Today, more and more graduates are choosing not to go straight into pre-existing roles. Instead, there are a huge chunk of graduates who are opting to launch their own businesses. The fact is, starting a business – regardless of your age and experience – is never going to be an easy task, so as a graduate with no professional experience, it’s most probably going to be even harder.
However, that being said, if the right steps are taken, this doesn’t have to be the case. It is possible to launch a business as a graduate and make a huge success of it; it’s just a case of knowing how to go about it, that’s all. To boost your chances of success as a graduate business owner, below are some useful tips to take note of and implement in your planning processes.
Find the perfect business model
The chances are, if you are keen to launch a business as a graduate, you have an idea of the type of business that you want to start. Now, the next step is to find the perfect business model. This may not be an easy task and may well take a lot of time, but the fact is, it’s worth making an effort to do so. When it comes to running a successful company, the business model that you base your venture on is vital, so choosing the model to use isn’t a process that you should rush.
Consider going back to school
Depending on what your business idea is, you may want to consider going back to school and taking out some further qualifications. Say, for instance, you are hoping to start a marketing company, you studied business at undergraduate level, and now you want to open a marketing company. You have a good understanding of business concepts but not enough marketing knowledge to successfully run a marketing company, which is why it could be worth considering going back to school and getting a master’s degree. You wouldn’t even have to learn on campus; you could opt to do an integrated marketing communications masters online. Online courses are becoming increasingly popular because they allow you to learn from wherever is best for you, at a time that’s convenient. You can get the skills you need while building up your business – what more could you want?
Be clear on costs
While it is possible to start a business on a budget, it’s important to realize that usually there are some costs associated with starting a business. Unless you have savings in the bank, then the chances are that you will be limited when it comes to the funds that you have to put into your startup. However, the doesn’t necessarily mean that you can’t get your hands on the money that you need, because there are options to consider, such as taking out a loan, for instance. Or, if you aren’t keen on the concept of getting a loan, another option could be to look into grants for graduates from your college. The fact is that a lot of colleges offer grants for entrepreneurial graduates to help them get on their feet – so this could be something that’s worth looking into.
Get a business mentor
You may not think that you need a business mentor but every startup should have a mentor on board. Ideally, this should be someone who has built a company from the ground up and made a success of it. You can find business mentors online, or you could ask at your old college or university if they can put you in touch with a suitable business mentor – the careers department should be able to help you with this.
Launching a business is no easy task, but with the right knowledge and skills, and plenty of support, it is possible to start a business and make a success of it.