Advice for graduates: What to consider before starting a business

Career Advice
25 July 2017 | Career Advice | upriseVSI Technical

So, you've worked hard for many years and finally have that piece of paper in your hand that tells you that you've got a degree or qualification in business, or in a related subjected – what now?

Well, one of your options could be to start up your own business and make your first steps as an entrepreneur. This isn't a straightforward decision to make though, there are still many considerations to make before you get to work; take a look below to find out more about what these are:

What are the market gaps?

It's likely that you'll have a particular industry or sector where you specialise but it's a wise move to assess the markets first for any viable gaps. As you'll appreciate from your training, it's not good business to attempt to enter an already over-crowded market place.

Do you know the law?

Depending on which industry you're targeting you may need to obtain certain licences or qualifications first before you can start trading. Head on over to Gov.uk to help you find out how to get safe and legal first.

Do you need external support?

To build on the above, there may be areas where you might need to invest in external support such as:

  • Your logistics or supply chain
  • Your business admin
  • Hiring an office, warehouse or other location
  • Financial management
  • Business networking

Luckily, there are a variety of sources of business advice and expert services available to you and also you can even call upon the support of your academic friends if you wish.

What about investment?

On the subject of investing money, you should pre-emptively price up everything you will need to have to get your business off the ground. Then, if needs be, look to seek external investment to build on your existing start-up capital.

What are your goals?

Before you sign anything or begin trading in any form though, you should set yourself clear business goals. It might be that you need to create a plan that illustrates where you want to be and what goals you need to hit by certain times. These are important for measuring growth and keeping your new company focused.

Last but not least

When you've thought about all of the above and you subsequently have a clearer idea of what it is you need to have in place, you should be able to start venturing into the world of business ownership. A final piece of advice is to remember that your success won't happen overnight, it will take time and effort, so keep at it and try your best and soon you may well be rewarded. Good luck!

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