Starting a business can be a great way to achieve financial independence. The younger you start, the more chances you have of early retirement. However, launching a business young can be extremely difficult, especially if you are still a student.
The main challenge young entrepreneurs face is having nowhere to base themselves or store goods. The vast majority end up having to use their bedrooms as storage areas. Working out of one’s bedroom can be very disruptive and isn’t conducive to success, however.
This post will tell you how you can get the extra space you need as a student entrepreneur.
Private Lockers
Renting out a private locker is one of the most effective ways of finding storage space. There is a multitude of companies offering student storage in Hull and throughout the United Kingdom. You don’t usually have to declare what you’re storing, so even though you rent a storage unit designed for students, you’ll still be able to store business-related equipment there. The good thing about student storage lockers is that they tend to be considerably cheaper than ones exclusively for adults or businesses.
Home Office
If you’re a student, then there’s a good chance that you live at home with your parents. A home office isn’t ideal when you’re young, because it can be hard to get your parents and siblings to respect your privacy. That said, if you sit down and explain to your parents how badly you want to start a business, then they might be able to accommodate you. If there is a spare room in the house or even an annex, they could give it to you.
Renting Space
Not all student entrepreneurs are broke, some have money. This could be because their business is very profitable or because their parents have given them money. If you are lucky enough to have a bit of money behind you, then you could just go and rent your own office. Renting an office isn’t cheap though, you will probably need several thousand dollars in order to pay for half a year’s rent. You may also be asked to put down a deposit, just in case you fail to make rent payments or damage the office you’re working in.
Coworking Halls
Coworking halls are probably the best option on this list for student entrepreneurs. If you are unfamiliar with coworking halls, then they are large office buildings with desks that can be rented. You can rent a desk or cubicle in one of these buildings, and then put down the office’s address as your address. You will get your own locker and your phone calls will be fielded by the building’s receptionist. Coworking halls are great places to start a business because they save you money and give you an opportunity to meet other young entrepreneurs in your area.
Virtual Office
A virtual office is another thing that’s worth considering. It is when you rent an address, mailbox, and receptionist. In other words, you pay an office building to let you register yourself as working there. Then, when correspondence arrives, they will forward it to you. Virtual offices are great for young entrepreneurs because they give their businesses authenticity. When you have an official office address, it makes your business look a lot more professional and organized than it might actually be. You can rent a virtual office space for next to nothing. Most can be leased for under £500 a year.
Online Business
Not all businesses actually need offices. If you are running an e-commerce site, dropshipping store, or affiliate marketing website then you can work from a laptop, regardless of where you are. You can even run one of these businesses from your college dormitory if you’re staying in one. An online business will be considerably cheaper to set up and run than a brick-and-mortar one. If you plan on starting an online business, then research your chosen business model and determine whether or not a virtual office will be necessary. Some online businesses can benefit from virtual offices, just for official correspondence.
Avoiding Distractions
If you’re going to be working from home, then it is a good idea to work in a room that’s free from distractions. It’s also important to do this if you are working at college. Distractions can cause you to make mistakes. They can also prevent you from absorbing important information. If you’re working at home then you can just ask your family to leave you alone. However, if you’re at college then you’ll probably need to invest in some headphones or work in the library, where there probably aren’t going to be many distractions or loud noises. If there are, you can always report the individual responsible for making them to the librarian.
Securing Equipment
When you are working from a public place (like a university) you need to take steps to protect your work equipment, like your laptop. Unfortunately, property thefts are becoming a lot more common in Britain’s universities. If you are staying in student halls, then it is essential that you lock your things away in your room. Never leave anything lying around, especially if it has sensitive business information stored on it. Your business’s data falling into the wrong hands could lead to data theft.
Digital Protection
Finally, make sure you protect yourself online too. A lot of young entrepreneurs make the mistake of thinking that the internet’s safe. The internet is far from safe. It is arguably more dangerous today than it was several decades ago, and it’s only getting worse. One way of protecting yourself online is to use a VPN. A VPN is perfect for people who’re studying at university because they’ll likely be using public Wi-Fi networks. Public Wi-Fi networks can be hijacked very easily. If the network you are working on is hijacked, your data could be stolen.
If you are a young entrepreneur, then this post’s guidance will come in handy. Finding somewhere to work from can be very difficult. With the advice given here, you’ll be able to find a comfortable workspace in no time.
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