To many people, college can be expensive. This explains why there are students who take multiple part-time jobs to support themselves. But other than that, you can also generate income within the comfort of your dorm. With the help of technology, people of all ages (including college students) can now start an online business. And the beauty of it is that you only need little capital, warehousing is optional, and your current network will suffice. However, you should consider yourself knowledgeable in your craft. That said, we have listed down ten tips that can help college students start their online store.

 

Pick Something With Low Start-Up Cost

As an aspiring entrepreneur, it’s tempting to keep your sights high and pick an online business that needs a lot of external funding.

This isn’t probably the best option because most VC firms are wary of investing their money. They also tend to fund ideas from experienced entrepreneurs.

In other words, people who already have experience in building a successful business before.

 

Find a Definite Market

Emphasizing and putting yourself in your customers’ shoes is essential for e-commerce marketing. That’s because every person has their pain points, which will eventually inspire them to purchase.

The thing is, a lot of e-commerce businesses fail because they don’t understand the factors which motivate their customers.

Here are some factors that can potentially influence your customers’ purchasing decisions:

  • Search employed individuals are more concerned with searching for solutions that help them save time. That way, they can invest more energy in various aspects of their business.
  • Single mothers want to save more money.
  • College is interested in meeting more women.

Also, if you’re looking up a demographic that’s other than your own, then you should do your research first before launching a campaign.

 

Understand Demand

Many entrepreneurs are known for their devotion and passion for their business. But even the most successful entrepreneurs couldn’t succeed if they fail to see the demand.

Once you develop your initial idea, take your time shopping it around. See that you don’t only have a feasible plan, but your pricing is also on point.

If you have an in-demand service that your fellow students want, they won’t buy it if it’s too costly.

 

Find Funding

Ways of funding, or ways for looking for funding, vary for different types of businesses.

By utilizing the findings from your business plan, you can provide a well-researched report of the amount of funding you need. Your business plan should also showcase how that fund will be used.

If you are using your business plan to apply for a loan, it will help if you include interest rates, repayment plans, or potential ownership percentage.

Before accepting any funding, you should research your options. That way, you understand the difference between each of them.

 

Write a Business Plan

Developing a business plan compels entrepreneurs to answer questions about their business. As a result, this helps lower the risk of failure and offers alternatives if parts of the business don’t go as planned.

Usually, a business plan isn’t something that’s written quickly. Therefore, one might want to reserve a portion of their summer and winter holidays to ensure that these are well thought out.

 

Connect With Other Students

Depending on how you manage your schoolwork, you can have sufficient time to build your online business. Plus, you have a vast network to connect with, which we do at Get Good Grade.

If you have a knack for data organization and interpretation, you can consider writing a research paper draft for senior students. That’s because they are more likely pressed for time with part-time jobs and studies.

What you can do is ask your student clients for the raw data and other references. From there, you can organize, tabulate, and interpret the data for them.

By opening your doors, you’ll likely meet individuals with diverse and unique ideas. Who knows? This might come in handy in generating intersecting and innovative concepts.

Another thing you can do is seek alumni connections. Check with your university if there is any way you can connect with past students for business purposes. You might be surprised at how alumni would be willing to share their two-cents with you.

 

Take Advantage of Social Media

Another effective marketing that you can use in your arsenal is social media.

You can integrate various social media tools into your marketing strategy. Doing so can help expand your market and or specifically address customer service issues.

And if you’re targeting students, they are likely to have social media accounts. Hence, it would make sense to be on these platforms as well.

 

Launch Campaigns

Whether you are launching a full-blown marketing campaign or you’ve opted to use your school newspaper, it’s imperative to have a campaign plan. Otherwise, your fellow students wouldn’t know that your online business exists.

Usually, the best brand awareness or marketing campaigns aren’t the most expensive.

The key here is knowing where your target market is. If they read your school newspaper, then pay for a print ad space. If they are on Instagram or school forums, ensure to build your presence on these platforms.

 

Provide a Personalized Experience

These days, personalization is what makes any business thrive.

If you have an online store, that means making recommendations based on your customers’ past purchases. It also means observing your target market’s behavior.

If you notice an overflow of research writing orders from senior students around the holiday, here are some business tactics you can implement:

  • Run a promo. An excellent example would be providing discounts for multiple research writing orders (i.e., buy one get one).
  • Hire your friends. Consider hiring some of your friends who have the same skills as yours. That way, you can cater to more clients without stressing yourself out.
  • Keep on promoting. Let your potential and existing client students know that you are offering a promo to ramp up the demand.

 

Visualize the Future

Just because your business is up and running, it doesn’t mean that all your hard work is done.

The most successful entrepreneurs are always thinking at least two steps ahead of their competition. This could mean stocking up on your inventory and launching a promotional campaign.

That’s why developing a comprehensive marketing plan ensures that all contributing factors are appropriately managed.

 

Conclusion: The Future is in E-commerce

There is no denying that we are moving digital. These days, we purchase our groceries and other stuff online. We discover products and services on social media.

On the other hand, e-commerce is one of the cost-effective ways to start a business. So much so that even students can create their online store.

Hence, if you are itching to earn an income while still in college, now is the best time to do it.

 

Juliette Anderson is an Outreach Community Specialist for an e-commerce fulfillment company that specializes in partnering with online sellers who have an average parcel weight of 5+ pounds or greater. She works hand-in-hand with e-commerce stores to achieve optimal sales for four years already. Her specialty lies in social media marketing and paid promotions.