Start-up needs a lot of will-power doesn’t matter at what age you are starting. Creating an own start-up from the college is more challenging as you need to balance time for study & business. Anyhow, the work paid off once you reached the success.
Start-up from the college not only helps you financially, you can even be your own boss right after you completed the graduation.
Some choose to start a business after the graduation. On the other hand, some choose to have a practical experience of business right from their college to create their base in entrepreneurship.
How to Start-up a Successful Business in College
In this article, I will say you
- The advantages of starting a business in college.
- Things you should know before starting a business.
- Best business ideas for students. &
- How to be successful in your business.
Despite starting your company years before, you have multiple advantages of starting a business right from your college.
- 1 Advantages of Starting a Business in College
- 2 Things you should know before starting a business
- 3 You Need to Practice some basic things to start Business
- 4 Create a checklist
- 5 Here are some of my low budget business ideas
Advantages of Starting a Business in College
1. You can use College Resources
The most important for a start-up is to gain complete knowledge of the Business you are starting on. For that, your college may have a great resource called Library. Get some books from your Library related to the business you are entering into.
Yes, definitely Internet is also a good resource, but cannot replace a book which goes more In-depth into the topic.
And best resource for your business is your friends. No matter what business you are selecting, someone or the other will give you a feedback for your Idea. They help you and even join in your business.
Coming to that…
2. You can form a Team with other Students
For a start-up, the team is one important factor you need to think of. You can start single, but some businesses demand more people to work.
That’s not easy to hire someone and give him some monthly salary. But definitely, you can go to a friend who is interested and ask him to work for free. Such opportunities can only occur in college. Once you are out, everyone tries to help you, but they will busy with their works.
3. You can take help of professors as your mentor
When you are starting a business, You may some help from a mentor to know the things more clearly and fastly. You can even take help from parents as mentors. These mentors advise you where you need to invest the money? & what you need to invest for?
Moreover, some colleges have membership programs for students with Alumni. You can get such bits of help and use them to take your right decisions.
4. You have Nothing to lose
You have nothing to lose. Are you worried about failure? You have some much time & you are still in college. It’s all ok to do mistakes at starting and mostly you have a lot of time to rectify them. You don’t need to worry about money, there are fewer responsibilities for you right now. You don’t need to run a family on your shoulder.
What all you spend is time, which will be back to you in the form of experience and knowledge even though you are not succeded.
Anyhow, that’s wise to invest low as possible when you are just entered into the start-up. Expand your business day-by-day.
5. Looks great on Resume, when you Graduate
Start-up in college is not something everyone does. It’s only for most special people. Recruiters are waiting to hire such people. Anyhow you will be not interested in the job when you have your own company and generating Income. But in case you need, you had the will.
And that will can be achieved by knowledge.
Things you should know before starting a business
Business is definitely not something you invest, promote & grab the profits. Even your skills may not help your business to success.
You should know these 8 basics of starting a Business. You should have an Idea and an answer for each of them.
Yes, most probably you need an Idea of what your Business is all about. Other than the brand name, you should need a definite caption that your business stands for. You don’t need to make that caption popular, but you have to stand on that.
You should have an Idea of how to make a perfect product. Who your audience is? how to reach them? and mostly why they should choose you leaving the entire competition behind.
Let me explain this with a practical example,
There are multiple e-commerce sites on the Internet before Flipkart came. But Flipkart reached this success because of that Idea of introducing cash on delivery system. They knew that India is more of cash exchange system rather than online transactions. Because of that one Idea which made many people comfortable of buying products online, Flipkart grows faster and better than any other e-commerce site on India.
That’s their reason for why the audience should prefer them leaving the entire competition behind. Getting such Idea takes time, but they will get paid off for your hard work.
Business is not a single work. Multiple streams go inside it to make it successful. ( Think about cinema, Director himself won’t do all the work and release it)
Some Business can run only by one like blogging. But some really need more people into it. So you should check each and every section of your business has some capable persons in it.
