It can be difficult to decide what you want to do when you graduate, especially if you have an entrepreneurial spirit. Many recruitment schemes aim to place graduates with big companies, but if you like the idea of starting your own business you shouldn’t be deterred.
While the idea of setting up a business after graduating may seem daunting, there are lots of advantages to doing so. You have the freedom and independence to set up a business that interests you, and you can also be your own boss with uncapped earning potential.
But how exactly do you start your own business? Here are three tips to help you become your own boss as soon as you graduate.
Start During University
Most universities and colleges offer a range of organizations that can help students who want to start their own businesses, such as an entrepreneurship group or a university enterprise. These groups can provide you with useful information about laws surrounding starting your own business, as well as giving you the chance to work with start-up companies so that you have experience with setting a business up. This is very useful, especially as the services are normally completely free.
Take Advantage Of Resources
There are lots of online resources and organisations that can help young business owners. For instance there are lots of online mentoring programs that team graduates with business owners, giving the graduate the chance to learn more about the ins and outs of starting your own successful business. One organisation that is supported by the US Small Business Administration is SCORE, a volunteer organization that provides confidential business mentoring for young adults.
Consider Setting Up A Business
If you already have a business idea, you should start taking steps to officially set up your business. It is very likely that you will need to register your business as an S-corporation or an LLC, as 42% of US businesses as S-corporations and 23% are LLCS, making them the most popular types of business. It is worth noting that if you decided to set up an LLC Florida and other states will provide various tax breaks, which is why they are so popular.
If you take the right steps you can be running a successful business that is turning a profit within a few years of graduating; you just need to take the right steps now to get you off the ground.