starting a business on your year abroad

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/thirdyearabroadlizzie@thirdyearabroad.com

Good luck!If you have any other

questions, visit:

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