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Business Plan Examples for Students

Ajay Jagtap

• December 29, 2023

26 Min Read

Do you know what’s the most common mistake students and rookie entrepreneurs make while preparing their first business plan?

Of course, it’s the first business plan we’re talking about; there’ll definitely be a few. However, overcomplicating things and failing to consider a business plan example still remains the most common one.

That’s why we decided to come up with a solution. We’ve curated this list of top business plan examples for students to help you get going.

So whether you need a business plan for a college project, start a side hustle, or win a business competition, these examples are just what you need to create business plans that stand out.

Ready to dive in? Let’s start by understanding the key elements of a business plan example:

Key Elements of a Business Plan Example

Business planning is not as complicated of a process as people think it is; they’re just overcomplicating things. (Don’t think so?)

Let’s simplify the key elements that make up a comprehensive business plan; you’ll understand it better that way.

Executive Summary:

Company overview:, market analysis:, products and services:, sales and marketing strategies:, operations plan:, management team:, financial plan:.

That’s pretty much it about the key elements of a business plan example. Next, let’s explore the best business plan examples for students.

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Top Business Plan Examples for Students

Now that you already know about the components of a business plan template, let’s review some of the best business plan examples for students.

1. Startup Business Plan Example

Upmetrics’ startup business plan example is the ideal solution for students planning to start up or participate in a business plan competition. This business plan template follows the SBA-approved business planning format used by thousands of successful entrepreneurs.

Whether your startup is about a new-age AI-based application, an online shopping site, or traditional IT consulting—this sample business plan is just what you need.

Unlike any traditional small business plan, this example of a startup business plan is lean and agile in approach, focuses on innovation, and emphasizes market validation.

2. Lean Business Plan Example

Since you’re transitioning from a student to an entrepreneur, you may not have enough time to spend on creating a detailed business plan. That’s where this lean business plan template can help.

It’s a condensed version of a traditional plan summarizing all its sections with a primary focus on covering only the critical aspects of the business.

This template is best for startups or businesses uncertain about business planning and student-turned-entrepreneurs with limited time and resources to prepare a business plan.

3. SBA Business Plan Example

Following an SBA-recommended business plan format is key to securing bank loans and business grants. Since it can be time-consuming to find a template that follows a similar outline as the SBA, this SBA-approved business plan example is the way to get started.

This SBA business plan template has nine primary sections, that include executive summary, company description, market analysis, organization, product description, marketing, funding request, and financial projections.

SBA business plan examples ensure you stay on track and don’t deviate from your funding needs.

4. One-Page Business Plan Example

As you may have already guessed, a one-page business plan is a one-page version of a traditional business plan. Since it’s a condensed version of a business plan, drafting it can be quite easy and quick compared to a lean or traditional plan.

Employees, partners, and vendors often use one-page business plans as a quick overview of your company and banks and investors as a summary of your operations.

While it may not be the ideal choice for entrepreneurs seeking investment or bank loans, students with side hustles and idea-stage startups can consider this option.

5. HBS Sample Business Plan

Harvard Business School’s new venture competition selected this sample business plan as a finalist in 2011.

This is a business plan of App Success, a collaborative web-based platform that connects low-income high school seniors with college students from top universities; this business will enable them to collaborate on college selection, college applications, and financial aid applications.

This example can be a great reference for those planning to start a mobile or web-based solution.

6. Kean University Sample Business Plan

Kean University organizes a business plan competition every year for its students where students prepare and present business plans to compete, and this is one of the sample business plans the University provides to participants to understand the format.

It’s a business plan of Blue Water Boatworks, Inc., a boat detailing and cleaning company specializing in servicing recreational fiberglass and aluminum watercraft.

This example can be a great reference for those planning to start a business related to housekeeping, cleaning, or maintenance.

7. UVM Sample Business Plan

If you are looking for a strategic business plan for a food business, the University of Vermont’s Fancy Foods Business Plan can be a guiding resource for you.

Despite the fact that it can be a good reference for detailed planning, it was written in 1998, so any statistics and numbers may not seem relevant to today’s market landscape. Make sure you keep that in mind.

You may closely follow this example as a reference if planning to start a food truck, restaurant, or any other business that serves food.

That was the list of best sample business plans for students. However, there’s more to talk about. You now have a business plan example, but what about pitching to investors? Let’s explore free pitch deck examples for students.

Free Pitch Deck Example for Students

Pitching to investors as a first-time founder can be exciting but also overwhelming at times. Worry not; we’ve got a solution—investor pitch templates. We’ve prepared a set of 8 investor pitch templates and examples for students and entrepreneurs to help create winning business pitches.

Whether you need a pitch to find an opportunity, ask for subject matter knowledge, or a problem-solving pitch, these investor pitch examples have got you covered. Download now.

How to write a winning plan for a business plan competition?

Creating a business plan is no different than creating one for a real business. Similar to how entrepreneurs prepare and present business plans to investors, Students in business plan competitions pitch to judges.

In short, the business planning process remains exactly the same. Let’s discuss how you can write a winning plan to help you win a business plan competition.

• Select a compelling business idea : everything starts with a compelling idea. Make sure you have a viable business idea to compete in the competition.
• Refer to winning business plan examples : Once you are sure about your business concept, refer to business plan examples from previous winners and how they planned the sections of their plan.
• Market Research & Industry Analysis : After referring to business plan examples, conduct industry research and market analysis to make your statistical and financial numbers accurate and realistic.
• Understand business model and revenue streams : Since you are preparing a business plan for a company that doesn’t exist, be sure about the business model and how the business will generate profit.
• Use AI business plan generator : Using an AI business plan generator like Upmetrics can be incredibly helpful in speeding up the business planning process. With industry-specific business plan templates and AI assistance to write your plan, you can write the first draft of your plan in literally no time.
• Presentation and visuals : Prepare visuals and graphs to make your business plan visually appealing and numbers digestible. You may not need to prepare these visuals if you use business plan software manually.
• Proofread and edit : Grammatical errors are the last thing judges want to see in a business plan. Make sure you proofread and edit your draft thoroughly before submitting it.

Easy as that, that’s the way to write a perfect business plan that can lead you to victory in any business plan competition on planet Earth. Let’s have a look at a real-life business and financial plan example.

Business and Financial Plan Example for Students

Having learned about business planning for students, let’s quickly discuss a coffee shop sample business plan and financial statements prepared using Upmetrics.

1. Executive Summary

The Cooper’s Cup will be a new cafe in Phoenix, Arizona. The 1,500 square foot café will be located in the newly constructed Market Square Plaza on the northeast corner of 135th Street and Mission Street. The anchor tenant, the Price Chopper grocery store, has already taken occupancy, and the excellent location brings more than 10,000 shoppers weekly.

The Cooper’s Cup, aptly named for the aromatic brown liquid that will fill the cup, fills the void of original cafes in the market and stands out from its corporate peers with its fast food concepts and prompt services. The Cooper’s Cup is the alternative to fast food/commercial/coffee shops and offers a much calmer, civilized gourmet coffee experience.

There are no televisions in the cafe, the background music is subtle, and work from local artists will hang on the walls. The restaurant is well-appointed, with overstuffed leather chairs and sofas in a library-like setting. The cafe is reminiscent of times gone by – yet is cutting edge technologically with WIFI and state-of-the-art espresso machines.

The Cooper’s Cup measures its financial success in terms of increased market share and earnings. This is a tremendous opportunity with a total local market of $54 million! The keys to success will be offering quality gourmet coffees, taking advantage of its small size, and relying on an outstanding barista staff.

To achieve these goals, the cafe will present some of the area’s finest gourmet beans from local distributors. Because of its small size, the restaurant can enjoy larger margins through lower overhead. The cafe will hand-select baristas and offer salaries comparable to the chains. The baristas will be trained to cross-sell and sell higher-margin products.

The primary objectives of the business plan for Cooper’s Cup are below:

• To increase revenues by $36,000 or 5% in Year 2 and $73,000 or 10% by Year 3
• Achieve a profit margin of 5.2% in Year 2 and 6.90% by Year 3
• Be the Cafe of Choice in the Phoenix area and the recipient of the Best Coffeehouse Award.

Guiding Principles

The Cooper’s Cup is committed to values such as excellence, passion, quality, integrity, and leadership, allowing them to navigate challenges and provide for future opportunities. These core beliefs start with their commitment to their products and their employees. Cooper’s Cup rewards excellence and cherishes loyalty. The cafe will work with its employees to build strong businesses and a secure future.

Mission statement

The Cooper’s Cup is committed to its products and employees, which they believe is the recipe for market success.

Key to success

The Cooper’s Cup stands out from the competition. Below are their Keys to Success:

• Great Products : providing exemplary products at market prices – will make customers want to return again and again.
• Hire Quality Baristas : Pay employees rates similar to the larger chains with opportunities for long-term careers and opportunities for advancement with long-term plans to open a second facility.
• Convert Customers to Connoisseurs : Only 40% of the nation’s coffee drinkers consume premium ground and whole bean coffee – this will aid in the continued growth.

Financial Summary

2. Business Overview

The Cooper’s Cup will be a coffee house/cafe located in Phoenix, Arizona. The cozy cafe will be located in the newly completed Market Square Plaza in the Arizona City area. The cafe will serve gourmet coffee, espresso, drip coffee, lattes, and smoothies. The simple pastry offerings may vary with seasonality, but the primary line will be muffins, bread, cookies, scones, and rolls. All pastries will be supplied daily by a local bakery.

The cafe will be owned and operated by Owen Jones, a veteran restaurateur with several years of experience running and managing chain restaurants. The cafe will be open for business Monday – Thursday 7-10, Fridays and Saturdays, 7-11, and closed Sundays.

The Cooper’s Cup will be formed as an S-Corporation owned by Mr. Doe.

Start-Up Summary

The Cooper’s Cup will have seating for 40 patrons. The rent is $2,075 a month, with a three-five-year lease available. The site comprises 1500 square feet of leased space consisting of a dining room, a coffee bar, two restrooms, and a storage room in the back.

This storefront needs to be plumbed and wired appropriately to be used as a restaurant. Painting, new floors, and countertops are also needed. A custom coffee bar needs to be built. With materials bought on sale and volunteer labor, the cost to renovate will be $71,725.

The coffeehouse equipment will consist of two commercial espresso machines, air pots and urns, a commercial blender, a commercial brewer, top-loading coffee bins, barista syrups, cold drink dispenser, frothing equipment, a commercial refrigerator, microwave, and stainless steel prep bar.

The cost of the equipment is $38,275. The furniture will consist of leather couches and chairs (purchased at auction), coffee tables, bookcases, and window treatments. The artwork will come from local artists and be sold on a consignment basis. The books were secured via donations. The total cost to furnish is $14,000. Other startup expenses will be dishes, furniture, rent deposit, and marketing.

Location and Facilities

The new coffeehouse is located in the highly desirable Phoenix, Arizona, area at the northeastern intersection of 135th Street and Mission Street in the Newmarket Square Plaza. The property is situated in an excellent location, with an easy 6-minute drive time to I-435 and 69 Highway. 

The property is 95% leased with Price Chopper as the Anchor Tenant. Other tenants include LifeSpring Med Spa, Jane’s Canines (Pet Store & Boarding), Pride Cleaners Kahn Dental, and Swim U. 

Price Chopper brings more than 10,000 shoppers per week to the center. The location comprises a population of 9,420 within a one-mile radius, 61,102 within a 2-mile radius, and 149,550 within a 5-mile radius – with a median household income of $120,856. Sprint / Nextel’s corporate office is within 2 miles of the site.

3. Market Analysis

Phoenix, Arizona, is an award-winning place to live and work and is considered the leading business community in the Midwest. National publications and organizations recognize Phoenix for its business environment and livability. Here’s a sampling: 6th Place, America’s Best Places to Live Money, Top 50 Cities to Live and Play, National Geographic Adventure, 3rd Hottest Town in the U.S., Money, Among 20 Best Places to Live & Work Employment Review, One of only 72 Sterling Tree Cities in the U.S., National Arbor Day Foundation, Top 10 best Locations to Raise a Family, Southern Business and Development, 1st Place, Kid Friendly Report Card, Population Connection, 2nd Best City in America to Live Business Development Outlook.

Phoenix is at the core of one of the most dynamic local markets in the U.S. It offers easy access to the Arizona City region’s amenities, and, as part of the Arizona City metropolitan area, it is within the most centrally located major market in the nation. I-35, I-435, I-635, and U.S. Highway 69 all pass through Phoenix, and no point in the city is more than 3.5 miles from a freeway. The city maintains an excellent arterial street network and plans to construct additional lane-miles as the area grows. Three airports serve the region. Arizona City International Airport (MCI) is just 25 interstate highway miles north of Phoenix. Johnson County Executive Airport—the second busiest in Arizona—provides complete services for private business jets and general aviation. New Century AirCenter, just 12 miles southwest of the city, offers available aviation services and accommodates cargo or passenger jets of any size.

Phoenix supplies some of the most highly educated workers in the nation, with 97% of Phoenix adults over age 25 holding at least a high school diploma. Johnson County, where Phoenix is located, ranks first among the country’s 231 counties with populations greater than 250,000. The county ranks sixth in the percentage of adults with at least a bachelor’s degree and 16th with a graduate or professional degree.

The Phoenix area has a population of 175,265, based on the 2010 census. The median household income is $77,881, and the median age is 37.9. (2010 U.S. Census)

Industry Analysis

The U.S. coffee shop industry includes about 20,000 stores with a combined annual revenue of about $10 billion. Major companies include Caribou Coffee, International Coffee & Tea (The Coffee Bean & Tea Leaf), Peet’s Coffee, and Starbucks. The industry is concentrated: the top 50 companies generate more than 70 percent of sales. Coffee shops are part of the specialty eatery industry, including retail outlets specializing in bagels, donuts, frozen yogurt, and ice cream products. (First Research)

Competitive Landscape

Consumer taste and personal income drive demand. The profitability of individual companies depends on the ability to secure prime locations, drive store traffic, and deliver high-quality products. Large companies have advantages in purchasing, finance, and marketing. Small companies can compete effectively by offering specialized products, serving a local market, or providing superior customer service. Specialty eateries, which include coffee shops, are labor-intensive: average annual revenue per worker is about $50,000. Coffee shops compete with convenience stores, gas stations, quick service, fast food restaurants, gourmet food shops, and donut shops. (First Research)

Market Size

The U.S. coffee shop industry includes about 20,000 stores with a combined annual revenue of about $10 billion. Major companies include Caribou Coffee, International Coffee & Tea (The Coffee Bean & Tea Leaf), Pet’s Coffee, and Starbucks. The industry is concentrated: the top 50 companies generate more than 70 percent of sales. (First Research)

Target Market and Segment Strategy

Most adult coffee drinkers said their lifelong habits began during their teenage years. 54% said they began drinking coffee between 13 and 19. Another 22% reported their coffee cravings started between 20 and 24. This means that 76% of adult coffee drinkers began drinking coffee by the time they were 24. So, despite a large amount of marketing and advertising directed at the younger age groups, savvy coffee shop owners will remember to cater some of their offerings to the adult and senior market. (National Coffee Drinking Study).

The Cooper’s Cup will offer a unique experience for coffee enthusiasts by providing a quiet, cozy, yet sophisticated cafe and a sense of refinement and peace in an otherwise hectic and fast-paced world. While other coffee shops cater to convenience with drive-throughs or loud music venues late into the night, the Cooper’s Cup will stand apart from its competitors with its quiet yet soothing ambiance, capturing a truly unique (and much-needed) market niche.

• Unique products (specialized roasts, local ingredients, locally-themed or named drinks, custom drinks by the star barista, etc.)
• Games, puzzles, mind benders, and other activities that encourage customers to linger over their coffee
• Hosting or sponsoring local events (entertainment, readings, book clubs, etc.)
• Using technology to creatively compete in marketing with big chains — services like FourSquare, Yelp, and Google Places can increase visibility in the local market.
• Delivering amazing service from knowledgeable baristas — spend lots of time training staff and utilizing online services like the American Coffee & Barista School.
• Selling coffee-related items (and tracking down any co-marketing opportunities with a local community college or another student-related group in the area)

4. Products and Services

Product/services descriptions.

The Cooper’s Cup’s primary offering is gourmet roasted coffees with mocha, carmelicious, white mocha, candy bar latte, and brewed coffee. Complementing the coffee will be a smoothie line including wild berry, strawberry, peach, mango, and lemonade. Rounding out the simple menu line will be pastries obtained from an outside supplier, freshly made and delivered daily. The pastry offerings may vary with seasonality, but the primary line will be muffins, bread, cookies, scones, and rolls.

Product/Service Sourcing

The Cooper’s Cup has negotiated supplier agreements with several local food-service wholesalers and coffee wholesalers in the Phoenix area that have a reputation for quality and reliability:

• Mean Beans Coffee Roasters
• Phoenix Brewers
• Healthy Harvest Bread Co.
• Mary’s Organics

If one of the abovementioned specialty suppliers cannot meet their needs, the following national suppliers can provide all the food-service products they require. In addition, the following wholesalers will supply the cafe with general restaurant supplies:

• Lawrence Food Products Corp.
• Gerry Food Supply Inc.

Future Products/Services

Young families, which comprise Phoenix’s third largest market share, are often overlooked in the coffee market. Coffeehouses traditionally have not been considered ‘kid’ friendly. To overcome this hurdle, Cooper’s Cup has long-term plans (5 years) to open a 2nd coffee shop: A combination indoor play area/coffee bar. This concept allows parents and caregivers to meet and relax with other adults while the children can enjoy the indoor playground amenities.

Additional future services will include in-store sales for home purchases and an online store.

The website will have the option to purchase a prepaid gift card program – Prepaid gift cards provide immediate cash, reduce credit card transaction charges, and draw new customers to the business.

5. Sales and Marketing Strategies

Swot analysis.

Unique Selling Proposition

The Cooper’s Cup stands out from a crowded sea of coffee chains and franchises. What sets it apart from the competition is primarily its smaller, cozier size combined with premium coffees served by knowledgeable baristas, providing so much energy and enthusiasm for its products.

Market Strategy and Positioning

The Cooper’s Cup utilizes a focus strategy on its Market. By specifically targeting three primary segments, they can cater specifically to their needs.

Senior Market (age 45+)

The Cooper’s Cup will target this Market simply by its well-selected location. Although this demographic group could readily drive downtown, they prefer a local cafe to unwind and relax and historically become some of the most loyal patrons.

Newly Hired Employees

The cafe will attract regular customers (weekly or more) – particularly the newly employed (first job) by providing free WIFI services and providing interesting games in the customer area.

