Any college student can run a successful business doing what you love to do. Make more money than you would even after college, get high grades, and have enough time left to party and enjoy your life. It’s not impossible, or extraordinarily hard to do; thousands of college students, living around the world and right here at home, have taken this head start on life, their matters in their own hands, controlling their own destiny, and run successful businesses.
– Planning: Before you venture into any business, you have to plan very well not fail. Firstly, choose the business wisely. In as much as you would want a business that produces the most profit, do not venture into something that has too many competition. If you choose a business that requires capital, consider how much you have and if you could raise the rest. Basically, do a feasibility study and have a business plan, whether formal or informal.
Be sure to put time for your academics into consideration while planning any business. If you decide to get a job, make sure it will give you enough time for your studies.
– Make use of university resources: As a student, you have access to a vast network that you will never see again in your life. Expert faculty members, academic courses and student organizations are all at your fingertips, so take advantage while you can. Professors often make great advisors and can be well-connected, helping to make introductions to contacts who can help grow your business.
– Promotion: You will need a good promotion for your business to thrive. It doesn’t have to cost you much. You can simply use cheap posters and fliers, words of mouth through friends, the internet (Forums, Social media, Facebook groups) to promote your business.
You may also go straight to people who might need the service you offer and present a proposal to them.
– Money Mangement: A Nigerian musician once sang, “.. money slow to enter, money quick to go…” and it is true. Without good money management skill, you can make as much money as you want and still lose it faster than you can imagine.
Also, in as much as you need to pamper your clients to get them patronize your products, you need to be smart with your money, otherwise they will owe you till you no longer make enough returns to run your business. For online businesses, you have to be very careful as there are scammers everywhere.
– Focus: You have to be humble, patient, jovial and courteous to everybody. That way, you make your clients fall helplessly in love with your services and always come back for more while bringing along new clients. Don’t get distracted by students who appear to have it all. Don’t ever feel inferior, work on your self-esteem, set your targets and keep your eyes on the price.
Finally and most importantly, don’t lose focus on your studies which is the ultimate price and the main reason you are in school.
– Say, “What else would I need to learn to help people even better and to reach my goals?” It is a fact that 95% of new businesses close their doors within their first 5 years. What if you could guarantee your success? With a dedication to learning everything you can about reaching your goals and dreams, reading books, actively seeking advice from others who have succeeded, striving to do everything even better, you will literally guarantee that you will get to where you want to go.
Note: Freshers or first-year students are not advised to involve in campus business. They need to completely focus on studies and learning their new environment unless they are already familiar with the environment. Also, we do not encourage betting, gambling or any High Yield Investment Program.