Thinking of starting a business in campus?

3. Planning your start up

You need to have a marketing plan and objectives. What do you want to achieve? An example is, “I want to break even in 6 months or to have expanded the business in one year. What do I need in terms of resources, manpower, and finances?”

4. Capital

Where will I get the money to start the business? Sometimes you do not need money to start a business i.e. if you are offering a service like plaiting of hair or maybe a creative service like creating poems for students then they pay you. But most businesses require you to have some capital no matter how little. You need to have a budget of how much your inputs will cost. Also, you may not have the start up capital so you may need a personal loan or get some investments from family or friends. Will you be able to get the money?

Starting is always the easy part of running a business. Getting it up and running to make a profit is another thing altogether. It may look easy as a way of making money but its not. So think twice about it.

There are other ways of making money. You may also get yourself a part time job to support yourself. You can sell insurance, clothes, perfume, clothes etc for somebody else. This is how some students get their fees and pocket money. Selling products on behalf of  other people on commission is another way of making money without investing your own capital, which is hard to come by.

Whatever you do to make money you have to work hard to ensure that you meet the goals you have set. Whether you’re working to get pocket money,  money for fun, or money for schools fees or rent.

It will also help to get a mentor who can help you make good choices. People who usually succeed in business usually have a mentor who they can bounce ides off of or get ideas and encouragement. But you can also mentor yourself through reading books on business and finances.

I did that a lot and I still do. I recommend students to join Rotaract clubs and other student leadership clubs like AIESEC and SIFE. They have professional development as part of their goals. The clubs usually bring in speakers who have made it in different industries to speak and give advice.

I learnt a lot from my years at Rotaract and it’s one of those things I would recommend 100 percent to any student who wants to grow as an all round individual.

Knowledge is the single most important ingredient for business success. So please be wise and use your knowledge. It could help you make some money and who knows you may be rich yet. Also read how to invest in campus.

I wish you success.

By Rayhab Gachango

http://www.potentash.com/

@potentash

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