How to Start a Business in College and Still Graduate on Time (It's Not Impossible)
So you want to start your own business while you're still in college? That's cool!
But I know what you're thinking: How am I supposed to do that when I'm already swamped with assignments and a part-time job? Do I really have the time to focus on my start-up?
Listen, I get it. It's a tough decision to make. But do you really want to look back in 10 years and regret not starting your own business? I know I would.
So if you're feeling inspired and ready to put on your entrepreneurial shoes, here are 12 easy-to-implement tips to help you get started:
- Follow your passion
- Do the market stalk
- Goal setting
- Money, Money, Money
- Know your audience
- The epic business plan
- Network = Networth
- Budgeting!
- Market your biz
- Reflect on priorities
- Visualize goals
- Be adaptable
Follow your passion (but don't burn down the campus)
What are you really passionate about? What are you good at? What do you love to do? Once you know your passion, start brainstorming ways to turn it into a business.
For example, what's your product or service about? List down all the problems that you can solve. See which one you can find a profitable + actually helpful solution for. Find out how you can provide value and then start listing down the next steps to build a business around it.
Do your research. Make sure there's a market for your product or service before you start investing your time and money. You can get started with these student-focused business ideas by Shopify.
Start small. Don't try to do everything at once. Start with a small project that you can complete quickly and easily.
Be creative. There are endless possibilities when it comes to turning your passion into a business. Don't be afraid to think outside the box. Here’s a Hubspot guide that will help you with all things creative entrepreneurship.
Be persistent. It takes time and effort to build a successful business. Don't give up if you don't see results overnight.
Do the market stalk (legally, please)
Before you dive headfirst into your entrepreneurial adventure, take some time to stalk your market. What's already out there? What are customers looking for? Where are the gaps? Analyze trends and search for market gaps and hidden opportunities.
Don’t know where to start? Read this easy-to-understand market research guide by Harvard.
Goal setting (more than a bullet point bonanza)
Setting goals is essential for any entrepreneur. But don't just write down a bunch of random goals. Make sure your goals are specific, measurable, achievable, relevant, and time-bound. And most importantly, make sure your goals are actually aligned with your passion.
For example, let's say you're a new Campus Manager at Fresh Prints and you want to get your merch business started for fall. A poor way to set a goal would be:
- Reach out to every organization on campus.
This goal is too vague and doesn't have a clear deadline. A better way to set this goal would be:
- Reach out to the 10 largest student organizations on campus by September 1st.
Why? Because it’s specific.
It’s Measurable. You end up tracking the number of organizations you reach out to and the number of orders you receive.
Achievable. As it is realistic given your resources.
Relevant. Because it aligns with your passion for starting your own merch business.
Time-bound. It has a clear deadline of September 1st.
By setting goals in this way, you'll be more likely to achieve your goals and reach your full potential as an entrepreneur.
Money, Money, Money (it’s imp.. but, not always)
Face it, you need some cash to turn your business dreams into reality.
Calculate how much money you need for product creation, marketing, and paying the bills. Tap into career podcasts or Y Combinator YouTube videos. They are super helpful and will help you explore funding options.
Personal savings, investor connections, or even a startup loan - get resourceful!
Know your audience (no, not your dorm neighbors)
So, who are you selling to? Who is your target market? Once you know who you're selling to, you can start to tailor your products or services to their needs. Be strategic, connect with your target market, and remember that your audience isn't just your roommates.
Understand this. Your roommates are not your target market. They're already your friends, so they're gonna buy your stuff no matter what. You need to find people who are not your friends, but who would still be interested in your products.
Once you really know and understand your target market, you can not only customize your product to them, but you might even switch directions. (we're a custom apparel company, so of course we had to use the word customize. Sorry, not sorry.)
Like, maybe you thought you were selling to college kids, but then you realized that high schoolers are actually more interested in your stuff. So you switch your marketing strategy to focus on high schoolers.
It's all about understanding your audience and giving them what they want. So get out there and do some research! Talk to people, ask questions, and figure out who your target market is. Then you can start selling like a pro.
The epic business plan (more than just fancy words)
Crafting a business plan is like writing a love letter to your future empire. Describe your products, services, and rock-solid marketing strategies. Show off your business knowledge, but don't get lost in a labyrinth of jargon. Keep your plan simple and understandable.
And, if you think that start-up is all about that cool hustle and social life. Let me tell you, it’s NOT. So be prepared to learn all the boring operations and business fundamentals.
Network = Networth (it’s a classic saying for a reason)
In the entrepreneurial realm, networking is your secret superpower. Attend events, meet local business heroes, and connect with mentors who have mastered the art of entrepreneurship.
There's no better way to expand your professional venture than joining groups tailored to young entrepreneurs. And hey, don't forget to send those customized connection requests on LinkedIn!
Budgeting! (the art of stretching your cash)
As an entrepreneur, you're probably not going to have a lot of money to start with. Maybe even none.
So it's important to learn how to budget your money wisely. Create a budget (there are several startup budget sheets online), track your expenses, and make adjustments as needed. Remember, ramen noodles may be a college staple, but you don't want them as your sole business diet forever.
Market your biz (tap into the power of socials!)
This is where you + your audience likely hangs out all day every day (unless you’re specifically selling to 80+ yr olds who don’t use social media), so it's a no-brainer that you need to be on social media if you want to reach them.
Understand your target customer inside out, and constantly fine-tune your marketing tactics. Feel free to think outside the box or try partnering with influencers or hosting exciting events.
Reflect on priorities (and iterate)
Take a sec each day to vibe with your inner self. Set some time aside to reflect on your tasks, responsibilities, and goals. Start your day with a to-do list. This will help you stay organized and focused on your priorities. It's so easy to get sidetracked by "one customer said this so I gotta drop everything and do that..."
Here are some tips for reflecting on your priorities:
Set aside some time each day for reflection. This could be first thing in the morning, during your lunch break, or before bed.
Write down your thoughts and feelings. This will help you to process your priorities and make sure that they are aligned with your values.
Consider your goals. What do you want to achieve in the short term and long term? How do your priorities support your goals?
Be flexible. Your priorities may change over time, so be willing to adjust them as needed.
Take some time each day to reflect on your progress. Celebrate your wins and learn from your challenges. Don't be afraid to ask for help. If you're feeling overwhelmed, talk to a mentor, friend, or family member.
Visualize goals (but be patient)
Rome wasn't built in a day, and neither will your business.
That's why it's important to visualize your goals and be patient. Create a vision board. This is a great way to visualize your goals and keep them top of mind.
If you’re not a visual person, that’s fine - list your goals down. Break them down into smaller steps. This will make them more achievable and help you stay motivated.
There will be setbacks along the way, but if you have visualized your goals or written them down, you can go back to them to find the drive that you started out with.
Be adaptable (and focus on gradual growth)
The business world is constantly changing, so it's important to be adaptable. Listen to your customers. What are their needs? What are they asking for? Be open to change. If something isn't working, don't be afraid to change it. Plan for the future. Think about how your business will grow in the future.
Be patient and persistent. A successful biz takes time and effort. Don't expect to see results overnight. Just keep at it, and eventually, you'll start to see your numbers grow.
Did you find these tips helpful? If yes, drop us a DM. We always love hearing from young entrepreneurs like you!
Want to start a merch business without worrying about investments? You might want to be a Campus Manager for us. CMs are student entrepreneurs we train and give our resources to in order to run their merch business on campus. Here’s a video of them talking about it.
If that sounds like it’s up your alley, apply here. If not, that’s cool too. Thank you for reading this far 🙂.