If you’ve just started college, you might feel like you have to wait several more years before starting your career. But today, students have more opportunities than ever to start their own businesses, especially with support from organizations like the National Association for the Self-Employed. Here are a few practical tips to help you start your entrepreneurial journey as a student.
Why Start a Business?
Entrepreneurship can be a valuable pursuit for young people. Student entrepreneurs bring lots of desirable skills and talents to the table: they are able to take more risks, and they’re capable of bouncing back from failure more easily. Student entrepreneurs also get the chance to learn hands-on money management skills outside of the classroom. Basically, student entrepreneurs are willing to break the rules, which can benefit them greatly in the long run.
Pick an Idea
Which business ideas are most appropriate for young entrepreneurs? Any idea that will saddle you with hefty overhead costs, or require you to invest in expensive equipment or property, is probably not a great fit. Instead, Beta Bowl recommends looking into launching a business that you could easily run from your home, like selling crafts online, becoming a social media consultant, tutoring, giving music lessons, working as a photographer or videographer, or walking dogs.
With the popularity of video games like Minecraft, becoming a video game personality online through platforms like Twitch and YouTube is a valid entrepreneurial path. There are even tools online to help you with Minecraft banner designs for your account to attract other players. This can help you promote your content and drive you engagement metrics, which opens the door for more income streams.
Form an LLC
It’s a good idea to choose your business structure before you start taking on customers, if only because you’ll get access to tax benefits earlier. The business structure you choose will affect how you pay your taxes, your personal liability, and more. Forming an LLC is often a great choice for student entrepreneurs — if your business runs into tough times, your personal finances will be protected, and you’ll enjoy tax breaks. Plus, you’ll have lots of flexibility when it comes to your operations.
Don’t worry, you don’t need to handle the filing process on your own. Rather than hiring a lawyer for assistance, you can save money by filing through an online formation service. They will help you determine which paperwork you need to register your business in your state.
Marketing Materials
Chances are, you don’t have a lot of money to spend on marketing, but thankfully there are plenty of ways to promote your company on a budget! Posting on social media is free, and setting up a business website with a blog isn’t expensive, either. And you don’t need to hire a graphic designer to create a logo. Ever used an online logo maker? You can select a style and icon that you love, input the text you need, and then pick out the generated logo you like best. Next, you’ll be able to change the fonts and colors until you’re satisfied.
Manage Your Schedule
As a student, you’re juggling school, family time, your social life, extracurriculars, and other hobbies — and now, you have a business to run on top of it all! How can you manage your schedule effectively? It’s important to block out distractions, like social media usage that isn’t directed toward business tasks. To find a sense of balance, you should try to designate a few hours of “me time” each weekend when you can simply relax and unwind.
Entrepreneurship is a great way for students to master real-world business skills at a younger age. You don’t need a college degree to start your own business! With these tips, you’ll be able to open and manage a successful business as a student.
For more resources to aid your entrepreneurial journey, join NASE as a student today!