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If you’re thinking of being your own boss after graduation, you’re not alone.
Approximately 70 percent of college graduates would prefer to launch their own business, says a survey conducted by Mavy Poll and commissioned by the American Institute of CPAs (AICPA).
The survey also revealed that 53 percent of them planned on starting their own business in the future, as many of the younger population place more value on the freedom of entrepreneurship over working for someone else.
For those who do choose to launch their startup after graduation, getting into the business world needs the right tools and preparation.
Whether you choose to launch your own locksmith business or get into the mechanic business, it helps to be prepared.
From a bulletproof business budget and financial plan to reliable brand-building tools, here are a handful of must-haves for those starting their own business today.
A Solid Financial Plan and Tools
Recent reports have shown that 82 percent of new businesses fail due to cash flow problems.
Getting your startup off on the right foot financially is not just about securing funding, but also comes down to efficient financial management – particularly in the early months when finances are limited.
A financial plan is a key part of any business plan and includes a flexible, accurate budget, sales, and cash flow projections.
A good financial plan also incorporates income tax planning, along with asset and risk management costs.
If you’re new to the financial planning game, a financial planner or accountant can help you get started.
You can also rely on financial plan templates available from SCORE, which includes balance sheet projection, a 12-month cash flow statement, and startup expenses.
Well-Designed Contingency Plans and Policies
The business world is always changing, and your business needs to be ready to react to these changes in time if it’s going to survive.
Agility in business comes from being prepared for all eventualities and having contingency plans in place from the beginning.
To create an effective contingency plan, you need to first analyze the risks facing your new business.
Some of the most common risks facing new startups include financial, competitive, reputation, and operational risks.
You must identify the risks that are most pertinent to your business and how they can affect you.
For instance, when considering a staffing risk, think of how the unexpected loss or injury of key personnel would affect your business.
There is the cost of replacing them, impacted productivity due to loss of their skills, and potential financial complications if they are injured at work.
With these risks clearly defined, you can then implement risk controls such as securing workmans comp insurance to cover lost wages and other expenses if an injury does occur.
A Well-Designed Business Website and Social Media Platform
Finally, with the world of business becoming increasingly digital, it has now become essential to have a well-designed business website and social media channels.
A great small business website includes a memorable domain name, flexible tech support, a good eCommerce platform, and a unique but easily navigable layout.
These two tools will be critical in branding your new business.
As of 2020, 36 percent of small businesses did not have a website, according to Fundera.
However, recent research and statistics have shown just how important it is for a new business to have a well-designed, mobile-friendly website.
For 2020, 81 percent of all web traffic was generated through mobile web traffic.
Setting up a business website or social media channels doesn’t have to be expensive either.
Around 28 percent of businesses spend less than $500 on creating their websites, while most social media channels are low-cost or free to get started.
While there is no guarantee of success when launching a new business at any stage, there are ways you can drastically improve your chances, and that’s mostly down to ensuring you have the essentials in place from the start.