As incredible as college life can be, most students will know that this transitional period of life comes with its fair share of challenges. You’ll need to learn how to manage your time around a hectic study schedule, look after yourself as an independent adult, and make the most of your limited budget. Since college can be extremely expensive, many students consistently look for ways to increase their income while getting their education.
In today’s digitally enhanced world, a great way to start boosting your available cash is to consider setting up your own side business. Not only can you pursue your career in your own time, but you can learn some important lessons about entrepreneurship this way, and even enhance your resume. If you’re thinking of running a side business to access extra funding during your education, here are three questions you’ll need to ask before you dive in.
How Will You Validate the Value of Your Idea?
The first step in running a successful side business as a college student is making sure your venture has the potential to make a profit. The last thing you want to do is invest time and money into a strategy that doesn’t benefit you financially. Do your research.
Learn as much as you can about the business opportunities available to someone with your skillset and knowledge. Ask yourself if there’s a market for whatever you have to offer by evaluating trends in the current industry. If you’re thinking of starting a career as a freelance designer, you might look to the number of companies searching for design experts on freelance channels.
How Will You Pay for Business Expenses?
Ideally, your student side business should benefit you from a financial perspective, by giving you access to another flexible source of income when you’re completing your education. But you may need to invest a little money into your idea before you can get it off the ground. The money you have left over from your student loan may not be enough to pay for things like getting a professional website built, marketing your services, or investing in critical resources like hardware and software.
While your current savings and support from your parents may help you to get started, it’s worth thinking about where you might be able to access extra sources of funding. A student credit card could be an excellent tool to use both as a financial resource when you’re low on cash, and a financial safety blanket in case of emergencies. Just make sure you choose the right card for your needs.
How Will You Manage Your Time?
Finally, starting a side business can be a far more flexible way for students to earn extra income when they’re gaining their degree than a traditional job. In most cases, you’ll be able to choose your own hours, and work around your college schedule. However, it’s still important to make sure you’re not overwhelming yourself with too much work.
Think about how you can balance your schedule to make enough time in your day for rest and relaxation, study, and your work. You may need to think about creating a comprehensive schedule you can follow each day. Take advantage of resources that can help you to make the most of your time too, such as calendar apps and project management tools.
