Tips for College Students Starting a Small Business

Finding an extra source of income in college is always a great idea. Stepping into that sudden role of adulthood can be daunting and overwhelming. Students must pay for books and supplies, and if they aren’t on campus, they need to factor in food and shelter.

Having a regular part-time job is a great solution to those problems, but nothing sets you up for the real world like starting your own business. Here are some tips for college students starting a small business.

Don’t Quit Your Day Job

Have you ever heard the phrase “don’t place all your eggs in one basket?” When it comes to starting a business while still in college, the statement applies. Starting a new business is ambitious and admirable; however, it’s not an easy venture. It’s important to keep whatever part-time job you currently have.

When it comes time to start your small business, approach it as a side hustle. You won’t see profit immediately, and you still need to have some source of income to help get your business off the ground. Plus, by staying at that current job, you can observe what works and what doesn’t and design your business model accordingly.

Know Your Market

Take an intense look into the market you want to attract. Are you looking to turn a profit with college students, professors, or parents? Figure out which audience you plan to target and cater your business toward them.

Knowing your market also means knowing the season. A business is all about supply and demand. What people need in the winter is different from what they need in the summer. If you plan to work only in the summer, maybe you want to start a summertime-friendly business, like a pressure washing business.

Network With the Campus

Being a student gives you a leg up. You have access to so much right at your fingertips. After graduation, that kind of opportunity and power might slip away. Take advantage of it while you can. Talk to your professors and see if they or someone they know need the services you’re offering.

Connect with students and see if they want to get in on your new business venture. You can build partners and gain staff members without having to travel far. Your campus also probably has great resources for you to promote your business and gain some capital.

Organize Your Time Wisely

Remember, at the end of the day, you’re a student first and a business owner second. Don’t get so overwhelmed with your new profession that you slack on your schoolwork. Create a strict schedule where you strategize what’s most important and what needs your immediate attention.

If you feel things are starting to get out of control, take a step back. You might want to work on your small business during the off-season. This way, you can give your business and your schoolwork an equal amount of focus.

As a college student, starting a small business is ambitious and completely doable as long as you keep your priorities straight.

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