How to Start a Business While Studying

“STICK WITH YOUR PLAN”

by Contributor

Students are often asked if it is possible to start a business in college while undertaking a degree. Some might think it is impossible due to the fact that a student is getting 10-12 hours a week to study pressure. But, this is a great time to start your venture while you are still in college.

(Feb. 28, 2019) — Dealing with grades and nurturing an entrepreneurial dream is quite hard for a student. To influence you we can say that most of the famous CEOs of today’s world like Tesla, Zuckerberg or even Bill Gates started their business ideas in the campus or dorms. Also, a study shows that the grades of the students who have started their own entrepreneurial business have increased to 32.7% from 23.7%. The main focus of this article is to assist students on how to start a business in college and give them a fruitful solution.

Plan and Prioritize

Starting a business is the perfect way to implement your market research skills into the real world. Brainstorm what a consumer needs, do a number of researches on the prospective industry and then penetrate the target market. Then prioritize your business model in which you want to work. Later, make a solid time management plan for your class and business plan implication.

If you are good at report-writing and your classmates often ask you, write my assignment for me then it is the best time for you to start essay-writing services for students. Start doing researches about this business idea and then prioritize the works into time segments. There is also some business planning software in the market which might help you prioritize your time, strategies and logistics. You could look for a specific one which is friendly for a student.

Be Legal and Wise

Never try to make some extra money quickly by doing some illegal stuff. If you have a business plan then discuss with your professors, mentors or any senior about every nook and corner of your plan. Check whether there are any legal barriers to starting this business in the UK.

Make sure your business plan is practical and you have a customer base to start with. Always be wise to yourself and think about the skills and products you could offer to the world honestly. Find the sell first, then build your plan later. Try to be interactive in the case of naming and content of your business. If you want to provide an assignment service for students, then create a catchy title like ‘write my assignment’ or something which will create hype easily among your targeted audience.

Find a Mentor and Organize Finance

While you are in college, utilize the college’s resources fully. It might be logistic or even a person. Find a mentor; he/she might be your friendly professor or your friend or senior in college. Discuss with him what business you can start simultaneously with your study. Look out for a person who can support you in your hard times. Coordinate with the business clubs and student organizations in your college to promote and boost your business. You can also acquire initial customers this way, too.

Before implementing your plan, start allocating for its finances also. Sort out the various ways to arrange to fund your startup. Focus on how much money you might need to start a prototype, sources where you could get it and a contingency budget if things go wrong.

Prototype and Publicity

The easiest way to see whether there is any flaw to your plan is making a prototype and run on a test basis on the targeted consumers.  Create a catchy tagline with detailed information of the product or service and then just dish it to the consumers. You can also develop a simple one-page website or Facebook page to promote your business product among your nearest community. You can gather the emails of who showed interested in your service in the research phase and you can shoot some emails informing them you have started your business on small scale. Learn to use social media as a marketing tool efficiently which will provide you the required boost you need.

For example, if you are planning to launch an essay-writing service for students, first you should check whether there is any such essay-writing in the UK. Then launch the service within your college or university campus. Distribute some flyers among the students or create a Facebook page and promote it to your university groups. In this way, you can achieve your targeted audience and can get in front of them with your service. By launching on a small scale you could learn the mistakes you have initially in your offerings and fine-tune it based on consumers’ feedback.

Learn from Your Mistakes

Failure is the part and parcel of life. No business idea was successful before experiencing a number of failures. As a startup, these obstacles or barriers might lead you to frustration or closing of the business. Your seed money might be exhausted or people might reject your idea. Never lose hope! Come up with another better business plan. Most importantly, learn from your mistakes. Develop a positive attitude of your problems, and solutions will easily come to you.

For a student, it might be difficult to balance study and business. Always remember, study is your first priority. Create a balanced daily schedule to maintain both. When there are exams knocking at your door, try to take a break from your business. Restart it during semester breaks with more energy and efficiency. Money is not all in your life. Education is the investment for you which will bring money later.

Conclusion

Lot of struggle and hard work is required to take a business idea off the ground and the work pressure might discourage you. But don’t be disheartened. If you are planning to do good for society and earn some cash with your innovative idea then you should stick with your plan. Study hard and work harder to implement the educational knowledge you will be getting from your classes to your startup.

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