9 Tips for Starting your Own Business at University
Maria Peloponisiou~ 4 min Reading time | 29. Nov 2019
If you are at university and you have a great idea for a business, you might not have to wait until you graduate before starting your own business. Let’s find out how to get started!
Did you know that some of the biggest companies in the world were set up by students? Take Facebook and FedEx as an example. There’s also Microsoft and Google that were created by students, and most of us use Microsoft or Google products every day.
If you’re at university and you’re feeling inspired to start your own business, here are some tips that can help you launch your business before you graduate:
Use Your Spare Time Wisely
When you’re at university you’re likely to have a lot more free time than you will have for many years. It can be really tempting to spend time drinking with your friends or playing the latest war game on a games console; however, you might need to re-think your time.
Put some (but not all) of your spare time to really good use. Make sure you concentrate a lot of that time on setting up your new business.
Consider Those Around You
One of the best things you can do is to pay attention to people around you:
What do your fellow students buy?
What do they do?
What do they need?
If you could set up a business that appeals to other students, you’re likely to be onto something good even before you graduate.
Try to sell as many of your products to your friends as you can. This will ensure you have a customer base that you might not have otherwise had access to. When one of your friends at university likes what you do, they will tell their friends. As a result, you will get more requests for your products. While it’s never guaranteed that your friends will love your products, you’ll get an indication as to how the market will respond to your products.
You should also talk to your friends and fellow students about what you do. If they don’t seem excited, learn from it. You might need to re-think your business strategy.
Work With Ambitious People
When you’re at university you’re likely to be surrounded by people who want to do well. If you’re ambitious, particularly about your business you will need to surround yourself with similar people. They could be looking for an opportunity to develop their skills and they could have different abilities to you. These abilities could come in useful if, for example, they are better at marketing products than you are.
Start Spreading the Word
When you spend time at university, you spend time with people from all over the world. The more people that hear about what you do, the more likely the news of your business is to spread across the globe. This is because these people could tell their friends and family about what you do.
Don’t forget to use the power of social media to spread the world as it can be invaluable.
Use the Resources at your University
One of the benefits of going to university is you can ask for help should you need any. This is because your university will want you to find a job once you graduate. They have this desire because it makes them look good, so take advantage of it.
Offer your University Something
Can you give your university a helping hand? Can you provide them with a service or a product? Your university is likely to love it if you can provide them with something. This is because they are always proud to say, “This former student offers us this”. Not only will it make the university look good, but it will promote your business as well.
Be Prepared to Fail
When starting your own business, you will need to be prepared to fail. It doesn’t matter if you fail, what matters is you tried, and you did the best you could. If you can learn from your failures, then you haven’t really failed at all.
When you’re at university you will have less responsibilities than you will at any other time in your adult life. This is where having fewer responsibilities can help. You can take more risks and make more sacrifices. When you have to pay the mortgage or look after children these risks might seem too hard to take.
Focus on Your Education
While it might be exciting to set up your own business you’ll also need to concentrate on your education. Make sure you meet your deadlines and you put a lot of effort into your work. Try not to forget while you’re at university in the first place.
Enjoy Running Your Business
Make sure you enjoy running your business. Your new business should be a bit of an escape from university life. Try to get as much out of it as you can as it will mean you’re more likely to succeed at it.
While starting your own business at university is not always that easy, the above tips could help you make your goals more realistic.