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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 boss
PROS
•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…
Starting a business on your year abroad
Starting a business on your year abroad
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!
Good luck!
If you have any other
    questions, visit:


   Or get in touch:
    fb.com/thirdyearabroad
twitter.com/thirdyearabroad
 lizzie@thirdyearabroad.com

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Starting a business on your year abroad

  • 1. 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.
  • 2. 5 Reasons why your year abroad is a particularly good time to start a business
  • 3. 1. You are abroad for up to 16 months. Problems occur which you could solve! Think: New Product or Service
  • 4. 2. You will develop key entrepreneurial characteristics on your year abroad, AND you are a link between 2 languages and cultures
  • 5. 3. You discover products and services which you can’t get back home and vice versa! Think: Import/Export
  • 6. 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.
  • 7. 5. You have free time.
  • 8. Being your own boss PROS •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!)
  • 9. 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?
  • 14. 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.
  • 15. 1. Work out your business model • Selling products and/or services on or offline • Online payments: Google checkout • Membership • Sponsorship • Affiliate Sales
  • 16. 2. Define your customer
  • 17. 3. Learn new skills • On your year abroad + when you’re back! • University ‘Lifelong learning’ classes
  • 18. 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
  • 19. 5. Do your research • Competitor analysis • What’s your unique selling point (USP)?
  • 20. Where do you start?
  • 21. 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!
  • 22. Good luck! If you have any other questions, visit: Or get in touch: fb.com/thirdyearabroad twitter.com/thirdyearabroad lizzie@thirdyearabroad.com