After spending your last few years building up to graduation, you must have had thoughts on starting your own business. Starting a business has become a popular option with graduates and there are a few reasons to why, such as:
Although job prospects has been improving for recent graduates, there is still no guarantee that you will get a job in your field that you want or even in general. Starting your own business would be the best way to avoid unemployment as well as ensure that you are working in something that you enjoy.
Avoiding Graduate Job Competition
Starting your own business would mean having competition from other start-up businesses, however, with starting a new business means you avoid the competition in applying for good jobs. You’ll find that there are many graduates that aim for that one job, making it a tough challenge to get accepted, which you won’t need to participate in if you were to make your own business.
Everything will depend on you as you and the type of business you want to start. Working for yourself means that you can determine and grant yourself as much flexibility as you want. Having that flexibility is most unlikely to be found if you were to work full-time for someone else.
Having your own business means that you are the boss. This enables you to take control, deciding everything for the business. However, with all the power, you would also need to be responsible to your business’ success. Being able to run your own business can be quite a heavy decision, but the results and rewards can be greater than you expect it to be.
These are just a few reasons to why graduates may start their own business. Before you actually start one, there are a few things that you may need to consider. Starting a business is not as easy as it may sound, there are questions that you have to ask yourself to make sure that you’re ready to start1.
Is your idea good enough?
Make sure that your idea is good enough by brainstorming your ideas with people that you trust. Although it’s important to listen to their criticisms, it is also important to stick with your instincts and the core of your idea
Are you ready to set up right away?
The question you should ask yourself for this is if you are you confident enough with your idea to start right away or if you think that you need to gain more experience first before setting up.
Are you prepared for the ups and downs?
There are two kinds of people, those that will back you up with your idea and those that will always be sceptical about it. During the process of starting your business, there will be people that will doubt your ideas in starting your business. You have to prepare yourself for the pressure to come and that it won’t shake you into giving up.
What is your aim?
To have an aim for your business allows you to have a certain path to follow that would guide you in prioritising your business. The aim of your business would help you with what you want to gain from starting the business.
Do you want to set up alone or work with a partner?
The decision to work alone or work with a partner is a crucial decision maker that you need to figure out before starting your business. Setting up alone can be stressful and even boring, however to find a partner that you trust is also a difficult job. Finding a partner would mean someone that you can depend on and trust as well as give you balance in what you lack in. If you were to start with the wrong partner, your business would be on the fastest route to failure.
Have you over-complicated matters?
Think big, but start small. Don’t rush yourself to get to your goal with your own business and take your time to build your foundation. Know how you’re going to implement your vision into every aspect of your business and take it slowly in case of any slips.
Are you financially stable?
Being a fresh graduate, starting a business may take up most of your expenses. Make sure that you are financially stable enough to start up your business. It would take a while before you start getting a salary and so there are questions to ask yourself such as; are you willing to risk your savings? How long can you last without getting paid? Do you need investors?
Where are you going to work?
Know where to work and have a place that will enhance your productivity. If it’s hard to work at home find a location for your start-up business that’ll keep you focused and in your professional mindset.
Do you have a back-up plan?
Unfortunately, most start-ups fail in their first year. It is a good idea to have a back-up plan and explore all your options for if your business doesn’t work and stay open minded for other alternatives.
Starting a business is a big decision to make as a graduate straight out of university. If you’re planning on taking that step and starting your own business, there are many obstacles that you may have to face. Whilst you plan to reach your vision with your business, keep in mind of the obstacles that may bring you down. Hopefully after consideration and thinking through the questions, you’ll be able to find out if starting a business is the right decision for you.
1 Blythe, R. 2012, http://www.theguardian.com/careers/ten-things-starting-business