Starting Your Own Business As A University Student In The UK
Have you always dreamt about setting up your own business? Or perhaps you’ve noticed a gap in the market for a new product or service that can help you earn money? Well, the good news is you don’t need to wait until you graduate from university to do so.
Starting your own business whilst juggling academic commitments is no walk in the park, but there are plenty of ways you can make your dream a reality.
In fact, studies suggest that almost a quarter of students in the UK start their own business whilst at university.
Our guide has plenty of helpful tips and advice for starting your own business whilst at university in the UK, so check it out!
Tips For Starting Your Own Business
If you’re keen to set up your own business whilst at university, we’ve got some tips to help you out.
There’s numerous thriving businesses which were set up by university students like yourself, such as Facebook, which was launched by Mark Zuckerberg in his Harvard dorm room!
1. Research Your Business Idea
Before setting up your business idea, it’s crucial to do research and identify a niche that aligns with your skills, passions and market demand.
Researching your market to understand current trends, gaps in the market, wider industry, your target audience and potential competitors is so important before launching any business.
As a student you have a unique perspective which can give you a competitive edge, and you may be able to get your business off to a good start by marketing to your peers!
2. Make The Most Of University Resources
As a student you have a significant advantage with a whole array of resources at your fingertips to help you set up your own business.
No matter if you’re studying a business-related degree or not, universities will usually have support systems in place to support those wanting to set up their own business.
Some of the resources that you could utilise include training, funding opportunities, networking events, talks and workshops from experienced entrepreneurs and industry experts and so on.
3. Work Alongside Others
Whilst studying at university, you’ll most likely meet plenty of other like-minded, business-oriented individuals who are keen to set up their own business.
As the saying goes, teamwork makes the dream work, so why not work alongside other students and set up a business together?
This way you can put your skills and knowledge to the test together, and you may just find your ideal business partner.
After all, studies show that around 33% of student business owners said they plan to turn their business into their long-term career!
4. Establish A Strong Online Presence
In this digital age, establishing a strong online presence for your business is crucial, without this, you’re probably not going to reach too many people!
It’s important to create a professional website and social media platforms for your business so this way your potential customers can locate you and you can generate sales.
A strong online presence is also crucial to engage with potential customers and develop a consistent brand identity.
Creating a good online presence takes time, but it will help you to reach a wider audience and build brand awareness for your business!
5. Time Management Is Key
There’s no denying that starting your business at university is hard work, but effective time management will make things run smoothly.
Remember that whilst studying, your education does need to come first, so make sure to create a realistic schedule that allows time for your studies and your business.
It’s best to focus on effective time management and set clear boundaries so that you can avoid burnout and ensure you’re giving your all to both of your pursuits!
6. Build Up Your Network
Networking is a powerful tool for any entrepreneur as it allows you to make new contacts and meet other business owners, who can give you insightful information and advice.
A few ways you can help to expand your network is by attending industry events, joining relevant online communities, as well as engaging with students.
You can find out about other students’ success stories by connecting with them on the likes of LinkedIn and Facebook.
7. Establish Funding
Funding is a crucial aspect of setting up your own business, as you’re not going to get too far without cash behind you to make things work.
To help you out, you may be able to receive start-up funding from your university, or apply for grants from other bodies.
As your student budget will only go so far, you may need to get a part time job alongside your studies to help fund your business venture.
It’s also important to keep on top of your finances, which means getting a handle on spending money on nights out and new campus fits.
8. Learn From Failures
Building your own business takes time and dedication, and is a journey that will no doubt be filled with both ups and downs.
Whilst there’s bound to be challenges along the way, try your best to stay committed in the face of any setbacks that are thrown at you.
Not all of your ideas will be successful, but that’s okay, failure is a natural part of starting your own business, and we can learn from it.
You can use your failures as experiences to grow and improve, this way you can do better next time!
There we have it, a full rundown of starting your own business as a university student in the UK, we wish you all the best with this exciting journey!
Living in a student home that has everything you need including workspaces, will help you business venture run smoothly.
Here at Essential Student Living, we offer fantastic student accommodation in locations across the UK.
Wondering how you can make new friends as a young adult? Take a read of our guide to find out!