As a young entrepreneur who started numerous businesses in high school and college, I learned quite a bit about what it takes to be successful. I also quickly learned that some types of businesses were harder to start in college than others.
Some of the reasons why these businesses were more difficult were due to the large costs of starting up and commitment required. Looking back, I wish I had saved my most complex businesses for later on and focused on the simpler ones.
In this blog article, I will share the 5 best businesses for college students to start and manage:
Unfortunately, I only learned about passive income earlier this year. If you don’t know what passive income is, you should learn about it immediately. Passive income is the art of creating products that make money on their own long-term without requiring much maintenance.
The cheapest way to get started with passive income is through writing eBooks. If you do all the writing yourself, there really is no cost to start. Platforms such as Amazon’s KDP, iTunes iBooks, and others have emerged making it very easy to create digital books.
You look for niche topics (things people are really searching for) and create informative books on those topics. You put together a nice looking cover, set a price, add some keywords (very important because this is what people will search for when trying to find your book), and your eBook company is now in business.
2. Mobile Apps
The second step above eBooks in the passive income stream machine is mobile applications. Initially, I only built mobile apps for other businesses/individuals. However, some of my friends were publishing apps of their own and found huge success.
One friend of mine made over $1 million in 12 months from publishing a massive quantity of apps. Apps are great because they are an easy passive income stream, require a small amount of startup capital, and are a growing market.
You don’t necessarily have to learn how to code to build mobile apps. You can simply use websites like eLance, oDesk, Guru, and other outsourcing platforms to get other professionals to build out your apps. You simply look for niches, come up with ideas for apps and then outsource them.
3. Tutoring Company
In high school, I got extremely frustrated of all the jobs I had so I decided to tutor kids. I wasn’t an A or B student, but I was still able to get quite a few tutoring gigs. I focused on tutoring elementary kids and while I wasn’t an official company, I’m sure I could have done a lot better had I created my own entity.
I wasn’t passionate about tutoring so I moved on from it quickly, but it’s a great way to make money in college. Starting a tutoring company has very low startup capital but can provide very good pay. As a tutor you can charge anywhere from $10 to $75 an hour depending on what subjects you can teach.
4. T-Shirt Company
The most popular business started by people under the age of 25 are t-shirt companies. T-shirts are something that everyone wears and is usually easy to get started with. Thanks to the internet, there are no real startup costs associated with starting a t-shirt company.
Websites like Zazzle or TeeSpring allow you to upload designs without any up-front costs. You take your designs and you upload them on the site only having to print shirts when they get ordered. While t-shirt companies are easy to start, it should also be noted that they have an extremely high failure rate due to the competitiveness.
An easy business to start is one centered around electronics. You can start by buying used electronics such as phones, computers, televisions, game systems, etc. and re-selling them for a profit. You can start by investing a small amount of money to buy a couple items.
As you keep selling more and more items, you can grow your inventory and the amount of services you offer. You can go from just buying/selling to offering repair services and even opening up your store. Electronics are an easy market to enter thanks to sites like Craigslist, eBay, etc.
As a college student, you’re going to be strapped for cash so you always want to find business ideas that are easy and cost-effective to start. In this article, I shared the 5 best businesses for college students to start.
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