In my opinion, there is no better time to start your own business than in college.
For starters, the average college student has more free time than someone who has embarked on their career. In fact, the only time in life most people will have more free time than when in college is before kindergarten begins and after retirement.
If you don’t believe me, check out these numbers: On average, college students take 12 hours of class each week. Homework and studying take up about 10-15 hours of a student’s week. In addition to the free time you have when at college, most students receive 1 month off in the winter and a little over 3 months off in the summer. That leaves plenty of time to focus on your business.
A large amount of free time is not the only reason why college is the perfect time to start a business. If you’re like the majority of college students, then you are financing most of your college expenses with a loan. This means that you don’t have the financial burden that you will have later in life, and won’t have to go homeless if it takes a few months for your business to take on clients and start generating profit. In fact, if your business never actually generates any profit, it will still have been worth your efforts simply for the experience you will gain.
Obviously certain majors are better for starting your own business. As a college student with little to no savings, you will need to start a business that has little to no start up costs. Some of the best majors for this are Web Design, Accounting, Public Relations, English and Graphic Design.
Here are a few ideas for services your business could offer based on each major listed above:
Accounting: You could keep the books for small local companies or help people file their tax returns.
Public Relations: You could help local businesses get articles placed in the newspaper, create and manage a business’s social media campaign, or help plan events.
Web design: You could create websites for local businesses, or if you network well enough, you could potentially work with businesses all over the world. Web design is unique because you can work for clients anywhere in the world from one central location.
English: Most people wouldn’t think of English as a good major for starting a business, but there are plenty of services companies need that require the expertise of an English major. You could write or edit copy for local small businesses, or do freelance writing for local publications.
Graphic Design: You could design marketing materials such as advertisements, brochures and signs for local businesses. You could also create artistic pieces which could be sold to people who want to decorate their home or office.
All of these businesses have little start up costs and offer a service that most businesses already pay someone else to do, so why not have them pay you.
If you work hard you might even make enough money to hire a few employees. If that becomes the case, you have plenty of qualified employees to choose from in your classes, which is just one more reason why it’s a great idea to start a business in college.
Note: Keep in mind that the majors I listed above are not the only majors that allow you to start a successful business with little financial investment. Get creative and I’m sure you can find a way to turn your major into a successful business while you’re still in college.