It is so common to see the third or fourth year’s college students start a business or have a part time job. This can be seen as the ideal time for them to have a business. First and second year are considered as the time for them to get the basic knowledge based on subject they take. Many people will support these efforts because the students will get additional income and bunch experiences which will be valuable in the future. However, starting a business cannot be done without having enough knowledge and sufficient preparation.
Having irrelevant knowledge and experience will make those students cannot run the business smoothly. If you decide to sell other people’s goods, you have to know more about those products. Then, you need to think about the customers’ needs, the good stocking, advertising the products, and managing the cash flow. Prepare yourself with the basic of financial and marketing knowledge. Also, you need to learn about the negotiation and sales skills. Although you are student of science department, learning those skills will not be useless for your future.
Running a business makes you have to be ready in facing the consequences. There are some risks in every business due to the unexpected changes and high competition. Customers are not always interested in the same products you sell. Although almost every day they buy from you, the items they purchase will be different. This is a challenge for you to make them interest of your products. The competitors are everywhere, so you need to come by offering different value for your customers. Certain businesses like hair salon, restaurant, or laundry make you have to prepare enough cash as the starting capital.
The final challenge is actually the way you balance your study with your business. Some businesses such as shop and laundry have long working hours. That makes you mentally and physically exhausting. The key is your way in managing the time. Everything will be under controlled if you can arrange the time and the activities well.