Starting a business on your year abroadTurning your experience into a business opportunity Lizzie Fane, Founder of… The UK’s biggest network of students who study or work abroad during their degree.
5 Reasons why your yearabroad is a particularly good time to start a business
1. You are abroad for up to16 months. Problems occur which you could solve!Think: New Product or Service
2. You will develop keyentrepreneurial characteristics on your year abroad, AND you are a link between 2 languages and cultures
3. You discover products andservices which you can’t get back home and vice versa! Think: Import/Export
4. You have one or more ofthe following… maintenance and tuition fee loans, Erasmus grant, salary, savings, support from‘friends, family and fools’, no dependents! Think: Startup Funding.
Being your own bossPROS•Independence – freedom to make big decisions•Entrepreneurial, challenging and creative•Learn a HUGE range of transferable skills very quickly•You’re doing something you love and are helping people•It’s really, really fun CONS•1% idea; 99% execution•Irregular (and LONG) hours•Little pay (if any!) at the start•Uncertain future (You have time for breakfast!)
Start a company?! Me?1. THE TRADITIONAL WAY:•Spot a problem that affects a lot of people•Solve it creatively2. ANOTHER WAY:•Take a step back and look at your degree choice•What are your hobbies and interests?
Types of business• Import or export your own product (or someone else’s)• Develop a service• Become a freelance teacher, interpreter, translator, consultant, etc.• Create a targeted membership networkStart small with a precise target market to prove your concept, then expand.
1. Work out your business model• Selling products and/or services on or offline• Online payments: Google checkout• Membership• Sponsorship• Affiliate Sales
3. Learn new skills• On your year abroad + when you’re back!• University ‘Lifelong learning’ classes
4. Take advantage of what your university offers• Entrepreneurial department/society• Free office space, advice and support• Student business competitions• Matching up skilled students• Entrepreneurial alumni
5. Do your research• Competitor analysis• What’s your unique selling point (USP)?
Once you’ve decided onyour business model…• Market research / Build a prototype• Think of a good brand name• Check if the domain name is free on 123-reg.co.uk• Secure your brand: knowem.com• Check out Smarta.com for advice• Read ‘The Lean Startup’ by Eric Reis• Read ‘Business Model Generation’• Get promoting via social media!
Good luck!If you have any other questions, visit: Or get in touch: fb.com/thirdyearabroadtwitter.com/thirdyearabroad firstname.lastname@example.org