How to Start a Business While You're in College

We at Kapso  Business Services, India's leading business brokers help small-medium enterprise owners who want to Buy a business or Sell a business and guide them through the process and make sure they achieve their goals. One of the fundamental aspects that make or breaks the business's prospective growth is inconsistencies in its core business decisions, steps, metrics., and actualizing goals into reality

A trend that often recurs with many successful entrepreneurs is that they all made an early start with their business.  The most renown example would be Mark Zuckerberg, who launched Facebook from a dorm room at Harvard.  Dell also started in a dorm room back in 1984, when Michael Dell upgraded aging machines and sold them on. Four years later, Dell became a publicly listed company.

Another inspiring tale is that of Steve Wozniak, who started Apple along with Steve Jobs. While Apple set up shop in a garage and not a college dorm, Wozniak built his first computer whilst at the University of Boulder, Colorado. He struck up his friendship with Jobs as the result of an introduction by a mutual friend who had met Jobs at their California high school.

The lesson you can learn from these humble beginnings is that there’s no need to wait until your studies are over before you can begin your journey as an entrepreneur. What’s more, there are now far greater possibilities that were open to any of these legendary businesspeople.

Earning Money while in School

Options include:

  • Making some extra money by doing “micro jobs” or testing apps and websites.

  • Coaching people online; you can teach English as a foreign language, or even coach younger students if you are doing postgraduate studies.

  • Writing and editing.

  • Using creative skills to design and sell anything from websites to fashion items.

How far you want to take your efforts is entirely down to you. For some students, it’s quite sufficient just to earn a little extra money part-time to pay for books and nights out, and all of the above ideas will fit the bill. But as the Zuckerbergs and Wozniaks of this world prove, it’s possible to take things far further than that.

Starting your business

The modern business scene is evolving quickly. Because of automation and other innovative advances, numerous jobs that existed only 10 years ago are gone This is clear when you do anything from checking in baggage for a flight, to reaching an MNC’s customer service department.

The result of this development is that it's less probable that you'll leave college and stroll into a “traditional” employment. The extent of US laborers earning a living on a "freelance premise was 34 percent in 2016, and the gig economy is expected to grow enough to make that number ascent to 43 percent by 2020.

 

Thusly there's a strong sense in advancing one stage beyond while you #39;re still studying. Beginning a private venture can mean a wide range of things; toward one side of the scale, you may have plans to work autonomously as a "solopreneur, quot; doing anything from freelance writing to video production. Given that these sorts of independent vocations rely upon having a strong reputation and portfolio, it's smart to begin building those things as fast as would be prudent.

 

At the opposite end of the scale, maybe you have yearnings to begin a far greater undertaking or have a thought that could conceivably transform you into the next  Michael Dell or Mark Zuckerberg. Indeed, there's no motivation behind why you can't begin something of this nature while at school as well. Indeed, beginning such a venture while examining can have certain points of interest.

 

The benefits of starting a business in a college environment

Obviously, there’s some need for caution if you plan to get a significant business off the ground while you’re studying. Presumably, you do actually want to complete and pass the courses you’re paying for, so it’s important to balance your time and ensure you don’t allow your business plans to eclipse your reason for being at university in the first place.

However, so long as you manage your time and juggle your goals effectively, you can realize the benefits of starting a business in this kind of environment. These include:

1. It’s easier to bootstrap

Bootstrapping your business, which involves self-funding everything as you go along, without resorting to raising money from anywhere else, keeps you in complete control of your company.

Beginning a business while at college fits together perfectly with this model, since a couple of students are flush with cash. Building a "minimum variable product," gaining a little income, at that point relaying it back for the next key advancement creates a good foundation for the business; A business that is "lean and means" and will keep on sustaining itself.

 

It #39;s imperative to take note of that while any semblance of Facebook and Dell are frequently referred to as bootstrapped, that is quite a bit of a stretch. Mark Zuckerberg was a very well connected individual and even got initial funding from PayPal's co-founder very early in Facebook's conception. Michael Dell was given a loan by his family

2. You can leverage your student network

There is no better environment where you’ll be surrounded by like-minded people and networking opportunities as you are at university.

The payoff is multifold:

 Perhaps you’ll find the perfect business partner,

 a ready-made group of testers or customers,

or a way to utilize college systems or publications to promote your products and services.

You’ll also find yourself in an environment packed with potential mentors and people who can provide advice.

Going back, once again, to our celebrity entrepreneurs, Zuckerberg first launched Facebook exclusively within the college environment, and Dell sold his first computers to fellow students.  

Every business is different, and there’s no telling exactly how you’ll be able to most benefit from the huge network of students around you. But you can be sure there will be a way.

3. You have the gift of time

While nobody would minimize the amount of work dedicated students do to earn their degree, as a student, you never have as much free time as you have now.

Moving from education to the workplace is often a unwelcomed eye opener for many in this regard.

As mentioned above, it is extremely important to strike the right balance, and not allow studies to slip. However, with the right approach to time management, students can realistically set aside time to work on a business—even if it means compromising a little on the social side of college.

Taking the right precautions

Assuming you’re now convinced there’s no time to lose in starting your business whilst studying, well end the discussion with some precautions about things in a way that will increase your chance of success.

Take the process seriously

As discussed above, there are plenty of casual online jobs you can do from college if all you’re after is a little extra cash. However, if you’re trying to build the foundations of a business that will still be with you years after your course books have been stored in the attic, you should take the process seriously.

This doesn’t mean it can’t be enjoyable (and running the right business always should be). However, it does mean you should do things like creating a business plan  to ensure your idea is viable and nbsp;performing some market research. The more attention you pay to the basics, the greater the chance of building something sustainable.

Use college systems with care

While you may feel like your university gives you everything you need to get started, such as fast internet connectivity and lots of computer equipment, you should proceed with caution. If you press on without checking you’re doing things legitimately, you could land yourself in trouble—both as a new business and as a student.

For example, if you’re processing data relating to your new customers, there could be risks if you do so over a college internet connection. You may be able to use a VPN (virtual private network) to boost your privacy, but investing in your own private connection could be an even more sensible strategy, depending on what kind of business you start.

Similarly, while it may seem like a great money-saver to sneak into college and run off a stack of flyers using their printing facilities, it’s a bit of a false economy if it gets you thrown out!

Keep everything above board

Leading from the above point, it’s essential that you don’t give into any other shortcut temptations if you’re trying to build a lasting business. Being a student doesn’t make you immune to mandatory business insurances, compliance issues, and the need to use legal software. Here rsquo;s a free checklist to help you think through what needs to happen in each area of your business.

While students might routinely do things that they wouldn’t in a business environment, it’s best to run the business as a business right from the start. Wobbly foundations will come back to bite you in the long run.

Finally, the most important thing of all is a reminder that you are at university to study. Perhaps, like Dell, your business might go stratospheric and leave you with the dilemma of whether to drop out. But until that happens, remember that assignments and exams must remain at the top of the priority list.

Other than that, there’s nothing to stop you getting started on your business as soon as you’re ready.