How to launch a successful business while you study

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The world is dominated by companies like Facebook and Microsoft, which were entrepreneurial ventures of university students. You could be the next Bill Gates or Steve Jobs if you know what you are doing. The following tips can help you start your entrepreneurial dreams while still pursuing your academic degree. 

Do not be afraid to start

As a college student, you have fewer responsibilities than someone who is working. In addition to fewer responsibilities, you will have an ample amount of time between work and classes to manage a start-up. Furthermore, essay writing services can do essays for you to help manage your academic schedule. These services can help you focus on your business as your assignments will be in capable hands. 

How to launch a successful business while you study_

You have the time and your academic assignments all sorted out, so this is the best opportunity for starting a business in college. You can even take classes online to have more flexibility and time to get your business launched. For example, if you're studuing to be a counsellor you can take a course like diploma of counselling.
It may be scary initially, but your losses are nothing compared to your rewards if you succeed. 

If the business does not work, then you still have your education to fall back on. But, if it works, then you 

  • will be starting a company in college
  • have a source of income before graduating
  • have an impressive resume
  • acquire interpersonal and leadership skills

If you are afraid to be an entrepreneur student, you can practice the following tips to overcome them.

1. Start with a positive mindset and be prepared for success. It would help if you created a business plan about what product you want to sell and to whom. Focus on questions like, "Is there a demand for the product?" and "Will people buy it at the set price?"

2. Change your perception of failure. It does not mean that you are not worth anything but is an experience to learn from and use as a stepping stone. 

Advertise at university; gossips spread fast

When considering resources for a business for college students to start, you do not need to go very far. You have an abundance of resources around you in your university. Nevertheless, people will overlook them, and it has proven a crucial mistake in their business ventures. 

Most of these resources are readily available and very cost-effective. Moreover, universities prefer to facilitate student business ideas as they reflect positively on the university's reputation. Some of the resources at your fingertips are;

  • You will study with students from different areas, financial classes, and fields. You can use them for marketing purposes and reach a vast audience as students love to gossip and can spread the news around in days. You can use this to your advantage and get your company's name out into the world with little to no cost.
  • You can set up flyers, posters, and free ads across campus with no additional fees or charges. In addition, most universities feature student notice boards which can act as your advertising platforms across campus. 
  • You can use your university professors for guidance. For example, even if you are not a business major, you can schedule a meeting with a business professor for any help you require.
  • Every university has a library with unlimited information. It is one of the best places for a college student entrepreneur to get knowledge and data about anything.

Lastly, try to involve your university or provide them with any product or service. It will give them a chance to improve their image and help you as well. 

Try to get a grant

You cannot start a business without financial investment. Unfortunately, most college students do not have significant funds laying around that they may invest. So, the first step on how to start a business in college is to find financial support. One of the methods is utilizing grants. 

A grant is funds given to a person, group, or entity in the hopes of facilitating their endeavor that may benefit the public. There are many grants available for young entrepreneurs to avail. For example, you may apply for grants at your university or even independent grants offered by companies like Unilever or FedEx. To get a grant, you will need to convince a committee about the benefits and potential for your company. 

Cooperate with other students

People study at a university to gain skills to succeed in life. Most of them are passionate, skilled, and intelligent. It would be helpful for you to surround yourself which such people. It comes with a plethora of benefits, such as;

  • Being around highly motivated people will keep you motivated and working hard.
  • You can ask them for advice and help regarding their expertise for free. 
  • By talking to the vast majority, you can find a need or demand for a product and provide it.

Moreover, students start small businesses when they graduate. So, by keeping in close contact with your seniors, you can apply for entrepreneur jobs for college students. These jobs will help you understand the workings of a start-up and gain experience before you launch your company.

Funding is one of the ways to get money

To start a business, you need financial capital, and the best way to get it is to find investors. You can pitch your idea and the needed capital to a group of investors to persuade them to invest in your venture. If they are interested in it, they will invest. Otherwise, they will not.

Funding and investments are not the only sources of capital. Other options include grants or student entrepreneurial loans, which have less interest than regular ones. In addition, you may invest your savings. 

Make a good website

The 21st century is all about the internet, and it has made online shopping the norm. People prefer to click buy and have it delivered to their doorstep instead of going out and physically purchasing something. 

Make a good website

Since most of the economic activity has shifted online, a website is crucial for university students' business ideas.

  • easily accessible
  • user-friendly, and simple
  • have an aesthetic theme
  • no bugs regarding checkout 

A website and social media accounts decrease the cost of marketing while increasing the advertising reach.  Furthermore, it compensates for not having a physical store due to limited funds. You can hire a student from the IT department to make a website for you at a reasonable price. 

Make something people want

Are you passionate about becoming an entrepreneur? But, not sure what kind of start-up you should launch? Not sure if you can pull off a business? For the records, dedicated students like you, who were not afraid to dream and take risks to achieve those dreams, founded some of the biggest companies in the world. 

Make something people want

There are several start-up ideas that you can work on as an undergrad. To succeed, you need to make sure it is something that people want to see. But, who are these people? So, you need to choose your target audience first, such as: 

  • College and university students.
  • Disabled persons.
  • Children with learning difficulties.
  • All school-going kids.
  • Women.

Finding a niche in an industry that has unmet or underserved needs can help you cause disruptive innovation. Zoom is a great example of disruptive innovation. When video calling apps like Skype already existed, Zoom managed to emerge as a disruptive innovation. Credit goes to its video-first unified communications with great performance. Hence, all it takes is a unique idea for a niche that is willing to buy that idea. 

Determine what you are good at? What you are passionate about? Is it writing? Is it digital artwork? Is it technology?

Then find a niche that is relevant to your passion. For instance, if you're good with words, you can start a writing company. From copywriting to providing academic solutions, you can offer a range of services. Students and companies are always looking for skilled professionals who can up their game. So launching this company would be something that would benefit your target audience. How you attract them is your creativity and determination. 

Everyone knows that Mark Zuckerberg is the person behind Facebook. He started it when he was a student. But did you know that FedEx was also first imagined in an undergrad paper? Yes, Frederick Smith introduced this idea while he was a student at Yale University. 

Ask business-minded questions in class

You will find many other famous companies set up by university students who didn't give up. 

Ask business-minded questions in class

University could be the best place to work on your start-up idea. The library, your friends, your teachers could be of great help when it comes to brainstorming business ideas. To launch a great start-up, you will have to test everything carefully. But first, you have to come up with a feasible strategy to balance academic life and business. 

Then, evaluate the sales strategies of companies in the same niche. Next, test your services or product in your student community. In the end, ask niche demographic organizations or other students these questions: 

  • What makes a service or product desirable for you?
  • Would you use this service or product?
  • What would you like to improve?

Asking questions like these even in the class will allow you to create a robust business plan. It will also help you in time management. All in all, you need to have a basic knowledge of how start-ups work to create your unique business plan. Besides, you need to be determined and dedicated. And, as a newbie, never hesitate to ask for help. 

Conclusion

Starting a business from scratch is scary and daunting, especially when you have not started your professional life. There is no reward without risk in this life, so take that leap of faith. Follow these tips and work hard because success may be just right around the corner for you.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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