I encourage ambitious individuals with great ideas to start their own businesses no matter what their age. When your young, it’s not easy to do this. Often, self-doubt and fear of failure creep in and prevent you from taking the necessary risks.

But fight through it and you could be handsomely rewarded

There are many reasons to start a business while you are young. Here are just a few:

You Probably Have Less at Stake

Often, younger people have fewer commitments and obligations. For example, people in their twenties and thirties are less likely to have certain responsibilities, such as mortgages, car payments, and childcare fees. If you have fewer commitments, you have more time and energy to devote to starting your business and making it grow.

Build upon your business idea while you are still young. Take advantage of the time you have to perfect the structure and purpose of your business. I began my very first business as a teen. Because I became an entrepreneur at an early age, I was able to explore, expand, and refine my vision. Over the next four-plus decades, I created more than 150 startups and continue to develop new projects.

You Have Flexibility

Because younger individuals are less likely to have strenuous family commitments, they are less likely to be tied down to particular locations. This means that it is often easier for them to move to new areas that offer greater potential for success. Furthermore, younger individuals typically learn to use the latest technology with ease and speed. Learning new skills and familiarizing oneself with the most cutting-edge tools and techniques will ultimately aid in the growth of your business.

Remember to use your flexibility wisely: be willing to change your focus and decide upon a new direction for your business. Startups typically evolve. Your original vision can become even better.  Be open to possibilities and take advantage of your flexible mind and lifestyle!

You Have Lots of Funding Opportunities

Businesses need initial capital. If you are worried about how to fund your startup, be aware that you have many options. However, be careful to select a lender who understands your needs and has your best interest in mind.

If the lender is hesitant to loan you money because you don’t have a track record, which is typical for young entrepreneurs, consider these four tools that we offer at Burns Funding:

First, Burns Funding has institutionalized the bridge funding process to help clients reduce credit card debt and obtain a higher credit score. This allows Burns Funding clients to secure more capital at remarkably low interest rates, in some cases as low as zero percent for an introductory period of 12-21 months.

Second, Burns Funding has pioneered the use of Cost Segregation to allow commercial real estate owners to generate capital (in the form of tax savings) based on a little-known IRS allowance. A cost segregation study identifies aspects of a property that can be placed on accelerated depreciation life cycles, typically resulting in huge tax savings for eligible property owners.

Third, Burns Funding offers a market in shelf corporations, which are business entities that are no longer being used because their assets have been sold, typically through acquisition. However, these corporations are still viable because they have exemplary credit records. While these entities typically range in cost from $5,000 to $10,000, their clean record can help clients secure lines of credit for growth.

Fourth, Burns Funding offers a blanket loan program, where through its prodigious lender network it can help entrepreneurs and investors consolidate many smaller loans into one blanket loan, typically at a lower interest rate, with considerably less maintenance. There are also cash-out opportunities with these loans, providing access to growth capital.

The bottom line is you have a great idea, there’s no reason to wait. Jump in! The water is great!

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