4 Essential Tips For Starting Your Own Business After College

With today’s job market being as competitive as ever and the looming fear of layoffs, some college graduates are creating their own businesses. Despite their best efforts, only 10 percent of startup businesses succeed, grads should carefully evaluate whether they possess the prowess needed to be a talented entrepreneur.

Starting a business requires a combination of industry knowledge, money management skills, and good old-fashioned grit. You also need to follow specific steps to keep your business profitable. Here’s what I learned in my successful freelance career as an online journalist that could help you achieve your goals.

1. Find Your Groove

Owning a business means thinking outside the 9-to-5 grind. While many people power down at 5 p.m., entrepreneurs always have their minds on the prize. Even if it means pulling late nights and early mornings.

Make sure your business idea makes you feel alive. Find something that makes you want to leap out of bed in the morning – not roll over and hit snooze. You’re your own boss. So, you need to  spark the intrinsic motivation that makes you excited to get to work.

If you’re feeling uncertain, reflect and ask why you’re hesitant. For some of you, this may be for financial reasons. Being nervous about not being able to make enough income shouldn’t totally hold you back. But, feeling unsure of whether you’ll still enjoy your work in a year or two means you may want to reconsider the path that you have decided to take.

Think back to what made you happiest as a child. Maybe you loved playing school — if so, consider opening a tutoring business. If you couldn’t get enough of building houses with legos, contemplate starting a handyman service or even taking the necessary exams to get your general contractor license.

2. Write a Business Plan

Succeeding in business takes careful planning. When someone told me this this advice, I cringed, thinking, “I have no clue how to write a good business plan!” Guess what? Almost all entrepreneurs feel similarly.

Fortunately, writing a business plan isn’t as hard as it seems. No, it won’t have to be the length of War and Peace. You’ll need to include specific details, but the best business plans keep it short and sweet. Do be sure to include the vision statement of your business, your strategy for execution, a list of any necessary team members (if your business won’t be completely self-run, like a freelancing career) and a solid financial plan.

3. Determine Staffing Needs

As your business grows, you’ll likely need to bring on more help. Some small businesses, like restaurants or retail shops, need employees to function . Even sole proprietors like myself who never intend to add regular staff can benefit from delegating specific tasks to assistants, employees or other organizations. Depending upon the staffing needs you can do cost-cutting with your IT infrastructure such as computers and laptops. By adopting cloud technology you can simply rent a remote desktop at a low cost for all your employees along with office team collaboration suite such as Office 365 gcc high for enhanced productivity.

One of the best business decisions that I ever made was hiring a financial rep to help take care of my writing invoices and payments. It may sound silly, but the distraction of paperwork and finances — which I am admittedly pretty bad at managing myself — often affected my productivity. So, I left the nitty-gritty work to a pro!

4. Network Like Mad

It doesn’t matter if you write like Stephen King or repair blown car transmissions with the speed of a pit crew – you need to network. Get out there and network in your town or city or success will elude you.

Email those already in your circle about your new endeavor and how it may benefit them, and use the power of social media to promote your products or services. Creating a LinkedIn account is a great place to start.

Once you’ve done the heavy lifting by setting your business up for success, it’s time to get out there and crush it. From one entrepreneur to another, I wish you all the best of success, and I look forward to seeing your name on the Forbes Top 30 Under 30 list.

Featured Image via Unsplash

8 COMMENTS

  1. You need a support system while you’re starting a business (and afterwards). A family member or friend that you can bounce ideas off, and who will listen sympathetically to the latest business crisis is invaluable. When you’re starting a business, experienced guidance is the best support system of all.You can contact CEO coach Arman Sadeghi if you need help in anything business related!

  2. Student work is usually associated with posting advertisements, promotional activities, or writing term papers. But enterprising individuals may well open their own business while still students, like https://fluix.io/ . There are many ideas for small businesses, and everyone can find the one that suits him and brings profit.

    Start-up capital plays an important role in starting a business. For many students, this very point becomes a stumbling block: there is enthusiasm, there is an idea, but there is no money. What to do in this case? Look for an idea that will allow you to make money from scratch.

    There are many ways to start your own business today. The main desire and aspiration. Statistics show that only 5% of young enthusiasts actually start a profitable business. Why such disappointing indicators? It’s just that out of all dreamers, only 5% make efforts to make their plans come true.

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  5. Thanks for these tips! In fact, now it all depends on your business. For online, there are always many tools that will help you get your first customers, create a website or an application. For a local business, things are a little more complicated. From finding a good location to a supplier for utilities such as electricity, water, garbage collection and other supplies. But there are also good tools for this, for example, I found an electricity supplier here https://www.switchpal.co.uk/compare-business-electricity-prices-rates-quotes/ and compared prices and tariffs for business

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