For some graduates, even if they have loved every moment of their degree, they still don’t know what to do by the time they get to the end of it.
For these students they have a choice.
They can apply to many different jobs and take the first one they’re offered, setting them off into a career for which they may not be suited, or they can make their own job in a career entirely of their own choosing by starting their own business.
This second option appeals to many graduates – and luckily, there are many sites online that can give you some excellent ideas and advice on how to start a business.
Still not sure? We’ve got five reasons why you should start your own business when you graduate.
This reason is one of the most persuasive. Those graduating from university are finding it harder to get good jobs in their relevant sectors. Competition is huge, and employers are able to pick and choose from a large pool of potential applicants. Over 11 percent of graduates decided to apply for jobs in low-skilled job (which did not require them to have a degree at all). Unemployment rates for graduates are at 5.7 percent and although this is a lower figure than those without degrees, it’s still something of a worry when it comes time to find a job. If you start your own business, you won’t be unemployed.
Nothing is ever certain in this world, and working for yourself could mean you make very little money indeed. However, with the average starting salary of a graduate in standard employment being between £19,000 and £22,000, the chances are that, with a lot of hard work and the will to succeed, you could be earning more than that working for yourself. Over time, the difference between how much an entrepreneur and someone employed in another person’s business can widen exponentially.
Not everyone is cut out for the 9 to 5 grind. Some people are much more productive very early in the morning, or later at night. Some people love the idea of days off during the week, or having a holiday on a whim. This kind of flexibility isn’t generally possible when you’re employed, and until flexible working hours catch up with how people are living these days, the only way to be truly free is to work for yourself. Remember, though, that while you’re enjoying your free time your business is running without you, and that’s not always possible right at the start. Make sure you don’t confuse freedom with lack of responsibility.
Not all motives for starting up a business revolve around benefits for the business owner. Some graduates want to make the world a better place, and feel that the way they can do this is to start their own company. They’ll be employing people, which is already a help, and paying taxes which is another positive thing. They might even have a product of service that can save people time, money, stress, and generally make life a little brighter. These are great reasons for starting a business.
If you have a fantastic idea and you know you can build a business around it, it would be a shame not to at least try. There is no shame in failure (40 percent of small businesses don’t get to the five year mark) because a true entrepreneurial spirit can’t and won’t be brought down. If you don’t make it the first time, try again with your new knowledge and your experience behind you. Belief in the product or service, and belief in how you can make your business profitable is half of the battle.
These are just five of the very many reasons you might come across to persuade you that starting a business is exactly what you want – and need – to do. Before you begin, it’s important to do your research and pay the groundwork; do market research, look into budgets, work out how to differentiate yourself, and create a stunning business plan. Once you’ve got everything in hand, you’re on your way.
By Ella Hendrix.