Young Families

The third targeted Market, younger families, often find that coffeehouse is not ‘kid’ friendly. The company has long-term plans to create a combination coffee shop/play area so that parents and caregivers can meet with other adults while the children can enjoy the bounce houses, slides, and indoor playground equipment.

Pricing Strategy

The Cooper’s Cup primarily utilizes competition-based pricing. The cafe does not utilize coupons and discounts (other than opening promotions) because they believe that the most valuable customer demographic of daily coffee consumers is not influenced by discount programs or coupons.

Promotion and Advertising Strategy

• Online Advertising – The Cooper’s Cup will advertise regularly on popular social media sites like Facebook. Compared to traditional print advertising, this is a cost-effective tactic that will allow them to reach prospects in a highly targeted way (e.g., based on criteria such as age, gender, geography, etc.).
• Website – Cooper’s Cup will develop a simple Web site, which will provide basic information about the business, the menu, and links to their presence on the aforementioned social media channels.
• Radio Advertising – During the first six months of operation and the busy holiday shopping season, the business will advertise on local radio stations.

Sales Strategy

The Cooper’s Cup will use the following methods to increase sales revenue (as recommended by Andrew Hetzel on Better Coffee, Better Business):

• The menu will focus on the most profitable products sold. The cafe will always draw customer attention to the best products.
• As warranted, the cafe will raise prices to bolster its brand image. Prices communicate the perceived value of a product, so if set too low, the customers might assume that the beverages are inferior compared to the competition.
• Monitor flavoring inventory – Excess flavoring inventory ties up capital and valuable backroom space for storage. The cafe will utilize 4-6 varieties, including sugar-free offerings.
• Control waste and theft – audit sales and inventory reports to evaluate ingredient waste due to inefficient preparation, returned drinks, and employee consumption. Retail locations can easily waste 20% or more of their daily sales in these three key categories, which is a substantial and unnecessary loss.
• Monitor and evaluate hours of operation.
• Run employee sales contests – The baristas are the salespeople and have great influence over the customer ordering process. All baristas will have some form of sales and customer service training to make each transaction active rather than passive. Sales contests will emphasize high-margin items or cross-selling.

6. Operations Plan

Staffing and training.

An ongoing training and education program will ensure that each staff member learns and implements Cooper’s Cup’s exacting service and operational procedures standards. Staff meetings will reinforce service standards and principles. The Cafe will have detailed work descriptions and training programs for each position, from entry-level employees to the ongoing development of managers and owners. New employees will undergo an extensive training program. This ensures that each guest receives a quality experience from all employees, regardless of how long they have been employed. The Cafe embraces the concept of promoting from within. Excellence in one function typically leads to excellence in another. Regular staff evaluations and training will ensure motivation and address critical issues.

Inventory controls

The founder will be responsible for hiring and training managers who, in turn, will ensure that the day-to-day operations will comply with the standards set by Restaurant policy. Weekly management meetings will provide a forum to review and discuss financial and operational performance. Critical decisions related to purchasing, human resources, marketing, capital expenditures, and customer service will also be addressed.

Purchasing cost controls

Food preparation personnel will follow standardized recipes developed by the founders to control food costs and ensure consistency. The coffee shop will offer an innovative menu with nutritious food and beverages while achieving the most significant margin yield.

Customer Service

The hospitality business recognizes the client’s support experience is the critical driver to replicate business. The direction will Offer a superior degree of Professionalism by hiring individuals who deliver the ideal attitude to work and teaching them the skills required to accommodate guests. The restaurant will keep high levels of consumer satisfaction with talented, educated, and well-trained workers who understand and implement the fundamentals of fantastic service. Ongoing training will be provided to enable staff to perform their jobs with confidence and ability. Employees are well-spoken, well-versed, and trained to provide friendly, prompt, and professional service to each customer. This practice teaches employees who, by producing an exceptional customer experience, can optimize sales and raise their reimbursement. The team will have the knowledge and service required to create excellent daily service for every customer.

Technology & Software

While the quality of the cuisine and dining experience contributes significantly to a restaurant’s profitability, attention to business and financial details can transform small changes into significant returns. Critical sales, cost of sales, labor, inventory, marketing, and overhead metrics are monitored daily. Trends are evaluated, and constructive actions will be taken where improvement is needed. The management team will have access to the restaurant’s transactions and reports available in its real-time POS (point of sale) and accounting systems. Trends will be evaluated, and corrective action will be implemented as required.

7. Organization Structure

The Cooper’s Cup is formed as an S-Corporation wholly owned by John Doe.

Management Team

The Cooper’s Cup will be owned 100% by John Doe. Mr. Doe, a graduate of Arizona State University, has an undergraduate degree in business administration. During high school, he worked as a waiter in a local hospital coffee shop that purchased its beans from a local roaster. In addition to being an avid coffee drinker, this job allowed him to learn about the business first-hand. In college, Doe worked in a campus coffeehouse for four years, eventually becoming an assistant manager. Following graduation, Doe secured a business development position for a regional restaurant chain, which provided additional first-hand exposure to the food and beverage industry—especially the steps involved in establishing new locations.

Management Team Gaps

The Cooper’s Cup will rely on its POS (Point of Sale) system to generate daily accounting and cost activity reports. Mr. Doe will supply these to an outside bookkeeper for the preparation of annual income taxes.

Personnel Plan

Initially, the cafe will hire 1 manager, 5 baristas, and 2 part-time servers. In Year 2, the cafe plans to hire 1 additional full-time barista.

8. Financial Plan

Important assumptions.

• The sales forecast is conservative and assumes a 5% increase in Year 2 and a 10% in Year 3.
• The analysis accounts for economic seasonality – wherein some month’s revenues peak (such as holidays ) and wane in slower months.
• The analysis assumes the owner will not withdraw any salary till the 3rd year; at any time it is assumed that the owner’s withdrawal is available at his discretion.
• Sales are cash basis – nonaccrual accounting
• Moderate ramp-up in staff over the 5 years forecast
• Barista’s salary in the forecast is $36,000 in 2023.
• In general, most cafes have an 85% gross profit margin
• In general, most cafes have a 3% net profit margin

Projected Balance Sheet

Projected Cash-Flow Statement

Projected Profit & Loss Statement

Break Even Analysis

Write Your Business Plan With Upmetrics

Whether you need a business plan to compete in a competition, win investors, or gain a competitive advantage in the market landscape, Upmetrics can help you get started.

Upmetrics is an AI business plan software that comes with AI assistance, financial forecasting features, and 400+ sample business plans so that you can prepare a business plan in no time.

So what are you waiting for? Try Upmetrics and create your business plan in a snap.

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Frequently Asked Questions

How do you write a business plan for a college project.

As mentioned earlier in the article, business planning for a college project or competition is no different than for a real business. You can write your business plan using these step-by-step instructions.

• Select a compelling business idea
• Refer to business plan examples
• Prepare a business plan outline
• Create a company description section
• Conduct market research and industry analysis
• Describe your product and services
• Outline sales and marketing strategies
• Create an operations plan
• Introduce management team
• Prepare financial projections
• Summarize your plan with an executive summary

What is a business plan for students?

A business plan is a necessary business document that highlights its purpose,  business goals, product/service offerings, go-to marketing strategies, operations and financial plan, key people involved in the business operations, and other necessary details.

As a student, consider a business plan example as a document that helps you better understand business and industry dynamics and learn how a business operates inside out.

What is a business plan competition for students?

Business plan competitions are competitions mostly organized by universities for students passionate about entrepreneurship and the business world. These competitions offer students a platform to showcase their entrepreneurial skills while also providing opportunities for mentorship and networking.

How can I increase my chances of winning a business plan competition?

There cannot be a straightforward answer to this question, but there’s surely a method that can increase your chances of winning a competition—Using AI-powered business plan software.

Why? An AI tool will make you 10X more productive while writing a business plan and preparing financial forecasts. So you can spend more time researching the market and brainstorming business ideas.

Where can I find more business plan examples for students?

Upmetrics’ library of 400+ business plan examples could be an incredible source for students to find more industry-specific business plan examples. There are examples for almost every small business category, including real estate, retail, entertainment and media, food & beverages, and more.

About the Author

Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more

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BUSINESS STRATEGIES

12 business ideas for students to start at college

• Nirit Braun
• Dec 10, 2023
• 10 min read

A student business idea is an entrepreneurial endeavor initiated by a college student. College students may start businesses for various reasons and these ventures can range from small side hustles to full-fledged startups.

Learn more: How to choose a business idea

Why might students need to start a business?

There are many reasons why college students might choose to start a business . Some of the main ones include:

College students often face financial challenges, including high tuition fees, living expenses and student loan repayments. Starting a business can provide an additional income source and financial stability. Read more about how to make money as a student or how to make money as a teenager .

Entrepreneurship allows students to gain real-world job experience and build their resumes or portfolios. This practical experience and gained expertise can be valuable when seeking employment after graduation.

Running a business can offer flexibility in terms of work hours, which can be beneficial for students with irregular class schedules or other academic commitments.

Students may have unique talents, skills, or interests they want to pursue as a business. Entrepreneurship allows them to turn their passions and college studies into profitable ventures.

12 best business ideas for students to start while at college

Students at college can explore a range of business opportunities that fit into their busy schedules. Ideas like freelancing, dropshipping, tutoring, blogging and others offer them the chance to earn and learn simultaneously. Service businesses like pet care, landscaping and cleaning are great for part-time ventures that can accommodate academic commitments.

Freelancing

Dropshipping

Craft business

Start and monetize a blog

Marketing services

Pet sitting and care

Landscaping

Bookkeeping

Delivery services

01. Freelancing

Freelancing involves offering your skills and services to clients or businesses on a project-by-project basis. Freelancers work independently, often remotely and may provide services such as writing, graphic design, web development, social media management or digital marketing.

Learn more: Freelance ideas , how to make money as a graphic designer

Why is freelancing a good business idea for students?

Freelancing offers students the flexibility to work around their class schedules and other commitments, much like other side business ideas do. Students can leverage their skills and expertise to earn income in areas they are passionate about. Freelancing allows students to gain real-world experience, build a portfolio and network with potential clients. All of which can help them in their professional careers post-graduation.

What are some good freelancing businesses for students to start?

Content writing : this could be writing blog posts or freelance copywriting services for businesses.

Graphic design : creating logos, infographics or marketing materials for clients.

Web creation and development : build websites for individuals or businesses. You can use a website builder like Wix to easily build websites for clients.

Social media management : manage and grow social media profiles for small businesses. This can include creating posts and content, tracking users and building engagement.

02. Dropshipping

Dropshipping is an eCommerce business model where students can set up online stores and sell products without holding inventory. When a customer places an order, the products are shipped directly from the supplier to the customer.

Learn more: eCommerce business ideas , Dropshipping business ideas

Why is dropshipping a good business idea for students?

Dropshipping requires minimal upfront investment, making it accessible to students on a tight budget.

Learn more: Low-cost business ideas , How to sell online

The e-Commerce industry is continuously growing and dropshipping allows students to tap into this market without the hassles of inventory management. In 2022 global retail m-commerce sales topped $431.4 billion and are expected to top $511.8 billion in 2023.

Learn more: How to start a dropshipping business

What are some good dropshipping businesses for students to start?

Online clothing store: sell clothing, accessories, or niche-specific fashion items. Learn more: How to start a clothing business .

Electronics and gadgets: offer a range of tech gadgets and accessories.

Home decor: sell decorative items, furniture or interior design products.

Health and wellness: focus on products like supplements, fitness equipment or eco-friendly products.

03. Reselling

Reselling involves buying products at a lower price and reselling them at a profit. This can be done through various channels, including online marketplaces, thrift stores, or even college flea markets.

Why is reselling a good business idea for students?

Reselling can be started with a small investment, which is suitable for students. It provides students with valuable experience in sales, marketing and negotiation all of which are important professional skills to learn. Students can engage in reselling part-time or during breaks so it doesn’t conflict with their studies.

Learn more: Best businesses to start with little money

What are some good reselling businesses for students to start?

Thrift store finds: sell vintage clothing , collectibles or antiques.

Online bookstore: sell used or rare books through online marketplaces.

Tech accessories: offer phone cases, chargers, or tech gadgets.

Home decor: resell furniture, artwork or other decorative items.

04. Craft business

Selling crafts online involves creating and selling handmade crafts and products. This can include jewelry , candles , artwork, hand-knit scarves or personalized gifts.

Why is crafting a good business idea for students?

Craft businesses allow students to express their creativity and turn their hobbies into income. Operating from a dorm room or small workspace minimizes overhead costs.

Learn more: Home-based business ideas

Handcrafted items have a unique, artisanal appeal that can attract regular customers. Learn how to sell crafts online .

Learn more: Unique business ideas

What are some good crafting business ideas for students to start?

Handmade jewelry: create custom jewelry pieces or unique designs.

Candle making : craft scented or decorative candles.

Art and illustrations : sell original artwork, prints, or digital designs.

Personalized gifts : offer custom-made gifts, such as mugs, T-shirts or home decor.

05. Tutoring

Tutoring involves providing educational support to students or learners in specific subjects or skills. This can be done in person or online and subjects can range from math and science to languages and test preparation.

Learn more: How to start a tutoring business

Why is tutoring a good business idea for students?

Students can leverage their knowledge in subjects they’re passionate about and in turn, share them with other students. Tutors can schedule sessions around their class schedule and availability which makes this a flexible business idea to start. It can also be a great business idea for students looking to enter teaching or lecturing as a professional post-graduation.

Learn more: Business ideas for teachers

What are some good tutoring businesses for students to start?

Academic tutoring: offer assistance in subjects like math, science, or history.

Language lessons : teach foreign languages or provide English as a Second Language (ESL) lessons.

Test prep: help students prepare for standardized tests like the SAT or GRE.

Music or art lessons: provide music instruction or art lessons to aspiring learners.

06. Start and monetize a blog

Blogging involves creating and regularly updating an online platform where you share information, opinions, or expertise on a specific topic or niche. Monetizing a blog means earning income from it through various methods like advertising, affiliate marketing, sponsored content or selling digital products.

Learn more: How to start a blog

Why is a blog a good business idea for students?

Blogging allows students to work on their own schedules, making it easy to balance with classes. All you need to blog is a computer and an internet connection, making it possible to do from anywhere. It's an opportunity to express ideas, passions and knowledge. These are all important skills for a college student. Over time, a well-monetized blog can generate passive income.

Learn more: Passive income ideas .

What are some good blog ideas for students to start?

Travel blog : share travel experiences, tips and affiliate links to booking platforms.

Fitness blog : Discuss fitness nutrition and promote related products.

Tech blog: write reviews and recommendations for tech products.

Finance blog : offer financial advice, budgeting tips and promote financial tools.

Get started with the Wix blog maker and make your own blog.

07. Marketing services

These services encompass a wide range of activities, such as social media marketing, content creation, SEO and advertising, to help businesses reach and engage their target audience.

Learn more: How to start a marketing business

Why is marketing a good business idea for students?

Students often possess digital marketing skills, either from their studies or from their own use of social media and can leverage them to help businesses improve theirg online presence. Marketing is essential for businesses and there's a consistent demand for marketing services that students can tap intoStudents can offer marketing services on a freelance basis, which provides flexibility around their studies and extracurricular commitments..

What are some good marketing businesses for students to start?

Social media management : help businesses grow and manage their social media profiles.

Content creation : provide blog posts, articles or video content for companies.

Email marketing: helping to create the assets and strategy for email marketing campaigns.

08. Pet sitting and care

Pet sitting and care services involve taking care of pets when their owners are away. This includes pet sitting, dog walking, feeding and providing companionship or even boarding.

Why is pet care a good business idea for students?

Students who love animals can earn income doing what they enjoy. Pet sitting can be done part-time, at the weekend, in the evenings or during breaks. Minimal investment is needed for pet sitting and dog walking which suits most students' budgets.

What are some good pet-related businesses for students to start?

Dog walking: offering daily dog-walking services for pet owners.

In-home pet sitting : care for pets at the owner's home while they're away.

Pet boarding: provide boarding services for pets in your home or a rented space.

Pet grooming: offer grooming and spa services for pets.

09. Landscaping

Landscaping services involve tasks like lawn maintenance and gardening. This can include mowing, weeding, planting and landscape design.

Why is gardening a good business idea for students?

Landscaping provides a physical workout, which can be appealing to students who want to keep fit as part of their business. Landscaping can be seasonal, allowing students to work during breaks and avoiding conflict with their studies. The startup costs for basic landscaping services are relatively low, some lawn care services can be done with the lawn owner's tools or equipment.

Learn more: Business ideas for teens , Recession-proof business ideas

What are some good landscaping-related businesses for students to start?

Lawn care: offer services like mowing, edging and lawn treatment.

Gardening and planting: assist homeowners with garden design and planting.

Tree care: prune, trim and care for trees on residential properties.

Landscape design: create landscape plans and implement them for clients.

10. Cleaning services

Cleaning services involve cleaning and maintaining residential or commercial spaces. This can include house cleaning, office cleaning and specialized cleaning services.

Why is cleaning a good business idea for students?

Cleaning businesses can start with basic cleaning supplies, keeping initial costs low for students. Cleaning can be scheduled around classes and other commitments, a flexibility that is ideal for college students as a part-time business idea .

What are some good cleaning businesses for students to start?

House cleaning: offer regular house cleaning services for homeowners.

Office cleaning: provide cleaning services for small businesses or offices.

Specialized cleaning: focus on niche cleaning services like carpet cleaning, window washing, or post-construction cleaning.

Janitorial services: offer cleaning and maintenance services to commercial properties.

11. Bookkeeping

A bookkeeping business involves maintaining financial records and ensuring the accuracy of financial transactions for businesses. This includes tasks like data entry, reconciling accounts and preparing financial reports.

Why is bookkeeping a good business idea for students?

Students with accounting or finance knowledge can offer bookkeeping services to businesses who need it, this can be done on a freelance basis, providing flexibility for students. It’s also a great way for students to learn how to manage a business themselves.

What are some good bookkeeping businesses for students to start?

Small business: assist small businesses with their financial record-keeping.

Virtual services : provide remote and online bookkeeping services to clients.

Tax preparation : expand services to include tax preparation and filing.

Financial consulting: offer financial advice and consultation in addition to bookkeeping. Make sure you understand the risks and liabilities involved in providing businesses with financial advice that they may then act on.

12. Delivery services

Delivery services involve transporting goods or packages from one location to another. This can include food delivery, courier services or package delivery.

Why are delivery services a good business idea for students?

