The idea of your dorm room business being wildly successful sounds fantastic; the best kind of problem to have. You’ve started a business on a shoestring, with the intention of funding your college years and not much more… and now it’s becoming clear you’ve hit on a winner.
You suddenly find yourself contemplating a situation you had never even imagined, back at the start of your company. Your business is booming; it seems you have the business version of the Midas touch, and everything you’re doing is going well. It becomes apparent that your little business idea has legs, and could potentially be a viable career for you.
The above all sounds great and, admittedly, it is a good position to find yourself in. However, it’s not entirely what you signed up for. You wanted a business that would help generate revenue while you studied; you might have hoped that business would one day become a career possibility, but it wasn’t what you were aiming for. You were focusing on your studies, with the business as a secondary part of your life.
Now, that business is demanding time, energy, and investment from you. You find yourself having to contemplate real change in the company; perhaps it’s becoming apparent your company requires office space, accountants, and potentially even full-time staff. This isn’t what you signed up for, but the profits are clearly there to be made, and you’ve hit on a great business plan almost by accident. What should you do next?
Investigate Your Options
When you’re surveying your company finances, it might be tempting to think that everything looks wonderful and expansion is effectively being demanded– but this isn’t always the case. At this point in time, your business has relatively few outgoings, especially if it’s a digital business you’re running from a laptop in your dorm room.
You may find that when you start to factor real business expenses into your finances, the picture isn’t quite so impressive. If you’re not sure what kind of expenses expansion might bring to you, then you need to investigate. Look into the cost of premises; it’s also worth choosing to click here for accounting packages that your business may require in future. You also need to factor in legal necessities, such as the cost of complying with employment law.
When you have examined all the above, your success may have been put into perspective, and you realize that your business is more a lifestyle choice than a business that has the potential for growth. There’s nothing wrong with that, of course; use your business to make your lifestyle as enjoyable as possible, and maybe consider expansion when you have graduated.
If, however, you run through numbers and all is still looking good for the business, you have a tough decision on your hands.
Talk To People
Ideally, you want to find a business mentor who can help guide your next steps. Contact local business groups and explain your predicament; they will be able to offer invaluable advice, and even introduce you to potential partners who can help you manage the workload. You should also talk over the situation with your friends and family; they may even be able to help shoulder the weight of the business until you graduate.
Ultimately, you have to decide what’s right for you, and just how big the opportunity your business is presenting as a viable career. Advice from seasoned business people is essential to making this choice, so sign up for mentoring, and you should be taking a step in the right direction.