After college, you may be brimming with new ideas. It can be exciting, fun, but a little frustrating. What do you do with all those ideas? Where can you thrive? Sure, you could score a job at a big company or a firm, but there is a good chance that you will be spending the next few years at a desk – not as an idea person, but as another cog in the capitalism machine. If you want to be the main gear, if you want to spread your wings and really explore all your ideas – while they are fresh – you definitely want to start your own business. Not only will you get to be your own boss, you will also get to work hands on in an industry you are passionate about. Before you start your business, though, you want to ask yourself a number of questions.
Are Your Student Loans Mounting?
If you have mounting loans, you may want to think about paying those off before you start your business. The last thing you want is for your student loans to get in the way of your business aspirations.
Do You Have Connections in the Industry You Want to Enter?
It is also important to have connections in the industry you want to start a business in. This is crucial for meeting people that can work with you, and people that can invest in your business. You can always build your connections, but it can help to leave college with a strong rolodex. To build this rolodex, you can attend networking events, or you could even intern when you are still in college. Interning is a great way to meet people in your industry.
Do You Have the Capital to Start a Business?
When you meet different connections, you will also get closer to potential investors. When you start a business right after college, you want to have at least a little capital to work with. This is especially important if you want to hire employees or rent a space. If you want to start a business that requires a lot of shipping and handling, you may need a warehouse, which certainly isn’t cheap.
Do You Have the Room to Start a Business?
In some cases, you may only need a small space to start a business. If it is just you and a business partner, you could start the business right out of your apartment. For instance, if you acquired your marketing MBA, you may want to start a marketing business, which will require a simple desk and some really big ideas – and not much more than that.
Do You Have a Business Partner?
On top of everything, you may want to bring on a business partner. Some of the best businesses were started with two people at the helm. If that is the case, you may want to ask a friend if he or she wants to join in. In the end, you can be the idea person and your friend can focus on the numbers – both parties win in the end.