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Becoming a college entrepreneur

As college students, if each of us were totally honest with ourselves we can admit to having several talents inside of us that would potentially make us all millionaires. Sadly, a lot of those talents are suppressed because students must choose between earning a degree or starting a small business. Being a college student and an entrepreneur is not overly hard if you stick with what you love or what you have experience in.

Devry University
Devry University
Photo by Scott Olson/Getty Images

Being a good college student is very time consuming ,so I wouldn't suggest starting an IBM type business while in college unless you have the manpower and money to support this venture. However, I do suggest starting a very small business that incorporates hobbies or duties that you can complete with the greatest of ease. If you bake favorites for other students and they think you cooking is to die for then you should consider baking cookies and other favorites as a start-up business. It is possible that your business would be successful because it's something that you love.

Here's some tips to consider when starting a business as a college student:

  • First, consider what type of business you want to start and how much money you will need to start a business. Remember the ultimate goal with starting a business while in college is to gain money and not lose it. So be realistic with your choices.
  • Once you have a business type and business name in mind, remember to register your business with your local authorities. Pending on tax laws in your state you will also need to file for a tax-id as well.
  • After you take the necessary steps to register your business per your state requirements then you'll need a business checking account. You are able to use your documents from state registration to open the account. My suggestion is to open an account with a bank that offers free checking or provides a rebate to open a business account.
  • Now that your business is all set and ready to make money, don't forget to market your business to those close to you such as friends, family, or classmates. For the first six months attempt to use free products and services for your business. Using this method will give you the opportunity to become more comfortable as a business owner without losing money in the process. Don't be afraid to recruit friends, family or classmates as employees or interns. Remember your classmates my need money too.

As a new business owner, these companies may come in handy:

Vista Print

Small Business Administration

Score

Webs.com or GoDaddy.com

Remember as your business grows you should grow with it to be more professional.

If you could start a business today, what type of business would it be?