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One of the best ways to make a little extra cash in college, whether you are going to Northeastern University or Earlham, is to start your own business. In fact, your business could take off and become a main source of income one day. There are a lot of stories of people going to college, starting a business from their dorm room and then going off to become the CEO of a Fortune 500 company. Of course, this doesn’t happen all the time, but it could happen, which is enough to give anyone hope – especially someone with ambition to do something great in life. Indeed, though, you will need some advice before you start a business in college. Here is how to start a small business while still in college.

Come Up with a Great Idea

Your first step in starting a business in college is to come up with a great idea. If you don’t have a one, you may not make it in whatever industry you are trying to break into. Look at some of the greatest social media sites – some of them started in college dorm rooms. You want to start off with an idea that people can get behind and you want to create a product people want, no matter how tangible it is.

Don’t Stray Too Far Away From Campus

When you start a business in college, you don’t want to stray away from campus. You could go into town and rent a storefront, make a website from your desk, or you could open up shop directly in your dorm. You will save money this way and you will protect your company from outside infringing sources. Moreover, it is a lot more affordable to keep your business on campus during the incubation period.

How to Start a Small Business While Youre Still in College

Register Your Business

After you come up with an idea and then set up the infrastructure, you want to register your business. Of course you want to register and protect the name, but you also want to register the actual business. This will make paying taxes easier and it will allow you to separate the business from your personal finances. You can usually speak with a lawyer about the right set up for registration, or you can simply start off as a sole proprietor.

Set Up a Bank Account

After you have your name and business registered, you can set up a bank account. You will be setting a bank account up in your business’ name – not your own name. Whatever your business name is, you will now have checks made out to that name and you will deposit those checks into a business account. Not only is this professional, it will also help out with things like payroll and overhead.

Launch Sales and Marketing Strategies

On top of everything, you want to start marketing your business because this will be the key to your success. Ideally, you want to use free forms of marketing, like social media and guerilla tactics. In the end, just because you are on a shoestring budget, it doesn’t mean you can’t market your business efficiently.