If you’re starting a business today, there is only one place to be: online.
If you’re there, you’re everywhere.
The world is your marketplace.
But have you finished your education?
Well, it’s never too early to set foot in the business world.
If you’ve got a great idea, you can get it off the ground and start making money while you get your degree.
So, let’s get college out of the way first.
Choose Your Subject Wisely
If there is a particular area you’re interested in as a business, it makes sense to learn all you can about it.
Study hard for a couple of years, grab all the knowledge you can, and you will give yourself a huge advantage.
Alternatively, make business your subject.
Get a degree in commerce with a side of economics.
Ultimately, it doesn’t so much matter what industry you’re in; it’s making money from it that counts.
Fund Your College Days
A college education does not come cheap, but there are grants and scholarships that can help.
Find out what you might be eligible for and apply for what you feel is most suitable.
Scholarships are there for that reason, to help people like you, so look online and research all of the options that are open to you.
Then you’ll probably need a student loan, and when you go to the bank to discuss that, the fact that you’re already thinking about the future and your business will show them that you’ve got ambition and you’re a proactive person.
Set Up Your Online Business
This is where some people get sidetracked.
They spend hours daydreaming about a company name.
But it doesn’t really matter.
It’s the product that’s important.
Sure, if you have a great idea that sums up what you do, use that.
But don’t waste time looking for something snappy.
Same with a logo as you may want to get one, but one of your arty friends can knock it out on their lunch break.
Make a Business Plan
You will need this to get money from the bank, and you will need money to help you get set up.
If you’re going online, you’ll need the right computer and a professional looking website (you may want to build that yourself, but somewhere along the line you’re going to need to pay somebody for something).
Your business plan details what you’re going to do, why you’re going to do it, and why it’s going to make money.
It will talk about initial set-up costs, overheads (premises, bills etc.), staff and projected income, all the mundane bits and pieces.
It can be an eye-opener for you as well as being what the bank will need to see before they part with their cash.
Some people give themselves a five-year plan, so they can monitor their progress objectively and not just keep ploughing ahead.
Out of debt by 25, expand, diversify, millionaire by 30, sell the business by 40, buy Caribbean island, that sort of thing.
Your targets don’t have to be as elaborate as that, but you must have some.