Thursday, March 28th, 2013

5 Questions to Ask Before Launching a Student Business

Student Business

They say entrepreneurs will work 80 hours for themselves to avoid working 40 for someone else.

Maybe you’ve got a skill that people are willing to pay for. Or maybe you’re looking to create your own summer job. Either way, student start-ups are a good way to make some extra money and gain resume-worthy experience.

On the other hand, they can also be a waste of money, and a frustrating experience if it doesn’t go well.

Before you invest any of your valuable time and money into your new business idea, ask yourself the following questions.

1) Why Are You Really Doing This?

Sure, you can potentially earn more money with your own business. But that shouldn’t be the only reason. Maybe you’re passionate about this field. Maybe you see an untapped market you think you can attack. Maybe you have a unique craft or set of skills that nobody else in the area can offer. These are all better reasons than “I like money.”

2) Why You and Not the Other Guys:

Ask why people would choose your business over a non-student, or more experienced company. You will probably be cheaper than most competing companies, but don’t let your price be the only difference. If price is your only draw, your customers will leave when something cheaper comes along.

3) Do You Have a Mentor?

You either need someone who knows a lot about business, or knows a lot about your field. Trust us, better to learn from their mistakes to cut down on your own. Don’t go at this alone.

4) What are You Willing to Give Up?

They say entrepreneurs will work 80 hours for themselves to avoid working 40 for someone else. That’s an indication of how much time it takes to run your own business—student or not. You also might have to invest some of your own money into this.

5) Is Life as an Employee Better?

You want to be your own boss, but keep in mind what that means. The boss doesn’t get to leave at 5 pm, they take the work home. They worry about the company when they’re out with friends or at home watching TV.

Employees get to leave at 5 pm, and leave all work related stress behind. Be honest with yourself. Is it worth it?

Ryan Leclaire
Author: Ryan Leclaire
Ryan has been writing for 7 years and has been featured in Chatelaine, Canadian Living and Cottage life.
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