Starting Your Own Business in College? 4 Tips for Being a Student/Entrepreneur Hybrid
Although there are many ways that an individual can obtain personal and professional success, opting to start your own business can be particularly advantageous. While people decide to take this sort of entrepreneurial endeavor at various stages of life, many college students determine that they want to own their own small business while they are in the process of attaining a degree. While doing so can be stressful and challenging, gaining access to the right information will help you to be a successful student as well as a successful business owner. Whether you’re starting your own lawn mowing business, dog salon, or internet marketing company, here are four tips that can help you rise to success in business as well as in school:
Implement A Referral Program
One of the most important things that an entrepreneurial student can do to ensure that his or her business keeps growing is to market well. In many cases, entrepreneurial students may find that they have limited funds to pour into their marketing efforts. If this is the case for you, make a point to invest in marketing strategies that cost little to nothing. One such strategy is the referral programs. Referral programs work as you ask existing customers to tell friends and family members about the great products and services you offer. Once this is done, your conversion rates will likely increase significantly. To increase the likelihood that your loyal customer base will actually refer acquaintances and loved ones to your referral program, give them incentives such as discount offers.
Try To Graduate Early
Although attaining an education is important, students who have decided to pursue their entrepreneurial dreams should attempt to graduate as soon as possible. Doing so will help them devote more time and energy to the development of their small business. There are a plethora of things you can do in order to graduate early, such as taking competency exams such as the CLEP. These types of exams give you the ability to skip courses that would have taken you an entire semester to complete by simply taking and passing comprehensive tests.
Get The Right Technology
In this day and age, technology should be an indispensable aspect of the business-building process. There are a plethora of different forms of technology that you should make use of as you begin to build your small business. One of them is the app. Creating your own app is effective because it helps you establish a relationship with your customers while also providing them information regarding sales, new products, and other information that is pertinent to your business-building efforts. In addition to attaining and maintaining a great app, you should invest time in the development and maintenance of a great website. By expanding your online presence with a great website, you will experience greater conversion rates as more people become aware of the products and/or services you offer via internet perusal. Whether or not you operate out of an office, there are a few devices that could be helpful for your small business. Merchant Services Credit Card Processing suggests you have adequate devices in order to take payments so that you make sure you get paid. Being able to slide someone’s card on the spot will ensure that you get paid the correct amount, and on time.
Know Your Educational Obligations And Try To Modify Them
If you are attempting to build a small business while in college, one of the ways to balance your school and work life includes understanding what your educational obligations are and attempting to modify them. For example, you may think that you have to attend every class for which you are signed up in order to pass or maintain a favorable relationship with your professor. However, this is oftentimes not the case. In many cases, you can talk with your professor and find that she or he will work with you so that you do not have to be present for every class in order to pass. Additionally, professors may allow you to omit certain assignments or do bonus projects that boost your grade in the event that your business-building efforts cause your GPA to drop. Be sure to look into all of the options that you have so you’re not spending unnecessary time on your studies which could be devoted to ensuring that your small business keeps growing.
Although you may think being a student and entrepreneur simultaneously is difficult or impossible, it doesn’t have to be. By implementing some or all of the strategies listed above, you will likely find yourself able to balance your school and work life so that you can excel in both areas. If you’re brave enough to embark upon business endeavors before you’ve graduated college, you likely have the ability to accomplish a lot. It’s difficult to devote proper time to both a business as well as education, but if you can do both at the same time, you’ll be better off by the time you graduate.
AUTHOR BIO: This article was written by Dixie Somers, a freelance writer who loves to write about business, finance, women’s interests, and technology. Dixie lives in Arizona with her husband and three beautiful daughters who are the inspiration for her writing.