Graduating from university and knowing where to head next is an uncomfortable reality many students are about to face. If a graduate role can’t fuel your passion perhaps taking the entrepreneurship route and starting a small business might. Here are some important things to remember for starting a small business as a grad.
Nowadays there are only roughly five things you will need to start a small business, they are a computer, a reliable internet connection, a bit of start-up cash, some brain power, and a hell of a lot of drive.
Although starting a business will be a struggle to begin with there’s one important thing to remember you have on your side. That’s the time and energy you need to fully devote yourself to your business, without the distraction of a spouse, kids or an existing job. Long work days and lack of sleep won’t have as much as an affect on you, because you are already used to staying up late to cram for an exam, but still manage to make it to your 8am lecture the next morning. In addition to this your personal expenses are minimum, besides food, rent and the odd bill, as you aren’t supporting a family, or paying off a mortgage. This means that revenue can stay inside the business, helping it to grow faster.
You must ask yourself if the benefits of working for yourself outweigh the burden. It’s important to remember that when starting out you are everything, from the sales team, to the marketing department, as well as billing and collections, to the receptionist. Essentially you are every aspect of the business, until it has grown enough that you can start hiring.
You also mustn’t forget that starting a business doesn’t lead you to instant success. It will take time before the business starts earning revenue and you can afford to send yourself home with a paycheque. All this being said, starting a business gives you a real experience that only others who have been down the same path can understand. Nothing makes you value a customer more than the struggle to acquire one in the first place.
If it seems like the right route for you, then we say go for it! With Kiwis leading the way in terms of innovative ideas and thinking, and small businesses making up 69% of the economy there is literally no time like the present to take that leap!