When it comes to what to do after college, there are many options to consider. In this specific series, we’re covering 7 alternatives to graduate school. Now we’ve gotten to the point where we’re going to look into the idea of starting a business after college. If you want your newly found free time to generate your own money and get your own idea off the ground, you need to think about starting a business that’s all yours.
The following are my best steps for starting a business after college:
Think of what you’re good at.
What are you good at? What do you think about all of the time? You’re best bet for starting any business is to do something that you actually love to do and want to do all of the time. If you’re simply going after the dollars, then you won’t last long. Passion rarely fades. If you think of all of the things that you’re good at, you’re going to find something worth turning into a business venture.
Find a profitable hobby.
Now that you know what you’re good at, it’s time to see how you can monetize your hobby. The beauty is that you can monetize most hobbies these days. The chances are that if you care about something, there are likely going to be many others that care about this topic. The other good news is that, the advertising dollars go where the eye balls go.
Figure out how you’re going to fund your business.
How much money do you need for your new business? How are you going to get this money? You need to have a plan for how you’re going to generate your initial capital for your business. The amazing news is that you don’t need a lot of money to get a decent small business started these days.
A few options for getting funding for your business include:
- Bank loan.
- Family or friends.
- Your savings.
- Credit card.
- Venture capital.
Before you borrow any money, you must be pretty positive that you’re going to be able to pay this money back.
Find an accountability partner.
Who’s going to hold you accountable to hit your targets? I believe in finding some sort of a partner to push you. This doesn’t have to be a business partner because that won’t always work. This should be a friend in a similar situation (or a mentor) that you keep in constant touch with. You guys need to push each other and hit higher levels together.
Work your tail off.
You can’t be afraid of work. If you want steady hours and to pass the buck then you should stick to a traditional 9-5 gig. If you want to be responsible and be in control of your situation, the entrepreneurship is the route for you. You’re going to work you butt off now. The good news is that you’re working for yourself and on something that you care about.
Get experience under you belt.
If you’re having trouble on your own, you can find experience by working for someone else in the field. If you don’t want to work for someone else then you can get more education. Either way, you need to get more experience under your belt so that you can be the best at what you do.
Hold a part-time job.
A part-time gig can give you that extra bit of security financially. There are going to be some lean times. I recommend that all new entrepreneurs hold down some sort of a part-time gig so that they have income coming in while they work on their own projects.
Keep on going.
At the end of the day you just have to keep on going if you have tangible proof that you’re onto something. There are no shortcuts or secret solutions. You got to keep on pushing it.
Are you ready to start your own business?
A recap of the best options for life after collge: