From graduate to successful entrepreneur in 3 simple steps

It’s been four long years of university, and although you’re more than happy to wave goodbye to exams and dodgy flat shares, you’re not quite ready to give up the freedom of being a student.

At least, you’re not willing to sacrifice lie-ins or Wednesday afternoon cinema trips for 40 plus years of nine-to-five working and office politics.

You’d much prefer being your own boss, setting your own hours and answering only to yourself.

And you think you’ve got the perfect business idea to take you from fresh-faced and eager graduate to high-flying billionaire entrepreneur in one swift move.

But how do you turn your big dream into reality?

Our answer comes in three easy-to-follow steps – take a look.

#1: research, research, and yet more research

After countless essays and all-night revision sessions, you’re a pro at researching, but you’re also probably a bit sick of it. The bad news is you’re going to be doing a lot more of it if you want a successful startup.

It’s not as simple as taking an idea and running with it. You need to work out the kinks and flaws – there’s guaranteed to be at least a few – and that’s where market research comes into play.

From feedback services that let you survey potential customers or suppliers to collecting data about your likely competitors, the more information you have the better prepared you’ll be for handling your tumultuous first year of business.

#2: putting together a flawless business plan

Now you’ve got a brilliant idea and a whole bookcase full of research, it’s time to put it all together in one bulletproof business plan. After all, this is how you’re going to sell yourself to future investors, customers, landlords and bank managers.

You’ve probably already got the germs of a plan somewhere, quickly scribbled on the back of old lecture notes when inspiration first struck you.

All you need to do is pad it out, making sure you cover all the basics like budgets, financial forecasts and development opportunities. Your final step is proofreading – silly grammar or typing mistakes will detract from the professionalism of your plan.

#3: exploring all your funding options

Besides ambition, dedication and 25-hour working days, opening a business also requires money – and lots of it.

You’ll have a better idea of exactly how much you’ll need after meticulously working your way through the research and planning stages, which will make it much easier to apply for funding.

Government loans are normally available for new graduates but explore all options before settling. Online crowdfunding has proved a popular and efficient way of raising vital startup cash so it’s worth a look.

Once you’ve got these three steps covered you’ll be in the perfect position to make your entrepreneurial fantasies come true – just remember that it’s going to take a lot of hard work to get there.

Tags: entrepreneur, graduate

Category: College and Careers