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Starting A Business After University

This business advice guide has been brought to you by

It’s true more than ever now--the best jobs are not found, they are created.

Because the UK is facing an economic crisis unlike any that it has ever seen, now is the time to be proactive, innovative and enterprising.

Becoming your own boss may be the best career decision you ever make, and if you are a new graduate facing dim job prospects after university, it may be the very first one.

How to Start Your Own Business Straight Out of University

1. Come up with a business plan

The first thing you’ll need to do for your business is ask yourself several pertinent questions that may make or break your idea for a company.

While you probably won’t need to sketch out a 10-page business plan, it is good to have some idea of what running a successful business will entail.

For example, where will you operate? What will your start-up expenses be? How much money will it cost you to provide your services or create your products? How much money will you sell them for? How much time will you allot yourself to begin making a profit?

For the new entrepreneurs who are chomping at the bit, taking the time to write plan that answers these questions in a page or two will do the trick.

2. Research

Do this while you are simultaneously developing your business plan, and this means more than just searching the Internet. Some of the most valuable sources you will find are live people who have been where you are about to go.

Your biggest liability as a new graduate is a lack of business experience, so once you decide what your product or service will be, seek out a reliable, well-established business owner in your industry who can mentor you.

If you can learn from the mistakes that a professional has already made on the way to success, you can save time, money and yourself from disappointment.

3. Surround yourself with success

This saying is useful advice for a fledgling business owner. In addition to having at least one mentor, align yourself with well-established businesses related to yours.

For example, if you are a freelance writer, network with graphic designers who can refer you to clients or who are willing to provide services as a team.

Study what these people do to make their own companies so great, and then emulate them.

4. Set up shop

Whether you run your business from your bedroom or from a newly renovated office, you will need a space that is dedicated solely to your productivity.

One of the biggest challenges of starting a business is knowing when to turn your entrepreneurial brain on and off, and creating a space where you can conduct business can help you train yourself in this aspect.

Keep in mind you’ll need resources like Internet and electricity, so try to find the best deal that you can on these services to keep overhead costs low. You can use a site like

5. Start slowly

If you plan on starting your own catering business, take on just a couple of events a week until you know how many ingredients you should keep in stock.

If you plan to put your Web design degree to use, provide your services to a couple of clients for free to build up your portfolio and get an idea of how long each site will take to produce and how much you should charge.

6. Market yourself

It doesn’t matter how great your talents are if no one ever knows you are in business. Use a mix of traditional marketing channels, such as newspaper adverts and business cards, but try to mix it up with a unique marketing approach.

For example, conduct a social media raffle via Twitter or Facebook in which the prize is a package that includes your product or a redeemable coupon for a free service from your company. 

The more innovative you are about getting the word out, the faster the news of your new business will spread.

7. Do what you love

This is the most important advice of all. One of the greatest advantages of being an entrepreneur is choosing a career that you absolutely love.

It’s also important to remember that many new business owners put in a lot of overtime in the beginning to provide a strong foundation for the growth of their companies.

Since you’ll be devoting your life to your job, it’s important that you genuinely enjoy what you do.

For more information on starting a business, check out Studential's Enterprise section.