Launching a Startup in college is a great idea to earn some money to cover college fees and manage your expenses. It is a perfect opportunity for students to create something great not even having a degree yet. Here are the essential steps to follow to launch a start-up.
1. Brainstorm Ideas
Think of ideas that are unique according to the things you can do and the skills you possess. Take a piece of paper and write down the ideas that are coming to your mind and that can actually be feasible. Your idea can be starting a blog, selling products on Amazon, a YouTube channel, or starting a business in your area which isn’t already present. It all depends on your interests. You can become a freelance photographer if photography is your hobby. If you have the passion for writing then you can write essays for school students ore create an app with useful essay writing tips. Think of what you are passionate about and brainstorm in that direction.
2. Write a Business Plan
A business plan simply outlines what your business is, where it is going and how to reach there. Keep your business plan short and concise. It is a tool which you will continuously use and refine to grow your start-up. While creating a business plan there are some common objectives to follow describing the structure and purpose, analysing the market trends and creating the cash flow projections. Format your document properly with an executive summary. Describe your products or services with a sales strategy to follow.
3. Calculate the Budget
Preparing the budget is helpful to keep track of the business profits. You have to estimate the cost, make revenue forecast and keep enough room for profits. It tells how you will be spending your money while running the start-up. There is a surplus state where your revenue exceeds the expenses whereas deficit means expenses exceed the revenues. To make profits, you should try to keep the budget in the surplus state.
4. Find Funding Options
If you have a vision and attractive business plan, you will probably get sources for funding. When you find the lenders then go through their website and check the requirements for the approval of the loan. You can also go for the crowdfunding where you have to convince the financial authority that your business idea is worth it.
5. Build a Website
You need a website for the start-up to create a strong online presence. Register your domain after coming up with a creative brand name. Don’t forget to check its availability on whois.com. You will also have to take the hosting plan for building your website. Make your building and editing the website easy using the content management system. The most common CMS is WordPress. Choose an appropriate and attractive design or template for your website. Create the content according to your start-up needs. Optimize your website and install Google Analytics and Webmasters and start tracking the traffic to the website.
6. Plan a Marketing Campaign
You might be having the best products or services but if the public doesn’t know about it then your start-up can’t succeed. Learn how to perform marketing through Digital Marketing techniques including SEO, Social Media, PPC, Email Marketing and Content Marketing. Allocate the budget to different channels by distributing it in order to have a positive return on investments. You should start with SEO as it is the slow and steady process and takes time. For immediate results, you need to target the social media channels including Facebook, Twitter, and Instagram.
7. Be prepared for Anything
Launching a start-up company isn’t that easy and you can expect the unexpected. Try to imagine possible difficulties and prepare yourself for the tough road ahead. It’s not always possible to run a start-up smoothly. In fact, there will be troughs and peaks in the entire business cycle. Sometimes you have to take in tough decisions. You need to plan strategically to face the hurdles in order to achieve sustainable growth.
These are some of the steps to launch your start-up in college. Follow them and you’ll learn many things before entering the professional world.