5 Points for Graduates to Remember When Starting a Business

So you’ve just finished university, fresh faced, degree in hand and ready to enter the big wide world. Well you’re now left with a daunting decision, do you take the safer and well-travelled route to get yourself a 9 to 5, or do you go on the uncertain and unsteady path of taking things into your own hands, becoming you’re own boss and building your future.

You may be surprised to hear that approximately 15% of graduates decide to start their own business following University, why you might ask? Well the general state of the job market for graduates is enough to turn anyone away off the bat, then when you mix in the increase in living costs and graduate debt it’s no wonder people want to shy away from employment. So if you do decide to make your own path in life here are 5 top tips for starting your own business once you leave university.

Don’t Rush

Starting a business can be one of the most time-consuming projects in the world. There are countless tasks to complete and it can often look very daunting. The key here is to take on each task one step at a time, don’t try and rush through everything as you will likely end up in a worse situation than when you started. Sadly this means that yes, you are going to have to work extremely hard in the first couple of months. So a lot of long hours and dedication but if you are truly passionate for your business it will pay off in the end.

Financing

Financing can often make or break a start-up and being a broke graduate doesn’t help things in any way. The thought of having to invest money into an unsecure future when you are likely in your overdraft and have student loans looming over you can be extremely off-putting, but it doesn’t have to be. Depending on your business idea there are usually ways you can lower the cost, save money and generally become more efficient. There are also multiple ways to generate funding for your project, a quick search on Google and you can come across hundreds of funding services for entrepreneurs, while not all of these are the best, take some time and find one that fits your exact needs.

Don’t be afraid to Ask for Help

Face it you are young, despite the countless hours you spent at lectures and no matter how much you revised for exams, nothing can truly prepare you to start out on your own. So seek advice and help form those who have been there before you. Be it your parents, your friends or even just acquaintances you have met, don’t be scared to ask for their advice. There are a multitude of online services these days where seasoned entrepreneurs will happily give you their advice and feedback as you go along. Get out there and network with people, find yourself a mentor and listen to (almost) every piece of advice you get.

Failure

It can be a hard pill to swallow, but failure is something you need accept and embrace. Chances are it’s going to happen at some point, if building your own business was that easy then everyone would be doing it. The important factor to remember is how you handle this failure; take it in your stride, learn from it and most importantly don’t give up without a fight.

Do it!

This one is pretty simple, just get out there and do it!

If you spend too long dwelling or thinking about starting a business, the chances are you won’t. So if you have an idea or a passion for something then take the leap, it may or may not pay off but you will never know unless you give it your best shot.

This article was written by Matt Everard of Barrington Freight, a UK- based logistics company. Overseeing the business, he is particularly active within the marketing and business development sectors of his company. He has grown the business into an established force within the shipping industry, with high profile clients across the globe.

Tags: student business

Category: College and Careers