Youngsters in college have the world at their feet, and this doesn’t just apply to their studies, there’s no reason why aspirational college students today can’t sow the seeds for creating a successful business whilst still at college. It all comes down to how you manage your time, the people you have around you, and of course just how ambitious and hard-working you truly are!
Here are a few helpful tips on how college students can turn themselves into entrepreneurs and founders of profitable businesses.
Do your Market Research
Setting up a profit-making business while still in college involves a great deal of multitasking and efficient time management. A pivotal part of your success will be how effective your market research is.
You’ll most likely need investors to come on board when you’re trying to evolve a new business you’ve set up as a college student. Who will want to invest in your business? What are your business’s unique selling points? Do you know your audience’s interests inside out?
And yes, doing extensive market research will mean long days, and not always being able to go out partying with your college buddies. No new business can be successful without the founders having done a great deal of market research beforehand. The Internet and e-commerce mean there is more market competition out there than ever for businesses starting out today. Getting your market research right should help to lay the foundations for creating a successful business as a college student.
You Can do it All From your College Room!
All big things start small, after all, Facebook was started by Zuckerberg and his college buddies in sophomore year. The beauty of the internet means you may well be able to do the majority or all of your work setting up your start-up remotely from your college room (or the library if you’re feeling adventurous)!
However, if you create up an e-commerce retail business that really takes off, such as an online clothing brand, you will need extra space and somewhere to all your stock! A bright practical storage solution is to hire a secure self-storage unit from a trusted reputable provider that will give you access to your stock 7 days a week.
Apply What you Have Learnt at University to your Business
Perhaps you can apply the knowledge, understanding, research, and theories you have learnt at university to your business venture. It could be that your college course and business projects are in the same field of expertise. For instance, being a major in Computer Science should leave you well-equipped with the basic know-how of how to set up a start-up app business.
Digital Natives are at an Advantage
Gen Zers have the benefit of being ‘digital natives’, having grown up with the internet and technology. Therefore, college students of today should be able to grasp fairly quickly how digital businesses and online sales work. With a few clicks of a button, digital natives should be able to unearth useful stats about where members of their target audience tend to visit online.
Work on your Business With Fellow Bright Entrepreneurial Minds
Being a college student means you’ll also be constantly surrounded by bright-minded individuals. Make the most of the fact you’re surrounded by other smart people your own age, but remember to select your business partner/s wisely and know who you can trust.
Take Advantage of The University’s Resources
Colleges are equipped with fantastic resources, and many institutions across the US have thriving business schools. So, why not look to start taking advantage of the university’s resources when you’re setting up a business as a college student? It makes good sense.
The Beauty of Having Easy Access to a Sizeable Target Audience
The student market is massive. In the academic year of 2021/22, around 20.2 million students were enrolled for undergraduate degrees in the United States. So, be sure to get the very most out of having easy access to such a sizeable target audience. Conquer the student market with your new business, and you stand in a good position to make a lot of money!
Follow these smart tips, and college students can absolutely set up a successful business! The sky’s the limit when you put your mind to it and adopt a positive entrepreneurial outlook.