For people who have a businessman spirit, prepare time and energy for business is a special job. Starting a business requires a strong will to start even at any age. Now starting your first business in college will still be very challenging.
Some world-famous CEOs such as Mark Zuckerberg (Facebook), Michael Dell (Dell Computers) and Steve Berkowitz (Insomnia Cookies) started their business on campus.
But maybe balancing schoolwork and entrepreneurial dreams looks troublesome in your mind. We will provide some tips for you how to start a business in Australia as an international student.
Priority for Starting a Business
Finding your priorities will be very challenging, and the first thing you need to do is determine your short-term and long-term career goals.
Then try asking yourself, is the drive to start a business can help you to determine career goals for the future? In addition, consider the following questions: Why do you have to and want to start a business before graduating from college? And do you see a future career with a business that you will build later?
The thing that you must also remember when you want to start a business is about capital. The initial capital needed for a business usually requires an amount that is not small. Although it is true, there are some businesses that usually do not require large amounts and do not require any capital.
However, still, at least there must be money preparation that can guarantee the business trip that you are starting. In addition, business financial management is no less important in doing business. Sometimes, there are still businesses that have to “stop” in the middle due to poor financial management, especially business and personal financial management.
Effective Ways to Start a Business
When you have answered the questions above, then clearly determine what your reasons are! After that you have to decide when to sacrifice your study time for a business opportunity? Here are things that can help clear your mind to be able to focus on your target at a certain time.
Method 1: Choose the Right Course to Start a Business
You have to connect the gap between college and your business. For that you can take courses or training related to the businesses that you will develop to help save time and allow more practice so that you can manage your time as well as possible.
Attending business events are also good way to be inspired and meet other like-minded entrepreneurs.
Method 2: Utilize Resources in the Lecture System to Build a Business
Colleges and universities usually provide free resources that you can use when starting a business. Photocopying and printing services, free wifi, online resources, and other library materials are indispensable tools to help business progress and interest.
Method 3: Build Relationships With Fellow Students
College always offers students a lot of free time. When you build a business, try to build a good relationship with your classmates and other students to join you. Consider giving them your collaborative ideas and making it a learning opportunity for everyone.
There are many startups that have made it a learning opportunity for onboarding. In addition, in a campus environment with so many students, it will be very possible for you to meet individuals with diverse ideas to produce innovative concepts or mindsets.
Method 4: Ask Questions About Business To Other Students
To produce high-quality business products, you must test them very carefully. The first thing you have to do is find a work strategy, so that later you will know some time needed to divide between campus assignments and business.
Check out competitor sales strategies and product tests in your campus area and ask fellow students, organizations or communities if they are interested in this kind of business or service (such as the startup you are running).
Method 5: Find Funding Options
The most important factor in the initial stages of a business is financial growth. If you want to generate a steady stream of money, college is one good way to find sources of funding for your business. For example, by taking part in scholarships or competitions related to the products that you make.
Method 6: Arrange Schedules and Checklists for Businesses to be Developed
Make a daily checklist and highlight the most important deadlines. The checklist will help you to stay focused and optimize certain target points.
Method 7: Choose a Positive Environment
Getting pleasure is the most difficult thing when you go to college while running a business. Your friends will definitely invite you to hang out until late at night or try to enjoy the atmosphere in the new cafe just for fun. But try to stay focused on your target point and try saying no to invitations from your friends. You can implement a reward system on yourself, if the target is met, then you will be able to have free fun on weekends.
Method 8: Have a never give up attitude
When running a business, surely you will find challenges or obstacles that will be faced, the possibility of failure in doing business is a very natural thing experienced by every businessman. It will instead become a valuable experience that you will have. So, if in running college while running a business or business, that will certainly happen. Therefore, you must have a strong mentality (high unyielding soul). Then re-examine the factors that make you experience a failure in business, then run back with reference to the results of the evaluation that you live.
Ready to register the business name? Before you get started with business name registration, buy the domain, design your branding, set up the social media channels and all of the other exciting stuff done >> go online to https://www.namecheckr.com/ and see what platforms your business name is available.
Choose your business structure
In Australia, there are four commonly used business structures, which one is best suited for you?
- Sole trader – as an individual you are legally responsible for all aspects of the business
- Partnership – an association of people or entities operating a business together but not as a company
- Company – A legal entity that separate shareholders from the company in regards to legal responsibilities
- Trust – an entity that holds assets or income for the benefit of others
Australian Business Number (ABN)
You can apply for an ABN on a student visa for free and takes only a few minutes.
Australian Company Number (ACN)
If you are thinking big, you can register your company name.
Start to work with your business team.