The never-ending stereotype of being a student is that they are penniless and unable to afford anything. Whether it is getting a part-time job to support themselves or making that student loan go as far as they can, there are several ways for them to bulk up their money. However, there is another path. Starting a business as a student can be fraught with risks, but it can also be incredibly rewarding. Let’s take a look at some of the things you might want to think about if you do decide to start a business as a student.
One of the major factors you need to consider is time. Have you got the time to handle everything involved with running a business on top of your commitments to university? Many people start a university course and see that they have maybe eight hours of contact time a week. They will then wrongly assume that that is buckets of free time. In fact, that is merely the time you are spending in class. You will also have studying to do, not to mention all the essays and projects you will need to work on.
Nevertheless, the most organised of folks might still have plenty of hours left to run a business with. If you are someone who likes to fill their days with things to do, then a business might be the perfect choice for you.
While some people think a business will give them more money for their activities at university, they might not consider the money that first needs to be invested into the business. It is incredibly difficult to start a company from nothing. Some sort of capital is needed at the start for buying equipment and any supplies you might need.
Luckily, there are some financing options available for student entrepreneurs running a small business. Try to avoid using your student loan and instead focus on securing a legitimate business loan. Keeping the two separate will be incredibly important, especially in terms of paying them back.
University offers us a fantastic opportunity to network and reach out to more people than you might have previously. Whether you are just in a big class or you are heading to speak to societies and student groups, there are lots of things you can do to meet new people.
You never know when one of these new connections might result in a great business opportunity. Someone might be able to put you in touch with a friend who can offer you a certain service or some investments. You never know what paths might open to you if you network as much as possible.
Running a business is a lot simpler than it used to be thanks to the internet. However, you still need to make sure that you are using as many free resources as you can. For example, most universities offer free Wi-Fi to their students. This means that you should be able to work on your business on campus no matter what. Whether you are pitching up at the library with your laptop or you are swinging by a computer lab for a few hours, there is always going to be somewhere for you to go.
From cheaper printing to free places to advertise, there are lots of ways you can take advantage of your university’s resources for your business. Find out what is available for you to use on campus to maximise your efficiency when it comes to your business.
One of the hardest parts about running a business at university will always be the discipline you need. You need to put your university course and your business on equal footing. No matter what happens in either, you need to be prepared to press on and get things done. For example, if there is an exam coming up for your university course, you might need to scale back on the business.
Discipline is also necessary for ensuring that your attentions are kept on your business. Whether it is a party on a Friday night or the student union gearing up for the big event of the semester, there is always something going on. You might get to the point where you would rather attend this event instead of working on your business. However, the business can’t be put to one side. Though it might seem difficult at the time, putting a social event to one side in favour of your business is always going to be better in the long run.
No matter whether you are a student or an old hand who has worked on many businesses, there is always a chance that things might end up not working out. You always need to prepare yourself for failure when you are a student. Failure is incredibly important and we can learn a lot from it.
You cannot do it all, however much you might want to. If you are keeping up with both the business and your university work then you might become overworked and stressed out. Likewise, if the business is overpowering you then your grades might begin to suffer. No matter what, you need to recognise when things are not going your way and how you might turn them around.
Become a Student Entrepreneur
With the right drive, there is no reason why you cannot start a business at university. It might end up being one of the hardest things you ever do in your life, but it could bring you joy and satisfaction unlike anything you have ever felt so far. Think very carefully about what sort of business you would like to create and what you would like to do with it. There are so many business ideas out there for you to try, and they could give you the means to properly support yourself throughout your time at university. Become a student entrepreneur today and get ready to face a challenge unlike any other!