5 Things New Graduates Should Know Before Starting a BusinessBy Ernest Hamilton, UniversityHerald Reporter
So, you are finally out of school and the whole world spreads beneath your feet. There is no greatest feeling that a universe of possibilities and one of them is starting a business. Because entrepreneurship it's not a trend, it's a way of life and a way to ensure that what you do for the rest of your life is the thing you love the most.
But no matter the industry you want to tackle, there will be hardship, obstacles and failures. From this you won't be able to hide. And that is good, because failure and challenges should happen, if not, how else would you learn and grow.
Yes, learn. Because even if formal education might be out, you still have to learn every day from here on and a good way to do it is growing with your own business. For this you'll need money, money and money. And location (even if it's virtual). Tap into the best small business loans you can get, and reach out to Camino Financial, so you can make those daydreams into a reality.
Starting a business 101
You can have all the ideas you like and assume that you can make it out there, but the truth is that a backpack cotton candy machine might not give you the revenue you are expecting. Though it sounds nice. You'll need to work hard and ground yourself before you begin to fly.
For that, this are 6 things you need to know:
1. Find mentorship.
Yes, you are on your own now, you are smart, young and... without experience. So, find an ally among your teachers, your family friends or ex internship boss that can help you understand the business ropes. Absorb his/her knowledge and put it to good use, take into account their advice and use the ones you feel that match with your business idea.
2. Find the money to stay afloat.
Money is not scarce; you just don't have it. But other people do, so start knocking on doors that offer you the currency you need, do your homework, ask around and read the fine print so you can choose among the best small business loans that'll suit your future company needs. Be aware that unpaid debt can be a big strike for your credit score and your company's reputation so just borrow what you need and can pay back.
3. You are not your audience.
You might have a good idea, you already talked about it with your friends and even they think it's great. But you'll have a very limited market if you just offer what you need and don't pay attention to what other people are looking for. Do your research, talk to people of different ages, gender and socioeconomic background, use social media. Learn all you can and create a version of your idea that works for everyone. Use a lean start up methodology and the best small business loans to pivot your product or service into your first Minimum Viable Product.
4. Build a company to sell it.
This might sound a bit odd but is not that you HAVE to sell it, the idea is that you create a robust operation that won't depend on you all the time. Imagine when you want to take a vacation or fall ill. Will your company stop because you are not there? The idea is that it can continue generating revenue without the mastermind behind it all the time. Set it up and let the wheels go round and round.
5. Prove you can make ends meet.
It doesn't matter if you are creating the new Uber or a lollipop home set, you'll need financial projections and a business model that can guide your steps into revenue. This way you can, eventually, even go to investors to make it bigger and more innovative. But the foundations of an empire need to be strong.
Remember, you might be out of school but you'll still be learning (and paying tuition) for the rest of your life. Don't stop with the knowledge you acquire during your college years, always keep on learning new abilities and consider the best small business loans you can get to continue your practical education.