5 Factors to Consider Before Starting a Small Business in College
Starting a business in college is a very ambitious endeavor that takes a lot of discipline and organization. If you have what it takes to start your own business, though, you could earn a decent income, which could help you get by financially or even help to pay off your student loans. If you’re debating the possibility but aren’t quite sure what it all entails, then you have to start asking yourself some very important questions. Here are 5 factors to consider before starting a small business in college.
- Do You Have the Capital?
Depending on the type of business you would like to start, you are probably going to need some seed money before getting started. If you don’t already have this money, then you need to figure out where you are going to get it – be it a loan from the bank or investments from family and friends – and whether or not you are going to need to pay any of it back. If you decide to start an online business, you probably won’t have very high startup costs, but that really all depends on what you are trying to accomplish.
- Is There a Market for Your Product or Service?
Before you put too much time, energy, or money into this business, you want to find out if there is a demand for what you plan to do. Have you talked to other students and found that you have something that they all want? If you really can provide something to your college community, whether it be at Norwich University or any other school, you want to be sure that it is something that a lot of students or other people are willing to pay for.
- What Problem are You Solving?
When push comes to shove you want to ask yourself how important your business will be to your potential customers. Is there some kind of void that you will be filling or problem that you will be solving? Will you have any competitors? If so, you want to be sure that there is still a viable market for your business. If not, then there won’t be much reason for anyone to buy from you.
- Can This Business Survive After College?
It’s important to ask yourself what the longevity of this business might be. If this is the type of business that you see growing and continuing long after you graduate, then it might be worth it to really get it up and running now while you are still in school. However, if it’s not something that can exist outside of your college campus and you are getting ready to graduate in about a year, then it might not be worth the trouble.
- Who Will You be Working With?
It’s always important to be very discriminating when you choose your colleagues. It’s very easy for other college students to get excited when you share your entrepreneurial ideas with them, and everyone wants to be a part of something special. However, you want to be sure that anyone you take on as your colleague is smart, reliable, and committed to your vision.