College is kicking off for students across the country and that means dorm rooms and college classrooms are again full. College isn’t all about studying and attending class. Some students will put their down-time to use on less than productive endeavors but some are putting their time to better use: They’re building a business.
The best known example of today is Facebook. Mark Zuckerburg, along with other friends, started a network that allowed college students to communicate with each other. This small business started by a few college students became a company worth more than $40 billion.
Most dorm room startups won’t reach the size of Facebook but even a company that grows to a fraction of the size of Facebook would represent a huge success in the startup world. Are you a college student who has an idea for a business? Now might be the perfect time. Here are a few things to remember.
The Perfect Time!
Starting a business while in college is the perfect time because there isn’t a lot to lose. You might have extra student loan money to use towards the expenses that doesn’t have to paid back until after you graduate, you don’t have the normal life expenses like utilities, a mortgage, or a family to support, and if the business doesn’t grow as you expected, You may not lose much more than your time.
You Have the Resources
Likely within walking distance, you have all of the resources you need to grow your business. Computer labs, students and teachers who have a wealth of experience in advertising, accounting, and entrepreneurship, and a local network full of potential customers within walking distance. There will likely not be another time in your life where this many resources are available to you for so little cost.
Your Partners Live with You
If you start your business with fellow college friends, they’re likely to have the same advantages as you. They live close to you, have no family responsibilities, and share your youthful energy and passion. Knocking on your partner’s door across the hall is much easier than scheduling meetings at Starbucks in between soccer games with the kids.
Starting a business while in college comes with a wealth of advantages but once your idea becomes a business, think about protecting your ideas and business model. Patent original ideas, form a partnership agreement if you’re working with others, and register the business with your state. Forming an LLC is cheap and easy.