There are 27 millionentrepreneurs in America, according to the Global Entrepreneurship Monitor. Many of these entrepreneurs will have hailed from Babson College, who have just been awarded the the top undergraduate school for entrepreneurship for the 22nd time. The college strongly promotes the notion that entrepreneurs “can be made, not just born”, meaning any student can do it to make some cash to cover costly college fees, which currently come in at $30,000 a year, according to The Atlantic. However, with 80% of entrepreneurs using their own cash to get their startup up and running, being creative with your financial decisions is a must.
Have a business plan
Harvard Business School highlights the importance of having a business plan. They state that entrepreneurs with a business plan are 16 times more likely to have a successful business than those with no plan. It also highlights how you plan to spend and make cash. As a result, it’s the perfect way to secure additional funds from investors or loan providers. When you are borrowing cash for your business from financial institutions, be sure to keep an eye on your credit rating as this is something that you’ll rely on for life. A free credit report is the ideal way to check your financial history and to monitor what business expenses you owe and the creditors you owe them to. Crediful states that ‘Each account listed on your credit report will show the date the account was established, your payment history, credit limit, and the type of account’. Therefore, it’s a helpful tool for keeping track of your finances.
Promoting your business
All businesses need to advertise in order to make a profit, however, it can be costly to do so. The U.S Small Business Administration reports that companies typically spend between 1 and 10% of their gross sales on advertising. But, this is where being at college is of great financial benefit. Maximize your social network and utilize the skills of your fellow students who are studying advertising, marketing and design. For a small fee or even just a few drinks, most will produce high quality and informative marketing material for you. Meanwhile, promote your business at college events, put fliers up and shout about your business on the campus radio station and by bagging a column on the onsite newspaper.
Make use of resources
Don’t pay out for business resources when your college campus is full of knowledgeable individuals and research materials which you can use free of charge. A report from Insights reveals that entrepreneurial resources are available in more than 1,500 universities, which is a 120% increase compared to just five years ago. Therefore, today’s entrepreneurs have a greater chance of making a success of their business at a lower start up cost.
There’s no reason why college students can’t reap the financial benefits of life as entrepreneur while still studying. So long as you have a solid business plan, promote your business in cost-effective ways and utilize existing resources, your personal finances will remain strong
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