How To Start A Business While Still In College

For many individuals, the idea of starting a business while in college may seem overwhelming or irresponsible. There are many risks involved and not everybody is up the challenge. However, statistics show that some of the most successful people are the ones who are willing to face those exact risks. Many of the most popular companies out there were started by college students who were willing to step outside their comfort zone to try something that thousands of others might have thought risky.

3d person pointing to chalkboard. Photo courtesy of Shutterstock.

If you have a good idea for a business, go for it. You don’t have to wait until graduation day to start being successful in a great business plan. Although every business is different, here are some key things to help you start your business while you’re still in college.

Make A Business Plan

If you want your business to succeed, you have to be willing to plan. Even if your business idea is absolutely outstanding, you simply cannot afford to begin without having spent adequate time planning. Get a business plan prepared, and make sure it is thorough. You don’t want to have major holes in your plans or things will be much more difficult later on.

To start making your plan, you will want to do some thorough research on the current market and the industry you are hoping to get involved in. Business planning software may be beneficial to help you get your plans out, but it is not required.

Consider Financing Options

There are very few business that do not require some form of an initial investment. As you make your business plans, make sure to include financing. How are you going to pay for the initial and long term costs involved with your business? Small fees add up quickly, so make sure that you are thorough and realistic. Once you have added up all your expected expenses, you should have a separate amount for your initial startup and for your overhead.

There are many different ways to come up with financing for a new business. Some college students have money saved up, but most need to find financing elsewhere. Depending on how much money you need, you have a few different options. Parents and relatives are often a good source of help, but be careful that you do not harm the relationship. Small business loans are often also available. If you cannot obtain adequate funds, you may want to wait to start your business until you have saved up more money.

Start Advertising

Once your business is ready to launch, it is time to start getting the word out. Try to advertise directly to the people who you think may be interested. Start networking! Get involved in online communities where prospective clients will be able to learn about your business. Most importantly, don’t underestimate the importance and the power of word of mouth advertising. Talk with everyone about your business and make sure they know to spread the word.

Keep Working Hard

Once you have launched a new business, be patient. Starting a new business takes an enormous amount of hard work, but don’t be discouraged if you aren’t a millionaire overnight. If things are obviously not working, you may want to consider altering your plans. With the right attitude, an understanding of the market, and a lot of hard work, you can succeed at starting a business in college.

Jason Kay is a serial entrepreneur and frequent contributor to the Business News and Views blog.