Accounting & Finance
3 Ways to Start a Business While Still in College
Are you a college student who can’t wait to become a business owner? Then why wait? If you have the entrepreneurial spirit, there is no reason you have to wait until after graduation to launch your business.
3 Ways to Start a Business as a College Student
There are a number of reasons that college is the perfect time to start a business.
For one thing, if you fail, you have plenty of time to make up for it.
Fail or not, that ambition and self-starter attitude will look great on a resume.
Also, you’ll never be surrounded by more people willing to help you – often for free. There are your professors, alumni, and even fellow students.
The question you should be focusing on is how to start your business.
1. Refinance Your Student Loan Debt
If you’re like most college students, you’re using loans to pay for school. This can seem like a really good reason to hold off on your entrepreneurial dreams. As you’ve probably heard, it takes money to make money, so it might seem best to wait until your money isn’t in such short supply.
Instead of waiting, simply refinance your student loan to free up money which you can then use to fund your business.
Keep in mind, too, it’s easier than ever to start a business without a lot of money. It’s not as though you have to be debt-free before starting.
2. Leverage Crowdfunding
One huge advantage you enjoy over entrepreneurs who started even 10 years ago is that you can raise funds via crowdfunding.
For example, if you’ve come up with a winning product, you can create a Kickstarter campaign to earn capital for it. As long as you have a winning idea, you shouldn’t have too much trouble raising the money you require for an initial launch.
That said, you will need a working prototype before you can create this campaign.
However, one of the other advantages of using a crowdfunding platform is that you can also test the waters before you spend far more on a large number of products. If your Kickstarter campaign fails, it was probably because you didn’t have a big enough market. Better to find out this way than to lose a much larger sum of money.
3. Choose the Right Classes
Earlier, we mentioned how your professors are a major resource you should tap during your college years.
One of the best ways to do this is simply by taking classes relevant to your business idea.
Obviously, college campuses are awash in business classes. Many of these will help you get your business off the ground.
You may even consider choosing a major that will help.
By taking relevant classes, you’ll have a much easier time balancing your schedule as both a student and an entrepreneur. You can even ask questions in class that will directly benefit your business idea.
Don’t Wait Until You Graduate
Being a college student shouldn’t keep you from pursuing your dreams of launching a business. As you’ve just seen, now is the best possible time to get started. By using the three methods we just covered above, you may have a job long before you graduate.
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