You might be thinking, how could you earn some extra income while studying? Or you might have completely different motivations on why you would want to start a business as a student.
No matter what your reasons are, there are several factors that you should consider before and when starting a business while studying. At the end, I will introduce you to some examples of different businesses that you could start as a student.
I started my own business while attending university of applied sciences and it worked well for me. It didn’t require that much time for me, and I was able to complete my studies in less time than was planned.
Enough of me, let’s get started.
Should you start a business as a student?
First of all is the question, should you start a business? The answer is that it depends. Do you have enough time and motivation to focus on your studies, while running a business? To be clear, you can run a business with very little time and effort.
If you think you can manage your studies while running a business, you have a great idea or just the willingness to start a business, go ahead.
Can you run a business as a student?
Student life is sometimes referred to as the best time of your life. Are you willing to commit to your business and give up some of the parties and student activities? Because sometimes that’s what it takes to be successful.
If so, do you have enough time for your business? Even if you gave up on all of your free time, do you have time to complete your studies the best you can while running a business? Of course, it depends on the business, but all businesses require at least some kind of effort.
What kind of a business is the best for student?
Best kind of a business for a student fits all the following criteria:
Low start up costs. Most of the time, students don’t really have a lot of extra money to invest in their businesses. If you want to start a business as a student, think about opportunities that have low or no startup costs at all.
Flexible work hours. Classes are often pre-defined to certain times of the day. If your business allows you to work whenever it is ok for you, it is much better than having to work simultaneously with your business and classes.
Low stress levels. As a student, you probably are already stressed, at least at some level. You might have deadlines coming up and adding extra stress into your daily life might be too much. If the matter of you eating and surviving doesn’t depend on your business, you don’t have to stress about it that much.
How to manage your time between studies and your business
If you wish to run a business as a student, good time management is essential. Remember that your business should not affect your school performance.
Keep a close eye on your school schedule and fit your business tasks in places where they fit easily. Remember to have enough time to rest and have free time as well. Do not burn yourself.
Downside of running a business while studying
If your studies get hurt from you spending time with your business, you might have to reconsider, if it is worth it. Even if you managed to make a few thousand dollars in profit, if that makes you graduate later than expected, that might end up costing more than you earn.
This of course, depends on your tuition fees. Let’s say you pay 20 000 dollars in tuition fees annually and you could make 10 000 with your business. If the business doesn’t delay your graduation, it is a good trade.
However, if you could graduate a year early, instead of making 10 000 dollars extra, you would end up with 10 000 dollars more. You would save one year of tuition fees and after that, you could focus on your business. That’s one thing to keep in mind as well.
Business ideas for students
Like I promised, here are some business ideas for students with short explanations on why they would fit the student life.
- YouTube channel. While YouTube channels sometimes are not viewed as a business, they can still bring in substantial income depending on how good your content is. You don’t have clear working hours; you do your videos when you have time to.
- Online tutoring. If you know a language or a skill that people would like to learn, there might be an opportunity for you. It probably doesn’t make you a millionaire, but it can get you some extra income monthly. It can also be a very flexible option.
- Social media. This is a very broad one. You could start an Instagram site with a certain niche, grow it, and after a while either sell it or sell ads and shoutouts at your account. Again, very flexible working hours and can be done with minimal effort while studying.
- Make your own app. This can be very difficult, but if you have the skillset already, a good business opportunity. Programming skills combined with imagination, and you might have the next Facebook on your hands.
- Become a personal trainer. This is completely different than the previous one. If you enjoy spending time at the gym and are social, you could become a personal trainer and do this kind of work in your free time, while you also attend the gym. You might need a certificate and education for this.
Final words
So, here is my guide for students on if you should start a business, what kind of a business, and some examples of businesses you could start.
Just please remember that try to keep your focus on your studies first and keep your business as a side project. And do not burn yourself out. If it feels like too much stress, maybe wait until you graduate or have fewer classes to attend to.
If you decide that it is time to take the next step in your journey of business, here are a few posts that you might be interested in:
How to Start a Business in 7 Steps
How to Prepare Yourself to Start a Business
Hopefully this was helpful to you, have a nice day.