This is the third follow up to our post “Student Start-Up Advice (via Twitter!)”
Question 3: Does anyone have any tips or advice for funding a student start-up?
There were plenty of ideas here, demonstrating that lack of cash does not stop a true entrepreneur! There are plenty of free business tools for start-ups, and many people are willing to help out in practical ways. Sharing resources with others can reduce costs, and business competitions are a great way of winning some cash.
- it’s tech I’m into so in my case use your skills and id suggest freelancing but be careful to balance it
- < #crowdfunding – that’s right up our street. (from @bloomvc)
- Network, network and then network more. It will soon lead you to the proper people to speak to regarding your business.
- Don’t be too quick to ask for money for your company. Its amazing how little you can get by on if you are creative and can bootstrap
- Tips for bootstrappers? < find a biz at a similar stage and pool resources, buy in bulk together, share contacts
- Enter pitching competitions such as @shelllivewireuk . You can do a lot with the prize money!
- Consider matchfunded initiatives, such as those from @PSYBT_GLASGOW
- Co-Working can be invaluable for StartUps don’t work in isolation (Also great for learning from each other’s mistakes and bouncing ideas around)
- Funding easier from friends/family than banks, but harder to let them down if things don’t work out. Great incentive for success!
- I’ve been getting into free web apps; some great ones that help cut costs. Everything from accounting software to design programmes (listed a few on @RookieOvencouple of weeks ago – http://rookieoven.com/2011/09/07/5-useful-web-apps-for-productivity/ )
- Find out what support you can harness for free. many unis have incubator space.
- to keep costs low have a ‘virtual’ office from somewhere like @enterprise_bc a business address without the hassle!
- Be sure to plan your business first, then look for free/cheap resources to fit your plan. Not the other way around
- I’ve been using waveaccounting.com and aviary.com they’ve been really helpful