According to ZenBusiness, 60% of students want to start a business while pursuing their degrees. While this is a great way to prepare for the corporate world, entrepreneurship is not easy. You have to plan your time well to balance studies with entrepreneurship.
So, how do you launch a startup while pursuing a degree? We’ve compiled several tips to help you build a successful business as you study. Here’s what to do.
Look for Opportunities Around You
To start a business, you only need willpower and resources. However, if you want to build a successful startup, you need a business idea that solves consumers’ problems. Look for gaps, pain points that need to be addressed, and opportunities around you.
It’s even better if you can come up with a business idea related to your course. For instance, if you are studying computer science, you can use the knowledge you’ve acquired to solve a problem or innovate a tool that makes people’s lives easier.
Create a Business Plan That Accommodates Your Studies
As you plan how to implement your business idea, consider your studies. You could start small and introduce the concept to your fellow students to see if it yields positive results. After the business picks up, create a comprehensive plan that outlines your goals, vision, funding, sustainability, and scalability. Getting funding can be hard because most banks and lending institutions are hesitant to give loans to students.
Fortunately, you can borrow money against the value of your car. Auto title loan issuers allow you to use your car as collateral. Search for “online title loans” and choose a suitable lender.
You can learn a lot from your professors, other entrepreneurs, and business coaches. Universities usually hold innovation fairs, networking events, and training programs. Attend them and learn from successful business owners and coaches.
Take advantage of such opportunities to learn better ways to run your startup. One of the challenges facing student entrepreneurs is a lack of mentorship. Mentorship is crucial as it helps you navigate financial challenges, change your mindset, and stay motivated.
Market Your Product
You’ve launched your product and your peers think it’s brilliant. However, only a few people at school know about it. How do you create brand awareness and sell more products to make profits?
There are several low-budget marketing strategies you can use to promote your college startup. First, you can recruit your friends and peers at school to be brand ambassadors. You can create t-shirts, water bottles, laptop bags, pens, caps, and other branded merchandise.
Secondly, leverage social media marketing. It presents a cheap way to promote your products. Creating social media accounts is free and ads are relatively cheap. Furthermore, you can customize your ads to only target consumers who would pay for your product, thus saving time and resources.
Have a Good Team
It’s hard to run a business alone, especially if you have to make time for your studies. Choose a good team to work with that can take charge when you are away. Delegating tasks is not easy because you want someone with similar dedication and zeal. Hire experts, be frank about your expectations, and lead by example. Everyone will stay focused even in your absence.