How to Start a Business Right Out of CollegeBy David Thompson, UniversityHerald Reporter
After putting in four to six years into your business degree, you're finally ready to start your own company. Opening a business is a wonderful career choice, especially in today's era where technology is prevalent. But despite the advantages you have at your disposal, starting your own small company isn't something to take lightly nor does it occur overnight. In this article, we'll be going over how you can start a business right out of college.
Settle on a Niche
Let's be honest; when you want to excel in the business world deciding on a business niche isn't exactly the easiest thing to accomplish. In fact, it's honestly astounding how many first-time business owners struggle with the first step. Because there's so many different industries you can participate in, the sheer number can be overwhelming. However, choosing a niche isn't as hard as some people make it out to be. The best way to decide your niche is to think about what you're most passionate about. This is how many people find their place in the business world. Secondly, you absolutely must perform research on the competition before anything else. Some niches can be too saturated to the point where it's next to impossible getting noticed. Granted, there are some fields that never go out of style or are too oversaturated, like pets and food.
Secure the Needed Finances
As you're already aware, opening a business requires money, and a lot of it at that. Interestingly enough, it doesn't cost too much to open a business these days thanks to websites, like Shopify and Etsy. You can easily start an online company by using their 30-day free trial. However, once this trial is up, you'll have to pay their monthly fees. The price of these fees depends on the platform and plan you choose. If you decide to go the old fashion way and open up shop in the real world, then you can expect to pay thousands.
Securing this type of funding isn't easy, especially for those who just graduated college. But that doesn't mean you can't acquire it from somewhere else. In this case, you'll want to take out a small business loan. Small business loans give new business owners the opportunity to get feet off the ground easier. Not only will you be able to get the money you need for everything, some lenders even throw in extra benefits on top of it. The benefits depend on the lender you go to, but it's possible to have a professional coach to guide you and even be connected to a support network. There are other benefits to taking out a small business loan such as building up your business credit and not having to pay a lot of taxes.
What Structure Will You Choose?
Every new owner must pick a business structure before they can legally provide service. You have four choices: sole proprietorship, partnership, corporation and limited liability company (LLC). Which one is the best is entirely up to you and the niche you've chosen. But for newcomers, there are many advantages of an LLC and it's highly recommended you go with this structure. This combines the best of the other three structures into a single package.