For those with a minimal college income, starting a college business can seem like an impossible endeavor, but the good news is there is an abundance of opportunities that will fit into a busy college student’s life, and tight budget. Starting up a college business on the internet can cost little financially, with just the cost of a domain name and monthly hosting.
Other business models can require a larger amount of income to start up, so it is wise to compile a business plan and research extensively before you commit. If it is necessary for you to take out a small loan, any lending institution will ask for an extensive business plan, so you can be prepared by writing one at the outset, and it will also help you to grasp what you are letting yourself in for!
If you have a positive outlook for your new business, don’t look upon any money as a debt – that word has very negative overtones. The money you borrow is an investment – if the lending institution gave you a check, then obviously they seem to think so too.
Creating a college business that does not rely on mounting debt or spending a substantial amount of money is often referred to as “bootstrapping.” Essentially, it involves creating a business on a shoestring, incurring little cost, except the very essential cost of your time and expertise, turning it into a successful source of income.
1. Don’t Do It Alone.
In college, you are surrounded by intelligent people from a wide variety of backgrounds and with an enormous pool of skills. Like-minded people will gravitate to each other, so surround yourself with those people and seek out others who would be interested in becoming involved in your business.
Think Mark Zuckerberg, Steve Jobs and Sergey Brin, they had a pool of clever people who helped them get to where they are today.
2. Be Resourceful.
The one thing about being at college AND starting your own small business is you will probably have little time to socialize or go out and spend money. This is a good thing if you already have a student loan and a loan to start your business, don’t make your financial situation worse.
DO NOT be tempted by all the internet marketing courses offered, they can cost a lot of money and only one in a hundred is worth spending any money on. If you have a little extra money, buy a tool that will help your business run better or faster, or pay an article writer to take some of the pressure off your time. Don’t EVER fall for those “I made a million last month from internet marketing and I was in a coma the whole time” deals. All the information is there for the picking on the internet. Don’t make those opportunistic parasites any richer!
3. Focus on Appearance.
You must appear professional and trustworthy, whether you are walking around on campus, or making a video for YouTube. The way you present yourself can go a long way in terms of securing sales, finding partners, and attracting customers. Nothing succeeds like success – so look the part even if you are broke, and smile a lot!
4. Believe in Your Business.
You must pursue a business that you believe in and love. You will be balancing this new online college job with a busy college schedule. In order to make it work, you are going to have to have faith and passion. You will have to write articles on whatever it is you have chosen and if it’s ingrown toenails you are going to get bored really fast. By choosing something you are enthusiastic about, your passion will shine through, both when you are talking and in your written articles.
5. Secure the Sales!
Learn everything you possibly can about selling – because essentially that’s what you are doing. Your sales efforts should always be secondary to helping people with their needs and solving their problems. Reading about attraction marketing should help you understand the psychology behind sales, it’s all on the internet, again, don’t you dare pay even one dollar for the information to some schmuck leaning on a Ferrari!