Latest reports suggest that a staggering 70% of students graduate from college in debt. According to CNBC, the average graduate owes $30,000, while 20% of graduates have student debt totaling $100,000. Of course, the time will come when you have to pay your debts back, but 70% of respondents in a GradStaff survey said they struggled to find work post graduation. However, there’s good news if you’re a student struggling with debt, as launching your own digital startup could be the key to cutting what you owe.
Regardless of what subject you graduated in, a digital startup allows you to grow and learn valuable skills that will aid you in your future career. Two of the main skills you need to know are SEO and digital marketing. Thankfully, there is a whole host of free and paid courses you can enrol in to increase your skill set.
You’ll also pick up plenty tricks of the trade as you go. These skills will stay with you for life and can be used to enhance your business and thus your income, making it easier for you to pay back what you owe. Alternatively, you may choose to run your digital business alongside a permanent job as an employee. Your digital startup will look amazing on your résumé and will increase your chances of getting a well paid position.
Be in control of your own future
75% of graduates who responded to the GradStaff survey revealed that they were unsure what position was best suited to their degree and skill set. Once you secure employment there are benefits in working for someone else, but the benefits of working for yourself are superior. With the graduates questioned stating they’d been searching for work for more than three months, mostly without success, it’s hard to believe that more graduates aren’t starting out on their own. There’s nothing stopping you from launching your digital startup as soon as you graduate so long as you have an original idea and a solid business model to support your enthusiasm. From there, how you choose to grow your business and the number of hours you put in will depend on your work ethic and your desire to cut your student debt.
Regular cash flow
Once you’ve graduated, be sure to review your personal finances and your final student loan amount. This will give you all the encouragement you need to turn your digital startup idea into a reality. Once your business is live and you start making money, you’re free to put as much of it towards paying back what you owe. In contrast, employees have to wait once a month to receive their paycheck which is one of the reasons why 60% of students with a student loan don’t expect to be debt free until they’re in their 40’s.
Most graduates are keen to cut their student debt as soon as possible once they finish college. While seeking permanent employment is considered the norm, it’s more beneficial for those fresh out of college to create their own digital startup. In doing so it will set you up with skills for life, boost your future career and will provide you with a regular income that only you control.