Being a student today is already a tough task to fulfill especially when all the research projects, exams, and presentations demand your time and effort. Starting a business while still being a student is much more challenging. However, it is possible and it could be done. Justin Cobb works closely with many student entrepreneurs and knows the pitfalls in and out.
One major issue that can set you back if you are planning to start a business while studying in school is money. You will need money if you plan to sell certain products as you will need to purchase raw materials and packaging. You will also need some money if you plan on providing services. Nevertheless, there is a way around this so that you will be able to spend money only on the most important things for your business. Here are some financial tips that you will find useful for being an entrepreneurial student.
Take advantage of free expert advice
While still in school, take advantage of the free expert advice or support that you can get from your professors. You can have your business plans assessed, your accounting papers checked out, and you can even have your contracts looked over. Just find the right professor and ask nicely. Explain how their expert knowledge can help you out in your startup business. After college, all this expert advice will be given to you with a specific price tag attached to it.
Keep track of your finances
When starting a business while still in school (or out of it), you will do well in tracking down everything about your business – especially your finances. This is very important and you need to take tracking seriously. Get a notebook or journal and track all of your expenses, profit, ongoing costs, and the likes. This way, you will be able to get a better view of your money going in and out.
Credit cards are useful, too!
Other people might not advise you to use a credit card when starting up a business. Credit cards could lose you money if you do not use it right and/or if you do not pay your card dues on time. However, if you get the right one, you will find credit cards to be useful in your business. Study different credit cards and compare them. Take time to do some calculations regarding interest rates. Look for one that will not ask you to pay for annual fees or one that has low yearly fees to pay. Check out if they also provide cash back offers. All of these will be useful when you need to spend some money for your business.