Most of the top tech companies you know were started by people while they were in college. However, many entrepreneurs started their companies very young and became hugely successful.
Some names are Google, Yahoo, Microsoft, Airbnb, etc. The founders of these companies were passionate about technology and ready to take risks. They didn’t wait for anyone and acted on their dreams and achieved it.
You can do the same. This article is for you if you are passionate about starting something new and want to make a difference.
You can be next the Bill Gates or Mark Zuckerberg!
Are You Serious About Your Startup?
Are you passionate about starting a business or want to get famous?
If you don’t have the following things, don’t think about launching a startup.
- Entrepreneurial spirit and a burning desire.
- A unique vision and not a copycat.
- A product or a service that can bring disruption.
- You are willing to adapt and learn new things quickly.
- Willing to work in a team with no ego issues.
- Not deterred by failures.
- Working 12 hours a day without any holidays or social life. No procrastination!
If you have these things in you, then you can get started.
Conceiving an Idea
As a student who is still in college, what startup can they launch?
Whether you want to launch a tech startup or a small business, good business ideas are hard to come by. It is because competition is very tough and all other great ideas have already been taken.
I have jotted down a list of some popular ideas that you can consider.
Tech Startup Ideas
- Digital Marketing Agency
- Web Design and Development
- Online Education
Small Business Ideas
- Freelance Work Like Designing and Writing
- Consultancy Services Like HR, Finance, Travel, etc
- Social Media Influencer
There are many others ideas that I haven’t mentioned here. You can choose an idea according to your interest.
Understanding Your Customers and What are their Needs
Once you have conceived an idea for your startup, you must focus on understanding your customers and their demands.
The first thing you have to know about your customers is their demographics. Such as age, gender, nationality, profession, and median income. Are they capable of paying for your products and services?
Try to learn more about your demographics before launching a startup.
Then it would be best if you learned what exactly they want. Your business idea is useless if it can’t solve people’s problems in the real world. Don’t try to force your ideas on to your customers. You have to innovate according to your customer’s needs and not just for innovation’s sake.
Building a Team
You take any business; if you don’t have a good team, your startup is bound to fail.
A good startup team will always back you up when facing serious challenges. Even if you want to go solo, you will still need a few people around you to weather the storm with you.
From marketing campaigns to emails to running inventory, you will always need a team of people with varied talents. In addition, you can focus on other important aspects of the business with a team. This will help you to scale up your business very quickly.
Focus on building a good startup team.
Finding Investors for Funding
As a young college student, you won’t be able to raise enough funds for the startup on your own. So it would be best if you had an investor who would invest capital in your business.
Most of the time, investors are your family members and close friends. So you can approach your parents or other family members to invest in your business. However, you have to treat them as actual investors and not buddies.
The second option is crowdfunding. You can launch your campaign on platforms like Kickstart, Patreon, or GoFundMe. But, again, your narrative has to be very powerful to attract donors.
The third option is angel investors who invest in small businesses. You can find your angel investor through your network.
Some other options are venture capitalists, startup incubators, etc.
Develop Your MVP
For those who don’t know what MVP is, it means Minimal Viable Product. Developing an MVP instead of full-fledged product development could save you money and time.
Going ahead without an MVP and based on an idea can prove fatal for your business.
I would suggest you develop your MVP first because it will help you validate your product ideas and get some early investors for the product. Also, for understanding your customers better, MVP is very important.
Don’t go ahead without developing an MVP. Later you can go for full-fledged product development.
Now you have developed your product, it is time to market it. Because marketing is the only way to reach a large number of customers. Marketing raises awareness of a product.
The scenario has changed since Covid. According to statistics published in the MoneyConnexion blog, there is an increase in digital ads or internet advertising. Whether you want to sell online or offline, you must have the right marketing strategy.
For online marketing, you have to exploit advertising platforms like Google Ads and Facebook Ads. You also have to allocate a budget for marketing campaigns.
If you promote a physical product like merchandise, you need a retail outlet or a warehouse to store them. On the other hand, if you ship products directly to the customer’s home, you must figure out a delivery mechanism.
But if your products are digitally downloadable software, you don’t have to worry about shipment.
Getting Your First Customer
Once you have launched your product, you will receive feedback from early buyers. Listen to them and try to revamp your product accordingly.
To get your first paid customers, I recommend you to identify your customers first, run paid marketing campaigns on Google Ads, attend events & seminars and collaborate with other successful entrepreneurs.
I hope after reading the article, you will get a fair idea of how you can launch a startup while you are still in college. This article is not a complete guide, but it will help you get started. I would suggest you learn more about launching startups on the internet.
In case you fail, you must have a contingency plan in place!