Are you currently a student and working on your own startup? Send us a message on our instagram and we would love to support you and give you a shout out!
1. Have a great business plan behind your great idea
This goes without saying – do not forget that your product should be unique. People always think that startups should be a totally new device, but no – it’s a lie. You can take already existing goods or services and enhance them too, as long as it’s unique!
Once you have your idea – do not forget that you have some explaining to do for the public. You need to consider possible downsides too. Writing a business plan can be tricky, but luckily there are a lot of amazing guides online that will help you to write a consistent, easy to understand, and efficient business plan.
2. Secure funds and proceed with caution (meaning, legally)
Some countries might be more open to the possibility of a startup, while others might have some extra regulations. Once you have decided on both physical and online locations of your startup – make sure to check the laws and regulations surrounding the start of the company. The regulations can also change depending on the type of business, do not forget that!
Unfortunately, not every college student can afford to fully fund their startup. There are different type of funding you can secure – bank loans, angel investors, online/physical fundraisers, or winning grands from competitions *wink wink*. What also goes without saying – startups can be expensive. Make sure to spread the financing and not have everything as a loan.
3. Surround yourself with correct people (like, really correct)
First of all – planning a startup by yourself alone can be tricky, so hopefully you are doing it with people you trust and have a similar vision. We do not want to have a Social Network situation! Depending on the type of business you need to look into what type of skills you require – maybe it is a digital heavy product and you need your engineer friends, or it is a consumer product and you need great marketeers and copywriters? Consider that!
People you should surround yourself with are not only those who you will be working with directly. Do not forget that once the startup is closer to the launch you will need to consult good, experienced accountants and lawyers too.
These are just a few, however still quite important, points to consider. Starting your own business is tricky, but we believe in you!
All best,
Student Competitions Team.
