College students are facing a bleak job market when they graduate and are looking to start their own business. University Language Services, offers the following tips for college students looking to start their own business while still in school.
Find Your Favorite Idea
Take time to think to identify areas and sectors that interest you—that way you know you will be passionate about the topic. Keep in mind that some of the best business ideas are simple, and don’t require a lot of capital to get off the ground.
Write a Business Plan
Once you have an idea, it’s time to develop and construct a business plan. The plan should include your objective, organizational structure, marketing plan and financing.
Know Your Market
Research local companies that offer similar services or products to your idea, and identify their target market. Recognize your competition’s strengths and weakness and find any market voids you can fill.
Enlist Your Friends
Take advantage of campus living and that many of your friends live close. Ask your friend pursuing a graphics design major for website sketches and help with a logo, or the finance major to help give funding advice and help. Your business will benefit from the support and they will have something to add to their resume or even get to join your company on the ground floor.
Even before you’ve started your business talk to family, friends, classmates or coworkers about it and start to create some interest in your product or service. Don’t be scared to get feedback and make changes and learn from their reactions.
Advertise your new business around campus and in the local community: post fliers, take out ads in local and school newspapers and other media outlets, make people want to learn more about your company.
Remember the Fine Print
Even if your business is still just getting off the ground, be sure to file all the necessary permits, register your company and get a tax ID.
Mark Zuckerberg might be the latest CEO who got started in college to make headlines, but many companies were started in a dorm room by a bunch of eager college students and are now corporate behemoths. For students looking to turn their big idea into a reality, why wait for graduation?