In this post, we share some low-cost small business ideas for students. While we understand that being a student is a demanding task, starting a low-cost small business has its benefits. Besides the obvious financial gains, it gives students valuable work experience, exposure, and a glimpse at adult life. That being said, the realities of student life cannot be denied; classes, projects, assignments, exams and of course, finances. So how do you start and run a successful small business as a student? With careful planning, focus and by prioritizing. Without these, there is a real danger that your business could fail or severely affect your academic standing. Our advice is to engage your entrepreneurial spirit while ensuring that your number one priority is your education.
You’ve probably heard countless stories of small businesses started by students that are now huge businesses. I mean, who can forget the stories of Bill Gates and Microsoft, Mark Zukerberg and Facebook and Larry Page and Google? These multinational companies were started by young college entrepreneurs. They are inspiring stories that give us hope that we too can start something great from a small idea.
Despite these shining examples, sometimes, it is necessary to temper lofty dreams with a touch reality. How many such small business ideas have been started by students and how many of them have succeeded? What were the distinguishing factors that made ideas like Facebook succeed and others fail? Do you have the passion, focus and commitment to be in school and run a business? These are very important questions we must consider.
Before we proceed, here are some related posts we believe you might find equally relevant:
- Seven Characteristics of Successful Entrepreneurs
- Fifteen Inspirational Quotes by Stan Lee
- Ten Legitimate Ways to Make Money Online
- Helpful Career Tips for Recent Graduates
- How to Prepare for a Virtual Interview
- Five Job Skills needed to Succeed in a Post-Coronavirus World
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In the next section, we will go on to share some simple tips on how to start a business as a student. We also encourage you to read our post titled Seven Steps to Starting a Freelance Business.
Tips on How to start a Small Business as a Student
Starting a business, even if it’s a small one, takes time and planning. It involves doing research, putting your findings together and taking decisive steps. This can be slightly more complicated for students because they must balance all this with schoolwork.
That being said, the best time to develop one’s entrepreneurial skill is while in school. This is because one has the safety net of parental oversight and support and a business failure will not be devastating. So, here are five simple tips on how to start a business as a student:
- Set Your Priorities right
- Decide on a niche
- Find a mentor and do your research
- Carve out a business name and brand style
- Market your business through networking
Seven Low-Cost Small Business Ideas for Students
Below are seven low cost small business ideas you could start as a student:
- Tutoring: This is one business you can easily take advantage of as a student, particularly if you excel at certain subjects. All you need do is let your colleagues know you are available for tutoring services. As an incentive, while trying to make more connections, you could offer free tutoring to build your reputation.
- Editing and Proof-Reading Content: Another low-cost small business idea you can engage as a student is editing and proof-reading text-based content. This could be especially good if you have an eye for sighting errors and correcting them. For example, you could proof-read projects for final year students.
- Buying and Selling: This usually doesn’t require special training. Instead, what you need is an understanding of market dynamics, what people want and how to sell to them. Once you’re aware of these, start by selling to your fellow students and making use of social media.
- Graphic Design and Development: Every business needs graphics design. This could be for their logo, letterhead, website, branding or upcoming events. Business owners will pay for such services, especially if it is cheap and good. You can start by reaching out to family friends and neighbors who are business owners.
- Cleaning Services: Simple as it may seem, cleaning services are a big business in Colleges and Universities. Lots of students are either too lazy or busy to do their laundry and house cleaning for themselves. If you have the time and don’t mind the work, you could capitalize on this to make a little extra cash.
- Short Order Cook: Food is also a big business in schools. If you know how to cook and can find the right mobile cookware, you could become a short order cook. In addition, you could serve your short order, delicious and cheap meals to fellow students in your dormitories.
- Digital Marketing: Are you conversant with digital marketing services that are needed by businesses? If so, you can reach out to business owners and offer them your consultation services for a small fee.
Are there other low-cost small business ideas you have that students can engage? Feel free to share your ideas and thoughts with us in the comments section at the end of this post. As always, we would love to hear from you.
Today’s Funny Quote
Our funny quote today is by H. L. Mencken, the American Journalist
For every complex problem, there is a solution that is simple, neat and wrong.
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Have a great week ahead, stay safe and we will see you again later this week with more inspiring posts.
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