Starting a Small Business in College: 5 Factors to Consider First

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If you’re reading this article, the idea of spending your professional career putting money in someone else’s pocket probably sounds about as fun as getting your teeth pulled. Well, I have good news for you; it is possible to start your own business and build the life of your dreams only if you’re willing to make the sacrifice.

Now before we drive down to the nearest bank and demand a loan, let’s sit back and consider a few factors. Read on to learn the five factors you should consider before you start a business in college.

Are You Able to Balance an Academic and Entrepreneurial Life?

If you’re reading this article, clearly you’re a person that understands the value of time. Listen, I applaud you for seeking to launch your own business; but I want you to realize that if you do launch your own business, any idea of living normal college lifestyle is out the window.

Before you launch your own business, you need to make sure that you can maintain a successful academic life. You need to maintain focus on your studies so that you can leverage the connections that you make with your professors and classmates.  You need to realize that starting a small business is essentially giving yourself a full time job and, chances are, your time is already maxed out. Can you make the sacrifice?

Can You Take Any Classes to Help You?

What’s the best way to learn how to launch your own business in college? Try taking an entrepreneurship class!  This class will help you in multiple ways. Not only are you effectively killing two birds with one stone – learning how to launch your business and getting college credits while you figure it out – but you can use your college student status to interview established business owners.

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Most business owners are sympathetic to college students that want to learn how to launch a business; call it the pride of an entrepreneur. A skilled, cerebral student should take an entrepreneurship class and use their student status to learn how businesses are run straight from the owner, ideally in the same industry you are looking to operate in. Business is a chess game, people, plan your moves strategically!

Is There a Demand for Your Product?

Well is there? A major factor to consider when searching to start your own business is  to find out if there is even a demand for your product or service. I don’t care if you have the coolest idea in the world, if no one is willing to buy your product or use your service, your business will fail. Trust me, it happens thousands of time each year to small business owners!  Be certain that you have a demand before you fully commit to launching your own business, it’ll save you from heartache and debt.

Do You Have Connections with Your Professors?

Ahh, back to the professors!  In addition to helping you obtain an education, your professors can greatly assist you in launching your own business. Listen, I’m willing to be that there are a few professors on campus that have experience launching their own business or at minimum know someone who has.

If you befriend a professor, they may help you by providing personal insights and sharing information on how to grow your company. If they can’t help you, chances are they will point you in the right direction of someone who can.  In life, it’s all about who you know; remember that! That’s networking 101.

Where Will You Find Your Financing?

The only way to successfully launch any business is having the money to do so.  Money makes dreams happen, remember that! Unfortunately, most banks won’t bat an eye at a college student and you probably don’t have the personal finances to bankroll your start up.  My friend, don’t worry! If you spend time online comparing options, you will be able to find an online lender.  You don’t need to go to the University of Southern California to know that it is easier to get money from an online lender than it is from the bank.

Please know that the rates and terms tend to be rather expensive when you go down the online lending route. Keep your eyes open, don’t be discouraged and always compare your options.  Good luck launching your business and please know, if there is a will, there is a way!

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