8 Steps to start a business in college!
Well, start a business in college is kinds of the right choice!
Probably you are wondering about how to make money in college!
Every college student has the power to change the world. Only the students can see the world from different perspectives.
18+ students can move along their way legally. So, if you are a student, then you have the enthusiastic power to earn handsome money legally while continuing your study.
In this article, I am going to explain to you how to start a business in college by launching a brand new startup.
The step by step process to start a business in college
To start making money, an entrepreneur has to go through a few steps.
Before explaining each step deeply, I would like to recommend you to read this article comfortably, so that you can better understand each step.
If you have any problem to understand any of these steps, then feel free to ask in the comment section, I will clear it.
1) Makeup your Mindset:
Brainstorming is the first step to start a business in college. Whether you can see an opportunity to start a business or you have a passion for creating opportunities, You should determine your ability.
It doesn’t matter what skills you have or whatever academic study you do. You are still able to make decisions by going beyond it, but you should choose the business field according to your current circumstances.
Let suppose; you are studying in the IT field. It might be possible that you have the skills of web development, software development, graphics design, SEO, etc. When someone has any of those skills, he/she thinks about the only freelance business model.
It’s totally up to your vision, how you see yourself in the future. If you see yourself as a freelancer in the future for a lifetime, then go for it. In the future, you can make a freelance team and can build a thriving IT firm.
But if your vision is to do corporate level business, then stay out from the freelance business and start thinking about a product development that can fix people’s needs.
2) Raising your capitals:
Once you have developed a product, it’s time to raise your capitals. It is necessary to backup your business.
Most of the time, students raise their capital from their pocket money to start a business. But if your savings are not enough to support your business, then you can take student loans from the bank or find business investors for your startup.
If you have got an established and supportive family, then you should ask for money from your parents.
Without a proper team, a successful business can’t imagine. So, you can build a team with a partnership, and you can raise capital from them to initially start your business.
3) Target a market:
Now you have a product and business capitals. It’s time to target a market where your product is going to be sold.
Targeting a market means selling the right products to the right place.
Just imagine if you are selling fish to the cloth market, how many people will buy your fish! Someone? Even nobody will buy your fish! Just because there is no connection between buying fish and cloths together.
If you are selling fish fry, then there is a great chance to create a business there!
Do you know why?
Because there is a strong possibility in the crowd has keen on eating the fish fry. It might be possible they will like to eat fish fry while shopping for their clothes.
4) Segmentation of your market:
After targeting a market, segment it based on demo-graphical merits and demerits.
You can separate different areas of your target market.
Measure what areas have most of your targeted customers.
You can run a survey by asking the business owners who are already doing business there.
Create an end-user profile by using the data of the customer’s age and their behaviors.
According to your product, narrow down your customers to super-targeted customers.
5) Selecting the first ten customers:
If you can sell your product once, that means you can sell your product a thousand times. That’s why you should select the first ten customers to sell your product for the first time.
It’s up to you whether you select randomly or by doing some research. Selling is a different thing. You can consider that there are two types of selling systems.
a) Selling to educated customers
b) Selling to uneducated customers
Educated or uneducated customers do not mean academically literate or illiterate customers.
Here I mean for educated customers are the customers who are aware enough about your product, and uneducated customers are the customers who are not informed adequately about your product.
I recommend you not to struggle to sell your product to the uneducated customers. Instead, you should select ten educated customers to sell your product with less effort.
6) Test your product:
Before you start selling your product, make sure you know your product very well. Knowing your product very well means you must know the strength and weaknesses of your product.
You don’t know whether your product is going to be bought or to be rejected. So, testing your product is the most crucial part of your business.
Once you know about your product, you should test it for different customers. Observe your first ten selected customers’ opinion about your product.
Recycle the process of selecting your customers and testing your product to them.
7) Running marketing Campaign:
Now it’s time for business! Once you have done the previous steps properly, you can start your business now.
Whether you have chosen to do local business or online business, you will have to run marketing campaigns.
If you have enough budget to market your product, then hire a marketer; otherwise, educate yourself on marketing.
Running a marketing campaign depends on your business nature. Sort it out yourself, which works for your business.
For every business, digital marketing is necessary for the twenty-first century. You can optimize your local business through local SEO.
You can also run ads campaign on Facebook, Twitter, Instagram, Youtube, Pinterest, and adword
8) Measuring your growths:
Without a result, the examination is worthless!
Measure all your activities and marketing campaigns. Observe how people are accepting your product, and it’s quality.
You can record data on your business activities. Analyze your business data regularly and create your next action plan accordingly.
It’s up to you which direction you want to adopt to start a business in college; this guideline will help you in your startup journey.
First, you should brainstorm yourself for ideas and then raise capital to support your startup.
Target a beachhead market for your startup and then segment your market carefully.
Select your first ten customers to test your product, and after that, you should run a marketing campaign.
Measure your growth and recycle the process again and again to reach the finest position in the market.