Posted on Friday, June 8, 2018
Lack of Finances
Starting a business can be an expensive endeavour. You need a registered business address, insurance, operations, accounting & marketing software, equipment, a professional website, business support systems, a marketing budget, potentially an office depending on your business, eventually staff and much more…
What is cash-flow? How do you manage it? Unless you are an accounting graduate or you’re one of those students who actually managed to save some their student loan by the end of University rather than spend it all, chances are you have had limited experience with cash-flow management. In business, cash-flow is everything and sometimes getting your head around it can be difficult. Some business owners hate looking at their numbers hence they hire a bookkeeper and accountant to do it for them but if you’re starting a business alone as a Graduate chances are you’ll be the one managing your cash-flow.
Starting a business alone is one of the most mentally straining things you can do as a graduate. If you are a Millennial or belong to generation Z, you grew up with the internet which can often mean you like to see instant results. Starting a business alone after University from scratch doesn’t work like that. You need patience, lots of it. And you need the ability to manage your inner monologue. Your doubts, your fears, your motivation, your discipline, and so on. Most importantly you need someone who cheers you on when things get tough, be that a girlfriend, boyfriend, friend, parent, business mentor or a business community, your pet or someone else that keeps you motivated.
Lack of Time
Congratulations ! You’ve gotten your first few customers. Now your entire time is taken up by actually providing your service. At the same time you’ll have to juggle marketing, sales, bookkeeping, keeping up with changing industry standards and legislations, administrative jobs and other tasks. It’s easy to feel overwhelmed and if you want to continue growing the business you’ll inevitably at one point have to hire staff which brings with it a whole new set of responsibilities and challenges.
If you are a student or graduate thinking of starting your own business but you are not sure where to start or you don’t want to do it alone take a look at our Student Haus Partner opportunity or contact us via firstname.lastname@example.org for more information. A member of our team will be happy to set up a facetime/skype call with you to discuss this Graduate Business Opportunity further.