You are probably thinking that you should wait until you have finished college before you launch that business, well you could be making a big mistake. Why hold yourself back? We all know the success stories, the college students who founded successful businesses, Mark Zuckerburg being one of the most famous ones. But how did Mark and co manage it? How were they able to juggle their busy courses with life living on campus and running a business? Passion is key. Mark believed in his idea for Facebook and as a result he was determined to make a success of it. There’s no doubt that running a business when you are still studying is challenging. However, if you are determined and have passion then the world is your oyster! Are you thinking of starting a business? I have some tips for the aspiring college entrepreneur.
Make The Most Of Your College Resources
You are at college and that means you have a multitude of resources at your finger-tips. Get on any business course going. Pick the brains of your professors and ask for their advice. Find out if they are any business internships going on and try and get yourself on one. Talk to your dorm mates and other students, share your ideas and get their thoughts and reactions to your business plan. They are your market research. Find out what they like and dislike about your business. You might also want to consider finding a mentor. Someone at your college who has started their own business. It might be a college student or a professor. If you can find a mentor who has the right qualifications then they will become a valuable source of support. Perhaps your university offers a mentoring scheme that you can join.
There are many different ways that you can raise funding for your business. A business partner is one way of raising money but you need to make sure that it is going to be a partnership that works. You also need to make sure that you don’t give too much of your business away in return for their investment. Another option is a startupbusinessloans.co and they will be able to talk you through the best option that works for you. Crowdfunding is very popular. Finally, there is always the bank of mom. The only problem is that mom and dad might be less keen.
Protect Your Business
You need to think about forming a LLC or corporation and protect your business by taking out trademarks, copyrights and patents on your brand. You need to do this as soon as you start your business. You don’t want someone else seeing your fantastic business and stealing it for themselves!
It is going to be far from easy. There will be a lot of juggling and late nights. However, remind yourself of why you are doing it. You are building yourself a business and working towards your future. Your business may not be an instant success but you should not let this deter you. Instead look at your business model and see where you can make some tweaks. Running your business is all about adapting and learning from your mistakes.