If you’re a young entrepreneur using the internet (or even just your computer) to help you make money whilst still at school or college or university then, firstly, well done.
You’re one of the new entrepreneur elite leveraging the (relatively new) power of the micoprocessor and the global reach of the internet to sell and promote your wares.
Having been an entrepreneur myself since my teens and having made it my mission to soak up as much business know-how as possible, the following top ten is a list of things I would do again if I could go back in time to my university days; as each and every one would have helped to shape my business as it stands now.
So no matter how established your business you may find the following ten tips can help you to improve your business practices, stretch your financing reach and increase your net worth!
Tip 1 - Reality Check
The first tip for a successful business is to stop and take stock of how far you’ve come so far.
It doesn’t matter if you’re just doing a little web design on the side or even serving up a few web pages of your own to concentrate on arbitrage, the first step to releasing your full potential is to check where you are, appreciate how far you’ve come and then to plan the route ahead.
When I was at Uni I was all over the place, doing a little web design here and there but not really cncentrating on any one thing.
To make your plan bulletproof you need to research your choosen business field to see what other opportunities are open for you. Ask yourself these questions:
- Who is your target audience?
- Is there a niche you can grow into?
- If you dedicated an extra two hours to your business each day what else could you acheive?
- What ideas have you put on the backburner that now need to be actioned?
- If you had a member of staff (!) what else could you acheive?
Some of the questions, particularly the last one, might frighten you, but in order to grow your successful business you need to always be aware of what you’ve done in the past, what has worked and what the next step will be.
Tip 2 - Money for Nothing
You may not be familiar with the Dire Straits song Money for Nothing (fear not, Im sure it’ll be remixed soon with a deep, thumping beat) but a student loan offers you just that; free money.
It’s not completely free, of course, but you can play the system to earn yourself literally hundreds of pounds over the course of your education.
Student Loans come with an extremely low interest rate; usually the cost of inflation. Have a look at your highstreet banks or search the web and you’ll find several local/online banks offering saving accounts with rates 2 - 3 times the national rate of inflation.
All you need to do as a young businessman is borrow the money in the form of a Low Rate Student Loan and then invest it into a high rate Saving Account; or better still, a tax free ISA.
The discipline to this ingenious scheme is that your leave the money to accumlate in the saving account and do not spend it; not even a penny of it. The second caveat is that you pay the Student Loan back as soon as you leave education, keeping all the interest earned for yourself.
Read Tips 3 - 10 @ My Business Blog
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