The way that people start businesses has changed a lot in the last few decades. You don’t need a big office space and lots of startup capital anymore. In fact, some of the biggest businesses in the world, like Facebook, were started in college dorm rooms. That doesn’t mean that everybody can be the next Mark Zuckerberg, but if you are a business minded student, there’s no reason why you can’t set up your own company.
Although starting a business in college can be stressful, there are a lot of great reasons to do it. Paying for college is tough, so if you can bring in some extra money while you’re studying, you will be in a much better financial position. You can also get the ball rolling early so as soon as you graduate, you can take it full-time. A lot of people struggle to work out what they want to do after graduation so having a business to fall back on is a big bonus.
However, running a business is a lot of stress, and so is college, so doing both at the same time can be difficult to juggle. That doesn’t mean you shouldn’t do it, but you need to keep these important tips in mind.
Prioritize Studying
The number one rule for running a business in college is that you need to prioritize. Even though you are excited about getting your business off the ground, remember that you are in college for a reason, so that should always be your first priority. Don’t let running the business get in the way of studying and make sure that you have a clear schedule so you can strike the right balance. Check out these simple study tips to help you keep up, even when you are running your own business on the side.
When you are managing your schedule, don’t forget that downtime is important too. If you split all of your time between studying and managing the business without giving yourself any time off, you will burn yourself out.
Invest In Tech To Make Life Easier
The right tech tools can help you streamline your business and organize your time so you can keep things balanced easily. You also need certain tools to make running a business out of your dorm room possible. Mobile payment systems, for example, are a must. You can get some great Bluetooth card readers from companies like Payanywhere, which are ideal for businesses that don’t have an office space or physical premises. You also need things like accounting and invoicing software so you can keep track of your finances.
If you find it hard to manage your time, project management applications are excellent. You can break down business tasks and studies into smaller projects and create a detailed schedule. As long as you stick to it, you can avoid letting things slip. By investing in the right tech tools, you can make your life much easier.
Choose Related Courses
When picking college courses, choose ones that will help with the business. Taking business management courses is the obvious choice here, but there are other options too. Project-based business courses, for example, allow you to earn credits while also working on prototypes or marketing plans for your business. You should also look for courses that relate to your chosen industry or even psychology courses that could help you better understand customer behavior. You don’t have to make all of your decisions based on the business, but picking some courses that will help you improve your entrepreneurial skills is a good idea. It also gives you an opportunity to network with other business-minded students and professors.
Choose The Right Type Of Business
First, you need to make sure that you are choosing the right type of business or business model. This will determine all the next steps you take, including the course that you decide to take. There are lots of different types of businesses you can run in college. For instance, you could set up a small SaaS startup. Alternatively, you might explore a white-label reseller program, which allows you to sell products under your own brand without the need to develop them yourself. Once you decide on an option like this, you can research information that will help ensure that company is a success such as SaaS sales strategies to increase revenue.
Use School Resources
Most colleges provide a number of resources that are useful for businesses. Things like free wifi, printing and copying, library materials, and meeting spaces are all valuable for businesses. You can also get a lot of great student discounts on software. You’re in a privileged position to have access to all of these resources, so make good use of them.
The other students at your college are also a great resource that you can use. Get in touch with students that are taking business and marketing courses and see how they can get involved. You’re not in a position to start taking on full-time employees, but there is a big pool of talent you can draw from to help you get the business off the ground.
Starting a business from your dorm room is a huge challenge, but it is possible if you balance your time well and make use of all of the resources available to you.
