Setting up a dorm room business is a great way to earn some extra cash while you are studying. Plenty of entrepreneurs cut their teeth working out of their dorm room, not least Mark Zuckerberg. Facebook is probably the most successful dorm room business of all time! Building a dorm room business is also a fantastic opportunity to learn a few business skills.
And one of the most important things to learn is when to take your business up a gear.
Are You Ready?
Lots of business owners make the same mistake: they try to take their business to the next level without putting a few things in place first. If you try to expand your business too quickly, you won’t be able to keep up with demand, or worse, demand won’t keep up with you. Improving your efficiency is the first thing you should do. If you want to make more of your time, you need to free some up to play with.
Maximizing your efficiency will mean something different to each business model. To some, it might mean upgrading your software, outsourcing some services such as IT Support or stripping back to a few essential functions and dropping products or services that aren’t doing so well.
You are ready to upgrade your business when you have the time and capacity to do so.
Do You Have Time?
Running a dorm room business is great but don’t forget that the main reason you’re here is to study. Unless you are super confident that your business is going to take off, you should still be focusing most of your time on getting a great degree.
If you do choose to upgrade your business, you need to understand that even with lots of new efficiencies built-in, it will still take up more of your time. It’s really important that you think this through. If you have exams coming up or coursework due, you probably won’t be able to take the time you need to make your business work. Your business doesn’t have to be growing to be successful and it’s okay to want to maintain your current lifestyle as a student entrepreneur.
It’s okay to decide that you simply want your business to tick over for now. You have years and years ahead of you to build your company and a few semesters aren’t going to do a great deal to slow you down in the long run. In fact, this is a brilliant time to experiment and try new things while you aren’t dependent on business success.
Do You Really Want To?
Having a business in your dorm room is great for earning a little extra and putting some extra skills on your resume. But let’s be honest for a moment, is this really what you want to do full time?
It’s okay to set up a business for now but move on to something else when you graduate. Take this experience and put it to good use when you go out and interview. You never know what opportunities await, so don’t pressure yourself too early. This is your chance to experiment and you’re unlikely to get another chance like it!
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