New graduates want to be their own boss – here's how to do it

[Md. Anikuzzaman]

As the academic year draws to an end, research has shown that more than  are turning their backs on graduate jobs to go it alone. According to a study by Solopress, 56% of students are considering setting up their own business, and only 33% are planning to apply to graduate schemes once they leave university. Here are some tips for early self-employment success ...

Make the most of networking opportunities
Get to those networking events and talk, talk, talk. "There is value in every conversation you have, you never know where your next piece of work may come from. Changing the mindset to professionalism and saying, 'I am a graphic designer' rather than 'I am a graduate' is very important," says Lydia Wakefield, education and training manager at the .

Know your worth
It's hard to persuade people to pay for your work if you're willing to give it away. "Value your worth from the beginning. A lot of people feel the pressure to work for nothing or charge a really low rate if they've been studying. Clients are willing to pay for the quality of the work that you do," says Wakefield.

Set up with the tools to get paid
Register for self-assessment and file those tax returns. "Make sure you have contracts and invoice templates in place," says Wakefield. It doesn't hurt to get some advice from a professional, says Jeff Skinner, of the Institute of Innovation and Entrepreneurship at the London Business School. "Find an accountant or someone doing something similar and ask them for commercial advice," he says.

Manage expectations
Know the limits to your capabilities. "You can feel the need to say yes to every project. Have a self-awareness of how much work you can take on at any time and manage expectations," says Wakefield.

Resilience
Wakefield highlights the importance of having a thick skin. "If you get a no, don't take it to heart. Keep going, you will find your next client," she says, "ask for feedback, you can always use it for testimonial." And, remember that you're not alone. "It really is emotional highs and lows for any entrepreneur in early stages. But you're in a network with other people on the same journey as you," says Skinner.

Source: https://www.theguardian.com/money/shortcuts/2018/may/14/new-graduates-want-to-be-their-own-boss-heres-how-to-do-it