing company records to find information on your competitors.

Talking to family, friends, potential customers, potential suppliers, government, business agencies and advisers can also give you lots of useful information - see know your customers' needs.

For more information see market research and market reports.

Business Information Centre

Invest Northern Ireland's Business Information Centre can provide a range of support, including help with market research. It has extensive market research and worldwide company directories that you can use.  Available information includes:

• details of trade fairs
• guidance on import/export procedures
• funding sources
• legal agreements

Find out more about the Business Information Centre.

Watch a short video that will help you develop your business idea.

Starting a business is a challenge, but it's an achievable challenge.

Financing your new business

One of the biggest challenges for young people is finding finance, because often young entrepreneurs don't have a credit history or assets they can use for security. You will improve your chances of funding if you have a good business plan that will sell your idea for you - see how to write a business plan: step-by-step.

You can approach banks, loan agencies and even venture capitalists with a good business plan. However, don't overlook financial support from family and friends, or alternative sources of finance such as crowdfunding.

For further information, see business financing options - an overview.

Creating a business plan

It is essential to have a realistic, working business plan when you're starting a business. A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts. It has many functions, from securing external funding to measuring your business' success.

For further information, see tailor your business plan to secure funding

Business skills and mentoring advice

Young entrepreneurs frequently need to develop their business skills. If this is the case, getting good advice and mentoring is vital. Advantage NI provides practical information and support to young entrepreneurs. You could also get expert advice from Advantage NI's online mentor service (registration required).

For further information, see business mentoring in Northern Ireland.

Getting the right support is central to making your business a success. Don't wait until you have set up your business to ask for help. The planning stage is crucial and there is a lot of help available that is tailored to the needs of young entrepreneurs.

1. Go Succeed

Access free start-up business support from your local council. If you have a great idea but you're not sure how to turn it into a business, or you have already started out in business and require mentorship on your next steps, Go Succeed Start experts will help you to create a business plan, seek funding and put all the foundations in place to get your business up and running.

Complete a short enquiry form or call 0800 027 0639 to register for this free advice and guidance.

2. Shell LiveWIRE

The Shell LiveWIRE Smarter Future Programme aims to support young, innovative entrepreneurs to meet the ever-increasing energy and resource needs of a fast-growing population.

The award is open to any entrepreneur aged 16-30 who has been trading for less than a year, or is looking to start trading in the next 6 months, and has an idea that addresses the UK's future transport, energy, or natural resource challenges, or makes our urban environments cleaner and more sustainable places to work and live in.

Find out more and apply now.

3. AdvantageNI

Advantage specialises in economic development and entrepreneurship for young people. The organisation works with clients in the public, private and not-for-profit sectors, applying their expertise to promote starting a business as a realistic and viable career option to young people aged 16-30.

Through their programmes, they engage with 20,000 young people in Northern Ireland each year and can offer each one individual, bespoke information, advice and guidance on starting, running and growing a business.

4.The King's Trust

The King's Trust NI can help 18-30 year-olds who are unemployed or in part-time work and are interested in starting a business. You can apply to them for a low interest loan. The Trust also offers free legal advice and many other support services. Find out how the King's Trust can help you start your business.

5. The SWEF Enterprise Fund

The Community Foundation for Northern Ireland, in partnership with the SWEF Enterprise Fund, supports 18-30 year-olds to access investments they could not otherwise afford.
Grants of up to £2,000 can be used for equipment, materials, product development, stock for a new product line and one-off costs. 

Find out more and submit your application.

6. Northern Ireland business support finder

The Northern Ireland business support finder is a searchable database that can help you find publicly-funded and not-for-profit sources of business growth assistance you may be eligible to apply for. Support may be available in a number of forms, including financial assistance and free or subsidised advice services. Search the NI business support finder.

7. My New Business

My New Business is a free online service that covers everything you need to plan, start and run a business. It has videos and tools, plus other learning resources - like tutorials and case studies. All of them are aimed at helping people like you get your business started.

It also includes checklists that cover everything from coming up with a strong business idea and developing it, to identifying and reaching your customers to turn that idea into a successful business. See My New Business.