Although we are predominantly a student news website, occasionally we publish guides for those fresh out of University.
The graduate world can be a harsh one, especially with the newly elected Conservative government set to make spate of changes. Today, we are looking to give some quick tips to and graduates pondering the thought of starting up their own business.
Going alone and starting your own business is a brave mood, but one that that can sometimes pay dividends in an emphatic way. Whilst there are obvious pitfalls and risks, if it works then you could skip around a decade’s worth of having to move up the corporate ladder. Seems simple doesn’t it? If you decide upon this route and have some entrepreneurial ideas, then why not take a look at the following three pointers from Young Academic?
Make Sure Your Idea Is a Winner
Although this one sounds obvious, the mistake many graduates make is not assessing their idea thoroughly enough? Is there enough market share available? Do people want it? Is it economically viable? Often, young entrepeneurs have a good concept but they do not vet it thoroughly enough and it can fall flat on its face.
Make sure you speak to some industry experts and use all the training you received through your business or marketing degree and don’t rush into things. You have years to forge a career, do not waste your first bit of capital on a duff idea. There are resources available from the government on what you should consider before starting your own business, they could well be worth a read.
Don’t Cut Corners
Another classic mistake for new start-ups can be cutting corners. From not empoying the right staff to investing in low quality equipmemnt, m any fail because the final product simply doesn’t end up being good enough. From the printing of your merchandise, to creating great logos and visual, put some effort into making sure you do the fundamentals right or your new business could be doomed before it has even started. Look where the trade buys in your industry and ensure you don’t look like the cheap and nasty alternative, unless that is your USP, then you need to make sure your advertising is spot on!
Have a Contingency Plan
Very few graduates hit the jackpot with the first idea they have, so make sure you have plans B, C and D! You may well have some initial success but you will be well aware, business and the economy can be very volatile. If you have contingency plans in place then you will have something to fall back on instead of going bust if your brainchild ends up being nothing more than a damp squib. You can buy company names and website domains well in advance and put a little resource into them whilst you see how your big idea goes. Too many ideas and too much planning can never be a bad things so don’t come unstuck. Find out how to formulate a business plan here.