If you’re a fresh graduate in the UK, there are many options available to you that you can consider as your career path. One of them is starting a business of your own.
So, why should you consider becoming an entrepreneur after graduating in the UK?
We’re not going to lie to you; it can be a nerf-wrecking time getting your first graduate job. Many graduates dream of landing a high paying managerial job or graduate scheme straight out of University, but chances are slim especially if you’re a graduate with little work experience.
In addition to a competitive graduate job market, many graduates also find themselves disappointed once they do land their first job and their expectations of the work place and work culture they now find themselves in doesn’t align with reality and some people find themselves daydreaming about starting their own business.
Starting a business after university is not easy, but if you have no problems with rolling up your sleeves and working hard (at least, initially), you’ll be fine.
Have an Idea
The first thing you need to start your own business is to have an idea. Once you do, try to gather as much information as you can about the basics like the niche, competition level, pricing & business structures, Vat and other taxes, etc. Researching the niche and your target market is crucial if you want to get your business off the ground. You will also need to get acquainted with current business and industry policies in the UK.
Create a Business Plan
Many entrepreneurs make the mistake of underestimating the importance of a business plan. But, having a business plan is important for creating a full vision of what your future business will look like, the marketing strategy you are going to use, and your financial plan.
Writing a business plan is a crucial part of starting a business, it’ll help you gather your thoughts and think through the different aspects of your business. If you don’t know where to start, you can go online to find free business plan templates.
You may have a great idea for a business, but without any capital you’re not going to get very far. You don’t need to raise millions in venture capital finance to make your business work and you also do not need to take out a big loan. What you lack in money you can make up for with hard work, tenacity and some creativity. In a world where VC funded companies are celebrated as stars it is easy to think you can’t make it without being backed by a big fund. It is true that reaching your goal may take you longer without heaps of finance behind you, but it doesn’t mean you can’t reach your goal.
If you do decide you need a lot of money to start your business, alternatives to VC funding is crowdfunding such as https://www.crowdcube.com/. Alternatively you can ask your family to finance you or you simply get a part-time job, at least initially, to get you by.
If you are a student or graduate thinking of starting your own business, don’t quite know where to start, have limited funds and an interest in property, why not take a look at our Student Haus Partner Opportunity in one of the University towns across the UK. We look forward to hearing from you !