3

The Ultimate Balancing Act: Five Tips for the Collegiate Entrepreneur

The Ultimate Balancing Act: Five Tips for the Collegiate Entrepreneur

If you’re considering starting a side business while in college, we’re sure you’ve asked yourself the following question:

Do I have the time and energy to devote to a small business while still doing justice to my studies?

This might seem like a valid concern; however, consider this: How is it that even while in college, most students are able to catch every sporting event or keg party they wish to attend while maintaining that 3.5 GPA that keeps mom and dad at bay?

The truth is that most college students actually have plenty of free time that could be used to start and maintain a side business. Aside from those days just ahead of a major exam or when a long paper is due, there are substantial stretches of time that college students can use as they wish. Also, your “overhead” and expenses are usually low. You’re either living at home with your parents, staying in a dorm room that’s already paid for, or dividing the rent five ways with your buddies. So the question remains: Would you rather board the party bus or use your free time and energy to create a possibly life-changing side business?

If you’re ready to make the leap, here are five tips to increase your chances for success:

1. Choose a Business You’re Passionate About

This is number one. If equations bore you to tears, don’t be a math tutor. If you couldn’t care less about cutlery, don’t be a knife salesman. What are your passions? If you had to provide a product or service without being paid, what would it be? Find a business idea you’re truly passionate about, and you’ll have boundless energy to put into it.

2. Make it Flexible

Because you won’t know from week to week how much time you’ll be able to devote to your business, choose something that’s flexible. A freelance business like writing, graphic design, or coding can offer you the ability to only pick up projects when you know your schedule will allow you to work on them.

3. Spread the Word

Once you’ve started your business, let people know about it! Tell all your friends and ask them to spread the word. Post flyers around campus. Take out an ad in your college newspaper. Create business cards and distribute them freely. Put those random Facebook friend requests you get from every acquaintance to use and promote your business.

4. Leverage the Internet

Use the Internet for marketing and promotion whenever possible. If applicable, create a website and/or a blog to advertise what you do. Connect your business with your social media accounts, or create new ones for the business. Make use of scheduling software and an affordable online payment processor. The Internet is a dynamic way to promote and run a business with minimal cost.

5. Seek Out Support

Lastly, you don’t have to go it alone. Starting a business with a friend or two can be great fun, or you can hire them on as employees. You’ll all share in your business success and work under a great collaborative vibe. At the very least, seek out a couple of supportive people you can turn to if you need to vent or get feedback.  Don’t forget to make sure to enjoy a much-needed night off once and a while, and always be on the lookout for connections.

Being an entrepreneur and going to college are far from being mutually exclusive. On the contrary, this is one of the most creative and energized times of your life. Why not parlay some of that amazing energy into making some extra cash to fund your college adventures?

Follow Adam on Twitter: @thebizguy

Comments are closed