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How To Start Your Business In Your College Dormitory
Even if you are still studying in college, it shouldn’t stop you from starting your business within your dormitory room. You’ve probably heard the story of Mark Zuckerberg, right? In that case, you should know by now that it is possible to create an empire right in your room.
If you are certain to start your business, here are the things you should do.
Start Being Frugal
It’s time that you say goodbye to your daily dose of expensive coffee. If you are serious about starting your business in your dormitory, you need to change your lifestyle. Be frugal and practical with your choices. That way, you have more resources to invest in your new company.
Write Down Your Plans
Quite frankly, establishing a business in your dormitory has a lot of similarities when you build it in a traditional working space. As much as you can, write down your plans, no matter how mundane it is. You’d never know when these ideas would come in handy. Keep a notebook with you, or save it on your device.
Have A Dedicated Space In Your Room
We are not asking you to renovate your dormitory. First, we don’t think your RA will allow it. Second, traditional offices are overrated. Instead of buying bulky office tables and chairs, invest in things that can help you grow your business. Perhaps, have a decent computer. Or maybe you need to buy additional software. These are more logical than beautifying your workspace.
Stay With Your Co-Founders
If possible, you might want to stay in one room with your co-founders. That way, you can discuss business-related matters at any time of the day. With this, it’s easier to organize your schedules. And if you are offering actual products, both of you can inspect it without thinking of logistics that much.
The danger here though is that you won’t have boundaries. You might be talking about the business all day, and it could cause burnout. So it’s always good to come up with a schedule where both of you can focus on work. This also allows you to focus on your students whenever you need to.
Consider Your Roommates
Just in case it isn’t possible to be in one room with your co-founders, and you are staying with other people, make sure you are considerate enough. You can’t just invite your team members any time of the day or you might disrupt your roommate’s personal or study time. Always ask their consent about your plans so you can agree on house rules including schedules.
Set A Strict Budget
It can be extremely exciting to start a business. But as we all know, it entails cost. As a college student, you need to be realistic. Ask yourself and your co-founders, how much are you willing to risk? If you are bootstrapping your business, this is a critical question.
And even if you have an investor, it’s a big mistake to go above your budget. Take time to understand all the data and figures before you jump into it. And yes, if you can get free resources, go ahead and use it first.
Maximize Resources That Can Be Found In Your University
More often than not, college students who start their businesses in their dormitory have limited resources, and that’s fine. This is where a bit of research will help. See if your university offers free spaces where you can conduct team meetings. Perhaps, you can use the WiFi for sending emails or creating online marketing visuals.
Aside from these, your university has a lot of people where you can offer your products and services. You can tap them and include them as you improve your offerings. It’s a great way to network as well. You’d never know if you would bump into someone who has connections and would help you fund your startup.
Start Your Own Or Franchise
There are many business opportunities that you can start in your dorm room. You can either start from scratch and build your own product and services. Or, you can franchise. Both have their own benefits. For startups, you have full control of the direction of your business. For a franchise, you will be guided on how to run the venture.
You need to assess which one fits your business idea and your current resources.
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