{"id":9051,"date":"2015-06-17T06:00:55","date_gmt":"2015-06-17T13:00:55","guid":{"rendered":"http:\/\/foundersnetwork.com\/?p=9051"},"modified":"2018-11-22T12:51:12","modified_gmt":"2018-11-22T20:51:12","slug":"11-tips-on-how-to-start-a-business-while-having-student-loans","status":"publish","type":"post","link":"https:\/\/foundersnetwork.com\/11-tips-on-how-to-start-a-business-while-having-student-loans\/","title":{"rendered":"11 Tips on How to Start a Business while having Student Loans"},"content":{"rendered":"

The following is a guest post from fnBlog Contributor James Karnezis<\/a>, Operations at\u00a0Credible<\/a>.\u00a0<\/em><\/p>\n

After graduating from college all the doors are open to start your own venture, however there is one thing left in your way \u2014 student loans.\u00a0 Despite student debt being at a record high, there are still ways to start a business and still make your student loan payment.<\/p>\n

Here are some cost effective tips to consider to get your business off the ground:<\/p>\n

1) Refinance your student loans.<\/strong>\u00a0Current market interest rates are at an all-time low and refinancing is the perfect way to reduce your monthly payment.\u00a0 If you are worried about not qualifying, ask a parent or relative to cosign the loan for you.\u00a0 Refinancing can reduce your repayment significantly, leaving you with more cash to start your business.<\/p>\n

2) Find a job.\u00a0<\/strong>Just because you are starting a company doesn\u2019t mean you can afford not to work.\u00a0 Try to find a job with flexible hours so you can still make necessary calls during the day and grow your business. Don\u2019t feel like you have to rush and invest all your time in the new venture \u2013 being financially stable is more important.<\/p>\n

3) Do the math. <\/strong>Avoid getting caught in the idea of a company and find the true value in your idea.\u00a0 Crunch the numbers to see if the idea is feasible on a limited budget.\u00a0 It is okay to start the business in a different direction to gain attention and later switch into what you want when the time is right.\u00a0 Be patient and wait to expand when everything is well in place.<\/p>\n

4) Avoid taking out loans. <\/strong>Worrying about your student debt is enough, there is no need to ruin your credit or bite off more than you can chew.\u00a0 Loans should be avoided at all cost as well as amounting credit card debt.\u00a0 You do not want to start off on the wrong foot, staying financially stable is crucial.<\/p>\n

5) Use social media<\/strong>. There is plenty of social media out there to help get your business off the ground.\u00a0 See if you can create a social following as a test to your business idea.\u00a0 Try using Facebook and Twitter to promote your business.\u00a0 LinkedIn is also a great place to find other interested in similar ideas.<\/p>\n

6)<\/strong> Use inexpensive software.<\/strong> If you are looking to build a website, consider WordPress as an inexpensive site to host.\u00a0 Other companies like Crowdspring can help you brand your business at a competitive price. There is probably software for any business related task, ask around to see what may work best for you.<\/p>\n

7) Have a cofounder.<\/strong>\u00a0Working with someone who believes in the product is the best type of help to have.\u00a0 Starting a business with someone else will help split all of the costs as well as diversify the talents on the team.\u00a0 There is no reason to start a company on your own; it is always beneficial to have someone to bounce ideas off as well.<\/p>\n

8)<\/strong> Hire Freelancers.<\/strong>\u00a0Freelancers are a great way to get an extra pair of hands and your company out on the market.\u00a0 Try to get a couple college interns as well, they will appreciate the experience and can help you save a lot of money.\u00a0 Once the company has reached stability, hiring full time can be considered.<\/p>\n

9)<\/strong> Try not to rent.<\/strong>\u00a0Throwing away money to rent an office space is not the best idea.\u00a0 The money could be better spent on employees and contributions that will affect the outcome of the company.\u00a0 If you have to work from your parent\u2019s home or from your apartment, be creative and make the space workable to save a ton of money.<\/p>\n

10) Start a crowdfunding campaign. <\/strong>Kickstarter is a great place to spread your ideas and see how your product offering compares.\u00a0 With a little bit of money and creativity you can crowd fund your project and give yourself some starting capital to get started.<\/p>\n

11)<\/strong> Hard work. <\/strong>The business is not going to build itself.\u00a0 Time, patience and enthusiasm will play a critical role in creating success.\u00a0 Work hard and be smart with your money to make your dreams become a reality.<\/p>\n","protected":false},"excerpt":{"rendered":"

The following is a guest post from fnBlog Contributor James Karnezis, Operations at\u00a0Credible.\u00a0 After graduating from college all the doors are open to start your own venture, however there is … <\/p>\n

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