Are you aware of the time it takes to manage a business? You might imagine doubling your workload as a student full-time. Are you confident that you can manage this? The majority of people cannot. But being a businessman means being able to take risks, so here are tips who are sure they can manage. Check out our list of business ideas for college students.
The idea of a college startup has been romanticized by our culture. Snapchat, Google and Facebook are shining examples of what college entrepreneurs can do. These are the moonshots that have been extremely successful – the businesses young entrepreneurs know they’re meant to start. The reality is that for every Facebook that succeeds, there are many failed businesses.
It is impossible to ignore the reality of being a student. You will have to pay attention to your classes, homework, and physical and psychological health. Did you know of a college student with the energy, time and money to start their own business? Although you can try, it’s likely that you will fail spectacularly. These are difficult things to do.
On the other hand, it is possible to become a college entrepreneur if you are persistent and willing to take risks. If you are smart, you can achieve it. Because I did it, I know.
These are nine business ideas you can start in college.
There are only certain types of businesses that you can start if you are a student at an established university. It might not be possible to start a large-scale coffee roasting business because of your limited time and attention. There are businesses that can work with your limitations and others that can.
1. Tutoring
College can be difficult. There is always at least one subject that you are naturally good at. You can make some extra money by tutoring in a subject you already know well.
Here are some tips for starting a tutoring company:
- Make sure you let your professors know that you are available to tutor students in need.
- This business will not likely provide enough income to retire comfortably. You should aim to have a bit more freedom than your first million.
- Your schedule should be clear and disciplined. You should work by appointment only.
2. Consulting
Business administration students looking to start their own business can find a great job as a consultant. This is a great way to gain real-world experience and work for yourself. Today, businesses use social media to promote their services. All businesses must also monitor their cash flow. Most small business owners are simply too busy to learn specialized skills in these areas. This is where you come in.
Here are some tips to help you start a consulting company.
- Take as many classes on the subject you are interested in as possible.
- To gain practical experience, intern with a respected organization in the field you choose.
- Always offer more value than you expect.
3. Training/coaching
You’re lucky if you are like me and have been an athlete since childhood. Parents across the country are willing to pay hundreds of dollars to have their child’s training done by someone who is focused and one-on-one.
Here are some tips to help you start a training company.
- What is the hourly rate for training in your region? It’s a good idea to do some research to find out what is being offered in your area for training, and what the price is.
- Do not try to sell the lowest price service. You can make your service more appealing by offering something extra or unique at the same time.
- Make sure your name is known wherever potential clients are. You can also find potential clients at your church, high schools, and local athletic clubs.
4. Proofreading and editing
You are highly sought after if you happen to be one of those rare souls who can write. This type of business is almost self-sustaining by simply posting on the community bulletin board “I will edit the paper for the price I will eat” or working for a service like mycustomessay.com as a freelancer. Service will provide you orders.
Here are some tips to help you start an editing business.
- Get to know the peculiarities of the professor who will grade the paper.
- Limit the scope of services. Your clients will ask you to write papers. Do not. This is how you can get into trouble. Before you start, be clear about your expectations and what you’re willing to do for the client.
- Similar to the tutoring business, this business won’t make you a lot of money, but it might give you some freedom.
5. Photography
Kristen Faulkner began her photography business when she was a senior at college. Although she started taking photos of interesting people and things as a hobby, her business has grown naturally to a small one. It is one of the best business ideas for college students.
Here are some tips to help you start a photography business.
- Make great photos, share them on social media and let your followers know you are available for hire.
- Your community should be growing and producing lots of content. Your business prospects will increase if you have more people looking at your photos.
- Never settle for your current skills or experience.
6. Web design and development
Although web design and development are always in high demand, they are rarely done well. Few business owners have the time or desire for web development. Many business owners are willing to pay high prices for a website that looks great and enhances their brand.
Here are some tips to help you start a web-development business.
- Before you contact potential clients, do some research. Know their business goals, history and target audience.
- Provide a service but not just a solution.
- You can specialize in one aspect of digital marketing and then implement it in your own design. This can be a selling point for your company.
7. Businesses that are product-based
Of all the business types you can start while in college, selling a product will be the most challenging. This doesn’t mean you won’t succeed with this type of business. You can create a product-based company if you see a need or recognize opportunities.
Lectric Longboards is one example. The company was founded by both an engineering student as well as a marketing student. They realized a need for college students to have easy access to transportation and created their solution by taking advantage.
Here are some tips for starting a product-based company:
- Do not try to do it all alone. Your chances of success are significantly increased if you have a partner in your business.
- Get a mentor. Your chances of success are increased by having a mentor to help you with questions or brainstorm ideas.
- Make use of all resources available at your school for entrepreneurs, such as incubator programs and workspaces.
8. Drop shipping
This business is simple and almost risk-free. Drop shipping is basically a product-based business that does not sell the product. You are the middleman, selling products online directly from the manufacturer to consumers. It’s much easier than you think.
Here are some tips to help you start a drop shipping company.
- Automate as much of your work as possible. Automating reduces human error and allows you to spend more time.
- Do more than just list products on Amazon. Build your brand.
- Marketing should make up at least 80% of your time spent on the business. You will see more sales if you drive more traffic to your products.
9. Virtual products can be created and sold
A passive business is one that doesn’t require inventory and has no suppliers. This business model is popular among coders and writers, but it is very similar to drop shipping. You can create a product, such as an app or ebook, and then put it on a marketplace. Then, you can sit back and wait for the money to start rolling in.
Here are some tips to help you start a virtual product company.
- Regularly update the product with current, accurate information.
- Your product should be targeted at a niche. Products that are narrowly targeted sell better than those that appeal to everyone.
- A person who purchases a virtual product seeks immediate satisfaction or a quick solution to their problem. Try to solve the problem as soon as possible.
It doesn’t mean it’s easy just because it’s real. But…
College can be difficult. Business is more difficult. It would be insane to combine them.
You’ll be working as an entrepreneur in college, which means you will have to work long hours and wake up early every morning. Stress and fear will be more than you can handle. You will be plagued by self doubt. Despite all the possibilities, you will have to make difficult choices and sacrifices. It will be impossible to not grow and endure the hardships.
You’ll still love it, despite all this.
You’ll be able to persevere through the pain if your approach is smart and you are able to take care of yourself, giving yourself the best chance of success. Being a college entrepreneur will make you feel as happy as you ever have.