The first step in starting a company after graduating is financing the business. There are several ways to finance a company, including personal savings, loans or borrowing money from a parent. You probably won't have enough credit built up to get a loan. However, if you write a detailed business plan about your products, target market and projected sales, the U.S. Small Business Administration may be able to get financing for you. Sometimes, special financing is available for women or minorities to start businesses, especially if a city needs to increase these types of entities. Another option is starting your business part-time while you work a job. There are also a number of low cost start-up businesses such as commission selling or consulting that don't require huge outlays of cash.
Base your business concept on something you enjoy, such as a hobby or product in which you are familiar. Another option is using what you studied in college to launch your business. For example, you can start a web design company if you have a systems analysis or computer degree. Talk to others in your field to determine what supplies or equipment you need to get started. Visit other business owner's websites to see how they market their businesses. You must also decide whether you want to conduct your business locally, or expand to contiguous or national markets. You then need to determine which advertising media best reaches those markets: TV, radio or print ads, such as display ads in trade journals. Secure a location for your store if you are starting a retail business. Also, contact your county administration office to determine what licenses you will need.
One key consideration for your business is insurance. You need insurance to protect yourself against potential lawsuits. Insurance is particularly crucial for those who run sole proprietorships. That means you are the sole investor. Sole proprietors are responsible for all expenses associated with their businesses. They also stand to lose their life savings and homes if they are sued. One place to shop for business insurance is at BusinessInsurance.org. The company provides insurance companies by zip code.