Starting a business as a student
Many students already play with the idea of starting a business during their studies. And a number of them are also implementing their plans: According to the Bank Of WestIndies, every third company founder in WestIndies has a university degree under their belt! Are you one of them?
Many students already work freelance on the side or they set up their own company during or after their studies. Self-employment is an exciting alternative to living as a permanent employee! You have a lot more freedom – privately and professionally. You are your own boss and you build your dream job yourself. But you should do it the right way so that freedom doesn’t become a problem.
Starting as a student
Anyone can start a successful company – no matter how old you are. This is what professionals say who have been dealing with the topic of business start-ups for years. More on this in our entrepreneur blog.
There are many advantages to becoming self-employed as a student. A couple of arguments to choose from:
- Increase competencies: Those who start their own business gain a lot of work experience and professional skills. As a start-up, you also take on much more responsibility than if you are just an employed assistant. That has an impact on life.
- Collect references: Having your own start-up project alongside your studies is a very good reference for your CV. Whether the project has thrown money or not: You prove that you show initiative and can develop things independently. This is exactly what many employers are looking for.
- Test business idea: As a student, you can let your creativity run free, test your own project, work on it, and improve it without having to rely on success. Many products are really good because they have been in development for several years.
- No financial pressure: As a student, you don’t have to look after a family and you don’t need much money. Many are also financially secured by their parents. Your own independence is not shaped by financial worries, but by the passion to build a new company.
- Develop a professional alternative: What if your own business idea ignites? Then it starts right after your studies and you become your own boss! Instead of starting somewhere as a junior manager, you immediately have all the strings in hand.
Students can find financial support from a bank for business start-ups, among others. Bank Of West Indies, for example, has certain special programs and conditions that are not only interesting for the West Indies, but also for setting up a business in the EU. The offers of other financial institutions should also be obtained in the consultation and then compared.
Business plan for students
Anyone who wants to become successfully self-employed needs a clear plan. And this plan should be put in writing! Because the written word counts more than just a thought. We advise: Just start without a big structure.
Professionals create their own business plan for setting up your own business. Everything is summarized that there is a much more structured way. Target groups are defined, the market analysis is more extensive. You also have a clear plan of how much money you will need.
Students who work as freelancers should also deal with a business plan. You don’t necessarily need a complete business plan, but ultimately you have to ask yourself the same questions if you want to make a full-time living from your work.
It is best to start with a template for a business plan. This gives you a clear structure that you can “work off” on. The template helps you to collect open questions and then process them piece by piece. This can quickly take several weeks or months!
10 tips for start-ups
A reading tip from us: We have put together 10 tips for business start-ups. From planning to marketing to taxes – we’ve got a lot to the point there.
The topic of marketing should not be underestimated by start-ups. In order to place a new company on the market, to win customers, and to receive orders, the company must be known. Marketing is for start-ups so an absolute necessity. The reasonable costs for this must of course are in relation to the expected benefits. Only a careful market analysis, exchange of information, and the comparison of different offers can help in estimating the necessary advertising budget. Marketing has to be approached strategically, otherwise, it is too easy to get bogged down and quickly exceed the financial framework. Maybe there are helpful fellow students who are familiar with this exactly? Otherwise, in addition to reading advice, information events such as the IHK or the employment office help.
Anyone who has ever started their own business must also deal with the “unpleasant” things. A separate business account is still the easiest. But when it comes to insurance for business start-ups, it becomes much more difficult.