Learn the tips and tricks to start your own business while managing your studies. Begin your entrepreneurial journey with just 10 hours a week!
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12 Jul 2023
5 Min Read
Constantin Stock (Guest Contributor), Nellie Chan (Editor)
Learn the tips and tricks to start your own business while managing your studies. Begin your entrepreneurial journey with just 10 hours a week!
Are you a student who dreams of starting a successful and sustainable business while still in college or university? You might think finding the time (and resources) to make it happen is impossible. But the truth is, it is possible! Using this guide, we will help you envision your business idea and provide the how-tos to start your business with only 10 hours a week.
To start a sustainable and successful business, you will need these three key elements:
With these three key elements, any business of yours will attain sustainable growth in the long term. That is why it is important to start as early as possible to make progress that will lead to the success you seek!
A strategy is a long-term action plan outlining your business goals, target market, marketing tactics, and revenue streams. Without a solid strategy, your business will neither have direction nor purpose. So, take the time to research your market and competitors, define your unique selling proposition, and design a plan that aligns with your goals and resources. Do prioritise your customers' needs when you strategise; do not solely focus on your own benefits!
Now, some fundamental questions that need to be answered before starting your strategy:
1. Business Goal
Business goals are the long-term objectives that a business sets for itself. They should be specific, measurable, achievable, relevant, and time-bound (SMART Goals). For example, a student-run business might aim to generate RM10,000 in revenue within one year.
2. Target market
The target market is the group of people that a business is trying to reach with its products or services. It is important to identify the needs and wants of the target market in order to develop products or services that they will want to buy. For example, a student who wants to start a tutoring business might target students who are struggling in maths. The student could conduct market research to learn more about the needs of these students, such as what topics they are struggling with and what kind of tutoring they would prefer.
3. Marketing tactics
Marketing tactics are the specific activities that a business uses to reach its target market. They can include online marketing (such as social media and influencer marketing) or traditional marketing (such as billboards and print advertisements). The best marketing tactics for a business will depend on its target market, budget, and goals. For example, a student who wants to start a tutoring business might use social media to reach potential customers. The student could create a business page on Facebook or Instagram and post helpful tips and advice on maths. The student could also partner with influencers who have a large following of students struggling in maths.
4. Revenue streams
Revenue streams refer to the various sources through which a business generates income. It involves identifying and determining the specific ways in which the business earns money. Essential questions to address when considering revenue streams include: What products or services are being sold? Is it a combination of both? Are there any subscription-based offerings? By analysing and selecting appropriate revenue streams, businesses can effectively monetise their products or services and drive financial success.
5. Market research
Before you begin developing your strategy, do your research and understand your industry, target market, and competitors. Just as you would research for your assignments and projects, researching the market and industry is imperative. This will help you make informed decisions about your business goals, target market, marketing tactics, and revenue streams.
Having a comprehensive grasp of your target market, marketing tactics, and revenue streams, as well as conducting thorough market research, is necessary before embarking on your business strategy. It is important to remain flexible and adaptable, as your strategy may need to change over time, which is perfectly fine. However, having a plan in place will give you a better chance of success.
Now that you have a clear vision of your business idea and understand the significance of strategy, it is time to delve deeper into the subsequent two key elements: execution and consistency. In the upcoming part of this two-part guide, we will walk you through the practical steps to turn your strategy into action and make your business dreams a reality, even with just 10 hours a week!
Constantin Stock is currently pursuing a Bachelor of Business (Honours) in International Business and Marketing at Taylor's University. He is adept in marketing and copywriting and passionate about startups. Providing comprehensive consulting services, he aims to empower businesses for sustainable success in the complex market landscape through strategic guidance, tailored solutions, and effective communication!