Delivery services can be scheduled around class hours and student availability. Basic delivery services can be started with a vehicle or even a bicycle, meaning minimal startup costs.

What are some good delivery services for students to start?

Food delivery: partner with local restaurants for food delivery services.

Package delivery : delivering parcels for courier companies or retailers.

How to turn a student business idea into a successful business?

Choose a business idea that aligns with your skills, interests and market demand. For example, if you have a special talent for animation, then you can learn how to make money as an animator . Conduct market research to identify unmet needs or niches within your target industry. You can also consider choosing from recession-proof business ideas , to ensure no matter what you're able to maintain your business.

Create a detailed business plan outlining your business goals, target market, competition, financial projections and marketing strategy.

Explore funding options, such as personal savings, grants, loans or crowdfunding, to finance your business.

Effectively manage your time to balance coursework, business operations and personal life. Create a schedule that accommodates your class schedule and business needs.

Build a network of mentors, peers and potential clients. Networking can provide valuable guidance and opportunities for collaboration.

Establish a strong online presence through a business website , social media and e-Commerce platforms (you can do this by making an eCommerce website of your own) if applicable. Online visibility is essential for attracting customers and clients via an eCommerce model.

Prioritize the quality of your products or services and provide excellent customer service. Satisfied customers are more likely to return and refer your business.

Ensure your business complies with all relevant laws and regulations. This includes registering your business and applying for business licenses, permits, taxes and intellectual property considerations.

Develop effective marketing strategies to reach your target audience. Consider digital marketing, social media, content marketing and traditional advertising methods too.

Be prepared to adapt to changes and challenges in the business landscape. Flexibility and the ability to pivot when necessary are key to success.

Keep accurate financial records and budget your expenses wisely. Monitor your business's financial health regularly.

Seek feedback from customers to identify areas for improvement. Be open to making necessary changes and enhancements to your business.

Consider seeking mentorship from experienced entrepreneurs or professors who can provide guidance and support. They can provide invaluable advice, such as this from Anegl Gregorio, Founder of the Spice Suite , "The best advice that I give to people is always 'Start now, perfect later,'” she says. “I never got so tied up in the need to perfect it all. I'm here to say, 'Just start it. You can fix it along the way. If you build your tribe and your community, they will go along the journey with you.’"

Explore more business ideas

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The Best 36 Business Ideas for Students on a Budget 2024

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When you are a high school or college student, you generally have huge batches of free time. There's no better way to spend them than becoming a student entrepreneur...

In the past decade, the world has seen many incredible businesses being started by college students (Facebook, just to name one).

Is it Possible to Start a Business While Being a Student?

The internet has removed many barriers that once prevented students from starting businesses. These days, there are no legal, financial, or knowledge restrictions holding you back from launching a side hustle while in school.

School and university demand many of your hours, but if you stay organized and make the best use of your hours, you will find time to both study and run your startup.

Best 36 Business Ideas for Students

1) sell used books.

Difficulty : Low

Investment : Low

Description : You finished your academic year, congratulations! Now check your desk… you have a pile of used books, right? In many cases, they end up in your house’s trash bins. However, there’s something better to do with them: sell them to younger students at a cheaper price than what a new copy is.

You'll probably, at least, make enough money to purchase the books needed for your next semester. The best of this idea is that it doesn’t require either any investment or much time.

Resources : Here’s an article on the 6 best places to re-sell old books and some tips on how to do it.

2) Flip Websites

Difficulty : Medium

Investment : High

Description : You buy websites that are exiting for a low price, grow them in 6 months to 2 years, and sell them at a much higher price for a profit. There are people who work full-time on this and make millions per year with their sites.

The key here is to buy a high-quality website at a low price. There’s a ton of information on what you should consider and check when doing it. At the same time, there are all kinds of free digital marketing courses that you will find useful if growing one of these websites.

Resources : Flippa , Empire Flippers, and Micro Acquire are three website marketplaces. Besides that, you should check out this article on how to find, evaluate and buy websites , as well as this review we've written about Micro Acquisitions course , which goes all about buying, growing, and selling sites.

3) Re-Selling

Investment : Medium

Description : There’s an ethical unresolved issue around re-selling sneakers, tickets, or whatever, but I’ve personally seen many people make loads of money buying items at a low price and selling them at a higher one. Re-selling works best with limited items (such as the mentioned tickets and some exclusive sneakers), as those who haven’t been able to purchase them are willing to pay more than their original price to have them once the item is out of stock.

The key when re-selling is understanding the market and anticipating which items will people be more willing to pay for once they run out. Note that it can be pretty risky; I know of a guy who bought 10 tickets for a concert and couldn’t re-sell them. He ended up inviting all of his friends for free with a huge loss.

Resources : This is a really inspirational article on how to re-sell sneakers and make a profit.

4) Writing Services

Description : Start a website that offers all kinds of writing services to students or businesses. It could be anything from sales & marketing copy, SEO content, essay writing, academic papers, or even simple proofreading.

There are already many trustworthy services online, and before starting out your own writing service, it is a good idea to work as a professional essay writer for a top website. After you have gained some valuable experience doing this, you can move on to creating your own essay-writing service. You could charge per hour or project.

+1 if the website invites other fellow students to offer such writing services and you charge a fee ;)

Resources : This article will help you decide whether you should or should not start freelance writing. If yes, make sure to check this one, which teaches you how to do it.

5) Play Cupid

Description : Set up a website or an app, exclusively for your college campus or local area, to let the singles meet. This will be much appreciated by the community and, with a small fee, the app could kick-off and be the Tinder of your campus or neighbourhood.

The app could, instead, be focused around networking. People could use it to meet other people and make new friends.

Alternatively, the app could also be focused around professional networking.

Resources : This Bubble template is a great and cheap point to start a dating app.

6) Motivational Apps

Difficulty : Hard

Investment : Medium 

Description : Motivational apps have a broad scope range. They could be for anything from academics to mental health.

Consider academics. The app could show events, seminars, or lectures and let the user log the attendance to these, getting award points in exchange. Such apps encourage improved productivity among students in a positive and fun way.

These rewards could be in the form of vouchers, coupons, or deals for any local service. For the sponsors, this would be a worthwhile advertisement option among the clientele too.

Similar apps could be designed for fitness, gym attendance, and other activities too.

The easiest way to monetize such an idea would be through ads.

Resources : There are many tools out there to build apps cheaply and fastly (even without coding). Check our Tools page .

7) Babysitting

Description : There will always be demand for babysitters and nannies. With both parents working and maternity and paternity leave shrinking in length, the market for this is only widening. If you have a knack with babies and have a pleasing personality, you are already good to go.

Resources : Here is a detailed article on how to properly set up your babysitting business and make the most of it.

8) Babysitting Network

‍ Difficulty : Medium

Description : You can create a sort of marketplace for babysitting. Other prospective babysitters could sign up for it and offer their babysitting services. Parents could select between the available babysitters and hire them through the platform. You could keep a commission.

Even if you are not able to do the babysitting job due to lack of time, you'll still make a commission from fellow babysitters who have signed up for the program.

Resources : Here is a long article on how to build and grow a nanny app.

9) Pet Sitting

Description : What’s better than babysitting? Pet sitting! Who doesn’t want to spend the whole day playing with dogs? There are busy workers and families taking holidays who need someone to take care of their loved pets.

There are two main ways to face this business idea. The most common one is to take pets for a one/two-hour walk every day/every two days. The second one would be to take care of pets of people taking holidays, for one to four weeks.

Resources : The Balance Careers has a huge series of resources for pet sitters.

10) Local Reviewer

Description : Every time we want to buy a product, the first thing we do is to look online for product reviews. Sure enough, all big cities have their own dedicated websites for such reviews from multiple sources. But what about small places or even campuses? There’s a huge opportunity there.

Start a website that reviews the local accommodations. You can make this exclusive for the campus itself or other accommodations in the area that students could rent out. This would work as a credible source rather than just word of mouth. There could also be options added to include listings and discussion forums. You can monetize this through advertising.

Resources : WPBeginner has a long article on how to build a review site using WordPress, which would probably be the cheapest and fastest way to do it.

11) Swap Website

Description : Swap websites are used to swap, sell, and borrow goods and services. For example, if a person needs something but only for a single use, it is best to rent it out rather than buy one.

On campus, there is more than one person who is willing to do that, but it is lacking a way to find that person. Such a website would simplify this while enabling people to save a few bucks.

Call it a new age barter system; especially on campus, there would be a lot of demand for this. Start this locally and then expand it later. There are loads to borrow and exchange from academic services, bikes, books, and even clothes. You can monetize it through advertising.

Resources : Here’s a list of 36 bartering and swapping websites to get some inspiration. We’ve also interviewed the founder of a shutdown swapping site who shared all the mistakes he made throughout his journey.

There are loads to borrow and exchange from academic services, bikes, books, and even clothes. You can monetize it through advertising.

12) Design Services

Description : All kinds of businesses have design tasks. So, you can create a site that offers different types of design services, such as logos, flyers, packaging, or even websites, and niche down to local businesses or even other students starting their own startups. This is a great startup idea for students and you could charge per hour or per project.

When you are a student, it can be hard to get businesses to trust you. There are many ways to achieve it, such as showing them previous high-quality work, offering one free project, and connecting them with your previous clients.

Resources : You may be asking how to build a portfolio if you’re just starting and have never had clients, right? Here’s a tool that generates fake client briefs for you to design and showcase in your site.

13) Digital Marketing Services

‍ Difficulty : Hard

Description : Digital marketing has grown a lot in the last decade, with the emergence of eCommerce and online businesses. The businesses that don’t digitalize themself and ignore working on their internet profile and presence are missing a huge percentage of clients.

There probably are many local businesses looking for help on their digital marketing strategies. You can reach their owners and provide them with a free consultation to show you know about the subject. You could help them with local SEO , social media management , and Google Ads / Facebook Ads campaigns, among other strategies.

Resources : Make sure to check out Acadium , a tool connecting businesses looking for digital marketing work to be done, and students who are willing to learn and do that work. They provide great free digital marketing courses on different topics.

14) Development Services

Description : Having a website is a must for any kind of business, and most local ones tend not to have one. There’s a huge opportunity there.

Learning to code is super accessible for everyone. There are thousands of free development courses, books, articles, and videos, so “I don’t know how to code” is definitely no longer an excuse. And if you don’t want to learn, you can even build a website without coding. This site was built with Webflow , a powerful visual web design tool.

Resources : Google “free web development course” and you will get 3.2B results… I think that’s enough ;) You should also check this complete guide on web development freelancing.

15) Cleaning Services

Description : Publish an online ad offering cleaning services in your neighborhood. Do a great cleaning job and build trust with your clients. Ask your clients for a referral and you will soon be cleaning the houses of all your neighbors.

That’s actually what Kisten Hadeed did and the origins of Student Maid, a really successful cleaning company in Florida. You can charge per hour and keep initial investment really low by asking clients to supply you with the needed equipment. 

Resources : This article from Entrepreneur.com teaches how to get started in this industry.

90% of startups fail. Learn how to not to with our weekly guides and stories. Join 40,000+ founders.

16) Pool Cleaning Services

Description : Cleaning pools is an alternative to the already mentioned cleaning neighbor’s houses business idea. It’s definitely not as easy, as it requires to be educated on what you’re doing. You might even need legal permissions to work on it, depending on where you are based. On the side, it requires some investment in equipment and products to be able to carry out the job.

Both the difficulty and investment issues come with a big chance of making great money. You can easily get paid $40-60/hour. Note that the business would mainly run during the summer seasons.

Resources : This article provides detailed information on how to set up and grow a pool cleaning business.

17) Moving Service

Description : Both neighbors and students need moving services eventually, whether it's because the academic year has finished and the student is moving back to their homes, or because a neighbor has rented a new house. You can make money (at least $200/moving) if you find it easy to pack items and move boxes.

Resources : Here’s a long article on how to start a moving company, some tips for growing it, and the recommended price you might want to charge.

18) Transcription Services

‍ Difficulty : Low

Description : Transcription services are needed in all kinds of fields, such as law, medicine, and businesses. It also doesn’t require either fixed hours or many skills. On the side, there are many forms of transcription, including video podcasts and recorded lectures, so you will probably be able to select the niche that interests you.

No formal training is needed in order to be able to do transcription services. Good listening abilities, great knowledge of English grammar rules, and fast typing skills would be a perfect combination to get high-quality work done fast.

Resources : Here’s a motivational story on how Benjamin Walker grew a transcription business to +$1M/year.

19) Translation Services

‍ Difficulty : High

Description : Offering translation services isn’t as easy as offering transcription ones. You will need to be bilingual in both languages and know the grammar rules of the two of them. Businesses may not be really willing to offer advanced translation work to students, but they might be if it is basic and unimportant translations.

You could start by translating lectures, books, and articles for professors. There’s a ton of high-quality content in other languages - professors might want to share it with their students but they can’t as it isn’t in the student’s native language. That’s where you can help and charge per word translated.

Resources : Here’s a whole content site dedicated to the business of translation.

20) Photography Services

Description : If you love taking photographs, you can take your hobby and talent into a photography freelancing business. Both students and local businesses may need your services whether because they want to update their Tinder profiles or because they are looking to promote their recently-launched products.

In the beginning, you can start offering all kinds of services, but as you grow the business, you will probably realize there’s a ton of competition and you will need to niche and focus on one segment or one specific photography service in order to be different than the rest.

The biggest issue for this kind of business is the cost of the photography equipment, which, if you’re moving from one place to another, can break and make it even more expensive.

Resources : Make sure to check this guide from Bplans on how to start a successful photography business.

21) Photography Portfolios

Description : Good photography skills need to be appreciated before they get lost in that Instagram page. Any campus will have a few fellows with exceptional skills in photography and videography. It would be easy to make a database of students who are interested in and create a platform to sell their work to others.

The platform could charge a fee to either the photographer or the customer. On the side, it could also work hand in hand with a photography club giving more chances and connections to both sellers and buyers by offering more exposure.

Resources : Here’s a no-code template to build such an app.

22) Food Delivery Services

Description : Create a platform to deliver quick eatables, like sandwiches and smoothies, made by local businesses. Start by targeting firms with employees in younger age groups, who often go out to grab a meal during lunch breaks. This is a gold mine, with food deliveries for simple items that don't break their wallet, the business would be exponential. With options to schedule deliveries made earlier to arrive at lunchtime, this could actually be a problem solver for the firms.

Take a step further and make these homemade too. This way, it is not necessary to rely on multiple third-party services. The food will be authentic, tasty, and have a personal touch to the service.

Resources : Steven Long was the founder of Chowdy, a Toronto-based food delivery startup making $110k/month which had to shut down due to some legal issues. Ali Jiwani is the founder of MealSurfers, a Canadian food startup that made an exit when it was making $7k/month. Make sure to check those two stories and learn from both the wins and mistakes of each.

23) Deliver Food Hampers

Description : How often have you thought about that mac and cheese your mom makes so deliciously. Or even wondered when you are finally going to eat something healthy?

Well, the lack of time or will to go to a grocery store and cook something is in the least probable category. And the parents are well aware of this too. So design an app where parents can make such orders for kids that would be delivered to them. 

This will have the personal touch and love of a package coming from home itself. You could monetize it by taking a shipping fee.

Resources : Entrepreneur.com has a complete article about food hamper businesses. You should check it out!

24) Blogging

Description : Is there anything you really enjoy talking about? Are your friends tired of listening to you talk about it? Then start a blog about that topic, build an audience, and monetize it through ads and premium content.

 The startup costs of building a blog are super low nowadays (with a domain and hosting would be enough, so less than $50/year) and the information to grow such a site is free all over the internet.

When we started this site, we had 0 knowledge of how to grow it. Nowadays, it receives +150k users every month from all over the world. Note that it took us 3 years to build such an audience. Consistency is key when blogging.

Resources : GrowandConvert is a content marketing agency that has an amazing blog related to creating and publishing content on the internet. Backlinko is another blog that publishes content-related articles, particularly about the search engine optimization of these. 

25) Video Classes

Description : Visual media often makes things easier. That is precisely the reason why we are all so hooked up on Youtube, without having a clue why we are watching a cat playing piano at 3 am. The thought is simple, won’t lectures be so easy to understand with such visuals? With a creative mind and some graphic design skills, it could be put to use for this.

The idea is to make a visual representation of any lectures and offer them to tutors and students. It would make studying so much better and more straightforward. You could monetize it by pricing every video or through a monthly subscription.

Resources : Here’s a great guide on how to make videos look professional without investing much money.

26) Class Notes

Description : We all know those students who are pretty lazy to actually take notes or those others who tend to miss classes under any kind of excuse, right? Those students would be your niche market if you set up a class note business.

There are some people who are really great at taking lecture notes, being able to summarize the information in a nice-looking and concise way. If you are that kind of person, you should consider re-selling your notes to other students. You could sell them independently per class or in packages of all the notes related to one exam or to one semester.

Resources : Make sure to check this well-known book , in which Sönke Ahrens shares his unique technique to take smart notes that are easy to study and learn from.

Description : Where there are students, there are tutors. If you stand out in one subject, you can probably teach it to someone else who struggles to understand it. A common trouble-maker subject is Maths, but note that there are many math tutors as well.

Schools and professors tend to be helpful with students starting their tutor businesses. Some schools even have a database of tutor students, so make sure to check if there is one in your school. The monetization model would be per hour; you can charge anything between $10-$100, depending on the subject, the concepts taught (how advanced they are), etc.

Resources : This article is super inspiring for anyone starting a tutoring business. The writer shares how he is making $1,000/week as well as lots of recommendations and mistakes you should avoid.

28) Organize Trips

Description : It is a known fact that most of the group plans for a trip but never happens. The WhatsApp groups have seen hundreds of failed plans. It is the time that someone takes responsibility and get things done.

Organize trips to various destinations which could be for events, festivals, or even just weekend trips. You can charge a commission or a fixed amount for an all-inclusive deal.

Resources : Here’s a detailed guide from Bplans on how to start a travel agency.

29) Event Organizer

Description : Lots of students enjoy parties and socializing, so why not capitalize on it? Everyone is willing to spend $10, $30, or even much more on a great party. These can take all forms and shapes, from organizing a small meetup at a nightclub to running Project X 2.

What will you need? Excellent communication skills to convince everyone they can’t miss such a party (social media is a MUST to promote it!) and advanced organization abilities to make sure everything is in the right place at the right time.

Resources : Here’s a long article from Capterra explaining how to turn those small parties/events you have maybe carried out in the past, into a profitable business.

