Every step in starting a business in University is critical. University students are thinking about whether or not should they start a business, but being in university has a great advantage for them. The school itself is like an island of mini-businesses, wherein people can start their trade anytime they please. There is no law stating that university students are not allowed to start their own business, even as much as getting their own location. The location of your business depends on its nature. If you are into dressmaking, you should use your spare room if you have any. The need for a separate location depends on the scale of your business. Most starter business begin online or at the comfort of your home. If you are still confused whether getting a business location is practical for you, read below.
The operation of your business should be identified first, whether it is a formal or casual one. The location that you are going to choose should be stable with the image and style of your business. If it is a retailing business, you further identify it whether it is a traditional store or one that you operate in a booth or kiosk at a mall. You can also consider putting up carts that you can pull out and move onto other locations. For example, if you are in the food industry and you are thinking of selling your food in various locations, you have the option of doing the food truck, where you are send it in various locations or branching out your food business. Next is to take a look at demographics. There are 2 significant angles in this stage – the first one is considering your customers and the importance of your location’s proximity. Retailers will consider this a very critical phase, particularly a couple of service providers. As with the rest of the business types, this is not that much important. Your target market’s demographic profile is what will aid you in making this decision.
Consider foot traffic, especially for retail businesses. This is a very important decision to make, as you do not want your business to be placed in a corner in which the shoppers are unlikely to pass by. Even the best areas for retailers can be considered to be dead spots. In contrast to this, if your business is involved with confidentiality, you should consider an area without too much traffic. You will be spending a considerable amount of time on this one, since you will be observing the traffic dependent of the nature of your business. You do this in different times within the day and even on different days within the week. This will give you accurate data on the volume of traffic that will meet your needs.
Lastly is your business’s accessibility. The facility that your business is located should be considered, whether it is for suppliers, employees and the customers. If you are at a busy street, look for how easy it will be for the cars to access the parking lot, if there is any.
Now that you have completed your business plan, which is a written form of what your business really entails, your next step is to acquire the right training and assistance that will help your business grow. This is one aspects of a business that has brought a lot of starter business going bankrupt, because they have not acquired the skills or even improve the quality of their services and products. Avoid being conceited of being in university, quite young and already a business owner. Your business is still growing and you need every resources, skills and assistance to make it grow farther.
The good thing about acquiring assistance and training for your business these days is that you don’t need to spend a lot of money for it. Thanks to technology, you will be able to get ideas from other entreprenuers that shares their experience and tips for free. There are also paid assistance as well, but be extra careful with your budget for it. You need to weigh all your options for this before you decide to pay for a particular training or assistance.
Try to look up your local government if they ever offer any programs that will help improve your business. These government programs are very helpful to beginning entrepreneurs since you will be meeting professional entrepreneurs, too, who have longer years of experience in their industry and are willing to help those who need a few pointers or skills. Some of these programs are sponsored by the government, while others are only advertised as part of their program and comes with a fee. You should try attending a program that will teach you about every aspect of starting a business, which starts from marketing your business through social media, acquiring the money and up to writing your business plan. Try looking at your government’s official website. It is sure to provide free courses online in which it covers all the basics of starting, financing and managing your business. You should also try to look for any technical classes or local workshops, hosted by the entrepreneurs themselves but listed in the website. You will be able to find a class that is specifically designed to the industry and market you are targeting. You can attend more than one class or workshop according to how you see fit. There are also other workshops that are outside the government, which is most likely hosted by private companies. Do try to weigh your options with this one since private workshops can get really expensive.
The nature of your business will affect the kind of workshops you are going to attend. You should also look for an entrepreneur that will teach you how you are going to manage your finances with your business and how you are going to separate your work life with your private life. You might also want to consider free courses in college, but only if you have not taken any college degree yet. Try out the Entrepreneurship Hour series that you can download for free in iTunes.
Is there a difference between starting your own business after you graduate and during university? The only difference there is how you are going to manage your time. There are several steps that you need to follow when starting a business. In this article, the first stage to establishing your business is writing up a business plan. This is how every starters do when they put up their business. You will need to spend a lot of time in this phase, never rush it.
First step to this business plan is the executive summary. You will be creating the overall outline of the business plan, which will be followed by the title page. This is a summary which will tell its readers what you really want. This stage of the business plan is very important. Most of the business starters just mention what they really want on their business in further pages. You should not bore yourself and even the readers themselves. You should be stating what you are asking clearly in your summary. This is then followed by the business description – which normally starts with a brief description of the industry you are engaging into. Since you are still in university, whether or not you are going to stick to this stage is up to you, but being serious about your business means you need to follow through. When you describe the industry, confer about the current outlook and the future possibilities with it. There should also be information with different markets in this industry, especially any new developments or products that will be of benefit to you or may adversely affect it.
