Starting Your own Business

Why wait around for someone else to offer you a job after graduation? You can create your own business and start working for yourself as soon as you walk across the stage with your diploma.

If you think self-employment is right for you, here are four steps you need to take to get your own business up and running after you graduate.

  1. Understand the risks and rewards. Working for yourself can be exciting and financially rewarding if you succeed—and it can be a big financial drain if you fail. Ask yourself the following: How will I fund my business? How much money do I need to start? How much will it cost to run the business each month?
  2. Create a business plan. Evaluate your finances and set realistic goals for your business. It’s important to have a solid business plan in place before you invest any money or ask others to invest theirs. You can get mentoring help from:
  3. Fund your company. All new small businesses need money to get started. Will you fund your business from your personal savings or from a loan from a parent or a private investor? Would you qualify for a personal loan from a bank? Arrange for your funding sources in advance.
  4. Balance work and school. Starting your own business could give you a head start on a career after college, but it’s important to balance your time as a student wisely. Attend classes, complete homework, and study for exams. College classes are expensive, and it’s important to get your money’s worth.

Once you have an idea for a business, the real work begins. Brainstorm ideas for funding your business and get started on a business plan. Your ideal job may be out there waiting for you to create it!

[Any reference to a specific company, commercial product, process, or service does not constitute or imply an endorsement or recommendation by CashCourse or the National Endowment for Financial Education. These courses and related resources may be used only for nonprofit, noncommercial educational purposes. CashCourse makes every effort to keep the information in these courses current, but, over time, new developments as well as legislative and regulatory changes may date this material. If you discover inaccurate information, please contact us.]

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