30) Campus Newsletter

Description : This is quite a unique business idea for students. If your campus doesn't have a newsletter already, it is time to start one. The source of money from this could come from advertisements from local businesses or even other student startups.

The newsletter could be sent as emails rather than printed versions or both. As a third party, a student can even make a deal with the college to create brand awareness among potential students using the letter. It could be used for promotional purposes, branding, and lead generations outside the campus too.

Resources : Here’s an article on 7 tips to create a school newsletter.

31) Campus Podcast

Description : Instead of a campus newsletter, you could do a podcast. It could be an interview podcast, talking with students and professors, or more like a solo podcast, talking about the news, events, and things going on in the campus.

The equipment needed is pretty cheap, with the possibility of recording even with your phone. As for monetization, it could be done through sponsorships from local businesses or premium content for those who love the podcast.

I haven’t personally seen this on many campuses, which makes me think this is one of the most innovative and unique business ideas for students on the list.

Resources : Here’s an article on the 5 steps required to start a school podcast.

32) Language Course

Description : Do you excel in any language? Do you enjoy teaching other people? Then you should set up a Skype language course and sell classes to people from anywhere in the world while staying in your home. You could easily charge $20-$60/hour and work part-time on it.

Growing your client base is all about building an online presence and getting referrals from your existing customers. In the beginning, you could boost your initial customers by providing them with a free 1-hour call.

Resources : Here’s a long guide for beginners on how to make $30/hour teaching languages and 6 places to get your first clients.

33) Bookkeeping

Description : You don’t need to have a finance degree in order to be able to manage a local business’s bookkeeping records. An online course or even just some Youtube videos would be more than enough to start with. As all businesses require such work to be done, you probably won’t have big issues finding your first customers.

The initial investment costs are super low, as you can ask the business owner to supply you with the needed tools. As for monetization, most bookkeepers charge per hour and the amount depends on the complexity of the tasks ($30-$100 or more).

Resources : Here’s a detailed video on how to start a bookkeeping business in 2021.

34) Jewelry Business

Description : This is a great startup idea for students because jewelry making isn’t as hard as it sounds. You can easily learn about it through online courses and Youtube tutorials. You will then need to practice a lot until you start getting great results. Profit margins can be really high when you achieve a nice looking product.

There’s a ton of competition in the jewelry space so you will have to identify a niche. Social media (particularly influencers) are among the most usual strategies carried out by this kind of businesses.

Resources : Shopify has a detailed guide on how to start such businesses. Besides that, a few years ago we interviewed , on this site, the founder of a jewelry business that shut down and then emerged again with a new business model just to start making +10k/month.

35) Baking Business

Description : Selling cakes, cookies, bread or other baked goods can be another startup business idea for students. You can easily post an online ad or some leaflets around your campus. Make a client happy, and you will have 3 new ones. The food industry works a lot with word of mouth.

There are two main ways to monetize this. The first would be to prepare the goods based on requests from customers. The second could be to produce 100 cookies, rent a bike, and wander around the campus and neighborhood looking for hungry people. The chosen price for the cookies would be cheaper than if it’s a requested job.

Resources : Here’s a detailed article on how to set up and grow such a business. You should also watch this video from the founder of a “late-night cookie delivery service” in his college city.

36) Youtuber

Description : Becoming a YouTuber looks like a easy and lucrative career. Many see it as a great business plan idea for students because you make videos on a niche that you enjoy and then make money off them through ads and sponsorships. But the reality is that becoming a well-known YouTuber is not an easy feat. 

Behind every famous one, there is a long, painful journey of hard work. Start by creating content and keep iterating from there with the help of your audience. It won't be an overnight success, but if you keep going for some time, you'll see amazing results.

Resources : Here’s an article about a checklist to become a successful Youtuber.

How Can a Student Start a Business?

Or in other words, how do you become a student entrepreneur?

The list of business plan ideas for college students mentioned above is nonsense if you don’t now take action toward the chosen business.

If you are a Business student, you probably have an idea of what are the steps that involve setting up and launching a business. However, all kinds of students read this article, so here are some common steps that entrepreneurs carry out:

1) Decide on the idea

All of the business ideas for college students on the list are really interesting ways of making money, but you definitely can’t work on them all.

To decide which to focus on, make sure to think about what you enjoy doing in your free time, what you excel in, and what would you be willing to keep doing even if it doesn’t bring money (or it means negative numbers). We have compiled a list of both online business ideas and offline business ideas so you can pick the one that best suit your needs and skills. We hope we came up with some innovative startup business ideas for students that you would have never imagined.

Make sure to also consider your initial investment. Some featured in the list are business ideas for college students without investment or little resources, while some others will require a few hundred or thousands to start.

Note that some of the above are business ideas for students in university (or would work better with them) and others are business ideas for students in school (those that don’t require much money and getting physically involved).

2) Decide on a niche

Nowadays, there are businesses of all sizes and shapes. Building one has become so easy that the internet is full of websites, millions of videos are uploaded to Youtube every second, and thousands of LLCs are formed every day.

This means that there’s a lot of competition in any industry. The best solution for students who don’t have enough resources to invest in research and development and build a unique product or don’t have the capital required to set up a huge factory and win over competitors through economies of scale (= low pricing), is to focus on a niche.

A common niche could be to geographically limit the business so that you just focus on people within your neighborhood or your college campus. Another could be to focus on people with certain interests and likes.

3) Choose a name and a brand style

Here’s a detailed article on how to choose a name for your startup. The key is to brainstorm many, evaluate each option, and ask for feedback from your partners.

As for branding, here’s another article on how to build the brand of a business. There are free tools to do it. Don’t spend much money/time on it, at least at the beginning.

4) Launch the business

It’s now time to push the LIVE button for your business.

This needs to happen as fast as possible so that you quickly validate whether it is worth it to keep pushing towards that business idea or it’s better to move to a new one from the above list of entrepreneurship ideas for students.

There’s a common issue entrepreneurs face when launching new startups that’s called “ paralysis by analysis ”. They keep improving the product, adding features, changing the design, etc, and spend months and months without launching it.

This is exactly what you need to avoid, especially if this is your first business. 90% of startups fail (I’m sorry to be the one to tell you this), so you need to launch fast, validate early, and move to another business if it didn’t work.

5) Market your business

You pushed the LIVE button and you didn't get any sales, right?

The “build it and they will come” phrase is a completely unreal myth . It will take you blood, sweat, and tears to get your first clients.

Do some advertising, go outside your home and deliver leaflets (there actually are some unique business ideas for students at home above, in case you’re too lazy), knock on your neighbor’s doors, send cold messages to potential customers that you found on Facebook groups, etc.

6) Make sure your customer is happy

Many of the college business ideas tend to market themselves by word of mouth and referrals. That is why it’s essential to make sure that each of your clients is happy with the results.

Interact with your customers, ask them what they think you could do better next time, provide them with a discount if any parts of the job were done incorrectly… there are so many ways to make your client happy, even if the price of the service is high or the quality of the work wasn’t the best.

If the business is going well, you will soon find yourself with many tasks under your belt and little time to work on them, along with studies and extracurricular activities.

That’s when you might start considering hiring your first employee. In order to avoid the risks of going into negative numbers during a bad month, you can work on a commission-based wage.

In this stage, the selection of new team members is essential. Remember that word of mouth can be a key way of promotion and marketing. If you hire someone who has zero knowledge of the tasks they are required for, delivers low-quality work, or mistreats clients, you will soon find yourself ceasing operations.

Now It’s Your Turn!

There is no direct and simple answer to the question of how to start a business in college.

As smooth as the above startup ideas for students may sound, they will all inevitably require a lot of dedication and perseverance.

There is an abundance of resources at your fingertips, from valuable classes to school technologies, and access to professors. So make use of them in the best way possible, and if the idea still doesn’t seem feasible, lay the groundwork for it.

You would be getting practical knowledge and work experience before finishing the course. Even if it fails. Remember that college is the time to blossom and experiment, and it is only the beginning of your life journey.

If you have any questions, have other small business ideas for students you think we’re missing, or want us to help you with your new startup, make sure to reach us at [email protected] !

Which Business is Best For Students?

Here are some of the best businesses: flip websites, re-sell sneakers or tickets, baby or pet sitting, deliver writing, design or development services, start a blog, sell your class notes, become a tutor, organize others’ trips, organize parties, and create a campus newsletter or podcast.

What Kind Of Business Can a Student Start?

Students can start all kinds of businesses, but it’s really common that they start a service-based one, such as house cleaning, pool cleaning, food delivery, content writing, content transcription, graphic design, and website development, among others.

First, decide your business idea and choose the segment of the market that you’ll be serving. Then, choose a business name and design your business’ brand. Once it is launched, market your business in your neighborhood or campus. Finally, hire employees and scale it!

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The Complete Guide to Business Ideas for College Students

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More than ever, young people are starting businesses. We’ve long since passed the days when starting a business in college was an outlier. Coming up with strong ideas that will launch a profitable business is more important than ever.

The life of a college student is hectic. While there may be some free time, most students have a full plate of work, classes, homework, and socializing. Starting an independent business with the right business idea can make a student’s crazy schedule easier to manage because it’s more lucrative and flexible than most part-time jobs. It’s also a great way to build a solid foundation for the future.

Finding the right business idea in college can be tough because founders and inventors still in school often don’t have enough real-world experience or connections to get investor funding, anticipate urgent pain points, or recognize whether their ideas are viable. This can lead to products that aren’t practical, wasted energy and time, and administrative and legal complications. 

Why College Business Ideas Are So Important

There are many benefits to starting a business while pursuing a college degree. It’s a chance to earn extra income with flexible hours. Running a business offers professional experience and a chance to try out different niches and industries. College can be challenging for hands-on learners, and starting a business in college provides an opportunity to apply the theories and ideas that come up in the classroom.

26% of entrepreneurs start two or more businesses in their life. With each business, owners and founders learn new tools and strategies that contribute to future success. A classroom can be the best place to test a risky idea. Coming up with business ideas in college isn’t a strategy for leaving school early; it’s an opportunity to make the most of your college investment. A college campus is also a great place to build a business toolbox. 

College startups offer an opportunity to hone skill sets that may be useful in the future. For example, if your business ideas are primarily mobile apps, you may want to take computer science classes to learn how they are made (not necessarily to make them yourself). Relevant college courses that relate to your business ideas can provide a better foundation for communication with your future team and help you set realistic expectations for your industry. 

Learning new skills can also connect you to people who share your passion and help hone your business ideas. Starting a business in college can also make it easier to narrow your sights on the right job after graduation.

Even better, students have access to heavy discounts to set up technology for a new business.  Colleges may offer copying and printing services, free Wi-Fi, extensive libraries, and private online resources that make it easier and less expensive to launch a business. And there’s no better place than a college campus for word-of-mouth advertising.

How To Develop Business Ideas As a College Student

42% of startups fail because the business idea isn’t something customers need. Instead of running with any business idea while in college, focus on the right one. 

When you’re trying to find the perfect product to sell, there are three questions that you should ask:

• What do people need?
• What do you love?
• What do you know?

Let’s dive into each of these further.

1. What do people need?

Start with your daily life and any problems you run into regularly. Many of these problems won’t seem like a big deal, like the fruit you buy at the grocery store molding before you can eat it. But you aren’t the only one to encounter it. You could invent or find a dropshipped product that can slow the molding process and keep your fruit fresh to solve this problem. Or maybe you want to address financial planning and budgeting for students with an app.

As you’re looking for problems to solve, think about the industries the problem relates to and other related problems. Then keep brainstorming about what manufacturing and development might look like or the supply chain. 

It might feel like these concerns are too complex to worry about yet. Still, if you plan to start a business while in college, you’ll soon realize that thinking about any new ideas from every possible angle is necessary for success. 

Excellent planning can cut down on risk, open up exciting avenues for growth, and help build the relationships any startup needs.

The problem you aim to solve does not need to require a product. Perhaps you encounter an issue of time, such as needing someone to walk your dog during the day while you work.

Other examples of business ideas that may solve a problem include:

• App development
• Dog walking
• Virtual assistant
• Tech support
• Affiliate marketing

When looking for problems to solve, involve others. Ask friends or family members what daily issues they’d like to fix, mitigate, or solve. Research what people search for or buy online and what issues they aim to solve or prevent.

2. What do you love?

Another great source for business ideas is your hobbies and passions. The business idea will connect to the communities you are already part of. The challenges and pain points will be easy for you to understand because of your experience and expertise.

Launching a business is more than making money. It’s easy to bail on a struggling business when it’s not a passion project, so coming up with original ideas is a better strategy than pulling from a list of someone else’s college business ideas. 

The right business for college students won’t just turn a profit. It will be a mission to dedicate significant time and energy to. Maybe you made memes for fun in high school. You could build a business in social media management in college. Find an area you already have relevant experience in and turn it into a service you can offer for profit. Other passion-based business ideas might be:

• Creating or testing video games
• Starting a blog
• Running a podcast
• Editing term papers
• Creating crocheting, knitting, or sewing patterns
• Logo and graphic design

Think about the things you already enjoy and see if there’s a way to turn that into a profitable venture.

3. What do you know?

For some, the first step toward a new business idea will pop up while on campus. For example, suppose you were at a career fair and noticed that students asked for assistance with grad school applications or career advice. In that case, you might think about creating a career consulting and application review service for students on campus. 

There are a ton of business ideas that would work at any college or university. Make the most of college connections, classrooms, and concerns. These business ideas can work on any campus:

• Tutoring/teaching
• Event planning
• Personal training or exercise classes
• Moving and packing services
• Lawn care/landscaping
• Painting and general handyman services

Consider what you already know how to do and who you know that may be looking for help. Use these answers to identify where you can make a difference.

Quick Tips To Improve & Refine Your Business Ideas 

Whether you’re just starting or have been playing with business ideas for a while, these quick tips can help you hone your loose thoughts into a tight business idea to start while in school.

Find a niche

No matter what business idea comes out on top, there will be stiff competition. In addition to popular local businesses, any new company will compete with a rapidly growing online market. 

It may seem counterintuitive, but the most effective way to grow an audience for a new business is to select a small and specific segment of people to market to. For a baking business, this might mean limiting baked goods to custom-decorated cookies or wedding cakes. For a personal trainer, focus on a specific type of exercise or a single type of fitness you excel at, like strength training for endurance runners. 

Every industry can benefit from innovative ideas, and the deeper you go into an area of interest, the more potential problems and solutions will rise to the surface. 

Ask a mentor

An excellent resource for college business ideas is the campus community. College is typically a moment where there is more time to try new things, meet new people, and learn from experts in different areas of study. 

These qualities make any college campus a hotbed of exciting and valuable business ideas. Set up an appointment with a mentor or professor on campus, organize a meeting with like-minded friends to brainstorm ideas, or set up a spot on campus that’s ideal for meeting new people and collect their opinions about your latest product ideas.

If you can find an expert or professor in the field of your general business ideas, having a mentor can be extremely valuable for first-time entrepreneurs. 

Read reviews

If you have a niche but haven’t settled on “the” business idea yet, start reading product or service reviews in your area of interest. You’ve probably had multiple “Aha!” moments scanning reviews in the past but didn’t write your ideas down because you were too busy shopping! 

Reviews are also a great resource to refine and develop an idea that’s still in progress. Learn from someone else’s mistakes before investing your time and energy in a new college business.

Be sure to look at negative reviews, too. As you read through what actual users and customers have to say about products and services in the area you’re interested in, you’ll see where companies are doing things well and where there is a problem to solve or a challenge that needs addressing. Researching user experiences is part of a broader concept called market research, which includes identifying pain points.

Long-Term Strategies for the Right Business Ideas for College Students

While the above tips are things you can start doing right now to come up with business ideas, these tips and strategies are looking to your long-term success.

Practice giving and receiving feedback

Students in creative majors get a lot of practice taking criticism since most writing and visual arts classes focus on making projects and participating in classroom critiques. Most other majors don’t get as much of this experience, but it’s essential to learn how to accept and use critical feedback on your ideas, especially if they have significant personal meaning. 

Criticism can be tough to take and sometimes our emotional responses to criticism can overpower the value of the critical input that we receive. Try to remember that anyone offering feedback is a potential future customer. There’s a good chance that anything that you’re hearing in a critique will come up again once people are paying for your products.

Practice giving constructive criticism and asking for it back from others on your ideas, business plan, and more. Don’t get defensive. Instead, reflect on the feedback and see if it makes sense with what you’re trying to build and accomplish. 

Remember, just because you receive feedback does not mean that you’ll implement all of it. Think critically about all feedback and criticism you receive and identify what makes sense to use and what doesn’t.

Come up with a business plan

Do you want your new business to last beyond college, or is it just something for right now? Starting any business is a commitment, so it’s smart to think about the long-term costs and benefits of each business idea. 

As you evaluate each of your business ideas, ask yourself:

• What will it take to scale? (tools, resources, labor, etc.)
• What are the risks?
• Will you need to hire help to make it work?
• Does the idea require skills and knowledge you don’t have yet?
• What kind of funding will the idea need? 

As you are getting ready to launch your new business, take the time to write a real business plan. Business plans include details like your market research, your specific products and/or services, your sales and marketing strategies, your plan for funding and investments, and more. You may not think you need one yet, but having a detailed business plan increases your chances of success with your new company.

You can use business plan software to assist in this step. A great software we recommend for beginners is LivePlan . LivePlan will walk you through the entire business plan process piece by piece, and even includes templates so that you aren’t starting from scratch. With the tutorials and support for first-time business owners, you can’t go wrong with LivePlan. 

LivePlan’s Standard package is just $15 per month and includes step-by-step instruction, a pitch builder, over 500 sample plan templates, financial forecasting, and financial statements. Plus, it comes with a 60-day money-back guarantee.

Start small and grow slowly

An initial great idea doesn’t always lead to a great business. What can seem like tiny details in the planning process can have a significant future impact on the product, marketing, and sales. Take some time to experiment and test ideas before jumping on your first inspiration.

The right business idea for a college student like you won’t be the best business idea for everyone. A valuable business idea should be fit for your unique skills and abilities. It should be something you can create and run in the extra time you have available during the school year and holiday breaks. You’ll also want it to be something you enjoy or care about enough that you will put your business ahead of the friends and activities outside of school that are also vying for your time and attention.

When a business sees early success, it can feel like every moment should go toward growing the business. But if your business idea gets big too fast, you’ll be unable to balance school and work, and both will suffer. Look for ideas with growth potential that you can start small, like a t-shirt business on campus. As school becomes less demanding and your marketing and business operations skills improve, you’ll find the right time to add new products, expand to other campuses, or start utilizing social media.

