ALL YOU NEED TO KNOW ABOUT STARTING A BUSINESS AS A STUDENT in 2025 (pt 2)

In the last post before this, some things that you, as a student need to factor in before you start a business. As a brief recap, two major points were explained. The first being to have a reason for wanting to start a business in the first place, and the second was on some specific factors and steps you need to make before your business can be organized and successful.

Without further ado, these are some of the things you need to know as student who intends to start a business:

FACTOR IN OTHER CONSIDERATIONS

Other considerations in this case includes:

• Your marketing strategy

• Discount sales(if there would be any)

• Future expansions, collaborations etc.

• Time management(business or no business, you are still a student and you need to manage your time wisely)

• Loss management and Risk taking (you might not always make profit and so you have to have a means of managing the situation when it eventually happens)

• Profit management (you have to know how to distribute your income properly to avoid bankruptcy. It could be a “50-30-20” sharing system or any other way. )

KNOW YOUR ONIONS

What you are starting is a business. To everyone else out there, you are a professional at what you do and they are willing to pay you their money, because they trust you to deliver the best quality service. Hence why you have to make sure that you at least have a mastery of whatever service you are rendering. You cannot afford to be experimenting with your customers.

On the same note, you have to have good customer care, since it would be a new brand. This is because you have to make your customers comfortable and willing to come back a second time.

HAVE A POSITIVE MINDSET

This might come off as irrelevant and less serious, but it is not so. You have to develop a positive mindset before you start your business because it is not always going to be rosy. When unpleasant things that are unplanned for happen, your positive mindset and “faith” in your brand would keep you going and help you pick yourself up.

KEEP RECORDS

One of the best practices you can have when you start a business is to keep record of every transaction you have made and will make, and have an up to date inventory. This would help you have something to fall back on when it is time to go back to the drawing board in future or when you need to improve on some things.

AN INVENTORY

With these points locked in, you would be well on your way to building a strong and successful business as a student.