Did you know Facebook, Microsoft, Yahoo, Google & Reddit were all started by students who were in college? Those are now BILLION dollar cooperations that have changed the way humans communicate and find answers.
I’m not telling you that you can a business your freshman year of college and sell it for a billion dollars your sophomore year. What I am telling you is, that you can start a digital business and begin generating cash while in college.
This may seem impossible but there are countless stories of college students starting their own digital business while enrolled in school full-time.
Below I have listed 11 reasons why you should take action and start your digital business today!
11 Reasons Why You Should Be Starting A Digital Business In College
1. Very Little Risk With Lots of Rewards
As a college student, you don’t have to worry about paying a mortgage, light bill, or any of your student loans debt (at least right now). With very little credit debt or monthly bills, you can afford not to make any money from your business at the beginning.
Starting a digital business while in college has lots of potential rewards with minimal risk.
The only thing you risk is your time and a couple of dollars that you would’ve spent anyway. Compared to a dad that has three kids, a mortgage, and a student loan payment, you can take risk far great than he can. While the risk for a college student might be minimal, the rewards are substantial.
Imagine scaling your online business throughout your college career to the point where you don’t need to look for a job after graduating. Imagine paying back your student loans before Graduating or taking a crazy spring break trip every year without having to ask your parents for money. This can all be possible if you start your online business in college.
2. Starting A Digital Business Can Be Done On A College Students Budget
Starting a business several years ago meant spending a large sum of money & hoping you can make enough money to re-coop your initial investment. Since the rise of the internet that has all changed. There are three reasons why the cost of starting a business has dramatically decreased.
Speed of Communication: Communicating with your market is much simpler and quicker than ever before in history.
Cost of Communication: The cost of having a cellphone, internet, and a laptop is extremely low compared to twenty years ago.
Interactivity: When people interact with your brand, you have instant data, you can use to make more money.
With less than $1,000, you can start a digital business and be profitable in under a month. Starting a business in college may seem impossible it’s quite simple. When starting a digital business, there’s no need to rent a building, hire employees, or pay for special licenses. Depending on what company you choose to start, your only startup fee will include: (Laptop, internet, a variety of software, digital courses, and dedication).
3. You Will Learn Online Marketing
Medium and small business owners are paying college students a $1,000 a month to run their online marketing campaigns.
Business owners know platforms like Facebook, Instagram, Twitter, Pinterest can be very profitable but don’t have the time or skills to get started.
Learning online marketing will give you a skill most people don’t have. Starting a digital business in college will force you to learn how to market online because that’s the hardest part. Selling on the internet is still relativity new, so many business owners and companies don’t know what they’re doing. If you can devolpe the skill of acquiring new customers by using Facebook or Instagram you will make a ton of money (don’t worry if you don’t, we will teach you all of these skills at CollegeEntrepreneur101).
4. Get Paid for Sharing Knowledge & Service
Everyone knows” something” that can beneficial to a person or business. Whether it’s graduating high school, building an app, or giving your opinion about a product or service. If you are reading this right now, I’m going to assume that you are either a Millennial or Gen x ( last case: you know a college student that can use this info).
The media and older generations love to talk down about millennials and the gen x generation until they need something done involving the internet or social media. Use that to your advantage! Many business owners will be happy to pay you to do work on their website and social media.
If you don’t want to start a service-based business, you can always launch a knowledge-based business. Knowledge-based businesses can include starting a blog, YouTube channel, podcast, or sell e-courses.
5. You Don’t Need To Build Your Own Platform
Most people have the misconception that you need your own website to make money online. Although it does help (a lot), you don’t need a website. Platforms like Instagram, Youtube, Shopify, and many other platforms allow you to monetize their platform. You can also start your own podcast, social media agency, or sell products on Amazon. None of the businesses I just mentioned require you to have your own website.
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6. Campus Resources
College campuses are filled with resources that will help you start and grow your digital business. We have listed a few resources below that will help you get started
- Computer labs
- Potential customers
- Alumni networking events
- Brand Ambassadors Cameras
- Study Rooms
- Recording Equipment
- Free Software
Everything you will need to start your digital business will already be on campus. You’re paying for it any way you might as well use it!
7. Income Potential
I’m not about to tell you that you can start a digital business in college and make a million dollars in the first few months, but it’s entirely possible that you can generate a $1,000 a week depending on which business you choose to start.
The business you decide to start & how much you have to invest in that business will determine how much money you make during your initial launch. For example, Kevin David, one of my internet mentors, sent an email to me last week that had a story about a 19-year old that generated $190,000 in ONE month. Yes, you read it right! $190,000 in one month was generated by a 19-year old using a Shopify store.
Although I am not promising you will make $190,000 in one month, I am confident that if you start a digital business in college and stay consistent, you still make money.
8. Location Independence
One of the perks of building a digital business is that you don’t need to have a central location. You can literally work from anywhere. This business model is great for college students. As a college student, you’ll move around quite a bit in your college career.
Whether it’s going back home for the holidays, studying abroad for a semester, or taking a crazy spring break trip to Cancun with your friends, you will always have access to your business if you have a cellphone and an Internet connection.
9. Connect With Other College Entrepreneurs (Networking)
One skill you will learn while running your digital business is networking.
Networking will be the lifeline to your business.
Whether you have a blog, Youtube Channel, a Shopify Store, or a Social Media Marketing Agency, you will always need to interact with new people to take your digital business to the next level. One of the reasons we built College Entrepreneur 101 is to help connect college students that have a passion for Entrepreneurship. Learning how to network is a life-long skill that will benefit you in every area of your life.
10. Resume Builder
If your first digital business venture doesn’t work out, you have still paid for an education in entrepreneurship. On top of that, you developed skills that will get you hired immediately. Skills like time management, problem-solving, digital marketing, project management, and networking will sperate you from your peers who might have a higher G.P.A than you.
Acquiring these skills will get you hired before your counterpart that has a 4.0 GPA but failed to learn any other skills outside of studying. Since so many people are graduating from college, the value of a college degree has decreased over the last decade, leaving many people struggling to find a decent job. Acquiring these skills throughout college will ensure you won’t have a hard time finding a job (that’s if you even need one).