Managing your first student business

Managing-your-first-student-business

As a student, it can be very difficult to juggle school work, hobbies, volunteer activities and a job all at the same time. It can be a huge drag to run straight home from class to change into your work clothes and rush off to your job at a local restaurant or retrial store. These are common student jobs and yet they usually don’t provide enough money to make it worth most people’s time. Unfortunately, many students need some form of income to pay those bills; university is not cheap and the cash to pay for it isn’t just going to appear from thin air.

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So what other option does a student have who needs to pay their bills while having the time to focus on school? Well, if you are creative, ambitious and have a good plan in mind, why not think about starting your own business? It will involve an initial investment of work to start out with, but running your own business will leave you much more freedom in time and give you the ability to achieve more than you could in another type of job. Besides, if you succeed, you might not even have to go job searching after graduation. Read on for some tips on how to manage your first student business.

Business plan

Any successful business starts out with a well thought-out business plan. You cannot just start offering your product or services randomly and expect things to work out. If possible, take a few business classes in university to learn about how to prepare a business plan and how to walk through the initial steps of starting a business. You really don’t need to be a business major or even to take business classes to succeed; a good business plan outlines your target market, your current budget and ideal profit. It will help guide you through starting up your business, providing a blueprint that you can modify as your endeavor grows.

Budgeting

It’s a good idea to have some money saved up before you start out on your own. However, if you are setting up an online business, the startup costs are surprisingly low. To begin with you will just need money for a domain name and web hosting services. You also might end up paying for a shopping cart service on your site and for other minor items, but the costs are not extreme. Starting a business in a retail shop incurs much higher startup costs, as you must have the money to pay for rent for your space, utilities, etc. As with any business you are also likely to need to budget for taxes and hiring contractors to help you take care of administrative tasks. Crystal Umbrella offer tax advice if you are seeking a little extra help in this area.

Marketing

Marketing your new business is a great way to spread the word about your passion and reach people who might be interested in purchasing your products or services. Social media is the new way to market these days, as literally everyone is on Facebook, Twitter, Tumblr or a combination of them all. Create a Facebook page for your business and invite your friends to like it. Come up with fun giveaways and don’t forget to add a blog to your site so people can meet the real face behind the brand.