Life in college is rough. But it’s even harder when you’re running a million-dollar business, meeting and exceeding expectations from academic pursuits, maintaining a decent social life, catching up with family members who want to call you weekly to ask how you’re doing, and meeting the demands of deadlines that life throws at you.
Many college students can barely keep up with their own academic pressures.
But you know what’s harder? Living the college life with the constant stress of financial instability, and living on hope without any personal execution for potential solutions.
That’s why I decided to start a business nearly a year ago, and every since it has only propelled near-exponentially.
And you can too!
I first started my business because, frankly, I believed I was worth more than making minimum wage working on time, like an average college student.
For many college students, starting a business isn’t a common route, for academia takes precedence due to its outrageous costs. But for many of you, you have the opportunity to change your life and increase your financial freedom.
Here Is how I did it:
1. I spent time figuring out the skills I know best.
For many millennials and the z-gen, technology is your leverage. As for myself, I have been building my computer skills since I was a toddler typing away at simple computer games. Through high school, I was able to hone my skills and work hard developing them in the realm of programming, graphics design, and digital marketing.
2. I read as much as I could about the few subjects I thought were valuable.
It’s important that you read, and never stop reading, because in order to be on the cutting edge of some of your future field. Whether you go into consulting like I did, or to providing a skill like web development, you also have an opportunity to improve your communication skills. (As of now, I am in the process of developing a book)
3. Think about what business you would like to start, and spend time calculating risk as well as financial stability.
If you are a college student that wants to get away from the traditional entry-level working position, you need to make sure that you are financially ready. My suggestion is to allocate two months worth of funds to pay for any expenses you may have before you attain your first client. Once you are financially clear to make the jump, don’t quit your job until you know what your business is.
4. I started a digital marketing strategy consulting business, with a primary focus on social media strategy and management.
Note: It’s important to also recognize that starting a business is hard work, and it’s not until you recognize that you really want it, that you will shed figurative (or real) tears and blood. You will most likely feel depressed due to the magnitude of uncertainty that you face in the realm of business, as well as operating your own.
5. Once you know what you want to start, take a look at competition (especially at the local level) by doing some simple google searches.
In my instance, I searched for “social media consulting inland empire”, and various relevant keywords. And even if you see tough competition, keep in mind that if you have the skills and knowledge, there will always be a demand for you. As for myself, I didn’t see any significant competitors in the realm of digital marketing consulting within my local area, which I was fortunately lucky. (Just remember it’s not the luck that gets your far, but the effort).
6. Determine how you want to do business.
Whether it's a sole proprietorship to a C corp, it's important to look for legal advice if you are uncertain.
7. Develop an exceptional digital presence.
In the day and age where people use search engines for information, it's important to make your business known online. From developing a responsive website to securing your social media accounts, it’s crucial that you use many mainstream platforms to increase exposure and search engine indexing. Being a digital marketing consultant, it was an absolute must for my business.
8. Start a blog.
This is often overlooked for many organizations, but it is a must for our information-driven world. Plus, when you develop a blog on your website, you can showcase your knowledge to potential clients, as well as increase search engine optimization (SEO).
9. Try obtaining your first clients by word-of-mouth.
Once you gain traction and learn to fine tune your business process, progress to gaining leads through a freelance platform such as upwork.com . Doing this will allow you to build a competitive portfolio and a great network.
10. Progress to developing leads locally through online advertising, telemarketing, word-of-mouth, and local business events.
Simply put–building these professional connections is one of the most crucial aspects to running a successful business.
11. Focus on upgrading and automating your business process to make your life easier.
When my business really started picking up, it was harder to manage all the little details of life. So I implemented a robust CRM system, sales funnel software, and accounting software. It’s important to learn to scale your business, or it will be left in the dust by businesses that are more effective due to efficient business processes.
This list can go on forever, but what’s important is recognizing that running a successful business takes an unrivaled dedication. As a business student, this has not only expanded my real-world learning but has allowed me to further my skills beyond the classroom.
Do you think you got what it takes?
Take a look at these 10 top businesses to start from your dorm room by Entrepreneur magazine.
About the author:
Rey Joshua Gaona is a leading consultant in Digital Marketing Strategy in the Inland Empire. He specializes in brand development, social media engagement, web design & development, and graphics design. He is a current student at La Sierra University studying business management and marketing at the Zapara School of Business.