As you start coming up with business ideas, this guide for starting a business for under $100 will walk you through creating a business plan, naming your business, and setting up hosting and a domain name.

The most budget-conscious way to launch a new business is to start an ecommerce site. This simple guide, How to Start an Online Store and Make Your First Sale , has everything you need to start selling with your new business idea!

And after launching your business, don’t sit on branding! Here is a guide to building your brand and why it is your most powerful marketing tool.

Make your website better. Instantly.

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Earn Money While Studying: 15 Business Ideas for College Students

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With the rise of the gig economy and the increasing demand for entrepreneurship, college students have a unique opportunity to turn their passions and skills into profitable ventures. 

Whether you’re looking to make some extra cash, build your resume, or simply explore your entrepreneurial spirit, numerous business ideas can be executed from the comfort of your dorm room or campus. 

In this article, we’ll explore the best business ideas for college students, from building your personal brand online to offering technical services and tutoring. 

Is It Possible to Start a Business While Being a College Student?

Yes, it is possible to start a business while being a college student. You can start a business with relatively no cash . The internet has made the process easier than it used to be. You no longer need a physical storefront or a large investment.

Instead, you can leverage your creativity, skills, and knowledge to create a successful business from your laptop or smartphone. Whether you’re looking to sell products online, offer services, or simply build your personal brand, there are numerous opportunities for you to get started.

Why Start a Business Even as a College Student?

Starting a business as a college student has numerous benefits. Firstly, it allows you to explore your entrepreneurial spirit and test your ideas in a low-risk environment. 

Secondly, starting a business can help you develop valuable skills such as leadership, communication, and time management, all of which are highly sought after by employers. 

Thirdly, it can provide you with a source of income, allowing you to gain financial independence and freedom. Finally, starting a business can allow you to make a positive impact in your community and the world, by solving problems and creating value for others.

15 Business Ideas for College Students

The entrepreneurial spirit can strike at any time, and finding creative ways to make money while still in school can be a great way to gain valuable experience and financial independence. 

Here are 15 business ideas that are perfect for college students, whether it’s during the school year or over the summer break:

Build Your Personal Brand Online 

With social media platforms and blogging websites, it’s never been more convenient to build your personal brand . Create content around your interests, expertise, and experiences to build a following. This can help you monetize your online presence through affiliate marketing, sponsored posts, or even offering your own products or services.

Sell Items at Pop-Up Stores or Online

Use your creativity and entrepreneurial spirit to source unique items, design your own products, or thrift for treasures to sell at pop-up stores or online marketplaces like Etsy or eBay. This type of business is flexible and can be adapted to fit your busy college schedule.

Resell Different Items of Interest

Buy popular items at a low price and sell them for a profit, either online or in person. This could include limited edition sneakers, collectible items, or trending products. Keep an eye on market trends and demands to make the most of your reselling venture.

Pet Sitting

If you love animals, pet sitting is a great way to earn some extra cash. Offer your services to friends, family, or neighbors, or sign up on websites like Rover to connect with clients. This is a flexible and enjoyable option, especially during breaks when people may be on vacation.

Babysitting

Babysitting is a classic way to make money while still in school. Offer your services to family, friends, or neighbors, or use websites like Care.com to find clients. Babysitting is in high demand, particularly during evenings and weekends, making it a perfect side gig for students.

Cleaning Business

Start a cleaning business and offer services such as house cleaning, dorm room cleaning, or even laundry services. This business idea is flexible and can easily fit around your class schedule. Plus, it’s always in demand, as people are constantly looking for help with cleaning tasks.

Become a Freelancer

Freelancing allows you to offer your skills in areas like writing, graphic design, web development, or social media management. Platforms like Upwork or Fiverr can help you find clients and build your portfolio. You can also set up an LLC as a freelancer to reap the benefits of tax advantages. 

Offer Technical Services

If you’re tech-savvy, you can offer services like computer repair, software installation, or smartphone troubleshooting. Advertise your services on campus, online, or through word of mouth. This is a great way to put your technical skills to use and make extra money.

To excel as a tutor, you need to first identify the subjects or areas in which you have expertise and passion. You can then advertise your services on campus, through social media, or by joining online platforms like Wyzant or Tutor.com. When working with students, be patient, empathetic, and prepared with effective teaching strategies. 

Essay Writing

You can offer your writing skills to help students with essays, research papers, or other writing assignments. This is a great way to utilize your writing skills and make money in your spare time.

Translation Services

If you’re fluent in multiple languages, offer translation services to individuals or businesses. This can include document translation, language tutoring, or even providing interpretation services at events.

Become a Local Reviewer

As a local reviewer, you will assess and write reviews for products, services, or events within your local area or community. Offering your services as a local reviewer, include providing honest reviews of local businesses, restaurants, and attractions. This can lead to paid partnerships, sponsored content, or even free products and services in exchange for your reviews. 

Delivery Service

With the rise of food delivery apps and online shopping, there’s always a need for reliable delivery drivers. Offer your services as a delivery driver or courier for local businesses or sign up with apps like DoorDash or UberEats. This is a flexible gig that can work around your class schedule and help you earn extra cash.

Organize Student Trips

If you love planning events and have a knack for organizing, consider organizing student trips. This could be anything from weekend getaways to spring break trips. Work with travel agencies or plan the trips yourself, and charge a fee for your services. This business idea allows you to explore new places while helping fellow students create lasting memories.

Run a Summer Camp Program 

During the summer break, consider organizing and running a summer camp program for kids. This could be a day camp focused on sports, arts, or academics, or even an overnight camp. This business idea requires careful planning and organization, but it’s an excellent way to gain leadership experience, work with kids, and make money during the summer months.

8 Steps to Start a Business

Once you’ve settled on a business idea and a suitable business name , it’s time to take actionable steps to bring your idea to life. Here are eight direct steps to help you start your business:

• Create a Business Plan: A business plan helps you focus on your objectives and serves as a guide for decision-making as you grow your business. You need to have a business plan to better manage your business.
• Choose Your Business Structure: Decide on the legal structure of your business, such as sole proprietorship, partnership, limited liability company (LLC) , or corporation. This decision affects taxation, personal liability, and legal requirements.
• Register Your Business: Choose a unique and memorable name for your business and register it with the appropriate government authorities. This may include registering your business name, obtaining an Employer Identification Number (EIN), and registering for state and local taxes.
• Obtain Necessary Licenses and Permits: Depending on your business type and location, you may need to obtain licenses and permits to operate legally. Research the requirements in your area and ensure you comply with all regulations.
• Open a Business Bank Account: Keep your personal and business finances separate by opening a dedicated business bank accoun t. This makes it easier to manage your business finances and track your expenses and income.
• Secure Funding: Determine the amount of capital you need to start your business and identify potential funding sources, such as personal savings, loans, grants, or investors. Create a detailed budget to guide your financial decisions and help secure the necessary funding.
• Get Business Insurance: Protect your business from potential risks and liabilities by obtaining the appropriate insurance coverage. This may include general liability insurance, property insurance, or professional liability insurance, depending on your business type and needs.
• Promote Your Business: Develop a marketing strategy to attract customers and build awareness for your business. This may include creating a website, leveraging social media, networking, and using traditional advertising methods. Continuously analyze and adjust your marketing efforts to maximize your business’s growth.

Become a College Student Entrepreneur

Starting a business while in college is not only possible but also highly rewarding. Whether you want to earn extra income, gain practical experience, or explore your passions, there are plenty of business ideas that are perfect for college students. From building your personal brand online to offering technical services to tutoring, the possibilities are endless. 

However, it’s important to take note of your finances as your business grows. doola’s bookkeeping services can help ease the financial management aspect of your business, allowing you to focus on your passion and drive your business forward. With doola , you can stay on top of your finances and make informed decisions for your business.

What is the best business idea to start for students?

The best business idea for students depends on their skills, interests, and available time. Popular ideas include tutoring, freelancing, pet sitting, or selling items online. Choose a venture that aligns with your passions and schedule.

What is a profitable small business for students?

A profitable small business for students is one with low overhead costs and high demand. Freelancing, tutoring, or offering technical services are examples of businesses that can generate significant income with minimal upfront costs.

What are low-cost college business ideas?

Low-cost college business ideas include offering services like tutoring, pet sitting, or freelance work. These ventures require little to no initial investment and can be easily scaled as the business grows.

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Provide real–world business plan examples for your students, inspire confidence in future entrepreneurs and easily create your class syllabus using industry–best business plans., liveplan gives students access to actual business plans so they can practice business planning in and outside of the classroom., it's not just a classroom project. it's your students planning for their futures..

Teach by example

LivePlan's examples of actual business plans show students how they can identify opportunities, meet challenges, and plan their path to profits. Just like real-world entrepreneurs.

No spreadsheets necessary

With all–in–one spreadsheet–free forecasting and pitching tools–students can use LivePlan to build a realistic business plan with accurate projections and compelling pitches. Analyze scenarios. Track progress. Set goals. All in LivePlan.

Works seamlessly with your classroom setup

With LivePlan you can simplify syllabus creation. LivePlan can also be used alongside classroom tools such as Blackboard and Canvas. LivePlan's optional instructional resources can enhance your syllabus with materials that introduce lean planning principles, growth metrics, financial forecasting, and more.

Instructors looking for a great tool to help students develop business plans need to look at Live Plan. The step–by–step process walks students through the entire process from Pitch to Financials. As the Instructor you can also have online access to their plan and provide feedback and comments as the plan develops.

Mike Allen Business Instructor, North Idaho College, Coeur d'Alene, ID

Bring out the best in every student

LivePlan's business plan examples help students turn ideas into top–notch business plans for class projects and startups. The tools, features, and instructional content allow you to focus on bringing out the best in your students for every plan and project.

Before using LivePlan, my students were intimidated by the business planning process. LivePlan breaks it down into manageable steps and takes the mystery out of developing a business plan.

Amy Schulz NACCE Vice President of Education, Membership and Associate Faculty, Feather River College, Quincy, CA

I used LivePlan to develop a business plan for a class project. Turns out, the project became part of a business plan competition where I placed second out of over 200 entries.

Sheila Austin Student

LivePlan provides your students with the tools to

Know the competition

No business operates in a vacuum. LivePlan incorporates real–world industry data, so students can better understand competitors, plan businesses around industry realities, and confidently execute data–driven strategies.

Build business dreams together

From sharing feedback and engaging in discussions, to simultaneously working on different parts of the plan, students can easily collaborate in groups using LivePlan.

Create a plan that fits their needs

Whether small or big, LivePlan can build out the right–sized business plan for your classroom projects. In LivePlan, students can develop a simple lean plan that focuses their ideas, or create a full business plan with all the details and steps necessary to persuade investors, attract partners, and turn their idea into a profitable reality.

With so much happening in the classroom, you need a tool that works with you, not one that makes you do extra work. Used by educators, consultants, entrepreneurs, and students all around the world, LivePlan has been regularly improved and streamlined so it's easy to use.

Develop confidence in their plan and themselves

It's one thing to plan a business. It's another thing to know how to talk about a business plan. Students can develop talking points and practice their pitch in LivePlan so they can discuss their enterprise with confidence and authority.

With LivePlan your students exceed expectations

With LivePlan, students create business plans that:

• Guide them from concept to actionable plan
• Build the confidence necessary to be entrepreneurs
• Combine pitching, forecasting, and collaboration

LivePlan streamlines projects for educators

LivePlan eases project management in the classroom, so instructors can:

• Pinpoint feedback and suggest improvements
• Monitor project progress
• Teach business planning instead of managing multiple apps

Go beyond business plan examples

LivePlan easily integrates into business courses, includes all materials and curriculum to support classroom business projects, and comes with free phone, email, and chat technical support.

The students very much appreciate the guidance the LivePlan program offers. I love the ability to act as a contributor to their plans. The help resources are phenomenal and easy to navigate.

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LivePlan really facilitated communication between students who were in a team on the business plan project. Students could comment on sections of their business plan and collaborate on what to change in their plan without having to meet face–to–face.

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LivePlan helped us easily set up the business plan for our startup during our MBA. As soon as the other students saw it, they also wanted LivePlan. The time we saved on planning we could use for operational tasks. It was the ideal solution for us.

The product we produced by using Live Plan was exceptional, far exceeded our expectations, and came out so much better than we could have ever done on our own.

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Business Idea Insight

Learn to develop a side business idea to launch

17 Business Ideas for College Students for 2022

Startup and business ideas for college students.

Starting a business in college can be a great way to make a living and pay for your way through school, if you do it right. Or, if you’re inspired by other great entrepreneurs who met their co-founders and launched the next biggest fortune 500 company, then starting a business in University may be your calling.

The great thing about business ideas for college students is that campuses can be the perfect place to validate a product or service offering too.

We are going to go over 17 business ideas. There is also both a range of small and large scale business ideas.

1. Voice-enhancement app

The voice-enhancement app would be a fun and cool app that people could download and use to enhance their voices for voice messaging. It would utilize their already installed messaging app, such as iMessage, and allow people to enhance their voices in cool and interesting ways, clip their audio files, and other fun features. They say audio is the next big thing as more and more people use it to type out texts, send regular voice messages, and use voice devices like the Amazon Alexa.

One co-founder would need to have a strong background in coding and software development, but this could easily be developed and launched from a college dorm room. If you wanted to take a different route, this could also be possibly created into an app that people could use. This idea would be worth validating if you want to try and create the next big social business idea!

2. Dorm cleaning service

Some people in college and university really miss having their parents or home maids clean their rooms. Now that they are at university, they may not want to clean their dorms by themselves. Leaving the perfect opportunity for you to charge them a fee to clean up the room.

It would be easy to do as you can simply market the business by going door to door in dorm buildings. Startup costs would also be very low since it costs could consist of cleaning supplies and a business license. After a while, and if you have a consistent clientele base, you could look into hiring other students to do the cleaning for you. The great thing about this idea is that it could be started from almost any college or university, and has the opportunity for expansion.

3. On-campus delivery service

There are many delivery services established that will delivery goods, packages, and food around cities, however, there are no or very few services that will deliver goods across campus. A professor may need a suit from the school dry cleaner delivered to the lecture hall. Or a group of students may need a bunch of food delivered to their dorms from the cafeteria. Saving them time so they can study. This would also be another business idea for college students that would be low-cost to start . You’d only need a bike, a strong bag for transporting things, and potentially a GPS if it was a large campus. This business idea could easily be expanded across other schools if you wanted to grow this idea beyond your own college.

4. Add-on online courses for college classes

If you have a strong interest and specialty in a set of college courses, you could create an online and easy to follow set of video courses that others could watch and learn from. Sometimes students need to hear the course information in different ways than the professor presents it, to fully understand the material.

Be careful though that you don’t copy the courses you just took, otherwise you could end up in legal trouble with the college. Your courses would have to have a different spin on how the material is taught. They could pay a simple fee for each course or a package deal if there were multiple courses. A background in video editing and course creation would come in very handy.

“Our extremely conservative estimate for the global tutoring industry is that it’s worth $100 billion (annually),” said Julian Dierkes, a professor with the Institute of Asian Research at the University of British Columbia (Source).

5. language transcription service.

If you are at a college or university abroad in a different country where they speak different languages, and you know both your home language and the native language in that country, you can start a transcription service.

By setting up a website where other people or companies can upload documents in one language, you could have an online portal of work that you can do in your dorm. When they upload it to your website, you could work on it, transcribe the document to their needs, and then send it back to them over your portal and a fee would be taken. This would be a great way to set it up so you don’t spend your precious time dealing with mail and hardcopy documents.

Again, this idea can grow into a large company if you hired other students to expand your workforce.

6. Research paper writing company

If you love to write and have a strength in writing research papers, this business idea for college could be perfect for you. Similar to the idea above, you could setup a website where other students from different universities around the state or country could send in their research paper requests, along with deposits for the work.

Then you could write the paper from the comfort of your dorm room and charge a fee for the end work. Many of these students will pay big money for a great finished product as it means they get a good grade when they really needed it.

However, one thing to watch out for is that some colleges and universities have policies about helping students in this manner. This is another idea that could grow with the help of other students.

7. Furniture Lending Service

Many college and university students move to their dorms with furniture specifically designed for their new room. But after a year they often end up throwing it out or selling it for pennies on the dollar as it usually does not accommodate other places well, and students don’t have time to sell the furniture. This means the students or their parents have wasted a lot of money on custom furniture of their dorm.

This college business idea would help stop that by allowing students to rent their dorm furniture. By working with local furniture shops around each campus, you can design furniture for each room and then charge a monthly or yearly fee to students. You could advertise to them online through Facebook or Instagram or Google to get them to know about your service before they come to the school.

8. Virtual assistant – professor niche

The virtual assistant is a great business model for college students as you can operate this business from your dorm room or house. As a virtual assistant, you would help other businesses and professionals with their online needs. This may be converting datasets in excel, transcribing audio, or simple data entry.

However, due to the current market competition for general virtual assistants, you could change your offerings to fit professors and college teachers. You could provide marking services, presentation preparation and development, and other tasks a professor would need done.

9. University/ College entrance consultant

As a new college or university student, you may now be qualified to help others get accepted into the schools you got accepted to when you were in high school. If you applied to several schools and got into them all, this will broaden your credibility.

For this business idea, you could set up a consulting service for wealthy families to coach their teen through the process of applying and getting accepted to their school of choice. A deposit for the work done, and a fee for the acceptance could be a good way to setup the payment systems. This could also be done online if you have the email packages and a great video calling system.

10. Senior companion service

There is no doubt that the 65+ community is growing around the globe. In some areas of the world, that group is poised to be the fastest growing demographic in the area! Meaning they will have a huge impact on business. If you are attending school in a place with a high senior’s population, this could be a great fit for you.

By advertising to the local communities about your service, you could charge a monthly fee to go and hangout with a single or group of seniors for the afternoon or evening. Possibly running chores for them in case they can’t or their family couldn’t anymore. This service would also have great potential to expand, as you can hire other students to take various shifts, and it would be a great way for them to meet others in the community while getting paid.

11. Textbook exchange service

The textbook exchange service is a classic college business idea that is hard to start and grow, but if done right, can have major rewards. This service would involve setting up an app or website where people from a certain school could upload their used textbooks for others to be able to buy or rent them.

Where this idea usually fails is that at the launch due to low stocks of the needed textbooks, and then the textbook buying season buys and the company runs out of money to sustain until the next semester.

If you are able to set up this website or exchange in advance with a great stock of textbooks, this would increase your chances of success. Similarly, if you chatted with the professors and teachers to confirm older versions of the textbook could be used for class, it would give students confidence that they can get the used book and still succeed.

