6 Ways a College Graduate Can Pursue Entrepreneurship

College graduates are all faced with the same issue: what to do after entering the workforce. Many people get traditional jobs and go to work so that they can build their careers. This is perfectly normal and works quite well for a number of individuals. However, some college graduates are holding onto entrepreneurial dreams that they simply cannot let go of.

Using the six tips found below, you can become your own boss, build a business, and initiate a legacy that will be left to your future family.

1. Franchise Ownership

Franchise opportunities are incredible for young graduates because they take quite a lot of work and investment. When you are new to the workforce, you likely have more time to spend investing in the business, running the register, cooking food, and more.

Yes, you must pay a franchise fee and take out loans to get started, but profits can be reinvested in your location and even allow you to open new stores in the future. Plus, you might expand to other types of franchises as your company grows. These shops or stores provide jobs for family members and friends who can also grow in the business with you, along with supporting community members who need work.

2. Consulting

Consulting work is needed across every industry. If you have expertise in a particular area, you should consider “hanging a shingle” and opening your own consultancy. You are paid to assist other businesses as they navigate the marketplace, and you might even fall into an incredible job with one of your clients. This gives you the opportunity to work as a consultant and hold down a “regular” job.

3. Government Contracting

Outside of the traditional consulting field, government contractors bid for a range of contracts that support local, state, and federal agencies. You can offer IT support, office management services, security, and more to your partners. The GOVCON sector is massive, and there are always new contracts open for bidding.

4. Speaking Engagements

Many new graduates may prefer to share their perspective and expertise, especially if they are entering a second career or phase of life. There are countless opportunities for you to become a public speaker who is paid quite well, allowing you to supplement your income.

5. Partnerships

You don’t need to open a business all by yourself. Find local businesses where you are willing to make an investment. Become a partner. Supplement your income. You might choose to buy out your partner or reinvest your profits in yet another venture, depending on your career goals.

6. Sell Products and Services

If you have the capacity to sell a product or service online, you should do so. Some people teach private lessons in a field where they have expertise. Many of your classmates will build custom crafts, and still more create software or programs that are sold to commercial clients. Again, this can be your full-time job, or you may choose to supplement your income with this work.

Pursue Your Dreams Today

If you are a recent college graduate or have considered what you will do in the future, you can chase your dreams of entrepreneurship using the tips above. Don’t be afraid to put yourself out there, but remember to put together a business model, hire wisely, diversify your income, and seek out unique opportunities in varying industries to maximize your capacity for success.