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Right now, many students are looking for additional means of income. We’re living in a cost of living crisis and students already had tight budgets. With the price of essentials like accommodation, fuel, food, energy and more going up, you may be looking to start a business to generate more cash. This is completely understandable and could be a great path to follow. Here are a few tips that can help you to set up your first business from your dorm.
Priorities
Of course, we need to start out by saying that if you are studying, you are spending a fair amount of money on your studies. You’re going to want to make sure that you get your degree to the highest standard possible. You need to make sure that you are prioritizing your studies and that your business is a side project. You don’t want to find yourself reeling in bad grades and failed results because you’ve been dedicating too much time to the set up of your company. Create a list of priorities and take some time to timeblock your schedule to allow for study, work, rest and play
Having Something to Sell
You need something to sell. So, what are you going to offer? There’s a world of potential out there, from clothes to food items to beauty products and more. Make sure to conduct market research, go through an intense product testing process and ensure that your products comply with any local regulation. This will ensure that your product is safe to sell. You should also take out relevant insurances, such as product liability insurance. This will protect you legally and financially. Think how you’re going to market your product too. This can be through digital ads, a branded Flash Drive and more.
Opting for E-Commerce
Once you know what you’re selling, E-commerce tends to be the best option. Setting up and maintaining a website is much lower cost, lower commitment and easier to manage than a brick and mortar store. There are plenty of platforms out there that will host your site and offer templates to set it up easily for a low cost.
Expanding
If you’re lucky enough to experience success, generating plenty of sales and profit, you’re going to want to look at expanding. One person can only do so much and it’s important that you know how to best bring in helping hands. For most small businesses and start ups, the best option is outsourcing. When you outsource, you benefit from the work of professionals in their field, but it’s lower commitment and a lower initial outgoing. They provide their own equipment so you don’t need to invest in laptops and software and other costly outgoings in the same way you would if you were hiring in-house staff. You don’t have to provide a workspace. You also don’t need to commit to an ongoing salary, which could prove problematic if your business starts to struggle
Running a business is a big task, but you could manage it. Hopefully, some of the information above will guide you on this exciting journey!
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