This would be a great business to run as most of the work would be needed before the new semester, before any large assignments in class.

12. Notes Digitization service

If you can type fast, you could offer a note digitization service to other students, teachers, or university staff. This service could be charged on a per-word basis for you to type up handwritten notes into word documents, excel sheets, or even powerpoints.

If you like dealing with people in person and don’t want to run a business that is completely based online, this may be a great service for you to run. There would be a human interaction component, as you would always need to pick up the notes since they are a hard copy.

13. Dorm room greens service

I’m talking greens.

Many students want to have plants in their dorm, but may fail to keep them healthy, or simply throw them out after. Instead, you could offer a service where you can deliver and water the plants for them. Every few weeks or months, the plants could be switched out to a different plant at the student’s preference. You could also see if you could get help from the school to fund this since, as it would be costlier to startup with all the costs of plants, containers, soil, etc. Payments could be set up on a one-time or monthly subscription.

14. Campus electric scooter rentals

Campus committing doesn’t have to be boring and with this service, it won’t. The campus electric scooter rental would have 5-10 electric and push scooter racks located at various strategic points on campus. Students could then rent them for a per minute or single-use fee to get to their classes.

This is another larger scale business idea as the scooters would an expensive initial investment, but it has the potential to grow as you can expand to large cities with huge campuses.

15. Care-package subscription service

Many new university and college students miss home when they first move to school. And their parents miss taking care of them! This service would help solve that problem as parents could buy their kids care packages that could be delivered at certain times of the year. That way, the students don’t get as home-sick and they also get a great and healthy packed box of goods.

This business could partner with local food chains and suppliers as it would help them get their name out as well, so supplies could be cheaper or even free. Secondly, the willingness to pay by many families may be quite high, so the price point could be higher than most other subscription box services.

16. New grad employment consulting service

Graduating from college or university can be very intimidating. Especially for those whos programs didn’t prepare them to get a job when they left their studies. This is a nightmare reality that many new grads face, and many of them end up getting a job completely unrelated to their studies just to pay the bills.

This is another college business idea that could be potentially funded by the university, as it gives the institution a good reputation of helping their students and their alumni landing job opportunities. To start this, you could put together a resume and cover letter training packages, as well as mock interviews and other classes related to getting the job in the field they want. A single class-fee could be charged here.

Although the employment rates have returned to their 2007 average, there are millions of graduates every year, so 2% to 4% of 10 million is a healthy market size of around 300,000 people that could use your help. This idea could also be adjusted for high school students that need a job, as that market is larger and would be a good place to expand.

17. The ethical phone company

The large phone producers like Apple, Samsung, and Google continue to push the boundaries of what is acceptable for a company to do to its consumers. From purposefully draining and gaming the batteries phone life around the launch time of new phones, and the unethical pricing you’ll pay to get your device repaired, it is time someone start an ethical phone company.

This company would involve creating a phone that is not $1,000, but instead around $300-$500, with parts that can be interchanged and replaced as needed. Additionally, parts wouldn’t be made for the purpose to break in 6 months either. This phone company would be ethical, and that could appeal to a very large mass market across the world.

It would also be a great business idea to start in college because you may have access to students in other programs like computer science and engineering so they could help you make this a reality.

If you liked these college business ideas, be sure to subscribe below so you can accelerate your entrepreneurial journey to the fullest.

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Business Plan Template for Students

• Great for beginners
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Thinking of starting your own business as a student? We've got you covered! ClickUp's Business Plan Template for Students is the ultimate tool to help you turn your entrepreneurial dreams into reality.

With this template, you can:

• Develop a strategic and detailed plan for your business idea
• Outline your objectives, marketing strategies, and financial projections
• Structure your organizational hierarchy for effective management
• Impress potential investors and stakeholders with a professional and well-thought-out plan
• Stay organized and focused on your goals throughout the entire business development process

Don't let your student status hold you back from achieving your business goals. Get started with ClickUp's Business Plan Template for Students today and pave the way for your future success!

Business Plan Template for Students Benefits

When students use the Business Plan Template, they gain a competitive edge and set themselves up for success by:

• Structuring their business ideas and goals in a comprehensive and organized manner
• Presenting a professional and well-thought-out plan to potential investors or stakeholders
• Creating a clear roadmap for their business, ensuring they stay on track and achieve their objectives
• Developing a solid understanding of key business components like marketing strategies and financial projections
• Gaining valuable experience in business planning and management, setting them up for future entrepreneurial endeavors.

Main Elements of Students Business Plan Template

When it comes to creating a solid business plan, ClickUp's Business Plan Template for Students has got you covered. Here are the main elements you'll find in this template:

• Custom Statuses: Track the progress of your business plan with statuses like Complete, In Progress, Needs Revision, and To Do, ensuring that every step is accounted for and easily manageable.
• Custom Fields: Utilize custom fields such as Reference, Approved, and Section to add important details to your business plan, keeping everything organized and accessible in one place.
• Custom Views: Explore different views like Topics, Status, Timeline, Business Plan, and Getting Started Guide, enabling you to visualize your plan in various formats and dive deep into specific areas of your business plan.
• Collaboration: Collaborate seamlessly with your team by assigning tasks, leaving comments, and attaching files directly within ClickUp, streamlining the entire business planning process.
• Integrations: Integrate with other tools such as Google Drive, Dropbox, and Slack to streamline your workflow and ensure all relevant documents and communication are easily accessible.

With ClickUp's Business Plan Template for Students, you'll have all the tools you need to create a comprehensive, well-structured business plan that will impress potential investors and set you on the path to success.

How To Use Business Plan Template for Students

Creating a business plan as a student can be a daunting task, but with the help of ClickUp's Business Plan Template, you can break it down into manageable steps. Follow these six steps to create a comprehensive business plan that sets you up for success:

1. Define your business idea

Start by clearly defining your business idea. What product or service will you offer? Who is your target audience? What makes your business unique? Use the Docs feature in ClickUp to brainstorm and outline your business concept.

2. Conduct market research

Next, conduct thorough market research to understand your industry, competitors, and target market. Analyze market trends, customer preferences, and potential demand for your product or service. Use the Table view in ClickUp to organize and analyze your research data.

3. Outline your business structure

Determine the legal structure of your business and outline its organizational structure. Will you operate as a sole proprietorship, partnership, or corporation? Define the roles and responsibilities of key team members and any necessary partnerships. Utilize the Board view in ClickUp to visualize and assign tasks related to your business structure.

4. Develop a marketing strategy

Create a comprehensive marketing strategy to promote your business and attract customers. Identify your unique selling propositions, target marketing channels, and budget for marketing activities. Use the Calendar view in ClickUp to plan and schedule your marketing campaigns.

5. Create a financial plan

Develop a financial plan that includes projected revenue, expenses, and profit margins. Determine your startup costs, pricing strategy, and sales projections. Use custom fields in ClickUp to track and calculate financial data accurately.

6. Set goals and milestones

Set specific, measurable, achievable, relevant, and time-bound (SMART) goals for your business. Break them down into smaller milestones and create a timeline to track your progress. Utilize the Goals feature in ClickUp to set and monitor your business goals.

By following these six steps and utilizing ClickUp's Business Plan Template, you can create a comprehensive and well-structured business plan that will guide you towards success in your entrepreneurial journey.

Get Started with ClickUp’s Business Plan Template for Students

Students who are aspiring entrepreneurs or learning about business management can use the ClickUp Business Plan Template to develop a comprehensive and structured plan for their business idea.

First, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you'd like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a solid business plan:

• Use the Topics View to organize your plan into different sections such as Executive Summary, Market Analysis, Marketing Strategy, Financial Projections, etc.
• The Status View will help you track the progress of each section, with statuses like Complete, In Progress, Needs Revision, and To Do.
• The Timeline View will allow you to set deadlines and milestones for each section, ensuring you stay on track.
• The Business Plan View will give you an overview of the entire plan, allowing you to see how each section fits together.
• The Getting Started Guide View will provide you with step-by-step instructions on how to use the template effectively.

Customize your business plan further by utilizing the three custom fields: Reference, Approved, and Section. These fields will help you keep track of external resources, approval status, and the specific section each task belongs to.

Monitor and analyze your progress using the various views and custom fields to ensure your business plan is comprehensive and well-structured.

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Small Business Trends

18 business ideas for college students to consider and pursue.

For many, college is a time of learning and growth. Yet, it’s also an ideal period to explore business ideas for college students.

The drive to earn extra money and the entrepreneurial spirit can align perfectly in these years. Starting a business during this phase can significantly expand opportunities and empower students to immediately apply what they’ve learned.

Read on to discover some prime ideas tailored for those eager to embark on college business ventures.

Here’s a word from Adam Erhart about the “7 Best Businesses for Beginners to Start in 2023.” Some will look familiar, like pet sitting, but the ones like honeybee and goat rental services are truly unique! It’s a good watch and supplement to the article:

Why Should College Students Start a Business?

If you’re a college student, here are some benefits you can obtain by starting your own business:

• Earn extra money: What college student couldn’t earn extra money? Starting a business can help you cover tuition, books, or living expenses. With a particularly profitable business idea, you could even save serious money for graduation when you’re on your own.
• Get a head start on your career: Many people start their careers once they’ve graduated from college. But if your dream is to start a business, jumping into entrepreneurship during college means you’re even closer to your goals upon graduating.
• Build an impressive resume: If you’re interested in a more traditional career path, acting on startup ideas during college still holds many benefits. Potential employers may notice your ambition, creativity, and leadership, giving you a better chance of scoring your dream job.
• Take advantage of networking opportunities: You have access to lots of help while in school, from other students and teachers to business centers and student organizations. Connect with others who have connections to your industry to share ideas or partner on a new venture.
• Start in a low-risk environment: Many college students have loans or parental assistance covering living expenses during college. Once you graduate, you may have extra expenses, a mortgage, or a family that makes you risk-averse. Starting young allows you to really jump in without doing any major harm to your future.

Read more: A College Student’s Guide to Launching a Startup

Our Methodology: The Best Business Ideas for College Students

In guiding college students towards successful entrepreneurial endeavors, we employ a specific set of criteria tailored to their unique needs and constraints. Each criterion is rated on a scale from 1 to 5, where 1 denotes the least importance and 5 indicates the highest importance in our review process:

• Importance: 5
• We prioritize business ideas that require minimal initial investment, considering the budget constraints typical for college students.
• The business should offer flexibility to accommodate a student’s class schedule and academic commitments. Ideas that require less time commitment or allow for variable working hours are preferred.
• Importance: 4
• Business ideas that provide students with valuable skills and experience, contributing to their resume and professional growth, are highly valued.
• Importance: 3
• We assess whether the business idea has the potential for growth and scalability, either during the college years or after graduation.
• The idea should cater to a genuine market need or demand, and it should be feasible for a student to implement with limited resources.
• The business idea should have a clear path to generating income, even if it might not be immediate, to ensure it’s financially worthwhile for the student.
• Given the digital proficiency and online engagement of most college students, business ideas that leverage digital platforms or online marketplaces are considered advantageous.
• Importance: 2
• Ideas that incorporate ethical practices and potentially provide a positive social impact resonate well with the values of many college students.

By applying these criteria, we aim to help college students identify business ideas that are not only feasible and flexible for their unique lifestyle but also provide opportunities for personal and professional growth.

Ideas for Local Businesses Founded by College Students

There are many startup business ideas you can run in your college town. If you’re looking to serve others in person as a university student, here are some small business options.

1. Tutoring Business

If you excel in a particular subject, help your fellow students as a tutor. You can charge for Expanding your knowledge is a great way to both help others and earn. If you’re proficient in a particular subject, why not share your expertise?

By offering tutoring sessions, you can charge either per session or establish packages for longer periods. Don’t limit yourself to just college peers; high school students can also benefit from your insights, broadening your client base. This business has a low startup cost and can be a great way to help others.

2. Cleaning Business

Every space, whether a home or an office, requires regular cleaning. If you’re seeking a venture that’s evergreen, a cleaning business might be your answer.

Start by investing in essential cleaning equipment, and then promote your services to homeowners and businesses in your locality. With consistent service quality, you can establish a steady client roster and scale over time.

3. Essay Writing

For the eloquent writers out there, a business opportunity awaits. Students constantly face challenges in crafting the perfect essay. While you shouldn’t write assignments for them, providing templates, outlines, or even just guidance can be invaluable.

Moreover, offering editing services ensures their work is polished and ready for submission, adding another potential revenue stream. There’s almost no startup cost, and you can scale with additional services.

4. Delivery Service

The modern world thrives on convenience, and delivery services are in vogue. If you have access to a car or even a bicycle, start your own delivery business, with high market demand in many areas.

Deliver meals, groceries, or essential items around the campus or the local town. While apps can be useful partners, a more personalized approach with posters and word-of-mouth can also yield customers.

5. Plan Local Events

For those who find joy in bringing people together and orchestrating memorable events, an event planning service is a viable business. From birthdays to corporate gatherings, events are numerous and varied.

While much of your organizational work might be digital, being present on the ground, especially on event days, ensures everything aligns with your vision.

6. Personal Trainer

Physical well-being is on everyone’s list, making personal training a sought-after service. If you’re passionate about fitness and health, leverage that to help others in their fitness journey.

By collaborating with local gyms or offering specialized sessions at clients’ homes, you can craft unique workout plans catering to individual needs.

7. Photography Business

The world of photography is vast and constantly evolving. If you possess a quality camera and have a knack for capturing moments, this business might be for you.

Whether it’s covering local events, offering portrait sessions, or even landscape photography, the possibilities are vast. Additionally, the digital space provides avenues like online galleries or stock photo platforms to monetize your work further.

8. Food Delivery Services

In today’s fast-paced world, convenience is a key selling point, and food delivery taps into this need. If you wish to zero in on this niche, establish collaborations with local eateries that lack a delivery component.

Instead of just being the middleman, establish a business framework, either contracting with the restaurants directly or setting up a personalized delivery service where you charge customers a specific fee per delivery. There’s tons of demand for this service, and many digital platforms can support your growth.

9. Sports Coach

Sports play a pivotal role in many students’ lives, providing both physical fitness and discipline. If you possess athletic skills and a knack for teaching, consider venturing into coaching.

Local schools often seek skilled individuals to enhance their teams. Alternatively, offering private coaching sessions to student-athletes can provide a more tailored experience, improving their skill set significantly.

10. Pet Sitting Business

Pets are cherished family members for many, and ensuring their well-being is paramount, especially when owners are away. If you share a deep affinity for animals, this business avenue can be both emotionally and financially rewarding.

By providing a trustworthy and loving environment, you can watch over dogs, cats, or other pets in the comfort of their homes, providing owners with peace of mind during their travels. There are even digital platforms you can use to market this service and connect with clients.

Summary Table

This table provides a concise summary of local college business ideas:

Initial Investment :

• Low : Minimal financial outlay (like just promoting services online or using skills and tools you already have).
• Moderate : Some investment is needed for equipment, renting space, or initial inventory.

Target Market : A general classification of the primary audience that the business aims to serve.

Online Business Ideas for College Students

Online small businesses often allow college students to serve a niche market for a low initial investment. Here are some opportunities to consider if you’d like to start a business online.

11. Develop Online Courses

The e-learning industry is booming, with many individuals seeking knowledge online. If you have expertise in a particular subject or skill, consider structuring it into an online course.

Whether you’re conducting live classes or creating pre-recorded modules, the flexibility allows students globally to benefit at their convenience, all while you generate revenue.

12. Social Media Platform

The power of social media is undeniable in today’s interconnected world. If you possess technical skills, consider developing a niche social platform tailored for your university or a specific interest group.

Such a platform could operate on subscription models or rely on advertising, depending on your target audience and the value proposition.

13. Web Design

In this digital age, a strong online presence is crucial for businesses and individuals alike. If you have a flair for design combined with technical prowess, web design can be a lucrative avenue.

By offering customized website solutions, either charging per project or on an hourly basis, you can cater to a wide array of clients, from local entrepreneurs to larger corporations.

14. Sell Online

E-commerce is a dynamic sector with immense growth potential. If you have unique products or can source them, establish an online storefront. Whether you’re leveraging existing marketplaces or designing your own website, ensure efficient inventory management.

For those with limited space, drop-shipping or partnering with print-on-demand services can streamline operations, letting you focus on marketing and customer service.

15. App Developer

With the proliferation of smartphones, apps have become an integral part of our daily lives, presenting an incredible business opportunity. If you have coding skills and a unique idea, consider developing your own app.

This can either be a standalone product where users pay a fee or a freemium model with in-app purchases. Always ensure that your app brings significant value to encourage users to invest.

For those who might not want to launch an independent app, there’s a thriving market where businesses seek developers to bring their digital visions to life through contractual arrangements.

16. Market Research

In today’s competitive market landscape, businesses are in constant need of insights to tailor their strategies effectively.

By offering research services, you can assist them in gathering crucial data. This could range from online surveys that gauge consumer sentiment to in-depth focus groups that dive deep into product feedback or usability studies to optimize products.

Position yourself as a trusted intermediary between companies and the information they seek, and monetize this essential service.

17. Translation Services

In our globalized world, bridging language barriers is invaluable. If you’re proficient in multiple languages, leverage that skill by offering translation services. This could involve translating business documents, marketing materials, or even literary works.

As businesses expand internationally, there’s an increasing demand for professionals who can accurately and effectively communicate messages across diverse linguistic landscapes.

18. Transcription Services

The digital age has seen an explosion in audio and video content, from corporate webinars to podcast episodes. This surge has concurrently increased the demand for transcription services.

Whether for accessibility reasons, content repurposing, or detailed analysis, turning spoken words into written text is an invaluable service. If you possess keen listening skills and a fast typing speed, this venture could be a perfect match.

Ensure accuracy and timeliness in your transcriptions to build a reputation in this expanding sector.

This table provides a concise summary of online college business ideas:

• Low : Minimal costs, primarily relying on skills, online platforms, and minimal tools.
• Moderate : Some investment in specialized tools, software, advertising, or initial inventory.
• High : Significant financial outlay, particularly for development-heavy projects or infrastructure.

Target Market : Gives an overview of the primary potential clientele or user base for the specific business.

Local vs. Online Business Ideas for College Students

To assist college students in understanding the potential opportunities available, here’s a table showing the differences between local and online business ideas:

What Business Idea is Best for College Students?

The best college business ideas vary based on each student’s skills and goals. However, some options that can be both fun and profitable include web design, managing social media platforms, tutoring younger students, and running a writing service.

