Employment vs Starting Your Own Business: Advice For Students

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Student-EntrepreneursAn article by UK based contributor Sam Gatt.

If you’re a student soon to be finished with education, you have a few different options you can look at when it comes to making a living. Some students like to go straight into employment, working their way up the career ladder to secure themselves a decent job in their industry. However, some students dream of starting their own business. Both have pros and cons. Employment can feel more secure than having your own business, but having your own business can offer freedom and maybe even more money. If you’re a student who would like to give starting your own business a go, this advice will help you:

Consider Getting Some Industry Experience First

You don’t always have to go right out and start your business, unless that feels like the exact right thing for you to do. Sometimes, it helps for you to go out and get some industry experience first. Work a little and see how the industries work. Get to know people and build relationships. Obviously you should build your own business ethically, but there’s nothing wrong with getting a job to build up your experience first.

Come Up With Your Idea

To start your own business, you need an idea. An idea that will sell. It could be a product or service; something you know you can help people with. Something you’re passionate about, and you know the novelty won’t wear off. Don’t just do it for the money. It really needs to be something you’re interested in if you want it to work. Is there something you know you can do better than other businesses out there? Sit down and come up with your idea!

Find a Partner

Having a business partner can take much of the fear factor out of starting your own business. When you’re going it alone, you have a lot of decisions to make and many things to worry about. When you have a business partner, you can bounce your ideas off them. Plus, it feels better because you’re both in it together!

Create a Business Plan

When you have your idea and partner, it’s time to come up with your business plan. This can be the boring bit. You’d be right in thinking you don’t technically need a business plan. Many entrepreneurs didn’t come up with a business plan. But you’re not starting your business by accident, so you should. Put as much information as you can in there to keep you on the right track as you progress.

Set Up Your Limited Company

Ready to start? Set up your limited company! Your Company Formations can help you and it won’t take up much of your budget at all! There are lots of benefits perfect for students too.

Raise Your Finances

Raising finances might be hard for students, but there are a few different methods you can try. Friends and family, crowdsourcing, banks, and even using your student loan if you don’t need much of it.

If your idea is good enough and you’re willing to work hard, having your own business could be so much better than staying on the employment ladder. Try being your own boss. If you don’t try, you’ll never know!

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