Setting Up Your Own Business as a Student – What You Need to Know

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Being a student often means that you have to cut costs and learn how to budget, but some are choosing to buck that trend and set up their own businesses to earn a little extra income. If you are considering setting up your own business while still in university, you need to make some thoughts. Here are some of the things you should think about if you want to set up your business as a student.

Why You Could Set Up a Business

The first thing you need to think about is why you really want to set up a business. If this was your plan for after you got your degree, it can be a good way to jumpstart things prior to your graduation. Likewise, you might encounter a gap in the market for something on campus. Though you had not thought about setting up a business before, you could decide to step into this gap and take advantage of it where you can.

Some people also choose to set up their own business as it can be a better choice for them compared to getting a traditional job. Most student jobs tend to be retail or hospitality, and both of these can have very unsociable hours and shifts that can be difficult to balance around coursework for university.

In business, you get to set your own hours, so you will be choosing how much you work each week. You might also have the chance to earn more than you would in a traditional job, depending on the overall success of your business.

Have You Got the Resources to Start a Business?

You can’t start a business completely from scratch. You are going to need funds of some sort, even if you are only starting with a few hundred to get things going. This might require you to dip into your student loan or potentially even borrow from friends and family.

With business, you have to remember that there is also no guarantee that you are going to have any sort of success. Though you might see the perfect gap in the market, there is no guarantee that you are going to be able to step into it. Therefore, you need to be cautious about the amount you are spending during the start-up process. Being a student can be one of the most financially unstable periods of our lives, and we need to be careful about how we are spending.

For example, you do not need to go all out and invest in new tech to get the business going. The laptop that you currently have is going to function just perfectly as the base of the company. What could be a good expense is to get yourself a second phone, so you have a separate number for business contacts to reach you on. All you need is an affordable handset and one of the great cheap SIM-only deals you can find around. Companies like Lebara will be able to offer you the data and resources that you need to operate your business on a separate phone to the one you might use for school.

Have You Got the Time to Run a Business?

Many people start a business with the naïve assumption that the company will reach a point where it is able “to run itself”. This doesn’t exist. You need to be able to dedicate time and energy to ensuring the business is going to flourish. Of course, you are going to be able to step away and divert your attentions elsewhere, but the business is still going to keep ticking over in the background and you are going to have to come back to it eventually.

Not only will you have to deal with all the stresses that a business will present to you, but you will also have to keep your grades up at university. This is going to be an issue in and of itself, as you can’t neglect your grades in favour of your business and vice versa. If you have a big deadline due in your coursework plus struggles with the company, you are going to have to find a way to deal with both. These are not easy decisions to make, but you still have to be prepared to face them. Sometimes it can be hard to pick one or the other.

Are You Prepared for the Stress of Your Workload?

As with time-keeping, you need to be prepared for the added stresses that running your own business is going to bring. There are so many little things that can go wrong when trying to run your own business, and they can all add up. If you also add in the pressures of university life, it can make for a very intense experience.

You might find yourself with few days off and little downtime for yourself. Some flourish under that environment and try to make sure that they are able to keep going for as long as possible. However, you do need to make sure that exceed your capacity to work, as then everything can become affected. Always try to work at pace that is best for you.

Should You Actually Just Drop Out of University?

If you have a business that is flourishing and is doing better and better with each passing day, you should give some serious consideration as to whether or not it is worth you continuing your academic studies. If you have no intention of finding a job in the field of your degree, and it feels like it is beginning to be a burden that is distracting you from the company, it might be worth stepping away and trying something else.

There is always the option to transfer your credits. You started the business because it was flexible with your lifestyle. Looking for a flexible option to fit around the business’s needs, such as dropping down to a part-time uni course or switching to a course on the Open University might be the better option for you.

Get Ready to Start Your Business

If you are thinking about starting your own business while at university, you are in for one great adventure! There is no denying that this will be a brilliant opportunity for you, you just have to get ready to put the hard work in to get things up and running. Remember that your university life cannot suffer because you have your own business – ideally you want to be in a position where both are able to thrive.

Have you already got an idea for your business? It is time that you bring that model to life. Get to work and make sure that you are able to create a secure business that will continue to flourish long after you graduate. This can be a fantastic way for you to pick up some extra income at university and can open some doors for you that you might have never expected. Don’t be afraid – take the leap into the world of commerce today! Never let the fact that you are still a student hold you back!