Read more: Small Business Ideas for Beginners

What Business is Most Profitable for Students?

The profitability of a student business idea can vary widely based on the market, business plan, and startup costs.

However, online businesses tend to be inexpensive to start, and thus can be quite profitable. Popular ideas include digital marketing, graphic design, and running a YouTube channel.

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46 Best Startup Ideas for Students

• Startup Ideas
• Best Startup Ideas
• Student Entrepreneurs

Last Updated: January 12, 2024 By TRUiC Team

Whether you’re in high school, community college, or university, it can prove challenging to juggle a 9-to-5 job while finishing school. Launching your own startup company as a student offers the flexibility of creating your work schedule to align with a busy school schedule.

The first step involves selecting the right business idea for you based on your interests, the overall startup costs, and the amount of time you can dedicate to your business. This guide highlights the most unique and innovative startup business ideas for students to help you find the right one for you.

Recommended: Find more inspiration by checking out our list of the best startup ideas and top startups to watch in 2024 !

Startup Business Ideas for Students

Some of the most successful startups in history were created by students. Even if you are only looking for a little side-hustle income while you study, an innovative concept will undoubtedly set you apart from the get-go. Here are some of the best startup ideas for students we've sourced.

1. Tutoring

Are you proficient in a specific subject or do you have a unique skill? If yes, you can help other students by starting your own tutoring business. Any subject in which you excel — like math, English, or science — can provide a potential tutoring opportunity.

Tutoring businesses can charge by the session or the hour. You can easily market this type of business within your school, at the public library, or in community centers. Best of all, this startup idea has virtually no startup costs. 

2. App Development

While it might seem like there’s already an app for everything, the potential to create millions of apps for entertainment purposes or to solve everyday problems still exists. This startup idea can ideally suit tech-savvy students, but anyone can create a popular app with the right support during production and a great idea.

If you don’t currently have an app idea, don’t worry. Start brainstorming ideas by conducting an audit of daily tasks or problems an app could simplify or solve. Many of the most popular apps solve a common problem, making them more likely to have widespread appeal.

3. Freelance Writing

If you’re a skilled or talented writer, freelance writing might provide a great way for you to make money as you pursue your education. Freelance writers of all kinds are in demand by businesses and publications looking for temporary employees to write blog posts, articles, and other content.

One of the biggest benefits of freelance writing at a younger age is that you’ll gain experience that can help you later on as you establish a career. Sites like Upwork® and Writer Access® provide a secure platform for businesses and freelancers to connect.

4. Podcasting

Next up on our list of business ideas for students is podcasting. As the popularity of podcasts continues to grow , it’s an ideal time to start a podcast of your own. In fact, the podcast industry was valued at $18.52 billion in 2022 . The most successful podcasts feature engaging hosts and a specific topic that can attract interested listeners. You also must feel comfortable with interviewing and public speaking before you start a podcast.

Moreover, it’s best to choose a topic for which you have a passion and can see yourself dedicating a good amount of time to researching. For example, if you’re passionate about sustainability, your podcast could focus on interviewing other entrepreneurs who currently work to fight climate change.

Launching your own company? Build your startup website today with GoDaddy !

5. Tech Support

Do you have a knack for solving technical problems? If so, you may want to consider launching a tech support startup. You can run these types of online businesses entirely from your home and market it by posting flyers at schools, coffee shops, and libraries. You just need a phone, a website, and some technical experience. You also can charge by the job, the hour, or the type of device.

In this type of business, customers typically call or email with a technical issue and you, the tech support person, walk them through how to fix that issue. Alternatively, you can request your customers drop their computers off so you can take a first-hand look.

Check out our full list of tech startup ideas .

6. Digital Textbook

Digital textbooks are educational ebooks that provide a much-needed alternative to traditional textbooks in terms of both price and sustainability. With the introduction of ereaders and other devices, the market for digital alternatives to educational materials continues to grow. Whether you plan to write a digital textbook or start a website that’ll house popular digital textbooks, this startup idea can enable you to earn a profit while you provide a service to students and the educational system.

Online learning continued to gain popularity in the past year. Providing additional tools for students — or people who just want to brush up on a subject — by developing an educational technology (edtech) startup can make education more accessible to a larger fraction of society. Startup costs for this business idea can range from $12 to $27,209 , depending on the business model. 

Whether you plan to develop an app, create online courses, or build an online tutoring resource for students, you must first identify your target subject and platform. Additionally, successful edtech startups tend to offer a product that’s both effective and intuitive. Remember to consider those criteria during your product development process.

See our interview below with the co-founders of edtech startup Trashbots !

8. Meal Delivery Service

Faced with fewer dine-in options, people increasingly turned to food delivery services in the past year. In fact, the market is expected to experience a 14.5% compound annual growth rate (CAGR) from 2023 to 2032. Starting your own meal delivery service can help small local businesses meet delivery demand, enable customers to enjoy their favorite restaurants, and provide a business opportunity that’ll work with your busy schedule.

To compete with the big names in meal delivery, connect with your local restaurant owners. Many popular food delivery apps and websites charge a substantial fee to deliver for restaurants. Your business can gain a competitive edge by offering quick delivery times and lower fees.

Check out our full list of  startup ideas for food lovers .

9. College Care Package Business

Going away to college often represents an exciting adventure. For families and friends seeking to support their favorite college students, a college care package business can take the guesswork out of what to send them with thoughtfully curated packages.

One benefit of starting this type of business is that you can operate it completely online. That’ll reduce your overhead costs and give you more freedom for your busy schedule. Offering a variety of packages for different types of students with customizable options will set your college care package business apart from the competition.

10. Ebook Writing

Today, you can accomplish almost everything virtually — even publishing a book. Ebooks provide an alternative to traditional publishing, making them cheaper for both authors and readers. Moreover, ebooks are far more sustainable than paper books.

To get started, you’ll need writing experience and a topic idea for your ebook. Whether you choose to write a novel or a cookbook, the ebook market offers a huge profit potential while requiring minimal startup and overhead costs. Especially considering that ebooks made up over 10% of book sales in 2022 . That makes this type of business a great choice for aspiring entrepreneurs.

11. Social Media Influencer

A successful social media influencer almost always understands how to create and effectively market a brand. If you think you’re up to the challenge, this can make a lucrative and exciting startup idea. Social media influencers with between 10,000 and 25,000 followers make $100-$250 per post , on average. 

Influencers earn money through brand deals. Because every industry has influencers, you’re more likely to generate a large viewership and build a strong brand if you focus on a specific industry or niche for which you have a passion. In addition, you’ll need to feel comfortable with public speaking and connecting with your audience in order to attract brands that want to work with you.

12. Mobile Coffee Cart

Many students work in coffee shops and cafes while pursuing their education. A mobile coffee cart offers a flexible schedule and the opportunity to network within your community. It also provides a relatively low-cost alternative to opening a brick-and-mortar cafe with many mobile coffee carts costing between $2,000-$5,000 to start. 

Customers typically hire mobile coffee carts to work events like corporate retreats, school events, and even weddings. Make your business stand out by offering a customizable drink menu that can complement customers’ event themes.

Feeling inspired? Learn how to launch your own company with our guide on how to start a startup .

13. YouTube Channel

Launching a YouTube channel is next up on our list of startup business ideas for students. YouTube has billions of subscribers worldwide, which means the platform offers a great opportunity for new channels and video content. Starting your own video channel can represent another form of blogging (called “vlogging”) or provide a space for you to teach a skill or share a hobby. If you have a passion for ceramics, for example, you could start an entire channel about your process from clay to kiln.

Social media platforms focus on making connections, and YouTube is no exception. Every industry or hobby has the potential to connect with thousands of YouTube subscribers, which you could parlay into a lucrative business venture. Especially considering the average YouTuber in the US makes $33 per hour on average. 

14. Review Website

Like most people, you probably search online for reviews before you spend your money at an unfamiliar business. Review websites hold businesses accountable by giving people insights about them so potential customers can make an informed decision.

You can easily start and manage this kind of website with a minimal budget, making it perfect for student entrepreneurs. In order to run a successful review website, you’ll need to gain credibility with customers and differentiate your site from larger review sites like Yelp.

15. Social Media Platform

Many social media users seek new platforms to explore so they can connect with others. Starting your own social media platform can provide a space to foster a sense of community as well as a potentially lucrative business venture. Moreover, it offers a flexible schedule — especially during the initial stages of operating your site.

To entice users to join your social media platform, focus on developing ideas that’ll make your site feel distinct from other platforms. For example, you could opt to cater to a specific demographic like gamers or musicians.

16. Livestreaming

If you already spend a lot of time playing video games, why not make it a business venture? Livestreaming essentially involves broadcasting live footage of your game as you play, using a platform like Twitch or Smashcast. Once you obtain the minimum number of followers (e.g., 500 on TWITCH), you can become a partner of the livestreaming site and begin to make money based on the traffic your streams generate.

17. Graphic Design

Many businesses and organizations need graphic designers to create visual branding for use on everything from signage to marketing materials. Because graphic design is a fairly broad industry, having a multifaceted skill set can prove extremely beneficial. For example, proficiency in logo design as well as typography or web design can help you book more clients and build your portfolio.

18. Dropshipping

If you like the idea of an ecommerce startup but don’t have the room to store items to sell, dropshipping could be the perfect solution. Dropshipping startups simply take customer’s orders online, but instead of filling orders themselves, they are sent to a third-party retailer for fulfillment. Essentially, your startup consists of customer experience management, marketing, and curating items for your dropshipping business. On average, dropshippers make $3,414 per month , according to ZipRecruiter. 

19. Affiliate Marketing

Affiliate marketing is a popular side hustle , but it can be a profitable business idea if you do it right. Through affiliate marketing, you will earn a commission on sales you drive for brands you partner with. What makes this idea particularly good for college students is that there is a relatively low barrier to entry. Be sure to pick products you're already known for, associated with, and to which you have market access. 

20. Website Development

Building websites can be a great way to make money as a student, particularly if you're studying something related. Almost everyone, from businesses to individual entrepreneurs, needs a website, and if you do a great job on the first few projects, you'll start getting business through word of mouth. This is another space with a pretty low barrier to entry as there are many open source tools available for developers.

21. Virtual Assistant

You don’t have to be in an office to help businesses and fellow entrepreneurs get organized. A virtual assistant startup is a great business idea for organized, task-oriented individuals. If this sounds like you, it is easy to get started by utilizing sites that can help you find work you’re interested in. Get a competitive edge by diversifying your skill set to make yourself eligible for a litany of job opportunities. Plus, this flexible position brings in $24 per hour on average in the US, according to ZipRecruiter.

22. Web Design

Web designers focus predominantly on the user experience aspect of web pages. If your field of study relates to design (or even if this is just a passion for you), a web design startup might be your best bet for a student business. To really hook the clients, pair up with a friend in the development space and offer your services as a package.

23. Handcrafted Products

Handmade, artisanal goods never go out of style. Plus, the market for handmade goods is expected to see moderate growth from 2023 to 2030 at a CAGR of 4.7% . Selling handcrafted products offers you the flexibility of selling your goods online, in established retailers, or at local markets. The first step involves determining the product(s) you’ll make. This could include food products, pet toys, wooden furniture, or many other items. To successfully sell handcrafted products, remember to focus on product quality and cater to the right niche market.

24. Cleaning Services

Next on our list of the best business ideas for students is cleaning services. You can start a successful cleaning startup in several ways. For example, you could start a house-cleaning business, an office-cleaning business, or a graffiti-cleaning business, among others. 

This type of startup has low initial costs and flexible hours. You can schedule as many clients as you can manage based on your availability. Overhead costs for cleaning services include marketing materials, cleaning supplies, and vehicle expenses, which means it'll cost very little to launch your cleaning startup. Notably, in the US, cleaning business owners make $127,973 per year on average , making this a lucrative business for students. 

25. Moving Company

If you ask people if they enjoy moving, most will answer with a firm “no.” That can make a moving company startup a potentially lucrative business idea. Not to mention, the industry has grown by 11.4% in 2022, meaning the demand for moving companies is increasing. You’ll need to hire a team and purchase a vehicle large enough to move furniture so this type of business has higher startup costs than other business ideas. But, that initial investment can pay off once you start booking jobs and generating positive reviews.

26. Planner and Journal Business

The right planner or journal can help even the most disorganized people manage their time more effectively. Journals also can serve multiple purposes, making them a valuable tool for many. Starting a planner and journal business can help fulfill the demand for these products while offering you a potentially lucrative business venture.

Planner and journal businesses can sell their products online or in established retailers like bookstores and novelty shops. To make your products stand out, consider giving them distinctive features like including time-management tips inside your planners or manufacturing your journals from recycled materials.

27. Social Media Marketing

If you're already spending a lot of time on social media platforms and you have a good understanding of the marketing end, why not turn that into a startup? Anyone with a product or service, especially local businesses, to sell today needs to be on social media, and many business people do not have the skills or the time to pull it off well. The multiple free scheduling and design tools available today also make this a pretty low-cost industry to enter.

28. Website Flipping 

Another website-based startup you can try is website flipping. People often allow their websites to go dormant either because they've closed their business or just aren't interested anymore. This is an opportunity for you to purchase this website at a relatively low cost, optimize it, increase the traffic, and flip it at an excellent profit when it is worth far more than it was.  

29. Motivational Apps

Mobile apps are really popular, and if they make you feel good and improve your life, all the better. Apps geared toward motivation do very well in most app stores, and they're relatively simple to build and maintain. You will need to come up with an innovative idea, though, but thankfully, there are many spaces to work within — meditation, mindfulness, inspiration, and productivity, to name a few. If you plan to develop an app of your own, you can also take advantage of university-led incubators or startup accelerators such as Techstars Mobility or Plug and Play Tech Center. 

30. Organization Service

Few people naturally possess strong organizational skills. If you’re one of those few, an organization service may represent the perfect startup idea for you. Professional organizing services not only help customers tidy up cluttered spaces, but also help them develop the organizational skills they need to maintain order going forward. One of the benefits of starting this type of business is you can operate it either in person by visiting customers’ homes and offices or virtually by conducting video consultations.

31. Errand-Running Service

Busy professionals, small businesses, and seniors typically need help running errands they can’t get to themselves. This could involve going to the post office, picking up dry cleaning, or taking a pet to a vet appointment.

To get started, you just need a vehicle, a phone, and some spare time. You can operate your errand-running business from home and market your services on bulletin boards at community centers, senior centers, or anywhere you can post a flier with your information. While this business idea isn’t the most lucrative, on average, errand runners make $15 per hour . If you can manage a fleet of errand runners, the earnings can add up. 

32. Language Learning Startup

If you’ve learned a foreign language, you know it’s difficult, especially for adults. However, knowing a second language is not only a fun pastime, but it opens up job opportunities and helps people connect with other communities. A language learning startup can be any product or service that helps people learn a new language, such as an app, instructional website, or written guides.

To make your startup stand out, focus on making learning a new language fun for users so that they want to reach for your product or resources again and again. If you opt for a tech-related language learning model, consider utilizing an edtech incubator to help develop your idea such as Berkeley SkyDeck, FasterCapital, or ASU Venture Devils. 

33. Virtual Event Planning

With businesses and organizations grappling with social distancing requirements in the last few years, the virtual events space has exploded, and hosting events online has actually become a game-changer for many businesses. As a result, a new critical skill has emerged: the need to plan these events. If you have great digital skills and you're pretty good at organizing people, look into virtual event planning as a startup. Again, there are many open-source tools available that make breaking into this space relatively cheap.

34. Clean Beauty Products

Green or “clean” beauty products are increasing in popularity across the US as we learn more and more about the harmful effects of some ingredients in traditional beauty products. In fact, the global clean beauty market is currently valued at $8.3 billion in 2023 and is expected to reach $15.3 billion by 2028 . A green beauty product startup provides a better alternative, whether it’s clean skincare or cosmetics — the key is to create a product that is as effective as traditional products without the same damaging ingredients.

35. Software Startup

A software development startup is responsible for creating, distributing, and maintaining the programs that businesses use every day. This industry is experiencing exciting growth with annual revenue of $238 billion per year and an annual growth rate of 3.9% , which means this startup idea holds a tremendous amount of opportunity for entrepreneurs.

36. Snack Company

Do you have a go-to homemade snack that you know other people would love as well? If so, take your tasty treats to the next level by starting a snack company . Consumers are always looking for delicious new snack options with special ingredients or a twist on a classic snack. Growing your audience can be done by going to farmers' markets or local events and letting people try your delicious new snack!

37. Robotics Startup

It's not uncommon for robotics startups to be founded by students or recent graduates, especially if they are studying in the field at one of the more prestigious colleges with well-backed programs and grants for research. College can be an amazing place to discover new technology and brainstorm with fellow students, but you also want to ensure that you understand the industry you're trying to get into before you get too far ahead of yourself. 

With that said, definitely use the resources at your disposal if you're in a great robotics program and see where it can take you and your startup. Or, consider joining an incubator or accelerator such as AlleyCorp, MARL 5G Accelerator, or Buildit Accelerator to help develop your startup. 

38. Fintech

If you have a good understanding of both the financial and technology spaces, you may want to consider a fintech startup as your niche. Historically, student fintech startups that have focused predominantly on student financial issues have done really well. It's vital to understand your market, after all. When you start to delve into the world of finance, though, you'll need to ensure that you are complying with any state laws that govern the industry. After you've ticked that box, your fintech startup will be ready to go. For a startup idea like this, you may want to consider seed stage venture capital firms such as Precursor Ventures that have a history of deploying capital into promising fintech companies. 

39. Marketplace Website

Become the platform your community uses to sell and exchange goods and services by creating a marketplace website startup. Elevate the startup idea by prioritizing user experience and safety protocols. The key to a successful marketplace website is to create a positive experience for users that makes buying and selling items seamless and safe.

40. Sustainable Clothing Line

Fashion is one of the most wasteful industries on the planet. If you’re thinking about starting a clothing line, consider making it a sustainable one! Plus, the demand for these businesses is growing and is projected to continue that trajectory, forecasted to grow from $7.8 billion in 2023 to $33.05 in 2030 . A sustainable clothing line can make an impact by creating thoughtful garments that are long-lasting and ethically made out of sustainable materials such as linen or hemp.

41. Virtual Meeting Platform

With the virtual events space growing so considerably, the need for virtual meeting services has increased proportionately. This might mean anything from scheduling software for end-to-end management or perhaps even add-on apps that assist large companies with the management of various meetings simultaneously. There are several open-source tools available to help you break into this space.