A business is never going through without market strategies. This is the result of careful analysis of the market. This will force the entrepreneur to become familiar with every aspect of its market in order to define the target market. The company can also be positioned well for the purpose of garnering the share of the sales. Competitive analysis is used in determining the weaknesses and strengths of your market’s competitors. Strategies are also in place in this stage as it will offer you the right kind of advantage. Barriers can be established which will be used in preventing competition that will enter your market. The weaknesses that are present in your business will also be prevented from being exploited during the development cycle of the product.
Other things you need to consider are design and development plan, which is providing the investors with definition of the design of the product, charting its development, the marketing of the company and creating the development budget that will help in achieving the goals of the company; operations and management plan, which is designed in describing how the business will continually function – highlighting the organization’s logistics like the responsibilities of its management team; and lastly the financial factors, which is placed at the very back of your written business plan. This does not mean that its importance is less significant compared to the ones at the front page.
Hello and welcome back to cat campus, the site that teaches you how to build a business whilst still in University. If you are interested in
Mixing Uni work whilst building a business? Growing your brand! Might all seem impossible and it is for 99% of people, which is why they go into a job and work for 40 years getting paid 5% more every 5 years until they make £50k a year and retire with £100k in the bank… Not my idea of a fun life.
If you aren’t willing to grind then stop reading this site right now, it will not effect you and you will find it tedious and boring. If you are willing to work 12-15 hour days to order to become a success, then follow us on our SABU series and you won’t be disappointed with what you can achieve! Below is a very motivational video by Gary Vee that I recommend you watch.
In this mini series I’m going to talk about the things you can’t forget when you go to Uni. These are extremely important things to remember to take with you when you go to Uni.
1.) Work equipment – Although its boring, you are actually at University to get a degree (believe it or not). And as a result your priority should be to be prepared when it comes to work equipment such as laptops, notepads, pens, software, Microsoft office, memory sticks ETC. Also if you need bigger racking or shelving you can just pick it up from sites like: http://www.garage-shelving.co.uk/ it’s not tailored to students but its heavy duty so you won’t break it!
2.) Cooking Utensils – Take cooking utensils with you, these are expensive, don’t waste money buying your own.
3.) Money – Don’t spend all your money in the first week of Uni, but also take as much as you can, for many people its the first time away from home and you will find things get a lot more expensive when family isn’t around. Take as much as you can afford to lose.
4.) Alcohol – Even if you don’t drink sharing alcohol with your flatmates is a great way to break the ice and get to know people better. Its also a lot easier to talk to strangers when your a bit tipsy!
5.) Clothes horse – Most places will either not have, or charge you for the use of a dryer, I know I had to buy a clothes horse about 5 weeks in, get one on day 1 and save yourself the hassle. And while your at it don’t forget a laundry basket, keep your room clean and tidy for as long as you can!
6.) Condoms – Boys or girls always carry a couple of these on you, and when the opportunity arises use them wisely.
7.) Lamp(s) – Just get one and thank me later.
8.) Any pills, patches or medication you take to get you either through the day or on difficult days (some people like the new concerntration drug, others will be okay with caffeine, some go as far as something a bit stronger…. But remember please check your Universities drug policy. Here and here are some good ones if your Spanish.
9.) Toilet roll – This stuff is expensive, get a 24 pack and store it somewhere (under the bed). You never know when you might need it for any activity in a University life.
10.) Passport photo – For the railcard which is something else you should be getting. But also you might need one for your NUS card, student ID card and many more things, so just get 4 and keep them in your room ready. On this, also remember to take photos you love, family, friends S.O. anything that will make you happy.
10.5) A job – I forgot to add this one before but I’m going to add it now. Get a part time job if possible. I worked for ghost marketing when I was at Uni and it allowed me to buy stuff I needed throughout my Uni term time without worrying about money.
11.) Shower – Shower gels, shampoos, conditioners, you can never have enough of these, they don’t go off and if you time it right you can get some for birthday and Christmas and never have to buy any in term time! Result!
12.) Toastie maker – Probably the most important on this list, if you don’t have one of these or never had one, just buy one. I personally didn’t have one for 18 years, and then the next 3 years were spent purely making toasties. 4am, 9am, 9pm, 4pm anytime is a good time for one!
13.) Yourself – Don’t be late or never around, there is nothing worse than a flatmate who doesn’t talk to anyone. Even if you think your a bit weird or socially awkward, everyone is in the same boat! It’s no use trying to be a recluse for 3/4/5 years, just get to know people, if you don’t like them, just be nice and find someone else to spend time with.
When you come out of University there are 3 things that you can do:
And I mean there is also a 4th which I just refer to as procrastination.
The best thing you can do in my opinion is to sharpen your resume and get out there, find a good position and BOOM a great grad job that could set you on the path to financial greatness. Doing this is obviously difficult, but you can learn or pay for a perfect resume. The best article I’ve read on this subject is the resume tips one by Advance-Yourself.com.au a very well written guide to resume writing.
But if you are more of a do it yourself person then you can remember these resume writing basics: