The time we spend at the university is usually an integral part of our personal growth. That campus life offers diversity in many areas such as cultures, ideas, and opinions. Students are able to interact with many people from different backgrounds and learn new things. As a student in this stage of life, there is a sense of freedom experienced that enables you to make your own choices without the constant supervision of your parents or guardians.
This is especially the time when we learn to manage our finances. Many of the decisions we have to make are related to the management of our finances. On one hand, we have high tuition fees and living costs that can prove costly to many families to handle on their own.
Despite the existence of student financing options like HELB loans, grants or the occasional family contribution, sometimes this may not be enough. Expenses such as food, transport and buying academic materials chip away on student budgets.
To ease the burden, students can opt to begin small businesses to secure their financial future.
Reasons for a Student to Become an Entrepreneur
Being in university or a recent graduate means that you are at a stage in your life where you can try new things. A majority of people in this stage of life are free from major obligations that could otherwise tie you down. Here are reasons to start a business:
- You can gain experience: Whether you decide to stay in business or seek employment, running a business can give you the credentials and skills required by companies.
- It is a great way to build professional networks: There is a saying your network builds your net worth. Running an enterprise in a community can help you acquire excellent contacts that will assist you in future endeavors.
- It is an avenue for personal growth: You will be able to determine your strengths and weaknesses, your abilities, and most importantly where your passion lies.
Here is list of businesses that a university student or recent graduate can engage in:
- Freelancing
Freelancing can range from hobbies such as photography to online services like coding and proposal writing. This type of activity is flexible and you can plan when to study and when to make money. You can opt to delegate some of the work to others and keep a portion of their earnings as a commission.
- Tutoring
Each student is excellent at some subjects, be it arithmetic, languages or arts. You can target nearby high schools and approach them with your academic certificates. Set your timetable in a way your tuition sessions do not affect your study time.
- Provide services to fellow students
This could be in the form of photocopy and printing services, online services, shops and such. You can decide to provide the services alone or hire other students to help you at a rate that guarantees a profit.
- Online business
You can create a website or a blog. You can post topics on campus issues to generate web traffic. Next, you can allow merchant websites to place ads on your websites or blogs, and earn a passive income.
Once you have started your business you may need to gain exposure. The most cost effective way to do this is through social media platforms like Facebook, Twitter, and LinkedIn. As a student, you will have a competitive edge over older and less tech savvy competitors.
So if you are young or young at heart, start now, create your business and supplement your income. Just make sure you do not let your studies suffer. Learn how to balance the two effectively. Let us know your experience in the comments section below. All the best in your business endeavor!
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