If you’re facing finals and not sure what to do next, or just starting your degree and already planning your future, have you thought about starting your own business?
A couple of decades ago this wouldn’t have been seen as a viable career option for most graduates, but it’s become really popular for a huge number over recent years. Here’s our eight reasons why you should start your own business when you graduate…
- Guaranteed employment
While some say employment opportunities for graduates are improving, stats show that 5.7 per cent of graduates were unemployed when they finished university in 2016. These statistics are from the Higher Education Career Service, and show that there is no guarantee that you will get a job armed with your brand-new degree.
And, it should be understood, that it’s even harder to get a job in the field you actually want to work in. The chances are that many graduates who do land a job after graduation feel pressured to take anything that comes up, rather than something in their chosen sphere. Starting your own business will guarantee you’re working in the area you want.
- Getting a good job is tough – there’s a lot of competition
The report mentioned above also showed that more than 11 per cent of graduates settled for low skilled jobs. These include working in retail or catering, with 3 per cent of graduates feeling forced to accept zero-hour contracts. Starting your own business will allow you to use your skills and make the best use of your education.
- The possibility of making money
Of course, there aren’t any guarantees, and you may earn not much when you first start out. But, running your own business, particularly if you start early on, could land you more income. The average salary for graduates in 2016 was £21,690 working for someone else. Taking the plunge with a good business plan could mean you earn far in excess of that within a few years.
- You just might become famous
Lots of young entrepreneurs became super famous over recent years. Take Richard Reed, the co-founder of Innocent Drinks. After he graduated with a degree in geography, he worked for four years in advertising. While doing that he, along with some friends, started selling fruit smoothies from a stall at a music festival in 1998. The rest is history. Innocent now makes millions, has been bought out by Coca Cola and has donated more than £10 million to charity. He’s been awarded a CBE and is on TV a lot. This could be you…
- For a better work/life balance
You will enjoy more flexibility if you run your own business, with the ability to choose when you want to work. Depending on the type of business you’re launching, and how much work needs to go into starting up, working for yourself gives you more flexibility than working for someone else. You might be able to work from home, or another location that you fancy. Starting a business takes a lot of work, but if you can choose when and where it’s more fun.
- You get to be your own boss
If you don’t want someone telling you what to do and when to do it, maybe you’re more cut out for making decisions yourself. While this might suit you more, you do need to understand that the responsibility for making your company a success will therefore lie with you. It may not be for everyone, but if you’re suited to it then the sense of satisfaction, achievement and rewards can be very much worth it.
- You want to make your idea a reality
The best reason to start your own business is that you have a great idea that deserves to be shared. Amazing business ideas can come from all sorts of places. You might have seen a gap in the market or you might have come up with a good idea as a collaboration with university mates. Having the idea is the first step – you’ll still need to make sure it can work, as well as putting in the effort to get it going.
- You want something out of the ordinary
It may be challenging, risky and hard work, but starting your own business is never dull. You’ll experience highs and lows when you work for yourself, and you do need to make sure that you’re cut out for the journey. The unpredictability can be too much for some, and some days you may be unsure you want to carry on. But if you do, you can make amazing things happen.
If any, or all, of these sound like you then contact Turner Little for advice on getting started. We’re looking forward to hearing from you.
