If a 9 to 5 job is not your thing, starting your own business is the best way to avoid it. As the corporate sector has changed a lot and the benefit of having a job is not what they used to be. Most college graduates prefer starting their own business rather than living in fear of job insecurity. Entrepreneurship looks a lot less risky, and most of us like to get gainful self-employment. Here we discuss 7 key steps to starting your own business after college without wasting too many financial resources and time. These steps will guide you through this challenging yet rewarding process. Let’s delve into it!
1. Get The Idea
New startups, i.e., newly founded companies with an innovative business idea and high growth potential arises almost every day in America. These are the factors that clearly differentiate a startup from your new hair salon around the corner. The ideas are as colorful as they are different, from tasty organic biscuit dough to interactive radio plays and personalized children’s books. All startups have one thing in common, i.e., they all started with a unique business idea. So come up with a new and different idea that resonates well along the way.
2. Cultivate a Good Network
Taking advice, meeting other young entrepreneurs, and discussing your project is essential at the start of your entrepreneur journey. Networks of young entrepreneurs can help you in your efforts, such as building your business plan, getting to know investors, future clients. Moreover, it helps you get sponsorships from better-known people who attest to the seriousness of your project.
Build your network with your teachers’ help by discussing your project with them, but also with your former internship managers, or on the internet with specialized sites.
3. Analyze The Market
Take a look around. Does your product or service already exist? What is the difference between you and your competitors? What chances do you have on the market? Be honest with yourself!
4. Decide What Kind of Business You Want
Decide what kind of business you start, either manufacturing or services. Do you want to start an online business or brick and mortar store? There are different types of businesses; each has its own advantages and drawbacks. If you want to work with people, brick or mortar retail might be right for you.
Once you decide what kind of business you want, calculate how much money you need for your business plan. Estimate how much money you would need initially to start your own business. Add no less than 20% more to the calculated amount you need for starting your business. Also, do not forget to get your business registered.
6. Find The Right Team
Hire those people who understand your business model. You need reliable partners with talents who complement each other. Ideally, your team should have someone who is familiar with sales and technology and someone who has the necessary know-how in business issues. Since you will spend a lot of time with this team, it is important that the chemistry is right. When you hire your employees, think broadly. You will also need a tax accountant, attorney, and insurance advisor. Don’t forget to make them a part of your team.
You have to get your business idea to your targeted audience. How do you want to promote your company? Do you want to use social media channels?
Consider spicing up your marketing game all the time and use every kind of marketing opportunities. Do offline advertising using traditional marketing tactics, direct sales, or use digital platforms to advertise your brand.
Using more advertising tools come with better results. Ensure to capture the outcomes and filter out ineffectual marketing tools to avoid budget drain.
No matter what type of business you want to start after college, there will be ups and downs. From selling your own product at a retail store to building digital products and offering up services or launching a startup, you will encounter a lot of challenges and barriers. All you need to set realistic goals when you are going to start your own business. This way, you will not be disappointed with the results after the first few months of growing your business and building your customer base.