Sunday, February 17, 2019

Helpful Advice for Starting a Small Business in College

by Rip Van Winkle (writer), , February 09, 2016

Credit: Google Image
Small Business in College

If you want to make some extra cash in college then you may want to consider starting your own small business.

If you are wondering how starting a small business is possible, especially if you live in the dorms or a small apartment, you need to realize that there is a plethora of businesses concepts that don't require any physical space to be a success. Of course, you could start an online delivery business or you could launch an online website design firm.

Before you start your business, you want to make sure that you have all your ducks lined up in a row. Starting a small business in college is not like starting a small business later in life. You have to think of the constraints of actually being in college and you have to be prepared if your business grows too big and you need more space for employees. Sure, you could start your business on your own, but what happens in a year or two years? Here is some helpful advice for starting a business in college.

Don't Go It Alone

When you are in college, you don't want to start a business alone. This can often prove to be a bigger burden that its worth. Ideally, you want to find a friend or an acquaintance you can trust. It will help if you and your new business partner share the same interests, goals, and level of responsibility.

Find a Business Advisor

Of course, you also want to find a business advisor. An advisor will help you with everything from financial architecture to a growth plan and more. Where do you find a business advisor? If you are going to University of New England, you may be able to find someone in the business school. No matter which school you are attending you may be able to find someone at a local bank branch who can help with loans and other necessary factors that are integral to your business.

See if You Can Get School Credit

In some cases, you may actually be able to get credit for starting a business in college. If that is the case, you will have the time and the space to actually start your business and not have to worry about it interfering with your daily schoolwork. Just like you would get credits for interning, you could get credits for starting a small enterprise. You may want to ask your counselor and find out.

Separate Your Personal Finances from Your Business Finances

Separating your business finances from your personal finances is important for a number of reasons. One of the biggest reasons is for the sake of organization. Another reason is that you would to protect your personal assets, and vice versa. You don't want a business debt to wind up getting you into personal financial trouble.

Have a Growth Plan

On top of everything, you want to have a growth plan. Some Fortune 500 companies started as seedlings in dorms and garages and grew to the behemoth that they are today. In the end, if you don't have a growth plan, it may wind up getting you into a lot of trouble and limiting your success.

About the Writer

Rip Van Winkle is a writer for BrooWaha. For more information, visit the writer's website.
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