What your students need to know about starting a business

Sponsored: If your students believe they have a business idea it’s important they consider some important factors incl technological ability

Starting your own business doesn’t mean you have to go to university. In today’s world studying at college and completing an apprenticeship appeal to some more than the thought of studying for a degree. A lot of business owners will have gained some from hands on experience, usually involving some time spent in the industry and progressing through the ranks. On the other hand, some people can have a business idea which they feel so confident about, decide to take the plunge and get the ball rolling ASAP. If your student believes they have a business idea which they want to peruse and have the funds to do so, it’s important they consider some of the important factors that should be taken into account beforehand.

Your Students Must be Tech Literate

Technology in business has come on in leaps and bounds over the last decade. From internal and external comms through to payroll and HR, every facet of a modern business relies on a technological process. With this in mind it’s imperative your students are not only tech literate but are also comfortable enough to be able to adapt to and learn how to operate any software platform on any form of device.

Choosing a location

For businesses starting in the south of England, the desired location is London. Not only is it the capital but it also has great transport links and is the perfect place to situate a business. Offices and industrial properties are the preferred buildings for both new and existing businesses; but they’re not always easy to find. Places like Pall Mall Estates allow you to browse a list of available properties, meaning everything you’re looking for is all in one place.  For successful business, location is key and something they need to consider carefully. Researching the surrounding area for transport links, parking and suppliers should all be factored into decision of where to locate their business.

Don’t give up

All successful businesses have faced problems along the way, but that’s all part of the process. The main factor of starting a business is the funds to do so and they aren’t always easy to secure. Without a solid business plan, finding a bank who are willing to provide them with the funds they’ll need, will seem a difficult task. The chances are their loan won’t be accepted straight away, but this doesn’t mean they need to give up on their venture. There are plenty of banks who provide business loans, so they should try a number of them and if they get rejected, revise their business plan and try again.

Success doesn’t happen overnight

One piece of advice which any business owner would give is to understand how much hard work and effort goes into making a success of it. Things won’t always go to plan and will face many issues and failures during the process, so be prepared. You may have well seen the well-known diagram of an iceberg, which is often used in business. It shows how much hard work, effort, dedication and failure people have to go through, in order for them to see the success they’re now achieving; which is what those on the outside will only see. It’s important to remember this theory and never give up when times get tough.

If done correctly then starting a business can provide them with huge rewards. It’s no secret that making a success of a business doesn’t happen overnight and they will have to be dedicated and willing to put in a lot of hard work and effort. With a good business plan and the correct funding, anyone can turn their dream into a successful business.


Are your students future ready?

Thursday 4 November 2021, 11am (GMT)