Starting a business on your year abroad
Turning 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 year abroad is a particularly good
time to start a business
1. You are abroad for up to 16 months. Problems occur
which you could solve!Think: New Product or Service
2. You will develop key entrepreneurial characteristics on your year abroad, AND you are a
link between 2 languages and cultures
3. You discover products and services which you can’t get back home and vice versa!
Think: Import/Export
4. You have one or more of the following… maintenance
and tuition fee loans, Erasmus grant, salary, savings, support from
‘friends, family and fools’, no dependents!
Think: Startup Funding.
5. You have free time.
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 creatively
2. ANOTHER WAY:•Take a step back and look at your degree choice•What are your hobbies and interests?
Looking for opportunities:
Solving a Problem
My business…
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 network
Start 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
2. Define your customer
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)?
Where do you start?
Once you’ve decided on your 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!
fb.com/thirdyearabroadtwitter.com/[email protected]
Good luck!If you have any other
questions, visit:
Or get in touch:
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