Global condition in economic sphere has shifted. Full-time job today is no longer able to fulfill the daily needs of the workers. People try to create their own chance to get more money. Business comes to solve this problem. The condition also happens for college students. Tuition fee which gets higher urge them to get more money to fund their study. Being entrepreneurs can be a way out from debt, and at the same time they can create a new job for other people which can contribute to the development of global economic.
Young entrepreneur now becomes a new trend worldwide. This trend is not only used to gain more money, but at the same time it is a tool to do what becomes their passion and hobby. Youth see business as something challenging yet interesting. There are some things to consider when you run business when you are still in college.
Think About Your Studies
The priority for college students who run business is still their studies. Thus, choose business that is easy to manage, and not consume most of the time you have. Think about the credits you take, your degree, load of tasks you have to do in those semesters, the subjects you take, and also the time you have in your studies. This is the very first thing you need to think before choosing what kind of business you run. For those who have a heavy course load, running business may be not a good idea to gain money. As an alternative, try to run seasonal business.
Business is great for gaining skills, experience, and also networking connections. If your university has business center, use it for running the business.
Costs to Start Up
This is the second important thing before running business, where to get money to start it. When you deal with debt and want to use business to solve the problem, choose business with minimal start-up costs. Avoid yourself from lending. Just focus yourself on business that can be run with your existing money. Thus, think about the existing resources and skills you have, then create a concept of business you like. You can choose business that has a relation with the subjects you study. This can sharpen your skill on business and your study at the same time.
Crowd funding can be a good option for college students. There are some websites that can help you to gain fund you need for your business. This can be an interesting alternative for those who avoid lend money from friends, family, or networking contacts.
The Quality of Product and Service
If you want the business to be sustainable, think about the quality of the service and product you sell. Though you do it part-time or full-time, run it fully with your heart. You have to be able to deliver the good quality of the service and the product you have. One example, if you run a tutoring service. Make sure that you have subjects that you are really good at. If you do not do so, customers will expect more and you cannot fulfill what they expect for. They may not use your service anymore then.
You may have options for what you will do for your business. Yet, before building it, do market research first. Evaluate the concept you bring to your chosen market. Set the target consumers and test the product to them. You also can research what the market really want today. After researching the market, then see the level of competition of your business. You may choose less popular business. Of course, it depends of the money and time you have to run business.