So, you’ve graduated. Congratulations! After years of dedicated studying, revision and exams, you’re finally ready to enter the working world. But instead of heading into employment, you’ve decided to start your own business.

 

You’re not alone! In a recent report, graduate entrepreneurs made up 8.7% of all Higher Education leavers, and this will no doubt rise as attitudes towards working remotely continue to change, with many young people entering the job market faced with lots of uncertainty. 

 

However, it can be easy to fall into bad habits when it comes to setting up and running your own business after graduating.

Here are some key things to consider when starting your own business that will set you up for the best chance of success. 

Launching too quickly 

As an entrepreneur, your budding business idea may have been years in the making, or inspired by a big project, internship or side hustle while studying at university.

Although it can be tempting to jump in feet first, especially if you are fueled by postgraduate passion and enthusiasm, it’s important to make sure you do your research and build a solid business plan before officially launching your business. 

 

Identifying your unique selling point (USP), target market and competitors will help you understand the business landscape you’re about to step into.

Build a thorough understanding of the issues your potential customers are facing, and how your business can help solve them. 

 

Once you understand your customer, create a strong business plan and build out your processes to ensure when you do launch your business, everything will run smoothly.

Forgetting about the finances 

While you’re setting up your business, it can be easy to lose track of your finances. However, forgetting to keep on top of your outgoings, and having a thorough record of your incomings, too, can sometimes lead to a stressful experience when it comes to paying your taxes and paying yourself.

 

Therefore, no matter how early you are in your business journey, it’s wise to set up a free business account to keep your professional and personal finances separate.

Running your business using an online business account means everything is in one place; from invoicing and expenses to customer payments.  

 

Staying on top of your finances early will also mean you’ll be in a confident position when it comes to looking for partners or investors to help you take your business to the next level.

Doing it alone 

Often, new business owners take being ‘self-employed’ too literally and try to do it all themselves. While you might have a solid grasp of the many different areas of running a business, it’s ok to ask for help! 

 

Working with a business mentor is great for new, and established entrepreneurs. Not only can LinkedIn be great at helping you find a job, but it can also help you to find a mentor; someone to give you advice and insight on how to succeed in your business venture.

 

Seeking out a business mentor might also open you up to other potential mentors, or even future employees, through their own vast and experienced network. 

 

Similarly, keep tabs on your fellow students, even after you’ve graduated. Although it might not be top of mind when thinking about what to do after graduating university, be sure to swap contact details, or connect with your cohort on LinkedIn - you never know where their career is going to take them, and who you might be able to collaborate or work with in the future.

Being afraid of failure 

Failure is daunting. There's no doubt about it. But even Britain's arguably most successful businessman, Richard Branson, has been involved in several failed business ventures. 

 

Learning to be comfortable with, or at least less afraid of, failing is an empowering skill for entrepreneurs. Ultimately, failing can provide pivotal learning experiences that can help you to improve your processes, products and overall business practices. 

 

A big part of failure acceptance also lies in redefining success. It can be tempting to expect immediate results when you launch your business, and when this doesn’t manifest quickly, you might consider it to be a failure. 

 

Instead, when setting your business goals, make sure you also have a good understanding of how you will measure the success of that goal, and try to give yourself a deadline of when you want to achieve it, too.

For example: ‘We will have a database of 1,000 prospective customers in the first 6 months’. That way, you can take small steps towards success, allowing yourself to spend time reflecting on what has worked, and what maybe didn’t go so well.

This will help you refine your business and how you measure success in those first vital years of trading. 

Final thoughts

When starting your own business, sometimes your initial enthusiasm can wane when you uncover the many obstacles that come with the day-to-day running of a business.

However, ensuring you have a solid business plan, a good grasp on your finances, a realistic view of your goals and a strong network of people who can advise, inspire and guide you in your entrepreneurial journey, you will be well-equipped to launch and grow your business as a post-grad.