Many students have big ambitions like starting a business while in college. However, many do not start because of various reasons. Some fear they will not be able to balance between education and business. Others fear they will not make it and many others fear lack of capital and direction.
Most of the giant tech companies have been started by students who committed themselves to create extra time for their business. With a willing heart, an entrepreneur student will not lack mentors. The following tips will help you start successfully.
You first need a business idea before you start. To make it easier for you, look around your college environment and identify a problem that needs a solution. Think of ideas that will help fill the gap and how profitable that solution can become.
If you fail to find a gap in the college, think outside the box and think of a problem in your state or country and how you can offer solutions. Your business idea should first have a local perspective before going out to the state or national level.
Conduct a survey
Find out from the students if your idea will be viable. You don’t have to spend money to do a survey. You can design a few questions from a free survey tool and send your fellow students through social media.
If you don’t get enough responses, print some, walk around in the college, and do a person-to-person survey. It should not take you more than a week to do a sample size of 250 questionnaires.
Do not let the students know it is you who want to start a business. It’s not everyone who would appreciate your idea. Others will run ahead of you and start.
Enroll for the right course
Business requires the right knowledge and the best place to gain it is college. It helps you get the right skills needed to run your business. Without the right skills, you might need to outsource, which can be tough on your startup.
If the business idea came when you had already chosen a major, you could choose an elective to help you build a specialty in your business area. In your free study time, research specific areas that you feel will help you manage your startup better.
A lot of assignments engulf all students around the world. Having many assignments to do is not the problem – but lack of time and knowledge on doing some of them is sometimes a problem. That’s why many university students seek the help of professional writers from the many online academic writing services. As for me, I always get help from EduBirdie. Whenever I lack time and need homework help, I log in and ask them to help me with my homework. They’ve always done my assignments correctly and on time.
Weight your funding options
Having your viable idea on the table, take it to the next level, which is financing. Weigh the options you have and pick the most promising. A college is a perfect place for launching a writing startup because it will not require heavy funding. With a laptop and a good internet connection, you can launch the business comfortably.
You have several options where you can seek funding. First, talk to your parents or guardian to see if they can help. You can also apply for a scholarship and get enough money to start your business.
Student fellowships are another way to get funding or apply for a loan as a last option. Many corporates, colleges and individuals would be more than willing to help students who show willingness and commitment to entrepreneurship.
Create your business plan
You might not be in college for long, but you envision that your business will grow and live on for the next century or more. As the founder, be the first person to create a strategic plan for it.
The plan will help you have a marketing and growth plan during your time in college and after. You will be ready to start your business once your strategic plan is ready.
Some laws dictate when you can apply for a national identity card, but there are no rules that dictate when you can start a business. As long as it’s not an LLC, corporation or NGO, you can launch your startup in college and turn it into a limited company later. You need to understand the rules of business and follow them if you want your startup to grow.
Joshua Robinson works for a marketing agency and is the key person behind devising new strategies to give the company a global reach. He’s also a very good freelance thesis and dissertation writer and takes up assignments from writing services. In his free time, he enjoys skiing, playing lawn tennis and writing travel and adventure blogs.