Courses are primarily theoretical and designed to impart knowledge, even if many of them advertise that they are particularly practical or practice-oriented. For most students, this means that real practice can only be started after a few years. However, some people don’t want to wait long and may have a business idea that they want to implement as soon as possible. But a self-employment parallels your studies – is it really a good idea or is it even allowed? In principle, you can start your own business while still a student; it is difficult to make a general statement as to whether it is reasonable or not. However, anyone who decides to do so should know what to expect…
Self-employment parallels your studies: why in fact?
There are countless points in time to becoming a self-employed person. At first glance, the course doesn’t seem to be a particularly good one, as there are several aspects that go against this decision. First of all, there is the problem that research is very time consuming, giving only limited time to build the work itself and work on all the tasks and projects that arise as a result of the independent work.
In addition, the financial situation of students is often suboptimal. Rent, living expenses and study expenses must be covered, income is low or none and so far no time or opportunity to develop a financial stepping stone to build self-employment besides learning.
So why enter the path of self-employment other than studying? What may seem confusing to some is an obvious route to others. So independence is not only an option for everyone, but a certainty for some. Literally, you were made to work independently, building and running a company. When business ideas and opportunities come together, this is the Decision to become a freelance business alongside learning how to hit fast.
Furthermore, it can give everyone a good reason to start their own business during their studies:
You experience hands-on
Theory is important, but practice is something else entirely. At university, you will learn a lot if you are self-employed besides your studies, but you can immediately apply what you have learned and see how it works in practice in real-world conditions. actual work. This is not only an exciting but also an important future experience that you will gain earlier than your fellow students and competitors later on in the job market and in business. .
You create contact
B vitamins are known to be an important factor for career success. You might get to know some people in college, but you’ll build a much broader network if you run your own business alongside your studies. Other companies, customers, like-minded people and competitors can still prove to be important contacts.
You have more freedom
One big advantage of being self-employed along with your studies is your flexibility. A degree often offers significantly more freedom than, say, a permanent position. This way you can decide for yourself when you will be self-employed and how much time you can really invest outside of your studies.
You are still young
Lack of experience is often seen as a weakness, but it can be an advantage to striving for independence while studying at a young age. On the one hand, you are open to everything; on the other hand, you still have your whole professional life ahead of you. So you are not forced to land immediately. If the company doesn’t succeed in the next few decades, you have more than enough time to reorient yourself.
Is it possible to be self-employed while studying?
Self-employment parallel with your studies? It is guaranteed to fail from the start … This, or at least something similar, is a widely held opinion based on the fact that students do not have what it takes to succeed in self-study. business. But is that really true and is it only a matter of time before self-employment besides learning ends up failing?
Absolutely not! Self-employment along with your education can very well become a long-term success that lasts many years and can define your entire career. However, such success should not be expected or taken for granted, as on the other hand, many students have to experience that independent work alongside lecture tours and exams is not what they have in mind.
The factors that are especially important are Motivation, commitment, and persistence . Those who do not carry this with a high degree will quickly reach their limit due to double burden, loss of interest and difficulty.
Also, anyone who is thinking of starting their own business while studying should do the right basic installation . Only those who are really willing to work overtime have the opportunity. Being independent besides your studies is a tough job that also requires it. The free time that others spend partying or doing nothing, will be invested in the start of your company and in the evenings and weekends you will be disturbed.
Self-employment in parallel with studying: You should pay attention to this
Self-employment alongside your studies is anything but a surefire success . You have to take care of a lot of things, adjust some things and keep in mind many different things, because there are rules and guidelines that you have to follow.
In addition, you should be on top of some prepared aspects from the very beginning . We outline the things you must pay attention to and the things you should think about if you want to start your own business while studying:
Be prepared for failures
Failures, failures, mistakes and failures – all of these are part of being self-employed. So be prepared for tough times to come and your small business is not always going up. There are no orders, obstacles to overcome, and possible financial bottlenecks. This is anything but easy, especially when the quota for the course has to be completed all at once and requires a lot of time, effort and attention.
Set your priorities
There is a need for bidirectional independence with your learning, especially in the early stages. Therefore, learning and freelance work should be done under one roof and take place at the same time. However, problems always arise when both areas require more attention and the other is affected as a result. As a result, you should regularly be aware of your priorities to see which areas you want to be more involved in or if you can combine the two in the long run.
Think about health insurance
Many students have family insurance through their parents during their studies and do not have to pay for their own health insurance. This can also happen until the age of 25, even if you are running your own business while studying. However, for this to be possible, certain requirements must be met.
On the one hand, you must continue to primarily pursue your education, which is measured against time and financial factors. You are not allowed to work more than 20 hours per week in self-employment to be considered part-time. In addition, your monthly income from self-employment outside of your studies must not exceed 75 percent of the monthly reference figure.
Pension insurance contributions can also be made. These aren’t always required if, for example, you don’t exceed the $450 per month marginal income limit, but you can make voluntary payments to reserve for old age at an early stage.
By self-employment along with your studies, you will earn income and pay taxes accordingly. . If you are not familiar with the subject yourself, you should see a tax advisor and get help with your tax return.