Before you finally graduate from college, you need to ask yourself: am I going to be a leader, or a follower? There is nothing wrong with aspiring to land an excellent job at an amazing company and working your way up the ranks or simply enjoying your time doing what you love. On the other hand, it’s important to understand that in the modern business world, entrepreneurship is a way to long-term financial independence.

Becoming your own boss gives you the unique opportunity to call all the shots, utilize your skills the way you see fit, and define your financial standing. With that in mind, here are the five tips that will help you become your own boss immediately after college.

It should be something you enjoy

Yes, your entrepreneurial journey should begin with your choosing to do the things you truly love and enjoy, but these shouldn’t necessarily be your passions. Why? Because you can enjoy your passion as a separate part of your life, unencumbered by stress and unsullied by the sins of the business world. In short, if you turn your passions into a business, soon enough it might lose its spark. So be careful.

This doesn’t mean however, that your unique passion cannot become your full-time job. If you’re lucky and if you take the time to prepare for the challenges ahead, you might even continue to enjoy it despite resting your fate on its long-term financial success. To turn your passion into a viable business, you will need to do your research first.

Research the industry thoroughly

You’ve gone through college, so studying long and hard is near and dear to your heart. Good, this is the right moment to use your skillset to research the industry and niche you plan on conquering, the consumer market, and of course, your competition.

Firstly, determine the demand for your products or services. Assess the pain points of your potential customers, and figure out how you can address them in a way your competitors are yet to discover for themselves. Next, discover your USP (Unique Selling Point) in order to create value for your product or service in order to set yourself apart from other actors in the field. Finally, you will need to choose a business model.

Decide on a business model

One of the biggest mistakes novice entrepreneurs make is thinking that they need to follow the traditional start-up routine. It’s important to understand that there are numerous opportunities out there, and that nowadays entrepreneurship can take many forms. Why is this important, exactly? Because launching a business is expensive, and it requires the practical know-how you might not possess.

To mitigate risks as much as possible, consider becoming a part of a franchise. With low cost franchise opportunities on every corner nowadays, you can take a more tactical approach to entrepreneurship by minimizing financial risks and getting all the support you need to launch a successful business. So before you launch your company, assess the competitiveness of your niche, and consider other forms of entrepreneurship that don’t require you to put your livelihood at risk.

Find successful people to mentor you

When you’re fresh out of college, you possess a lot of theoretical knowledge. However, that knowledge base might not correlate with the practical demands and challenges of the real business world. There can be no room for errors here, so instead of risking it, make sure to build your professional network first and get in touch with people who can help you make the right decisions on the road to success.

Remember, successful people hang out with other successful people, so don’t be a lone wolf but instead visit networking events and get in touch with your college professors. Ask these people to hear you out and even scrutinize your business idea from every possible angle – this will allow you to gain a more realistic perspective and adjust your strategy accordingly.

Tend to meticulous financial planning

Last but not least, know your financial requirements. Launching a business, no matter if it’s a startup or if you’re buying a franchise, will cost money initially and you will need to keep the ship afloat long enough to establish liquidity and even long-term solvency. To that end, focus on meticulous financial planning by determining the investment capital, your base operating capital, and the capital needed to grow your business in your particular industry and market.

In closing

Becoming a young boss is a cumbersome goal, but it is doable. Aside from having the passion and unrelenting resolve needed to push towards your goals, you should also take these tips to heart and incorporate them into your business strategy in order to pave the road to a successful future as an entrepreneur.

Mia Taylor is a lifestyle blogger from Sydney and writer for http://www.highstylife.com. She loves writing about her life experiences. Travelling and enjoying other cultures and their food with her husband is a big part of her life. She is always on the lookout for new trends in fashion and beauty, and considers herself an expert when it comes to lifestyle tips. Twitter | Facebook