University of You: Starting Your Own Business in College

College students receiving business training. Photo courtesy of Shutterstock.

Brandon Bernier is a junior at George Washington University, majoring in computer science. He’s also making financial ends meet as president of Bernier Enterprises, LLC,. How does he run a business while juggling a full-time student schedule? It’s not as hard as you think.

Most students can relate to Brandon’s dilemma: the challenge of working during college. Not only do students need a gig that adheres to their class schedules, they want to find something that lets them use what they’ve learned in school and that adds to their resume. Starting a business while in school checks all these boxes and more, which may be one reason why colleges are more entrepreneur-focused than ever.

According to the Kauffman Group, 2,000 colleges (roughly two-thirds of all U.S. colleges) now offer courses in entrepreneurship. According to the Pay scale and Millennial Branding survey, The State of the Gen Y Worker, Gen-Y’ers are nearly twice as likely to major in entrepreneurship when compared to all bachelor degree holders in the U.S.  Additionally, a separate study by Intuit Merchant Services found that 16 percent of 2011’s graduating students started their own businesses after graduation, compared to five percent in the early 1990’s. But most students don’t realize starting a small business doesn’t have to wait until after graduation. Following a few simple tips, students can start and manage their own profitable businesses during college, working around their class and study schedules.

1.      Stay clear of COGS

Designing, building, marketing and selling products requires a sizable investment of time and funds. Instead, some small businesses such as Bernier Enterprises are jumping at the chance to provide cloud-based customer services through partnerships with virtual call centers such as Arise. Often student-owned and operated as sole proprietorships, these small businesses choose the industries they want to service and the hours they want to work. Then, they leverage resources within the cloud to create their infrastructures. In this way, students can run mini-customer support centers without ever having to leave their dorm rooms, with no franchise fees and minimal upfront investment.

2.      Look for opportunities that offer growth, control and continuity after college

Students should choose a business opportunity that is portable, meaning if they move after graduation, or even do a semester abroad, their businesses can move with them.  Working in a completely cloud-based virtual environment that isn’t tethered to an office means that as students progress through college programs and make life choices post-graduation, their careers can progress as well.

3.      Find mentors willing to share their advice

No business experts can claim they learned their skills in a vacuum. And let’s face it, even brilliant college students often lack experience. Seeking out others who have successfully started small businesses can offer a critical network of best practices, ideas and even potential employees. Each state has different incorporation laws, fees and tax rates. A mentor can often become the most important part of running a college-based business.

 4.      Have a plan

Determine long-term company goals and outline a plan to get there. Some students want to sell their businesses and move on to something new after graduation. Others want to leverage the success of their businesses into life-long careers of ownership. The most successful entrepreneurs are those that know what the “end game” is and map a plan of getting there. Deciding lifestyle goals before settling into a commitment like a running a business can be a crucial advantage.

No longer do students need to settle for a job at the coffee shop or bookstore. Instead, by following the above tips, they can own their own companies, generate real revenue and build a strong resume for success.

By Ken Jackowitz

Senior Vice President, Independent Business Operations for Arise Virtual Solutions Inc.