Despite all the millennial talk about how bad the economy is recently, complaining about the price of accommodation and the high cost of living, it is rather healthy. The unemployment rate of 4.3 is considered to be a natural rate but economic trends suggest that it will reduce in the upcoming years. What does this mean for business and finance students? Much like their successful predecessors, they should make informed and intelligent choices.
Upon graduating or even prior to it, if one is able to find a part time job in their field of interest, all the better as this gives them a head start in the experience department. One thing to look for when applying for a job is to look for small companies or businesses. This is to increase one’s exposure to how things are run and to acquire an overall experience. Small businesses are very rarely segregated, and allows for interns and employees to learn their complete structure.
Traditionally, or back in the day, finance students are broken off into two branches: stockbrokers or insurance agents. However, times have changed and the career patterns have changed with it. Should they want to specialize in finance, such as debt consolidation, financial planning, company expansion, that interest could bring them into offshore financing, cryptocurrency, and banking.
On the other hand, for business enthusiasts, it is crucial to be able to plan ahead. Before committing to any one idea, study the market trends, how cash flows, take into account the costs of renovation, rental, salary and other expenditures including inflation. Be prepared to admit that the initial idea may be impractical in the long run, even with substantial funding. It is risky enough in itself to start a business, and there is no way to predict how much profit it would rake in and for the first few months or years, all profits would go into covering for the overhead of the project.
In the event the business does well, do not make the mistake that many failed business owners do: expand too quickly in a short span of time unless the business is capable of withstanding an extended windfall.
Do not neglect unconventional methods of being noticed, such as having an app if relevant to send push notifications and interesting content or attractive promotions. Do not be afraid of sending targeted messages to potential customers for fear of putting them off – it is a different world now, one where information is easily disseminated and as easily dismissed.
Make use of holidays and paydays, whilst Black Friday is the day of the colossal sale, there will be many other brands, products, and businesses competing against each other to provide the best deals. While it is expected of a business to go on sale on that day, it is not the only day one is able to go on sale. Create events catered to one’s business and make sure it has proper build up, exposure and a follow-up post-event so customers might spread the word about when the next event might be.
Frequent sales might be a favorable gimmick, but one must be wary regarding how long it might last. Fashion brands particularly, are capable of pulling it off as fashion is as fickle as their sales.
Lastly, remember that in order to succeed, one must first learn to fail.