#Goals Doesn’t Even Describe It: How to Start Your Own Business in College

By Meghen Jones

Everyone knows that attending college isn’t necessarily inexpensive—quite the opposite, actually. From the horror stories of paying back student loans to the staunch competition amongst scholarship applications, current and former college students can all agree on one thing: the financial aspect of college is one thing we all could do without. No matter how you may feel about college tuition, though, the truth is that there’s always going to come a time where you need to pay up. Welcome to adult life, am I right?

But, aren’t you tired of finding yourself in the same financial slump time and time again? Aren’t you over working the same part-time job with little personal reward? Aren’t you sick of just merely daydreaming about starting your own business venture? If you answered “yes” to all of the above, then it might be time to finally pursue your dream, become an entrepreneur, and start your own business. Thankfully, uCribs has created this blog of tips to get your mind right. Can you say Business 101?

Establish a set of goals well ahead of time.

Consider the amount of time you’re already dedicating to summer classes and internships. Becoming an entrepreneur will maximize that already heavy workload, which is undeniably hefty and overwhelming. Avoid a future meltdown by establishing concrete business goals out-of-the-gate. As a business owner, it’s important that you understand what your objective is ahead of time.

So, before you do anything else, set some time aside for a brainstorming session where you put together a solid business plan with both short- and long-term goals. It can involve anything from purchasing the necessary tools for the operation to expanding your business altogether. Once your goals are set, you’ll be able to move forward with product research, marketing strategies, and brand development. Hmm… it sounds like a lot more just ended up on your plate, so what are you waiting for?

Register for relevant classes at your university.

Starting a business from scratch can be a hassle, to say the least. And, without any concrete experience, it makes it that much more difficult to get your idea off the ground. Receiving the necessary training to jumpstart the next chapter of your life can be very beneficial, and that’s why we suggest adding some business courses to your regularly scheduled curriculum—hey, everyone needs a few electives, don’t they?

Since you’re already a college student, you need to take advantage of the resources at-hand—you know, the ones you pay a pretty penny for already. If you’re dedicated to starting your own business, you’ll want to consider the following classes: accounting, marketing, project management, and business law. You could even orchestrate an independent study with a professor you’re close to and develop the product and design for your business with the overseeing eyes of an experienced professional. The key here is to work smarter, not harder.

Take advantage of on-campus resources.

It’s no secret that college students are known for penny-pinching and well, just being broke in general. It’s not an unfair assumption, considering that you know the struggle just as well as we do. So, it can be disheartening once you fully realize how expensive it is to start-up a new business. When you’re first fantasizing about owning a business, you may not consider everything you need to make that business run efficiently, like a brand-new computer, 3-D printer, webcams, or microphones. Depending on your new business is, it could literally be anything.

Much like taking courses relevant to starting your own business, your tuition and fees open the door to many on-campus resources, such as free Wi-Fi, copy and printer services, library materials, and online research databases. Not to mention, you can schedule time in the on-campus conference rooms whenever needed—what’s better than using a legit whiteboard when demonstrating your business plan to some of your closest associates? Absolutely nothing.

Establish a financial plan.

You’ve read numerous blogs about the financial struggles of college. Hey, it’s even one of the main reasons why you want to change your financial situation with a new business. But, like most successful business owners, you’re starting from the ground floor and building your way up. Part of this building, scratching, and scraping starts with a basic financial plan. Good thing, you’ve already established that basic business plan, huh? Wink!

However, a business plan is merely conceptual until you start filling in those all-important numbers. A financial plan allows you to implement necessary financial means for your business, while still maintaining a healthy profit margin. Start with a sales forecast, expense budget, and income projections—then work from there. If all of this sounds a little out of your league, consider onboarding one of your accounting major buddies to handle the numbers.

Above all else, remember to focus on self-care.

Running a company is not an easy task. It challenges you mentally and physically—especially, when you have to worry about maintaining a good GPA, a healthy selection of extracurricular activities, and a social life to boot. At some point, you’ll inevitably notice a decrease in your stamina and motivation—and that’s why self-care is so important. No, we’re not just talking about bath bombs and pedicures. We’re talking about time to focus on yourself. The thing is that you never want to run so low on “fuel” that it begins to affect your mental, physical, or emotional health. Sadly, it’s easy to bite off more than you can chew, especially when you’re an ambitious college student, such as yourself.

Self-care allows you to take some time away from the norm, improving your mood and reducing overall anxiety. But, self-care looks different for everyone. For you, it may be an afternoon spent in your local bookstore browsing the latest titles, but for someone else it may be driving out to the mountains for a hike along the rocky trails. In the end, the result is the same: you feel relaxed, rejuvenated, and re-energized. When all is said and done, a business requires a lot of blood, sweat, and tears, but we always encourage you to always take care of yourself first.

Starting a business in college could change your entire future in more ways than one. Of course, it requires a lot of hard work and plenty of sacrifices. But like Rihanna, the well-known singer, fashion designer, and entrepreneur has said, “When you really follow the things that feel great to you, you can never lose.” With the right work ethic and mindset, you’ll soon become the entrepreneur that you have always dreamed of. Just trust the process, and you’ll be well on your way!

Share this article: