In October, the U.S Bureau of Labor Statistics reported the unemployment rate for the nation was 10.2% and for the 20-24 age range, the rate is much higher. The Wall Street Journal is reporting the unemployment rate for 20-24 year olds is a staggering 16%. It goes on to report that employers are projected to hire 7% few graduates from the class of 2010 than they hired from the class of 2009, which saw a drop of 22% from 2008 graduates.
With these kinds of numbers, turning to entrepreneurship seems to be a recent grads best bet. Faced with the fact that they probably won’t be finding a job anytime soon many recent graduates are making the decision to start their own business.
So what do you need as a recent grad to start up a new business? The first thing you will need is capital. Small business loans are available and are essential before you can look into cash options such as business cash advances—which help you get cash fast once you have started your business. If banks are intimidating look at your college for help, many college campuses have entrepreneur programs and can help you get the capital you need to start your company.
If loans aren’t appealing for you look for investors to invest in your business. There are plenty of people out there who have money, and will invest if the right project is out there. Get yourself a great business plan and practice your pitch to potential investors—see what they like to invest in and find an investor that will fit your business needs. Going after the wrong people can be frustrating and can make you feel like you are wasting your time so make the most of your time and do the right research.
Because most students have grown up with the internet, it is a good idea to start with social media and internet marketing tactics to help gain exposure to your new venture. You need to use what you know to get ahead right out of the gate.
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