The number of graduates starting up their own business has increased dramatically in recent years. This is down to both youth unemployment figures and how easy it has become to set up a business in this technical age. If you’re thinking of joining these young entrepreneurs, here you’ll discover everything you need to know about setting up a business after college or university.
Making use of university entrepreneur facilities
Many universities have their own entrepreneurship society. Allowing students to gain experience, as well as potentially make valuable connections with large businesses, these initiatives are great for budding entrepreneurs. As with anything in life, it really helps to get some experience while you’re still at university, before you attempt to jump into business ownership.
Build up relationships with valuable connections
One of the key obstacles students face when starting up a business, is getting the funds they need. If you’ve already got student loans, you’ll find it difficult, although not impossible, to get a business loan. However, did you know that it can actually be more valuable to develop connections with people?
Meeting other entrepreneurs and developing relationships with potential suppliers, customers, and partners, will really help you get your business off the ground. There are a lot of networking events and resources available to young budding entrepreneurs these days so be sure to make use of them to build up your customer and supplier database.
Cut costs by hiring out meeting rooms
If you’re looking to save as much money as possible on your new business venture, you’re going to want to consider working from home, or renting out a business property, rather than buying. The only downside to working from home, is it doesn’t exactly look professional when you need to have meetings with your staff or clients. So, if you will need to host regular meetings, hiring out an external meeting room is an excellent idea.
Companies such as Citizen M, have a range of high-tech meeting rooms in numerous locations across the globe. So, wherever you are operating from, you’ll find a central external meeting room that’s convenient and easy to get to.
Hiring out external meeting space doesn’t just bring financial benefits. It also helps you to make the best first impression on potential clients. They come with everything you need to ensure your meetings are both fun and productive.
Overcoming international trade barriers
If you’ve decided to start up an international business, there are a lot of potential barriers you’ll face. One that’s easy to forget about is the language differences. If you’ll be communicating with international clients, customers, or staff, you’re going to either need to learn the local language, or make use of a translator.
Now, there is the option to use the free Google translator to save money, but you’re going to need to be aware that it isn’t always 100% accurate. Therefore, it’s a much better idea to hire the services of a translator. This doesn’t have to be overly expensive. In fact, you can save a lot of money by outsourcing a freelance translator.
Look out for grants/bursaries
While it is more difficult for students to get traditional finance to start up a business, there is help available. It’s worth looking into whether you could benefit from a government grant. There are all kinds of schemes available to help graduates set up a business, particularly now the Brexit vote has passed.
Overall, setting up a business at any age isn’t easy, but taking the above into account will really help. The more you prepare, the more successful your start-up business is going to be. It’s a great time to be a young entrepreneur in the UK.