Do you dream of being your own boss? Are you a student looking to make more money? Here are 3 steps to creating a business while you are in college:
Come up with a product to fill a need that you are familiar with
Before you start your business, you need to know what kind of business you want to have. There are many types to choose from including retail, service, or consulting. Deciding helps you lay out an overview of what your business will be about. Different types of businesses are structured in different ways.
It is important to know your niche. For example, I chose to open a skateboarding company, Soirée Skateboards, because I have been skateboarding for more than ten years. You are not going to open a skateboarding company if you have never stepped foot on a skateboard.
If you see a need for a product and you are not an expert in that area, find someone who is and partner with them. Knowing your product or service makes all the difference when it comes to things like communicating professionally and customer service.
Create a business model canvas
A business model canvas (BMC) helps you realize your business goals such as your target audience, profitability, and your business story. By filling out a template like the one in the image above, business owners allow themselves to get a better understanding of the company that they are forming.
A BMC is made up of key partners, key activities, key resources, value propositions, customer relationships, customer segments, channels, cost structures and revenue streams. Identifying these factors is critical for any business owner’s success. According to this study from Aalto University, the use of a BMC “can promote innovation and foster the efficiency of the framework.”
Market and sell on social media
Once you have your business planned out, it’s time to start selling. The best way to do this as someone starting out is to market and sell on social media. In fact, according to a Wordstream report, “93% of businesses are active on Facebook, and 86% also take advantage of Facebook advertising.” By hiring trusted social media marketers, such as the ones at TriState Marketing US, LLC., any student can sell their product or service on social media- regardless of their time constraints.
Having a well-built website helps drive sales. According to Social Shepherd, a website is the second most used marketing channel, behind social media. This means that it is important to make sure that your website is visible on Google and that it runs properly. By enhancing the UX and UI of the website, a business owner can increase sales and conversion rates. If you don’t know how to code, I suggest hiring a website designer or using a program such as square to set up your business site.
Always consider hiring an expert to help, as setting up a business while also being a full-time student is tough. If you follow these three steps, you will be well on your way to owning your first company. By getting an idea, creating a business model canvas and marketing online, students can create their company and run it on the side. So, what will your first business be?
