Some of the world’s most profitable companies, including Facebook and Microsoft, were first started by university students whose expertise allowed them to be able to identify and solve problems. Of course, you don’t need to be a computer genius to come up with a worthwhile idea. And the area of business you decide to set foot into needn’t even be related to your area of study.
You will, however, have to contend with a range of obstacles, which you’ll need to be able to reason yourself around. Some of them are common, and thus they can be anticipated and more easily overcome. So what does it take to start a small business as a student?
Make good use of the time you have.
When you’re a student, the chances are that your peers will want to spend their free time socialising and playing games. While there’s nothing inherently wrong with these activities, they’re not going to help you to build a winning venture.
You might think that, having chosen an area of business that you’re passionate about, you’ll have not trouble finding the time to commit to it. But there will come a time when you’d rather not work, and you’ll need to be able to push through it. Compose a business plan which accounts for the time you have available.
Collaborate with the right people.
Your expertise alone will only get you so far. You’ll want to seek out others who can fill in gaps in your skillset. Fortunately, you’ll be able to easily talk to other students, each of whom might have some form of value to offer. Build connections and bring them on board.
When you’re starting a business as a student, you’re exposed to far less risk than those who are starting a business later in life. You’ll have fewer responsibilities and commitments, especially if you don’t have children or a day job or a mortgage to pay (remember that your student loan isn’t technically a loan, but more like a subsidy). In other words, you can go forward with the confidence that you have a safety net beneath you.
Get your Finances in Order.
Depending on the idea you’ve had, you may need an injection of liquidity from somewhere. Short-term finance is readily available from online lenders, if not high-street ones. Take advantage of it, and get your business idea off the ground. If you’ve done the groundwork and testing and know you have a winning idea, then you’ll soon be able to pay it back.