Starting a New Business Right After College

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Photo by Mimi Thian on Unsplash

Many new graduates leave college with a desire to start their own business. And while some college classes can help you learn how to do this, once you leave school, all the things you need to do can become overwhelming. To simplify matters, below are the six basic steps you’ll want to follow to start a new business out of college.

Determine Your Type of Business

First, you’ll need to think about what type of business you want to start. There’s no correct answer to this question, as it all depends on different factors. For one, where do your interests and expertise lie? If you studied computer science in college, you’re likely better off opening up a SaaS business rather than a restaurant. On the other hand, if you have a passion for animals, you might prefer to open a pet daycare center.

Starting a business is a lot of work and requires passion. If you don’t have a passion for what you do, you’ll likely find that running your own business becomes overwhelming and unenjoyable. This is why it’s a good idea to start with what you enjoy and then work from there.

Conduct Market Research

Once you have an idea as to the type of business you want to open, the next thing you should do is learn more about the market for that type of business. For example, if you want to start a dog walking service, but there are already several in your area, you may have a hard time finding clients. But, if there’s enough demand for another service, then you may be able to capture an underserved market.

Spend time learning about similar types of businesses in your area (for local businesses) and about your target audience. Figure out what your audience wants and which of their needs are not currently being met. As a new business, you don’t want to offer the same exact thing as your rivals. Instead, you want to position yourself with new offerings so that you can stand out from the crowd.

Find Funding

After you’ve developed a strong business plan through comprehensive market research, the next step is to figure out funding. No matter what type of business you want to start, you’ll likely need some initial capital for things like equipment, marketing, or office space. Start by determining everything you’ll need to launch your business, along with the cost for each item.

Once you have your total costs, you can then start to look for a funding source. Some new business owners turn to their own savings, while others take out a loan from a bank. You may also be able to borrow money from family and friends, but this can complicate relationships, so think carefully before doing so. Weigh all your different funding options and choose the one that works best for your situation.

Make a Strong First Impression

Now that you’re starting to launch your business, it’s important to make sure you have everything in order before you reach out to potential customers and clients. You only have one chance to make a first impression, and as a new business, getting those initial customers is crucial.

For starters, go through all your products and services and ensure they’re ready for customers. You don’t want to deliver a product that’s unfinished only for those first customers to leave bad reviews.

In addition, if you have a physical location for your business, check that it’s ready for client visits. First impressions are super important. You never know when a potential customer will walk through your doors. Your place of business must maintain a high standard of cleanliness for the health and safety of your customers and employees. Get a professional business cleaning service weekly (go to https://www.compassphoenix.com/ to review standard service agreement).

Start Advertising Your Products and Services

With everything in place, you can now start getting the word out about your new business. There are several ways you can go about this. Word of mouth is an easy way to start, like asking your friends and family to promote your new business. Similarly, social media is a powerful tool for reaching a wide audience, so make sure you have accounts on all the prominent social media networks.

If you have the budget, consider running ads for your new business. You can run ads on TV, the radio, other websites, social media sites, and more. Think about where your target audience spends time and how you can reach them in a cost-effective way.

Create a Long-Term Growth Plan

Finally, have a plan in place to keep your business growing. Getting your business off the ground is just the first step, and you’ll need a strategy to keep it going. Always be on the lookout for ways to attract new customers, develop better products, or improve your services. Spending time on the long-term goals for your business will help you make strategic decisions on a daily basis that lead to your desired growth.