Teens reveal their tips for starting a business from scratch while stuck at home as Victoria plunges
Two teenage entrepreneurs who made $72,000 in four weeks during lockdown have revealed their tips for starting a business from scratch.
Lachlan Delchau-Jones, 18, and Taylor Reilly, 19, from Brisbane, built a successful online business overnight from their bedrooms by selling craft and hobby products to bored Australians stuck at home.
With Melbournians now under a strict stage four lockdown, the pair say the next six weeks are an ideal opportunity for those holed up inside to create a project of their own.
Over the past couple of months, as Melbourne's COVID-19 restrictions tightened to battle the city's horror second wave, the teenagers' family and friends have felt the financial blow of services slowing down.
Brisbane entrepreneurs Lachlan Delchau-Jones, 18, (left) and Taylor Reilly, 19, (right) made $72,000 in a month with an online business they built during Australia's recent lockdown
As Australia's 7.4 per cent unemployment rate continues to rise, the pair said more and more people are recognising the importance of having a second stream of income.
‘A lot of people relied on one source of income and have felt the impact,' Mr Delchau-Jones told Daily Mail Australia.
'I think it is very important that people diversify and learn how to have a second stream of income as a safety net.
'People that have just been laid off are in two minds about whether to try and do something to get quick cash or whether to start a passion project.
'The next six weeks is key to build something practical that you can have over this time to keep the ball ticking over, but also something that can also be maintained afterwards.'
For those who find themselves in dire financial circumstances, the pair recommended rummaging through the house for items to flog for quick cash.
But once financially stable, the teenagers said there are four steps you can take to start earning some money on the side.
The first step is to pick a product or a skill you are passionate about, which will keep you motivated to see it through.
'The first thing you want to figure out is do you have a skill monetise from your job,' Mr Reilly said.
'For example, if I were a graphic designer I would be trying to figure out a way to become a freelancer and monetise my skills outside of employment.
LACHLAN AND TAYLOR'S FOUR STEPS FOR STARTING A BUSINESS AT HOME Step one: Pick a skill or a product that you are passionate about
Assess what skills you possess that you can monetise or select a product you are passionate about that consumers need
Step two: Build an online presence
Build a website and grow your social network
Step 3: Go live
Start running Facebook ads to bring attention to your business
Step 4: Take the leap
Consider whether the project is a hobby, a side hustle, or a new full-time business
Alternatively, select a product or skill you possess that you can turn into a business, that satisfies a 'need' rather than a 'want' in the market place.
'If your product satisfies a need, then people will buy it,' Mr Reilly said.
'Determine your market. There will be a group out there who will need your product. Their money will go to the products that solve the biggest problems for them.'
Next, start building an online presence.
This entails creating a website and leveraging your relationships to build a social network to spread awareness about your product or service.
While building a website seem daunting, Mr Delchau-Jones and Mr Reilly said there are many free resources available online to guide people through this process.
‘A lot of people panic about this part,' Mr Reilly said.
'But there are so many resources that they can utilise for free. You can learn how to build something and get it up in a day.
'This is the stage to begin growing your network. Ask your friends and family who they may know that may need your service.
'Leverage Facebook groups by posting about your service. Even if people in the group do not need it, they may recommend it to someone that might.'
Step three is to go live with your website and begin running advertisements.
This can be done easily using social media advertising programs, such as Facebook Ads manager.
'Try to use Instagram, Facebook advertising and all of these things to bring in business,' Mr Reilly said.
'You may not make as much money as you want, but you need to just jump in and get the ball rolling.
The final step is to take the leap and evaluate how big a role your new project will play in your life.
'Once you set up all of this infrastructure, you have to decide whether this is a hobby, or a side hustle, or a new business for myself,' Mr Reilly said.
'There is going to come a time in three or six years time, where people are going to have their jobs. They will get to a point where it is time to decide whether or not to pursue it or keep going back to work.
The light bulb moment was sparked by Lachlan Delchau-Jones (pictured) while watching the news while in lockdown
'You will have to decide what is going to be a bit more profitable.'
The ambitious pair have been creating their own business ventures and websites since their early teens, long before they met online.