Entrepreneurship

The student’s guide to running a business

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The 21st century student was born hustle ready, there’s no waiting on mum and dad for pocket money when you have a campus business or two to keep you flexxing. If you’re interested in starting a campus business, browse through our list here; if you’ve started one, “chop knuckle”. Whether you’re new or established, the following tips will ensure a smooth running of operations for your campus business.

Do your research

When embarking on a campus business, you should carry out a small market survey and know the nitty gritty involved before committing yourself and finding out it’s too much work for you to handle: figure out who your supplier will be, how much you’ll need, how much profit you’ll put on it need and so on. All these ensure a smooth process of buying and selling.  It is important to also keep in mind the need your business will be catering to.

Tell everybody to tell everybody.

Ensuring your business is well known is essential to its success. Tell your friends, course mates, hostel mates to tell their friends. You should also share on social media and chat groups and tell your friends to share as well. You can also paste your business fliers throughout the campus and most especially popular chilling spots for students like cafeteria, walkway, car park, motion ground etc. Putting up posts/ads about your business in the departmental and faculty notices boards and the school newspaper, magazine or radio are also great ways to make sure people remember you and your product.

Plan Plan Plan.

Whatever your business entails, planning is the glue that holds it in place so you don’t fall apart. Plan your time properly and map out school activities and business activities, once you’re done with a particular task, cross it out so you can see what remains to be done and how you’ll go about it. It is important to also have a plan for your business; do you want to expand? Learn some more about it? Set goals and surpass it.

Have a budget for everything

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Budget is the foundation of any business, you should have a budget for everything to avoid taking bad financial decisions and making your business suffer. You must know how to manage money and stick to budget. Remember that your business is yours but your business income belongs to the business, be financially wise in your flexxing.

Find a balance.

Major reason you’re in school is to get an education and money, effort and time is being pumped in to make this happen. Don’t get so hooked on your business that your academic life suffers, you must find a balance and give both ventures due attention.

You’re young and fun, don’t let your business or education take this away from you, plan your time properly, manage your money wisely and of course Flexx!