Students at universities are usually advised to establish a business, but they lack the necessary knowledge and abilities. They’re also unaware of the difficulties they’ll face when beginning a firm. Finding an issue, solving it, and then building a company around it is the greatest method to start your own business. If you don’t know what problems need to be solved in your industry, there’s always the option of creating one.
Knowing how to Start your business as a university student is one of the most difficult things you’ll ever accomplish, but it’s also the perfect moment in your life to do so.
You’d have the gift of time at university, as well as access to a big number of people and possibly free internet.
You must have heard many success stories. People like Mark Zuckerberg and Bill Gates founded their now-multinational corporations while they were in college. So, why don’t you try to start a business and start making money, too?
I currently manage a number of businesses in addition to being a final year university student. How did I manage to do it? Do I have anything to say about my difficult road that you may use to help you establish your own business while attending university? Yes. That is the purpose of this article.
A brief backstory: I was scrolling through my blog last week, exhausted and uninspired, when I came across Deborah’s comment. It brightened my day and reminded me of the issue I’m writing about. So, Deborah, thank you very much.
Back to the matter, How can you start your own business in the University? I will show you everything you need to know!
Why Do You Want to Start Your Business?
There are many different reasons why people choose to start their own businesses. Some of these include:
-The desire for more independence in their lives and careers
-The need for more time flexibility
-A lack of advancement opportunities in their current jobs or careers
-A desire to be able to work from home or while traveling
-An interest in working on projects they are passionate about rather than those assigned by someone else.
There are many factors that come into play when starting a business. You have to think about what the best time is for you to start, what type of business you want to start, how much money you would need and what your skills are.
Many kids find themselves in this predicament and are torn between going to college and not going to college.
Parents and society put a lot of pressure on you to go to the university because they believe it would make it easier for you to find work. But the reality is that there are many legit ways to make money, and running a business is one of them.
What Having A Business Looks Like
There are things about running a business as a student that many people barely talk about. Having a business is actually very interesting because it stretches you in terms of patience, communication, and relating with people as a whole. When you have a business, you later will discover that much more than just selling your product or services, you must learn how to connect with your customers.
Investopedia defines an entrepreneur as “An individual who creates a new business, bearing most of the risks and enjoying most of the rewards. They are commonly seen as an innovator, a source of new ideas, goods, services and business or procedures.”
So I will be sharing below, how you can start your own business even as a University student.
At the time of writing this post, Nigerian federal universities are on a ‘comprehensive, total and suffocating’ strike action. So if you are a Nigerian Federal University student, this is the BEST time for you to start your own business!
Having the Needed Skills
Having the skills needed to run the business is one of the most important parts of running a business as a university student. It is very easy to lose customers than it is to gain them. The reason is because of the fact that word gets out in a community of students very fast.
One wrong reply to an annoying customer (who is a student), and the person can tell someone else something that another person would tell his friend about, and so on. So you have to be very careful to be sure that you can really deliver!
How to Start Your Business as a University Student
It is not easy for a student to start a business. There are so many things to take care of, from the financial aspect to the legal one, and there are many other things that need to be done.
The first step is choosing what kind of business you want to start. It can be an online store or a brick-and-mortar one, but it needs to be something that you know how to do or you have the resources for. The next step is figuring out how much money you need in order to start your business and how much money you will need in order to keep it running.
It will take time for you to start making money from your business but once you do, it will be worth all the hard work that you put into it.
- Get the ‘offline structure’ right
- Have a Business Plan (temporary)
- Register the Business (Temporary)
- Find your first customers
- Show proof of your expertise. Spread the word
- Consistently show up online
#1: Get the Offline Structure Right
A very important part of running a business that is often left out is the part of having a very good offline structure. What does this mean? Efforts have to be put in place to make sure that you have the contacts of your suppliers, you have delivery guys in mind, you know one or two friends up the ladder in your field, and everything else around this!
I know you might want to rush into the business, but without this put in place, you will make a lot of mistakes and surely lose money. So please make sure this is settled.
For example, when I started my phone repair business in year 1, I had about six different phone numbers of guys that import mobile phone screens, and I had other contacts of guys that unlocked phones because they had the expensive tools I did not have at that time. This move alone helped me gain credibility, and it made me efficient. I could easily go to their stores to get the phones fixed and earn a commission. Good business!
#2: Have a Business Plan
Before you start a business, a good business plan can help you clarify your strategy, identify potential bottlenecks, determine what resources you’ll need, and assess the sustainability of your idea before you start your business.
A business plan is a road map, an outline, or a document that outlines what your company is, what its objectives are, and how it intends to achieve those objectives.
Owners who have a business plan expand 30 percent quicker than those who don’t, and business plans are used by 71 percent of fast-growing companies.
Because you will have a blueprint of how your business should go, a business plan will assist you in making informed judgments.
A business plan can help you clarify and focus your business ideas and strategies as an entrepreneur. You focus not only on financial difficulties, but also on management, human resource planning, technology, and adding value to your customers.
What a Business Plan Looks Like
A business plan should resemble an answer to all these questions:
- What kind of facilities, equipment, and supplies are you looking for?
- What is the structure of your company? Who is in charge of which areas of the company?
- Is it necessary to do research and development during the start-up phase or as a continuing operation? If that’s the case, how will you go about completing this task?
- Do you need a team now? When and how will you hire more people?
- With whom will you form business partnerships with vendors and suppliers? What influence will those connections have on your day-to-day operations?
- How will your business’s operations change as it grows? What initiatives will you take to reduce costs if the business does not perform as well as expected at first?
#3: Register Your Business
If you live in a country with a welcoming entrepreneurial environment, I normally recommend that you register your company.
I have written some guides to help you get started, like:
The most crucial thing is that you have a goal in mind and that you value that business idea.
You don’t have to register right away if you stay in Nigeria, especially if you can’t afford it right now.
#4: Find Your First Customers
If you’re new or have little experience, signing your first customer may seem impossible. Especially if you don’t have any advertising budget.
For now, I want you to know is that customers are eager to pay for your services. The question is where to find them. There are a variety of ways to meet individuals and tell them about what you do, depending on what you offer. Tell your friends and family, tell your classmates, etc.
More resources on finding your first customers.
#5: Show Proof of Expertise and Show Up
Since you are just starting out, you have to look for opportunities to have people test out your product or service. This means that you can offer discounts, show them your previous work, put up a notification on your IG, etc.
#6: Consistently Show Up Online
Read and follow My article on Online Branding.