How to Start a Business While Studying?

Why Should You Start a Business Alongside Your Studies?

Look, this is a competitive era, and academic education alone is not enough for success. Finding ways to earn alongside your studies will enhance your skills, provide financial independence, and secure your future. By starting a business, you won’t just earn money—you’ll also develop problem-solving skills for real-life challenges.

• Economic independence: Finding ways to earn alongside studying will allow you to bear your own expenses. Only those who have tasted financial independence truly understand its value!
• Skill Enhancement: Through managing a business, you can acquire communication skills, time management abilities, and various knowledge related to finance and banking.
• Prepare for the future: Having business experience increases your chances of becoming a successful entrepreneur in the future. You can view it as preparation for the future.
• New Experience: Business will provide you with real-life experience that will help in building your career or job. Remember, not everyone gets the opportunity to work in the field. Here, you will be ahead of many.

What preparations should you make before starting a business? 

When preparing to start a new business, there are some important factors to keep in mind. These will help you make your business successful.

1. Identify your interests and skills

To start a business, the first thing you need to do is identify your interests and skills. What kind of work do you feel comfortable with? What brings you joy? For example, if you have design skills, you could start a freelance designing business or a customized t-shirt business.

2. Choose a Timely Business Idea

Based on your interests and skills, you need to choose a profitable business idea. Here are some popular business ideas:

• Online coaching or online training courses.
• Freelancing (Graphic Design, Content Writing, Web Development)
• Drop Shipping or E-commerce
• Selling Homemade Products (Cakes, Chocolates, Jewelry, Art & Crafts)
• Digital Marketing Service
• E-commerce Business Focused on Handicrafts or Handmade Products

To learn more about small business ideas, read on- 4 Small Business Ideas: Start Now and Make a Big Impact!

3. Create a Business Plan

A good plan is the key to a business's success. A business plan should include the following:

• Goal and Objectives
• Probable Clients
• Competitor Analysis
• Income-Expense Management
• Marketing Strategy
• Primary Budget
• Prepare Trade License

4. Set time for business after studies

To manage a business alongside studies, time management is crucial. Keep the following points in mind:

• You need to allocate a specific time for the business every day.
• You need to maintain a balance between study and business time.
• You must prioritize tasks based on their importance.
• You need to reduce unnecessary chit-chat and focus on building your business network.

Start small and take advantage of all the online resources available.

Start small without making a large investment initially. Gaining business experience while minimizing risks in the early stages would be a wise approach. 

Currently, online-based businesses are very popular. You can easily start a business using social media or e-commerce platforms. Products or services can be promoted through Facebook, Instagram, and websites. Try to take advantage of all such technological facilities.

Learn how to market and brand your business at a low cost.

You need to learn ways to market and brand at a low cost. If you cannot afford large-budget advertisements, there are some ways to market for free, such as:

• Social media marketing
• Blog or Content writing
• Referral marketing
• E-mail marketing

These are not entirely free, but they allow you to reach a much larger target customer base at a very low cost.

7. You need to dedicate time every day to ensure customer satisfaction

To succeed in any business, it is essential to keep your customers satisfied. You can achieve business success by understanding customer needs, providing quick service, and maintaining good relationships. You must set aside time to reply to customer comments and messages online. It's also important to maintain a balance between your studies and business.

8. Keep track of income and expenses from the very beginning of the business.

Business is essentially a game of numbers! Therefore, you need to become accustomed to managing accounts. Once you choose a new business or small business idea, you should select an accounting tool to keep track of your finances. Choose a simple and cost-effective accounting tool for this purpose.

The easiest and most affordable accounting software in Bangladesh is HishabPati. You can use it. With this app, you'll get support for tracking business income and expenses, stock management, accounts receivable, invoice creation, and more. 

To get all the support you need for business management, Download HishabPati app Free. First, try the basic package for free. If it meets your needs, you can then subscribe to the paid package for a nominal fee.

9. Start Business Networking

No matter how small your business idea is, business networking is crucial. Therefore, start interacting with people involved in your industry from the very beginning. Build connections and increase your network. To learn how to do this, you can read this article - Networking for Entrepreneurs: What, Why, and How to Do It?

10. First, understand the business yourself, and then hire employees.

Hiring employees without understanding the business yourself from the start would be unwise. Therefore, you should first thoroughly understand the business and then hire employees as needed.

11. As your business grows, use an employee management app.

When your business starts to expand, you'll need to hire employees or build a team. At that point, it's essential to use a digital tool for employee management. Choose an app that offers features like time tracking, shift planning, leave management, payroll, and a document vault to efficiently manage your workforce. 

For an employee management app, you might consider using HaziraBecause, with all these features and at an affordable price, Hazira is the best. Can be downloaded Free. For more details, you can read further. Employee Management Software for Small Businesses: Hazira

It is possible to find ways to earn and run a business successfully alongside your studies if you can plan properly.Starting a business while studying is challenging, but not impossible. If you follow the right steps while preparing to start a new business, you can continue your education and also become a successful entrepreneur. So take initiative quickly, start small, and move forward step by step!

Demo - View this & start your journey with HishabPati in three simple steps!

• Step 1: Sign up on HishabPati 

First, visit the HishabPati website and create an account for your business. Alternatively, download hisabpati app from google play store and register. Registration in HishabPati is quite easy & complete free.

• Step 2: Set up your company 

After signing up, first set up your business profile by providing the necessary information as the owner. Then, set up essential business aspects such as inventory, units, purchases and sales, outstanding balances, invoices, and transactions. After that, start updating daily transactions.

• Step 3: Enjoy the various features of HishabPati 

After starting to keep business accounts on HishabPati, make use of the necessary and unique features, such as invoicing, barcode scanning, units, and expense management, among others. 

Watch a demo video on YouTube in Bengali to understand the usage and features of HishabPati in detail. 

Digital ledger for income and expenses – HishabPati demo.

HishabPati's subscription fee starts at just 99 Taka!

HishabPati is Bangladesh's easiest and most affordable accounting app. Its subscription fee is divided into monthly and annual terms, with three budget-friendly packages available.

• 01. Basic Package: The Basic package is completely free! This means you can try out the app without purchasing a subscription.
• 02. Premium Package: The monthly subscription fee for the premium package is just BDT.99. And there's a 17% discount on annual subscriptions! It will cost only 999 taka in a year!
• 03. Business Package: The monthly subscription fee for the Business package is just 199 Taka. Like the Premium package, the annual subscription also comes with a 17% discount, making the yearly cost only 1990 Taka.

Know about all features of packages today in details & choose your desired package. Good luck with your business!