A student could engage in income generating activity to supplement income from parents or sponsors. It could cater for upkeep or tuition fees. The current curriculum of education advocates for entrepreneurship for a holistic approach to education. Whatever reason it is, there are basics a student should bear in mind before a startup.
Questions to answer before starting a business
- Why do you want to start a business?
- What is your area of interest?
- How much time do you want to dedicate to the business?
- How much do want to invest in the business?
Basics in a start up
Image Source: Pixabay
1. Think about the business idea
A successful business, whose owner has a passion for it, pick up faster and is sustainable. What do you love doing most? If it is playing computer games, selling computer games is a good business. An idea could also come up as a result of the needs or problems arising. For example, if there is no proper garbage disposal in the neighborhood, starting one and charging every household a fee could come in handy. A business idea should be able to address a particular need.
2. Identify a mentor
Entrepreneurs’ do experience loneliness at the initial stages of the business. A mentor comes in handy to address this. This could be a fellow student whom you share the same passion, a successful entrepreneur or parent. A mentor’s role is to hold your hand up the ladder, encourage you during challenges common with startups, show you rules of the game. A mentor could also be a business partner to start a business as a partnership rather than a sole proprietorship model.
3. Write a business plan
This is a step by step guide to all the essentials in the businesses in a paper form. This is the demanding part of starting a business. A good business plan should have a needs statement, financial costs, assets and liabilities. Income and expenditure, market research, strengths, weakness, opportunities and threat (SWOT) analysis likely to be experienced in the business.
4. Get capital
Capital should not be a hindrance to start up a business as a student. With a business plan in place, the capital needed for the startup is clearly indicated. Sources of finances include loans from financial institutions, donations from friends, business partners, friends and relatives could also help in terms of items needed for the business. For example, computer, desk, stationery etc. With a business plan and expected profits, it is easy to get someone to donate or give a loan for it. Caution should be taken, start small, and grow into the business to avoid unnecessary debt.
5. Build a trademark.
Market your brand. As a student, there is an advantage of using the internet. Use this as an opportunity to build your brand. Build a user-friendly website to advertise your products and services, advertise using social media platforms Facebook, LinkedIn, Instagram, Twitter this are direct clients. A student should have technological skills, now that the world in a global village. A student should not also ignore the traditional methods of advertising, the word of mouth and referrals. Great product or service will always get referrals from satisfied clients. Maintain your trademark throughout to retain clients. Engage your clients in identifying what retains them. You need to understand clearly:
What keeps clients?
- Great customer service
- Value for money
- Customer satisfaction
Business to think about as a student
- Online beauty shop
- Essay services
- Coaching students
- Software developer
- Cleaning services