College is a time for students to make plans for their future, including finances.
Today, people no longer enter the job market long after completing their higher education.
In today’s technological and competitive environment, machines and robots perform much of the work. Students have to outperform them to make their mark.
So, like any other college student, you should also consider starting your own business if you are struggling to make ends meet.
The global economy is constantly evolving, so students must stay active to keep up with life’s ups and downs. But, unfortunately, the increasing cost of college tuition stops them from continuing their education, or else student loan payments cripple them. As a result, some students are suffering from six-figure student loan debt. So, that’s why it’s crucial to figure out how to earn money and pay off $100k or more in student loans fast.
Starting a business as a college student takes skill and time, which can be difficult. So instead, consider starting a business and save money for current and future needs, or as a way to survive the pandemic.
Is it possible to run a business and be a student at the same time?
Of course, it is possible!
It doesn’t matter if you’re still in college. Don’t waste time. Begin your own startup business as soon as possible.
But, should a student start a business while still in college?
School may take up a lot of your time. But if you stay organized and use your time wisely, you can still study and work on your startup business.
Here are several startup business ideas for a college student:
Offer Virtual Assistance Services
As a college student, you can run a virtual assistant service business from your dorm room or home. You’ll need a computer, webcam, headphones with a mic, and an active phone number. It’s a wonderful business concept for college students.
You can offer your services to professional firms and organizations who need a virtual assistant. Your work may include converting Excel spreadsheets, transcribing audio, simple data entry, setting up meetings, etc.
Due to the current market competition for virtual assistants, you can offer your services exclusively to professors and college lecturers. You can assist them with grading, presentation preparation, and other activities.
Provide Delivery And Errand Services
Running errands, picking up, and delivering products for others can be a lucrative side business. In locations where delivery services aren’t common, you can perform these activities for others.
You may start by creating a website that includes information about your delivery services.
You don’t need to spend a lot of money to promote your business because you can use the Internet, flyers, and social media ads. However, you’ll need a small amount of money to fund the early stages of your delivery and errand service.
Provide Tutoring Services
This is one of the most cost-effective options for college students and does not require a significant investment to start. Due to the pandemic, online classes are in high demand. You could provide one-on-one sessions or group classes, according to the number of students you have.
Consider putting up flyers in local libraries and stores; many parents would welcome the opportunity to have a current college student assist their high school students with school work.
Tutors are in high demand at universities and colleges in general. Promote your tutoring services to attract more students through the peer-tutoring facility at your college or university. You may request your lecturer to give you more students. Use the school’s online community forum for advertising your tutoring services.
You might also advertise your services on the Internet and social media or offer referral bonuses to anyone who can help you with word-of-mouth marketing. An example of this is this website – lessons.com.au which allows you to advertise your piano lessons. It also allows you to find lessons based on your location.
Offer Language Transcription Services
If you know how to transcribe, you can start a transcription service if you are at a college or university abroad. You may find people there who speak multiple languages, and you can offer this service to them. But for that, you need to know both your native language and the language is spoken in that country.
You can create an online portal to use in your dorm. Using your website, other people or companies may upload documents in one language. Then you may work on it, transcribe it to their specifications, and then return it to them through your portal for a fee.
This would be an excellent method for deliverables, without wasting time dealing with mail and physical documents.
If you hire other students to expand your workforce, this idea can grow into a large company.
Provide Transport Services
If you own a vehicle, this can help you generate money in your spare time.
Along with your studies, you may become an Uber driver or offer local transportation services (pick & drop to offices, schools, etc.).
As your business grows, you can start providing new services, such as assisting students with moving, airport pickup and drop-off, and so on.
Unlike the previous startup concept, starting a transportation company may have some upfront costs, such as vehicle, licensing, and car insurance. There are a few ongoing costs, too, such as fuel and maintenance.
Flip Websites And Sell
You can buy existing websites for a low price. Spend six months to 2 years developing them, then sell them for a profit at a much higher price. Some experts do this full-time, making millions of dollars every year from their websites.
There are three steps to run this business.
- Gather information about how to develop a website and increase its presence on the Internet
- Purchase low-cost, high-quality websites that can be developed and flipped later.
- Once developed, search for potential buyers and sell off the websites at a high price.
Create Motivational Apps For Multiple Users
Motivational apps can cover a wide range of topics for users, such as academics and mental health. These apps inspire students to be more productive in a pleasant and enjoyable way. They also give mental health motivation and support to users when they feel depressed or face anxiety.
With different app services you provide, you can charge the users according to their user profile.
Fitness and gym activities might also be monitored from similar apps.
Create A Babysitting Network
If you can manage some spare time from your daily work and studies, you can start a babysitting service in your neighborhood. Start small with one or two kids at a time. If everything works perfectly, you may include your classmates in your startup business and turn the conventional babysitting business into a babysitting network.
You may set up a website or a group, invite other potential babysitters, and charge a commission when someone is hired. Take advantage of social media networks to contact people quickly.
Even if you can’t pay attention to work due to a lack of time, you will be paid a share of the fees collected from other babysitters who have joined the network.