As a college student, you’re used to facing challenges. You have to study hard, score high on exams and maintain a reasonable GPA, all the while having a social life, dating and working. It can be done – millions of students across the world do it all the time. This is what helps to define you. So why not accept the challenges faced when starting up a business in college? If you prepare yourself for them in advance, you can better prepare yourself to face them. Don’t let them scare you away from becoming a successful entrepreneur while studying for a degree at the University of Cincinnati!
Here’s a look at some of the hurdles you’ll have to jump when jump-starting your career as a business owner.
Setting Aside Time for School and Work
Just like you have a schedule when working at a part-time job, so should you have one for your business operations. You need to write down your plans at least a week in advance, so that you can know where you need to be and what you need to be doing on any given day and at any given time. Trying to remember everything on your own will be impossible, so download a mobile app or use an old fashioned day planner to schedule out your school and professional life.
Finding a Good Business Idea
Some students just want to open a business to earn money on the side. If you don’t have a particular passion that you want to turn into a business, then you’re going to have to think up ideas for your company. The best way to do that is to research – find out what students and people in your area are interested in. Maybe there are a lot of homeowners looking for cheaper lawn services or student groups needing cool t-shirts for their members and events.
Funding the Startup
The amount of funds needed will depend greatly on the business idea you select. Hopefully, this was kept in mind as you were brainstorming. If not, this could make or break your company vision and send you back to the drawing board. Some ideas need only a small capital to jumpstart it, like a t-shirt company or bakery, which can be made to order. But then there are others that will need a little more to cover whatever equipment needed to perform the job, such as lawn equipment for a maintenance company. There are different ways you can fund your business, such as getting help from family and friends or looking for private investors or bank loans.
Spreading the Word
In order to get new customers, people have to know about your business. Social media continues to be a great way to shed light on your products or services, so make sure to use it. You should also think of clever ways to attract buyers, such as by offering great promotions and coupons. Just make sure you’re not too sales-y all the time or people will unfollow your profiles. It’s a good idea to set up business pages, so you can separate your personal life from your professional side.