How To Set Up A Business As A College Student

Being in college is a lot of fun, but it’s also a great place to start thinking about what you want to do and who you want to be. It’s also a place to discover who you are and your hidden talents – and it’s understandable if you want to share them with the world! Lots of students want to set up their own business while still in college, but this comes with its own challenges. If you’re one of them, don’t worry – we’ve put together these tips on setting up a business as a college student so you can be successful!

Take an Online Business Class

If you’re studying something like business, then you don’t need to worry about knowing your stuff – but otherwise, starting up a business can take a lot of knowledge and resources. It’s worth looking around at any potential online classes that can give you an introduction to business and entrepreneurship, both to learn the basics that will help you set up successfully but also to voice your ideas and test the waters.

There are several online courses that offer affordable or free classes for those wanting to get started. We recommend a class with a group rather than an online course, as this way you can meet people in your situation. Having contacts both at your level and above you is a great safety net, and should offer you lots of support as you start to set up your business.

Have the Right Equipment

It’s also important to think about what kind of equipment you’ll need. This can vary significantly depending on what you’re planning to sell. For example, a baking business may mean you need to invest in high-quality cooking products such as a stand mixer. However, there are some basics that every company will need.

A computer is essential both for setting up websites and marketing your business, but also for keeping track of records, invoices, finances, and more. Most of your business will need to be managed on a computer or laptop, so having this can make things easier. Having a printer is also essential, as it’s a good idea to have hard copies of all your records in case something goes wrong with the computer. You may also need a printer for things such as delivery labels and information sheets. Just make sure to invest in a good quality printer – trusted companies like Lenovo are a safe bet for reliable printers, especially if they come with a warranty. You don’t want to spend your profits on constant repairs!

Use Social Media

Social media is one of the best tools you can use in the modern-day. It gives you access to a huge range of potential customers with little if no cost. Creating pages for your business and using them to advertise your products or services, as well as marketing deals and competitions to help draw consumers in, is ideal for making your name known. Plus, it gives you the chance to showcase what your business is about, as well as advertise any USPs – for example, is your business 100% vegan? Do you donate a percentage of profits to charity? It’s the best place to shout out what makes you special.

As a student, this comes in handy, as you’re likely to connect with lots of other students. With social media like TikTok, where there are a lot of students interacting with the app, you already have access to a large base of people who are willing to interact with your business. Taking advantage of your environment and circumstances is an easy way to get your business circulating and hopefully attract lots of customers to your business.

Think About Money

Money is the key to this, and as a student, you might find yourself thinking about whether you can afford the start-up costs. Having a budget is a good way to establish how much money you’ll need per month (regardless of how much profit you’ll make), and how that will fit in with the amount of money you have. This means calculating your weekly and monthly costs, whether that’s materials to make your product, delivery costs, the rental of vehicles or spaces to help manufacture and deliver your product, any equipment you might need, and so on. Here’s everything you need to remember to include in your budget.

You may want to ask for a loan to help you start up. Having a budget for this is essential, as well as a marketing plan that will reassure whoever you ask that you will make a profit. You may even find that your college has schemes or grants that help students who want to start their own business; at the very least, they will have information and support that will help you, so it’s worth reaching out to them.

Check Rules and Regulations

Though your university may have systems in place to help you start-up, they may also have rules and regulations you need to follow. For example, they may have certain rules about running your business on campus, especially if you live on campus, so it’s important to work with the college to establish that you’re running your business in the right way.

This also means checking the legal rules and regulations you may have to follow. For example, you need to register your business in order to file for taxes and other important necessities like obtaining licenses. Make sure you research what the rules are in your state to ensure that you’re doing everything by the book, or else this could come back to bite you in the future. Don’t be afraid to ask for help, whether you reach out to a government official or a business consultant to help advise you on the legal steps you’ll need to take to get your business up and running.

Though it may take a little time, patience, and effort, it’s not difficult to set up your business while still in college and it can be a great way to earn some extra money and share your ideas with the world.