Todd Nesnick
It is never too early to start earning on your own. Despite the struggles you might face, starting a business in your student years can come with several benefits. There are plenty of success stories around to inspire you, and even better, to learn from.
To help steer you in the right direction, we have compiled some tips that might apply to your scenario, no matter how old you are or what kind of business you are hoping to start.
Make the Most of Student Resources
It is common for universities these days to have their own entrepreneurship centers to help students cultivate their business ideas. Needless to say, these can give you access to resources and even connections to investors. If you do not have a grip on where or how to start, finding a mentor from your alumni can be a great first step.
The level of support you receive from your university can make a significant difference in your journey forward. In addition to this, you can and should take advantage of other resources accessible to you as a student. For instance, there are academic platforms where you can pay for papers in order to reduce academic stress. After all, you will need all the help you can get to keep up with your education while working on your business idea.
Your Strategy is as Important as Your Idea
So, let us suppose that you have come up with a brilliant idea that can solve a problem or improve a situation. Before you start on the case, you should answer the following:
- What kind of consumers are you targeting/who would be using your product?
- How much should the service/product cost?
- What resources do you require to manufacture the product or offer the service?
- How many people are needed to work on it?
- How can you sell and market your product?
- How soon can you generate income from your business?
Even before you pitch to others, it is important that you find answers to these questions. No one will take to your idea unless it is backed by relevant data. Once you have worked out the details, you should also build a business plan that details out everything and is good enough to appeal to investors.
Understand Every Aspect of Your Business
When you are launching a business, you should have a clear idea of what is going on at every stage of the process. Naturally, if you are a student on a budget, you might have to rely on yourself to handle most of the jobs, which include marketing and promotion of your products.
You will also find yourself negotiating with suppliers, doing the finances, and even handling the logistics yourself. However, it can be beneficial for you to go through all the steps of your business yourself first. Moreover, there are apps for virtually anything that can help you tremendously when you are starting.
Be Careful Who you Partner With
Of course, you might be willing to run the entire business by yourself, and however, you might also have to team up with others for the success of your endeavor. Needless to say, who you work with can make or break the venture.
While it is important to work with people who are excited about your idea, it is also crucial that they are able to contribute. For instance, you might think it’s fun to start a business with your best friend, but you should also consider what they would be contributing to the project. Can they help with marketing or web design? Are they good at communicating? Similarly, when you add someone to your team, you should assess them for their qualities as well. This can be tricky when they are too close to you.
That said, it is easy to find people who can help you with practically any aspect. And even better, you do not even have to hire anyone full-time. Instead, choose freelancers who can work with you on a need-only basis.
Register your Business
You might think that you are starting a business on a trial and error basis. However, once you decide to officially sell your products/services, it is imminent that you take care of the legal side, and this starts with registering your business.
Although we cannot provide you with all the relevant information here, we have included some basic information about how you can proceed:
- Find the ideal structure for your business; we suggest that you consult an accountant or a professional to decide on this.
- Choose a business name, and make sure that you have access to the same domain name to establish your internet presence.
- File business formation paperwork with the authorities.
- Apply for the licenses and permits you need.
- Get an employer identification number (if needed).
- Take business insurance.
- Get accounting software that can manage and track inventory.
Prepare for Long Hours
If you are setting out on an entrepreneurial journey, know that the path ahead will come with several challenges. As such, you need to prepare both mentally and physically. You might find yourself working well over 40 hours a week to get through the academics as well as the demands of your business.
This is why you will need a supportive team that you can rely on. On top of that, you will also have to be realistic about your time, and it is the key to avoiding burnout. When you are planning to work for many hours, also be sure to allocate enough time for rest.
Conclusion
If you are a student keen to start a business, it is natural to feel scared or overwhelmed. However, you should consider it as the first step towards success. Although the prospect can be daunting, students also have an unprecedented amount of resources available today. So make sure you tap into those and make the most of your college years to get ahead in your life.