“If you can dream, you can do it.” – Walt Disney
Dreaming big is easy, but you need to have the courage and determination to turn your dreams into reality. If you’ve decided to start your own business and don’t want to join a 9-to-5 job like your other college mates, welcome aboard.
Starting a business right after college is not a child’s play. It’s obvious that you’d have difficulty at first since you’re completely new to the domain. But, don’t get disheartened. If you work hard and have the zeal to grow your business, you’ll surely achieve your goals.
Tips for starting business after college
Do you want to start your first business venture? If your answer is yes, then these tips will help you greatly.
1. Approach social media as a CEO and not a college student
You are no more a recent college graduate if you have decided to launch your own business. You’re now the CEO of your startup. When you’re sharing or writing something about your business on social media, you’re creating a brand name of your company in the market. So, make sure your approach must be of the leader and not a college student.
2. Create a presence
You will find difficulty in selling your service or product in the industry where people don’t know you. So, it’s extremely important that you should make your presence feel to everyone in the industry. For this you can join online communities related to your product or service, attend conferences, start writing a blog about your product or service, and contact influencers on social media.
3. Use the available school resources
Are you a recent graduate? If so, then you can find ample school resources available to you on campus like you can use your school library to plan, research, and meet your team members and also use other resources such as color printers, scanners, and research databases.
Contact the job resources department or similar other groups in your college to get help for starting a business.
4. Connect with staff and alumni
This is the best time to join your school’s alumni association. Joining LinkedIn will get you connected with other alumni and staff.
You can also take out time and contact your favorite professors and staff.
Even if they don’t work in your area, they may suggest someone who does.
5. Evaluate implementation
Thinking of a business idea is easy. But, turning that idea into a working business is really hard. First, you should learn the tactics of building a team and developing a product or service before it can be sold. Kelsey Meyer, Influence & Co. said that “I would tell every graduate to think about how she can begin to implement on the smallest scale possible, validate, then scale.”
6. Try to be a problem solver
It is great if you want to make your hobby your business. In fact, it’s a superb idea. But, your passion for work is not enough. You need to identify and provide a solution to an unsolved problem or reach out a market that’s still under dark. In short, try to solve the problem of your niche customers. Otherwise, you won’t be able to make a difference with your work.
According to Jon Eckhardt, associate professor of management, Wisconsin School of Business, University of Wisconsin-Madison, “if you have no customers, you have no business. Make sure your ideas align with what your customers need, not just your idea of what you think the world needs.”
7. Create budget for business
You can start a part-time job to build up capital for your startup. This’ll also help you gain new experiences and knowledge about your business. Make sure you have enough money to run your business at least for few months.
As per Jon Eckhardt, University of Wisconsin-Madison, “if you need financial help, consider working with a business accelerator. Many of them are located around colleges and universities. They can help you with seed money and training.”
8. Build up a team
Your business needs a team of talented people to achieve great heights. Do you want to attract investors? Well, for that you need to show them that you have a great and talented team with you.
If you hire few talented people with experience and knowledge in each business area, then your business will be in great shape.
Handy tips for budding entrepreneur
Apart from the above tips, you must also keep these tips handy at your disposal when starting a business:
- Develop your business network
- Be patient
- Deliver your product or service on time
- Find out the right investors
- Calculate the cost
- Complete all the legal formalities
- Do your research well
- Use free resources for your benefit
- Buy proper insurance for your business
- Be flexible
- Market your product or service
- Make sure your clients are paying their bills on time
- Select right employees
- Remember, “honesty is the best policy”
- Strike a balance between personal and professional life
Starting and running a business needs a lot of hard work and determination. Thinking of starting a business is not difficult, but you need to take a lot of things into consideration to run a business. You even need to sacrifice your social life for that. So, you can see it’s not that easy as you think. But, don’t panic! It will make the situation worse. Stay calm and handle situations smartly as they come your way.