5 Tips for New College Grads Who Are Launching Startups
As you finish the last of your finals, put the finishing touches on your thesis, and prepare to graduate college, you’re undoubtedly mulling over your career options and mapping out your future. If you’re planning to forgo a traditional career path and launch a startup instead, follow these five tips as you put your great ideas and business savvy to the test.
Find the Right Startup Niche
Before you pour all of your energy and resources into launching a startup, take the time to find the right niche first. After all, not every concept will work for a startup. One way to find your niche is to think about the types of problems you can solve, participate in relevant forums, and talk directly with your target market. You’ll also want to dedicate time to researching your competition and assessing the potential profit of your niche before committing.
Overcome Your Limited Work Experience
Once you’ve found your niche and hammered out your business plan, you’ll need to make your idea happen. Gaining support for a startup is rarely easy, but it’s even tougher when you don’t have a lengthy work history that can speak to your experience. Know what you can bring to the table in terms of work experience, and then build a team that complements what you can offer. Together, a strong startup team can get essential support, network in key circles, and get the job done.
Know How to Secure Funding
No matter what type of startup you’re launching, you’ll almost certainly need to secure funding to get off the ground. While many technology startups strive to secure venture capital, this isn’t the only source of cash you can seek out. Instead, consider applying for loans from your city’s Small Business Association, crowdsourcing funds from your target market, or looking for an angel investor to get things off the ground.
Tend to Your Personal Finances
Securing funding is key for any startup, but tending to your personal finances is also critical as you’re getting started. Since startups don’t usually provide biweekly paychecks, you may need to get creative with your budget to make ends meet. This is especially true if you’ll need to begin paying back college debt as soon as you graduate. Consider consolidating your student loans to make repayment more manageable. Also, think about reasonable ways to trim back your lifestyle so you don’t fall behind on your debts.
Take Advantage of Your Energy Level
You might not have the work history that your more seasoned colleagues have, but there’s a good chance you’ll possess much more time and energy to devote to a startup — especially in comparison to competitors who already have numerous time-consuming work and life commitments. Use your energy level and the work ethic you learned in college to your advantage, and set your sights on accomplishing great things.
Launching a startup right after college could be the best decision you’ve ever made. Keep these tips in mind as you go from concept to delivery, and make sure you get the most out of your startup launch.
