Some of the world’s most famous entrepreneurs and corporate moguls started their own companies right out of college. A few even began operations while they were still in their senior years, but that’s the exception. With a small amount of savings as seed money, it is possible to helm your own for-profit entity. Fortunately, there are plenty of ways to go about it. You can shop around for opportunities that have zero or almost no entry costs. It’s even possible to do your own startup on the side while you work a 9-to-5 job. No matter how you decide to approach the situation, remember to follow a few guidelines that have helped many who have entered this path before. Here are some suggestions that will make your effort less strenuous.
Look for Low-Cost Opportunities
Diploma in hand, and perhaps with several months of valuable internship experience behind you, it’s important to focus on starting a company that has very low up-front costs. This is not the time to buy a franchise or attempt to open a large retail establishment. Online businesses that offer niche or specialty services or products are ideal choices for new grads. E-commerce firms are ideal for younger people who have few financial resources but burn with the desire to go their own way. Pick a product or service that you believe in and understand well. Then, brainstorm marketing plans, financial goals, and long-term strategies. Once you are ready to put it all on paper and build a solid plan, go forth and begin selling online.
Consolidate Student Loans
If you owe on several student loans when you graduate, it’s simple to do a bit of online research and find a lender who can roll all of the obligations into one, thus simplifying your life with a cost-efficient consolidation. In many cases, when people take out a consolidation loan, they have access to lower interest rates and better terms because their credit scores are higher now than when they first applied. Starting a business can be a costly endeavor, so firming up your personal ledger is an excellent first move after graduating and will help you reduce monthly expenses.
Try the Two-and-Two System
Many budding entrepreneurs find a traditional job and save like crazy for two years. Then they use that savings to open their own enterprise and devote at least two full years to making it work. At that point, they decide whether to continue or return to the mainstream career and run their own company on the side. The two-and-two is a method that has been successful for many people who are new to the world of proprietorship and managing a small entity.
Outsource to Conserve Funds
In this era of online everything, many sole owners outsource most of the workload. The one or two percent you retain is whatever your special, unique talent is. Accountants and engineers, for example, offer their services for a fee. Their main source of profit is payment from clients. But the majority of back-room functions like website building, marketing, sales, bookkeeping, and cyber security is handed off to hired freelancers of firms that specialize in a single function.