If you have landed at this article, we suspect that you have just completed your full-time education (or are about to complete) your full-time education and are now chewing on it to get into the big, wide (work) world. World.
First of all, congratulations! We hope all the essays, assignments and sleepless nights were worth it. You have undoubtedly made some memories and friends that will last a lifetime, but now is the time to showcase all of the new skills you’ve acquired and use them wisely.
We’re going to make a second assumption based on the fact that you clicked through to this article and that assumption is that you are brimming with entrepreneurship.
So if we’re right and you’re ready to start your first post-apprenticeship business, keep scrolling because we have some invaluable advice to point you in the right direction.
Advice on setting up a business after school, college or university
Here are five of our top tips for those looking to start a business after completing a full-time education.
1. First and foremost, protect your financial security
Unless you have a cushion of money or dedicated finances ready to invest, you should realistically think about a tenure before heading headlong into business suitability.
Even if it is only part-time, many successful entrepreneurs have started their ventures as a sideline. That way, you can ensure that you have financial security as you build your empire. Working as a freelancer alongside a job is usually fine – just check your contract!
Once you have some extra cash to invest in your business idea, we recommend hiring an accountant to help you get your bookkeeping and accounts on track. This will help ensure that you are well placed to deal with things like taxes, budgeting, and finance as well.
2. Take serious time to do thorough market research
Another important thing to do before setting any wheels in motion is doing a thorough market research to determine the demand for your supply.
Does it already exist? If so, is there any way to do it better or differently? If not, does that mean there is no appetite for it? Before you go too deep, answer these questions yourself.
3. Now is the time to expand your network
Hard work and ambition are crucial components of business success, there is no doubt about that. However, having a solid professional network can mean the difference between rolling out and soaring.
Networking and growing your contacts is something that entrepreneurs should be doing constantly throughout their careers, but at the beginning it is more important than ever.
As the old saying goes, “It doesn’t matter what you know, but who you know” and while we don’t think knowledge comes second, there is certainly a lot to be said for the company you run , and the connections you make in the early stages.
4. Talk to (and listen to) those who have done this before
You have big ideas, bigger dreams, and a clear, determined idea of how you want to get there; We got it, you don’t want to listen to someone telling you what to do.
However, listening and actively engaging in conversations with people who have either succeeded or failed in starting a business can provide invaluable knowledge and insight.
If possible, treat these people as your mentors. Take every tip, piece of advice, and “If I could go back now, I would do it …” like a sponge.
You’ll make enough of your own mistakes along the way, so use the lessons others have learned from theirs while you can.
5. Accept mistakes and failures as a natural part of the process
Fresh from full-time education, you probably still think that getting full and top marks is the only way forward. But guess what? Things are different now.
When it comes to starting a business, there is plenty of room for error. We are all human, and mistakes are completely normal – it’s about learning to adapt, relax, and make better decisions.
Oh, and don’t compare yourself to others. Starting a business looks different for everyone; There is no linear, right or wrong path. Focus on yourself, stay in your own lane and don’t get distracted by what others are doing around you.
Now you have our pearls of wisdom to expand your own skills and entrepreneurial spark. It’s time to take this bull by the horns. Good luck get it!
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