Starting a Business in College: 6 Key Steps

Written By LaTisha Styles | Earn Extra Income | 0 Comments

Want to launch a startup while hitting the books? Here’s how to make it happen:

Find your business idea
Write a lean business plan
Get funding and resources
Build your network
Balance school and business
Launch and promote

Why start now? You’ve got built-in resources, a ready customer base, and time to experiment. Plus, big names like Google and Facebook started in dorms.

Here’s a quick breakdown of what you need to do:

Step	Key Actions
1. Business Idea	Identify a problem, leverage your skills
2. Business Plan	Keep it short (1-3 pages), cover basics
3. Funding	Explore grants, competitions, crowdfunding
4. Networking	Join clubs, attend events, find mentors
5. Time Management	Use time-blocking, prioritize ruthlessly
6. Launch	Plan events, use social media, offer student deals

Remember: It’s tough, but doable. Use campus resources, start small, and don’t be afraid to pivot. Your college years are prime time to turn that business dream into reality.

Come Up with a Business Idea

Got a business itch? Let’s scratch it. Your first move: find an idea that clicks.

Start with what you’re good at. Math whiz? Think tutoring. Design guru? Web dev might be your jam.

Owen Burek, Save the Student‘s founder, drops this gem:

"Starting your own blog or even an e-commerce website with Shopify is one of the best ways I’ve found regarding how to make money online."

But don’t stop there. Here’s a quick hit list for college entrepreneurs:

Social media influencing
Textbook reselling
Handmade goods
Digital products

Take Angelina Li. She turned slime-making into a business at 14. Your hobby could be next.

To polish your idea:

Scope out the market. Is there demand?
Check campus rules. Some colleges have limits on business activities.
Mind your schedule. Pick something that fits around classes.

The sweet spot? An idea that matches your skills, interests, and college life. Start small if you need to. Even a side hustle can teach you tons and pad your wallet.

2. Write a Business Plan

Got your idea? Great. Now let’s put it on paper. Your business plan is your roadmap. It’ll guide you through entrepreneurship while you juggle classes.

Here’s how to create a solid plan without losing sleep:

1. Start with the basics

Begin with an executive summary. It’s your elevator pitch in writing. Keep it brief – 1-2 paragraphs. Include:

Business name
Your product or service
Target audience
Main goals

2. Break it down

Now, get into the details:

Business description: What do you do? Why?
Market analysis: Who are your customers? Who’s your competition?
Products/services: What are you offering? How’s it made or delivered?
Marketing plan: How will you reach customers?
Financial projections: Startup costs? Break-even point?

3. Keep it lean

You don’t need a novel. Aim for a lean startup plan – 1-3 pages. It’s faster to write and easier to update.

4. Use tools

Don’t start from scratch. Free templates and tools can speed things up. Try the MOBI Business Plan Template – it’s perfect for college startups.

5. Get feedback

Show your plan to mentors, professors, or classmates. Fresh eyes can spot things you might miss.

Your business plan isn’t set in stone. It’ll change as you learn and grow. The key? Start somewhere and keep refining.

3. Find Money and Resources

Starting a business in college? You’re not alone. Here’s how to get cash and help:

Grants and Competitions

Free money alert! Check these out:

Faire Small-Business Grant: $5,000 credit for U.S. retailers. Deadline: August 31, 2024.
Fast Break for Small Business: $10,000 grant + $500 legal services. Closes September 13, 2024.
ZenBusiness Grant Program: $5,000 monthly for community-focused startups. Open until December 31, 2024.

Pro tip: Enter business plan competitions. Test your idea and maybe win some cash.

Crowdfunding and More

Kickstarter and Indiegogo let you raise money from the masses. But you’ll need to hustle to promote your campaign.

Ladies, don’t miss the Amber Grant: Three $10,000 grants monthly and three $25,000 grants yearly.

Loans and Credit

Need a bigger boost? Consider:

Business credit cards
SBA loans
Bank loans
Microloans

But watch out. Know the terms and make sure you can pay it back.

Campus Goldmine

Your college probably has:

Incubators and accelerators
Entrepreneurship clubs
Business plan competitions
Mentorship programs

These can offer workspace, guidance, and sometimes seed money.

Network Like Crazy

Connections are key:

Hit up startup meetups
Go to industry events
Chat with alumni

You might just find partners, mentors, or investors.

Remember: Starting a business is tough, but these resources can give you a serious leg up. Don’t be shy about using them!

4. Make Connections

College is a networking goldmine. Here’s how to tap into it:

Campus resources

Your school’s packed with opportunities:

Join entrepreneurship clubs
Hit up guest speaker sessions
Dive into startup incubators

UC’s Venture Lab? It’s a pre-accelerator that hooks up new founders with business pros.

Alumni networks

Alumni can be your secret weapon. Connect through:

LinkedIn (engage first, ask later)
Alumni associations
"Ask a Blue Devil" services (if available)

Industry events

Get out there:

Conferences in your field
Professional orgs
Local startup meetups

Pro tip: Research attendees beforehand. It’ll pay off.

Social media

Build that online presence:

Solid LinkedIn profile
Industry forums
Online discussions

Give before you get

Don’t just ask for favors. Help others:

Share insights
Make intros
Give feedback

It builds trust and kickstarts relationships.

