All that student loan getting you down? Don’t worry, here at Student Life Guide we have some handy tips in order to get you on the road to business success.
Here are some top starting points on how to become an entrepreneur with no money and relatively no experience…
Step 1, have a plan!
It may be a good idea to have a good business plan and structure laid out in front of you before you start to jump right into the nitty gritty of business.
When coming up with ideas, try to think of things that annoy you. I know it may sound silly, but this has usually been the case for successful business people. For example, pay pal’s creator was frustrated at typing in his card details for every payment, whilst the founder of Uber was frustrated at the extortionate price of cabs! Only move on to the next task when you have your business idea completely polished, make sure that it’s something people will want, something that will benefit their lives. You need to identify the business that is right you and the business that you will enjoy working in, for example, if you want to be your own boss, it needs to be in something you are passionate about.
Step 2, sort out a website!
Website creating services are usually free, so start small and cheap with word press, then go from there. Make sure to make it bright and attractive, fill it with pictures and easy to read captions detailing what your company is all about. It is also a great idea to set up all your social media links which can be easily followed by your customers. Social media is now such an important factor that it would just be a little foolish to not have it involved with your company.
Step 3, think of marketing and get the word out!
You need to address your target audience and recognise them as the most important feature of your business, they will be buying your products after all. What is the size of your target market, who are their likes and dislikes? Why do they need the service or product of your business? Be willing to sell and push your company with complete conviction, it’s your baby and therefore you should be proud of it. Make the most out of social media, a medium that the vast majority of us are on, it’s mostly free of charge, although it does have the option to advertise on a wider scale after a payment. There are also plenty of other windows you could open, such as word of mouth, articles, speeches, blog posts, emails, newsletters and the trusty telephone.
Step 4, get people to support you!
You need to start getting people to believe in your business, so get to it and cultivate supporters, allies, vendors and partners. If you believe in your business everyday, so will everybody else.
A great way to do this is through networking events, ask people what they do and then how you can help them. The main key here is to listen to them.
Be polite and thorough, having a rehearsed idea of what you are going to say will be a great help on the day, then you can pitch your business in a quick and efficient amount of time.
Step 5, understand the financial side of it all!
Of course, the most important side of business is finance. Although being an entrepreneur can pull in the pounds, it can also take a lot of them to set everything up.
You are very likely to be the first investor, and in some cases, the only. Therefore, you need to have a detailed plan of your finances and services in place to track them and manage them. Hiring a personal accountant can be a good idea, alternatively you can set up your business accounts in a money management system.
Lastly, it depends on what sort of company you set up, as different outlooks cost different amounts, determine whether your company is a lifestyle business, a franchise or a high tech business, and go from there.