It’s not easy being a student. Money is going to be tight for a few years, and unless you’re happy eating unhealthily for those years and missing out on all of the student fun, then you’re going to need some way of making cash. Part-time jobs can be hard to get when you’re a student, which is why so many of those in education are looking at the possibility of starting their own business. However, while it’s never been easiest to start a business, you must do it right. Here are some of the critical areas to think about before you launch an unprepared business that is far more likely to fail than succeed.
Time Management
This is going to be the key to your success or failure. If you want your business to succeed, then you need to spend time on it. At the same time, you still have to do all of your course work and get to all of your classes. If you’re torn between working on your business or working on your student responsibilities, then you may leave your years of education with neither. Have specific times of day to focus on your business and your coursework.
Do your Research
Market research is a critical stage of every business plan, and you should never avoid it. You need to research who your potential customers are going to be, who your competition is, and what your online presence needs to be. If you fail to do your market research, then your new business model will be more likely to run at a loss, defeating the point of launching it in the first place.
Think Like a Student
You have access to a high number of people who are in a similar position to you. Other students can be useful in a variety of ways. Some may be worth recruiting to your business ideas, especially if they have skills that you lack. Others will be customers or referrals. Use your fellow students as a resource, and you’ll have a firmer footing from which to launch your business.
Get Legal
You can’t just start a business and ignore your responsibilities. There are laws in place to protect you, your team, and your customers. Those laws can protect you if things go wrong and can even end up saving you a lot of money. At the very least, make sure that you have business liability insurance, and that the policy you choose is tailored to small businesses.
Funding Options
While it’s certainly possible to launch a business without any money, bootstrapping is not the easiest tactic. The good news is that there are many ways to get some cash funding for your business, as long as you have time to put the work in. Borrowing from friends and family is one option, but there may be loans and grants available as well. Don’t use money as a problem-solver. Think creatively and your running costs can dramatically drop.
Get your business plan right, and your new venture could change the way that you live. If your business launches successfully and you find that it’s earning a more than generous profit, then it could be a business model that lasts a lot longer than your years in education.