Find mentors

Experienced entrepreneurs can guide you:

Check your network (family, friends)
School mentorship programs
Entrepreneurs-in-Residence (EIRs)

At the University of Maryland, EIRs like Laura Neuman (sold her tech startup for $230 million) mentor new companies.

Keep those connections alive

Building connections is just step one. Stay in touch:

Follow-up emails
Share your progress
Celebrate their wins

"Stay in touch, stay in touch, stay in touch." – Alex Hochman, Senior Director of the Career Services Center at the University of San Francisco.

Remember: Networking isn’t about collecting business cards. It’s about real relationships that help your business grow.

5. Manage School and Business

Balancing college and a startup? It’s like juggling chainsaws. Here’s how to keep all your limbs:

Time-block like a boss

Slice your day into chunks:

School stuff
Business grind
Breaks (yes, you need them)

Use a calendar app. Treat these blocks like they’re set in stone.

Ruthless prioritization

List everything. Then ask:

What’s breathing down my neck?
What moves the needle?

Tackle those first. The rest can wait.

Milk those campus perks

Your tuition buys more than just classes:

Free tutoring
Study groups
Mentors

Use ’em. They’ll keep you afloat in school, freeing up startup time.

School + business = power combo

Got a marketing project? Use your startup. Need a business plan? Perfect timing.

Apply classroom knowledge to your company. It’s a no-brainer.

Don’t burn out

Running on empty helps no one. Make time for:

Sleep (non-negotiable)
Moving your body
Hanging with friends

Your GPA and your business will thank you.

Keep score

Track:

Business moves
Money in, money out
Grades

It keeps you honest and shows where to focus.

"Time management is probably the single most important skill that will help a student succeed." – Colin Deyman, Academic Advisor

Remember: It’s a marathon, not a 100-meter dash. Cut yourself some slack as you navigate this wild ride.

6. Start and Promote Your Business

You’ve got your idea, plan, and funding. Now it’s time to launch. Here’s how to make a splash:

Launch with a bang

Pick a date and plan events. Think:

Campus pop-up shop
Social media countdown
Launch party (free food always works)

Go where the students are

College kids live on their phones. Use that:

Run targeted social media ads
Create short, fun TikTok or Instagram Reels
Partner with student influencers

In 2022, DoorDash teamed up with college TikTokers for their #DashToClass campaign. The result? 4.5 billion views and a 10% jump in student sign-ups.

Offer student-friendly deals

College budgets are tight. Hook them with:

Student discounts
Loyalty programs
Referral bonuses

Host giveaways and contests

Free stuff = instant attention. Try:

Social media photo contests
Scavenger hunts around campus
Raffles at campus events

The University of Alabama nailed this with a vaccine raffle. Prizes? Parking passes and housing scholarships. Engagement skyrocketed.

Get involved on campus

Be where the action is:

Sponsor club events
Set up booths at career fairs
Offer to speak in relevant classes

Use humor and relatability

College kids like brands that "get" them. The University of Colorado Boulder and UCF went viral with funny social media posts.

Track and adjust

Keep an eye on what’s working:

Monitor social media engagement
Track website traffic and sign-ups
Ask for feedback (and actually listen)

Conclusion

Starting a business in college? It’s bold. But it can pay off big time. Here’s a quick recap:

Find your idea
Write a solid plan
Get funding and resources
Build connections
Balance school and business
Launch and promote

Think it’s impossible? Think again. Facebook, WordPress, and Reddit all started in dorm rooms. You’re in good company.

Why is college perfect for entrepreneurs? Let’s break it down:

Resources: One-third of business incubators are on campuses
Network: You’ve got mentors, peers, and potential customers at your fingertips
Low risk: Test your ideas before you hit the "real world"

Need some inspiration? Check these out:

Keiana Cave started Sublima Pharmaceuticals at the University of Michigan
Grace Beverly launched TALA, a sustainable fitness label, while still in school

"If you look closely, most overnight successes took a long time." – Steve Jobs

Jobs nailed it. Success isn’t instant. But with passion, planning, and persistence, your college business idea could be the next big thing.

Don’t forget to use what’s around you. Join entrepreneurship clubs. Enter competitions. These can give you a serious leg up.

Is it tough to start a business while studying? You bet. But it’s also a crash course in real-world skills that no textbook can match.

So, what are you waiting for? Your college years are prime time to turn that business dream into reality. Take the leap.

FAQs

How to start a business for college?

Starting a business in college? It’s tough, but doable. Here’s how:

1. Spot a problem

Look for issues students face. Manaav Mehta, a UCLA junior, created the Bolo app to help students communicate in classes during COVID-19.

2. Do your homework

Research your market. Kurt Beyer, UC Berkeley Entrepreneurship Professor, says:

"People make the mistake of coming up with opportunities, not ideas. If these ideas have no viability they are useless because products and services have to be used in the real world."

3. Plan it out

Outline your funding needs, launch timeline, and operations.

4. Build a prototype

Start with a minimal viable product (MVP) to test your idea fast.

5. Get help

Use campus resources. Pedro Pachuca, SportVue co-founder at UC Berkeley, notes:

"People want to help you if you’re in college because it’s like ‘Ooh, bright new talent,’ rather than being right out of college where they see you more as a competitor."

6. Balance studies and business

Manage your time well. Don’t burn out.