If Idea is a blueprint of the product, a team can be considered as an execution of your product.
This is the reason most start-ups suffer from. so you should always keep an eye on how you can arrange the funding. Your Ideas and promotion techniques should follow funding.
There are many businesses you can start without high investment. I have listed some of such businesses later in this post.
Most Importantly, stopping the start-up because of money is the best wrong thing you can do. Starting something today with what you can afford is the best way because you can make that 1 step forward other than saying some reason.
Secondly, Do not over fund on something that you are totally new.
You have a great Idea, Good Team & High Budget to start, but your product is not good enough. Do you think anyone will buy the product?
You may have grown high in the starting because of Budget, but if your product is not good, your business will slowly get down.
That’s how much important the product plays in your business. That may be the product people can buy or information you provide
To make a good product, you should care about two things mainly.
- Is the product is quality enough.
- Will your product will be helpful to your audience.
Whatever you do, the time matters.
You have a quality product which is helpful to the audience, but if it is not the time for such products, that doesn’t work out.
You need to check, whether your product you are producing in right time.
You cannot write a blog post on “How to get followers in Orkut”. Because that time is gone and your information product may be good but will not be useful to anyone.
This may be worst example, but the whole matter is your product should be useful for the audience right now in this generation.
Deciding the price of the product should be taken care of as it is the first thing your audience see about your product.
Things you should think of before setting the price
- Your Investment
If you are selling the product for Rs 10 which is available in the market for Rs 8. So there are high chances of low sales for your product if both the products are of same quality. To sell the product which market prefers, you have to check your investment to it.
If you are selling the product for Rs 8, but the cost of your investment in it is Rs 9. So you cannot sell that for one rupee loss. So you need to consider the market before investing.
& the most important is quality. If the price of the product is Rs 9 & other people are selling the same product for Rs10, but you are having a low-quality product, it is totally useless.
Instead, people spent that one rupee and get a good quality product. But if you are selling the same product at Rs 5, there are more chances that you can have high sales in the market.
It’s better to think of creating a high-quality one with low investment. So that you can easily overcome the price segment.
It’s more reaching the audience, no matter how amazing product you have, your audience should know that. You can start promoting freely with a good mouth talk. You can start paid promotions like banners. Or you can use online.
Your product should relate to the platform you are promoting & also should satisfy the budget.
If you say Product vs Promotion, Product floods away from the promotion.
A good product with a low promotion is better than the waste product with a high promotion.
Similar to time, the product you are selling or preparing should also satisfy the place.
For an example:- You cannot go and sell Ice-cream in the Himalayas. ( Another worst example )
You need to just check whether the place satisfies your business.
If you are starting a Business Online, Place is not the thing you should think of. But you need to think which place on earth my product will be good for. ( except e-commerce business because you need to ship the product to them, so the place matters. It will be good if the place of your audience is near to you. )
You Need to Practice some basic things to start Business
1. You need to know how to say “No”. Because if you accept whatever the other persons say, you cannot run a Business successfully.
2. You have to create a schedule & work accordingly to it. This planning will be helpful to work done fastly and properly.
3. If you have a team, you should also learn good organizing skills.
4. You need to balance Study & Business perfectly. Moreover, as a student, you need a bit of entertainment in life.
5. Start learning from business.
Create a checklist
Write every point I mentioned above and check whether you & your Business are perfect to launch. If you found something to change, change it for you and your business.
Here are some of my low budget business ideas
1. Create a Drop Shipping or E-commerce website
2. Tutoring ( Online / Offline )
3. Write an eBook
4. Become Online marketing agent
5. start a franchise besides your college.
6. Start Content Writing service.
7. Tee-shirt design printing Business
8. Create your own website.
9. Personal trainer (or) coach
10. Start YouTube Channel.
11. Supermarket Business
12. Or Start Freelancing & build your profile
As a student, you cannot work all day long. Your Business should be a part-time work. All the Businesses above are in low-Budget as well as Part-time.
So, what are you studing? & which Business you want to start?