42. Beverage Startup

If you have a great drink recipe or an idea for a special ingredient or function that will entice customers, start a beverage company ! A competitive edge in this industry is well-designed packaging that is catered to a target demographic and, of course, a delicious beverage inside. If you’re more of a connoisseur of beverages, a beverage distribution company is another lucrative startup idea that can be focused on a specific type of beverage such as beer, soda, or wine. Keep in mind that if you start a beverage company, you may benefit from a founder community such as Foodbevy to connect with other entrepreneurs in the space and grow together. 

43. SEO Services

Search engine optimization ( SEO ) is an essential tool for online marketing. However, to achieve a successful SEO service, you need to dedicate time and effort to creating content and staying on top of changes in search trends. Starting an SEO services startup offers customers an opportunity to cash in on this powerful internet marketing tool without spending too much of their own. To create a successful SEO services startup, you will need a deep understanding of SEO tactics and the software to do effective research. 

Looking for more inspiration? Check out our list of the top startups to watch in 2024 !

44. Online Courses

Online courses are a great way to use your existing knowledge to help college students, professionals, or anyone looking to expand their skill set in a niche market. This startup idea, on average, can bring in roughly $82,500 per year , according to ZipRecruiter. To create an online course, you will likely want to join an online course platform such as Udemy or Skillshare and utilize digital marketing strategies to get the word out about your course. However, a great online course can be one of the less laborious but still profitable business ideas for students.

45. Translation Services

If you speak more than one language, offering translation services can be a great way to leverage your skills to start your own business. A translation services business is often responsible for translating various documents while maintaining client confidentiality. This can be done to either provide grammatical and spelling help or to ensure the content of the translation matches the original document.

46. Become a Reseller

With the rise of apps such as Poshmark, Vinted, and Depop, reselling clothing, shoes, and even home goods has become a popular side hustle for students. While some sellers opt to resell items from their own closets, others choose to upcycle garments or scour local thrift stores for deals on items. This idea involves keeping an eye on trends as well as offering items seasonally to ensure you are selling an item when demand is at its peak. 

How to Choose a Business Idea

Starting your own business as a student can mean additional cash and valuable experience. However, choosing a profitable business idea can be challenging, here's a few tips to find the right business idea for you.

Research Time Dedication

Whether you're in high school or college, school is your number one priority. Therefore, you need to seek business ideas that will be doable with your current school load. Many online business ideas for students provide time flexibility and allow you to work on your entrepreneurial goals during spare moments.

Pull From Your Skill Set

What are you already well versed in? Pulling from your skill set allows you to build a strong foundation early on and capitalize on your existing knowledge. This could mean launching a tutoring business if you're highly educated in one subject or doing freelance work doing strategy for other local businesses getting started on social media platforms.

Follow Your Passion

Above all, when you're starting your own business you should choose business ideas that you're excited and passionate about. If you are passionate about your business idea, there is a higher chance you will dedicate the time and effort necessary to make it a profitable, sustainable startup. 

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The competition, entering its 24th year, gives collegiate entrepreneurs real-world experience to pitch their startups, enhance their business strategy and learn what it takes to launch a successful company. Hosted and organized by the Rice Alliance for Technology and Entrepreneurship —which is Rice University's internationally-recognized initiative devoted to the support of entrepreneurship—and Rice Business . Over 23 years it has grown from nine teams competing for $10,000 in prize money in 2001, to 42 teams from around the world competing for more than $1 million in cash and prizes. It is the largest and richest student startup competition in the world.

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Get involved, explore the judge network, learn more about the $1.5 million in prizes, hear about successful rbpc competitors, meet our alumni—the 2022 competitors.

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In total, more than $1.3 million in investment, cash and in-kind prizes was awarded to the teams at the 2020 Rice Business Plan Competition—with seven teams winning $100,000 or more in prizes. 

From our first startup going public to IPOs, grants and more than $4.6 in funding, our startups are progressing and achieving success. 

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How to write a simple business plan for students.

A business plan always has the same structure. Of course, if you plan to sell coffee, not to produce it, you will skip the “production” part, but other than that – you can’t skip anything.

Writing a business plan as a student , as a part of your college or university project, the best thing you can do is just to go into too many details. You have to save the structure, but you can describe your competitors in one abstract, not in five pages, with numbers and poll data.

Basic Business Plan Structure

Mostly, students are asked to make a marketing analysis and marketing plan more professionally than other parts, so we give more details about them.

Description of your business

Here is a brief overview of the experience of the entrepreneur, the date of creation of the company, the field of business, goals, and objectives of the work, available base, and resources.

Market analysis

List of competitors and their offers, estimation of demand, options of promotion and sale.

• Evaluation of the market. It is necessary to estimate the capacity of the market, the population, the number of potential customers. It is difficult to do this without complete marketing research. Therefore, you should look for the results of this assessment for your region. As a last resort, you can predict the estimated demand.
• Competitors. Make a list of your competitors who are already working in this market. Not only direct competitors that offer similar products and services but also those companies that produce alternative services should be considered. If you do not have a specialized tea boutique in your city, this does not mean that the market is free from competitors: you have to fight for customers with those department stores and supermarkets that also sell different types of tea.

Production plan

List of products (services provided) and their volumes, technological processes, necessary equipment and materials, cost calculation.

• Business processes. Write down the list of equipment, tools, raw materials, and materials needed to create your chosen range of products and services. Calculate the optimum production volumes your equipment can handle. Specify which employees and what kind of downloads you will need.
• Products. List the products, services, and work that you will offer your customers. Costs for the organization of business processes will allow you to find out the cost and to make a price list.
• Start-up investment. Calculate how much money it will take to start a project. Sum up the cost of all assets, fixed assets, repairs, materials, and other expenses that will be required to start production.

Organizational plan

List of necessary staff, organization of work, distribution of functions and tasks in the team, involvement of third-party organizations and specialists, personnel costs — calendar of activities for launching the project.

Marketing plan

Advertising channels and costs, ways to promote a company and its products (services), estimated marketing impact – sales volume, number of customers, and transactions.

• Promotion channels. Newspaper ads, radio and TV commercials, online advertising, creating your own site and group on social networks, advertising in local publics and forums, participating in trade shows .
• Target audience. Who to focus on when organizing sales. Who your client is by age, gender, occupation, income level. Where to find them and how to reach.
• Promotion cost. How much will it cost to find and engage? How often you will have to run ads, what are the appropriate options to choose?

Financial indicators

This is where the financial side of your business is reflected, namely: future costs (product purchases, rentals, hiring, etc.), revenue, net profit, profitability, and return on the project.

Risk assessment

A list of major issues that a company may face, their potential consequences, and a plan of measures to minimize them.

Project summary

The most important part is a compact presentation of the contents of the entire document on several pages, it is important here to place the accents correctly, taking into account the addressee and the purpose of preparing the business plan.

Even though it is only a business plan for students, not the one you would present to a real investor, try to make it look realistic.

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How to Write the Perfect Business Plan

Created by Henry Steele

By Henry Steele - January 8, 2018

Are you planning to start a business or do you already own one ?

Sponsored School(s)

If the answer is yes, then you need a business plan .

This seems like an extremely daunting task, but if you understand your business, it won’t be hard at all. It’s simply a matter of organizing the information in a clear, concise manner.

The following article discusses how to write the perfect business plan, including the types of business plans most commonly used, top 10 do’s and don’ts, what goes into a business plan, the structure of your business, marketing and sales, your organizational and operational plan and much more.

What is a Business Plan?

To help you write the perfect business plan, we’ll provide you with an exact outline of everything you’ll need to include, so even if you think you’re too young, you’ll have no problem starting out.

The reason many business owners first decide to put together a business plan is that they simply have to. If you want to apply for a business loan, attract investors, or obtain any necessary licensing, business plans are a prerequisite.

Even if you don’t need financing or licensing, however, it’s still a good idea to have a well-thought-out business plan. If you need to hire any key employees, a strong business plan will help attract strong talent. Whenever you need to deal with professionals, such as a consultant or an accountant, your business plan gives them invaluable insight.

Finally, it’s a good idea to put a business plan together for your own sake . As you put the business plan together, you’ll have the chance to really conceptualize and evaluate your strategy. You’ll build proof that your idea makes both financial and logistic sense. Once you start working to get your business off of the ground, a strong business plan guides and helps you stay on-track.

Types of Business Plans

Business plans come in all shapes and sizes, but you can generally whittle them down to three key versions.

Shortened Business Plan

This is an easily digestible, much shorter version of your normal business plan. Typically, it will be between three and five pages. You should include your executive summary, financials, and any information pertinent to the person/s to whom you are presenting the plan. A shortened business plan is usually made with a specific purpose or recipient in mind, so it will be easy to figure out exactly what is and isn’t important enough to make the cut.

In-depth Business Plan

Your standard business plan, and the one we will be teaching you to write . Again, these come in handy when seeking to fund your business, attract employees or work with professionals, or simply to act as a guide.

Operational Business Plan

Unlike the other two business plans we have discussed, an operational business plan is meant for internal use only. This will not be distributed to anybody except for employees or professionals working on your company’s behalf. An operational business plan focuses on the company’s overarching goals, mission, and vision so that all department stay aligned. Your Marketing and Sales, Operational Plan, and Financial sections will be key here.

What Language Should I Use?

Top 10 Do’s and Don’ts

Before we dive into our business plan outline and describe each section, let’s go over some general do’s and don’ts you’ll want to keep in mind as you write your business plan:

Do: Provide Examples

Don’t: Overload the Reader

An in-depth business plan will contain lots of useful information and will likely end up being much more than ten pages. Because it’s so long by nature, you need to make sure to only include the most useful information in each section. Format everything carefully and correctly. Don’t use language that confuses or intimidates readers outside of your industry. The easier it is for the reader to absorb everything you’re presenting them, the more effective your business plan is.

Do: Proper Research

Don’t: Leave Any Stone Uncovered

Somebody who reads your business plan shouldn’t have any major questions left unanswered. Include complete information about what you are aiming to do, how you are going to do it, how much money is needed, etc. Use our full outline below to ensure everything is covered.

Do: Be Honest

Don’t: Hustle Just to ‘Get it Done’

Writing a business plan isn’t a task you’re completing and checking off your to-do list. Everything must be accurate, thoughtful, and well-articulated. Keep in mind: this will guide you as you operate your business and is the key to obtaining financing and/or pitching your business.

Do: Make it a Living Document

Don’t: Focus Solely on Your Product

You might think your business revolves around your particular product/s or service/s, but there’s so much more to it than that. Your business plan talks about how the actual business is run, so you might want to leave the technical specifications and granular details for another time.

Do: Show Your Passion

In the end, your business plan and your business are about you. While it’s important to maintain a professional tone, don’t be afraid to let your enthusiasm about your business seep through every page.

Don’t: Write Alone

How to Write a Business Plan

• Keep it concise.
• Know your audience.
• Perfect your executive summary.
• Focus and refine constantly.
• Gather and check all of your data.
• Be confident, but don’t go overboard.
• Be as clear and in-depth as possible.
• Enhance with graphics.
• Share and gather feedback from trusted advisors.

What Goes into a Business Plan?

When writing your business plan, you will need to put in a lot of time and research. Luckily, we’re here to walk you through all of that. A winning business plan contains the below sections, and you can use our sidebar to navigate to each of these:

• Introduction

Executive Summary

• Information About Your Business
• Industry Analysis

Marketing and Sales

• Operational Plan

Your Business Plan Introduction

Cover Letter

A cover letter is essential whenever you are presenting the business plan to somebody for a specific reason and should be tailored to each individual. Like any other letter, it should include names, dates, and a cordial greeting. In the first paragraph, explain exactly why you are presenting the business plan to the recipient. Take one or two paragraphs to discuss your business (an even more condensed executive summary, as we will cover in the next section). Finally, let the reader know you appreciate their consideration and would be happy to address any questions or concerns. Include any necessary contact information below your name and signature.

Your title page should be clean and simple. Here’s what to include in it:

• The title of the document (i.e. Business Plan, Business Proposal, Summary Business Plan).
• The name of your company.
• A sub-heading, if necessary (i.e. ‘Presented to ABC Investing Company’).
• Who the business plan was prepared by.
• The name of any other owners or key partners.
• Basic contact information.

Table of Contents

A table of contents is essential to make your business plan transparent and easy to navigate. It is unlikely that a serious potential partner or investor will read through your plan once and toss it aside, so you want to make it easy for them to return and pick up where they left off or revisit any key bits of information. If you are providing a digital copy, include clickable links to each section for the reader’s benefit.

The executive summary is exactly what it sounds like – a brief summary that describes the essence of what your business is and what it aims to do. Here’s how to write a winning executive summary:

• Begin with a single sentence that sums your business up. This is otherwise known as your value proposition.
• Describe what niche or problem your business fills or solves.
• Explain exactly how your business solves this problem in a way that the rest of the competition does not or cannot.
• A very brief (one or two sentences) summary of any other information from the following sections that would be critical to your business’ success.

Your Business / Company

Structure of Your Business

First and foremost, you’ll need to discuss the legal structure of your business:

• Sole-proprietorship: simple to set-up, but the owner is fully liable for any debts or obligations.
• Partnership: a general partnership is also simple to set-up, but all partners would be liable. Limited partnerships, or LPs, are a bit more complicated.
• Corporation: a corporation is owned by stockholders, so it is unlikely you will either want or need to structure as one. There are two types of corporations, which vary in terms of shareholder limitations and tax liabilities: S corporations and C corporations.
• Limited liability corporation (LLC): an LLC is generally the best of both worlds for small businesses. The owner’s’ liability is limited, and taxation is that of a partnership, which provides better flexibility over a corporation.

Once the legal structure is determined, you’ll need to break down the ownership of the business. Are you the sole owner? Do you have business partners? Has anybody purchased a share of the business in exchange for funding? Provide a brief introduction to any key executives or owners, outlining what strengths they have and how they will impact the business.

Finally, include a brief history (if any) of your business, and any pertinent location details.

Business Vision, Mission, and Values

This is one of the most important sections of your business plan. Here, you need to impart your passion for the business and really describe what you’re trying to achieve.

Business Vision

Your vision statement is all about the company’s goals. It serves as a template for exactly what you’re trying to achieve, both short-term and long-term. Don’t hold back when it comes to your vision: if your goal is to eventually dominate the Northeastern coffee shop scene, say that. A vision statement is your chance to think big.

Where a vision statement thinks big, a mission statement is more practical. Your mission statement should discuss your company’s purpose. Why does it even exist in the first place? This mission statement will act to provide organizational direction and help you achieve your vision.

The values are all about how you plan to operate your business in relation to the stakeholders. This includes investors, customers, and members of the local community. How do you plan to treat them? What are you doing to make their lives and the world they live in better?

Analyzing the Industry

Market Size

Here, you’ll describe exactly how large the market is. You should be able to find national figures with relatively little research. If you’re not serving a national or international market, discuss how large the population you plan to serve is. Extrapolating from the national information, how big do you expect your actual market size to be?

In addition, you should discuss any important trends. Is your market growing or retracting? If your market is growing, discuss how you project to fit into that growth and seize your market share. If your market is shrinking, discuss why you think entering the marketplace is worthwhile, and whether or not you project growth in the future.

Industry Focus and Trends

First, you’ll want to talk about the industry in general. This includes looping back to the market size and discussing whether it is growing, stagnant, or shrinking. Are there any overarching trends or cycles that will affect your business?

This is also a good opportunity to discuss pricing. What type of money does your average customer spend in your industry? What price point are you aiming for, and why is that a good strategy? If you aren’t competing on price, what reasons do you have to believe that somebody will be willing to spend more on your business?

Below, we will discuss two valuable business models you can and should use to discuss your industry further.

PEST Analysis

• Political: what impact could the government have on your business. Is there any pending legislation that could change how you operate? Would tax changes or tariffs cause a financial strain?
• Economic: would an economic downturn cause sales to tumble, or is your business relatively immune to economic factors? Furthermore, what do current economic trends (inflation, consumer demand, etc.) say about your short-term potential?
• Social: are there any relevant social or cultural trends that are shaping the industry? Is there a distinct seasonality to your business? Consider, for example, the impact of the Christmas season to retailers in the United States.
• Technological: how has technology shaped your industry over the past decade? Take a look at the future and make an educated guess on where the industry is headed, and how you’ll fit into that future.

Sometimes PEST is lengthened to PESTLE to include any legal or environmental factors as well. If you believe either will have a significant impact on your business, make sure to include it as well.

Porter’s 5 Forces Analysis

• Competition: we will go into this in more detail next, but for this model you should discuss how much competition there is, and how profitable they might be.
• Threat of new entrants: how easy is it for somebody to enter your industry? For a casino, it would be quite difficult (extensive significant licensing and upfront costs), but for a food truck, it would be quite minimal. The easier it is to enter your industry, the greater the threat is of somebody else entering and stealing your market share.
• Power of suppliers : if your industry has a low number of suppliers or suppliers that are dominated by much larger companies, you will have a problem sourcing on-budget and on-time. If you aren’t reliant on very specific suppliers, however, or if there is competition among suppliers, you can find yourself in an advantageous position.
• Power of customers: specifically, do your customers have the ability to drive prices down? If you expect to have a large number of small customers, your price will remain relatively stable. However, if you plan on having a small number of very important customers, they maintain the power to dramatically impact your pricing and profitability.
• Threat of substitutes: how likely is it that somebody will forego your offering for a comparable substitute. If you’re a restaurant, for example, Amazon’s grocery delivery business would be a substitute, since people may decide to stay home and cook for themselves.

Competition

It’s just as important to discuss how your competition is navigating the industry you plan on dominating. With a strong idea of where your competition is positioned and the strategic decisions they are making you will be able to determine where your own business fits in.

To begin, discuss what your competition looks like. Are there many small businesses vying for the same customers or are you competing against a couple of whales? List your most important competitors and summarize them. Discuss their location, products, pricing, market share, and any important strategic decisions they have made. Use this information to create a list of their strengths and weaknesses.

After discussing the competition, it’s time to think about where you fit among them. SWOT Analysis is the perfect model to do just that.

SWOT Analysis

Here is what a complete SWOT Analysis looks like:

• Strengths:  Exactly as it sounds. What do you do best? What do you do that the competition absolutely cannot?
• Weaknesses:  Be honest. Are there any resources you lack? Any skillsets that are missing? What isn’t as efficient as it could be?
• Opportunities:  Improving any of your weaknesses is a major opportunity. In addition to that, consider internal or external factors that might change and present a new business opportunity. Finally, are there any complementary products or services that you could consider offering to your customers?
• Threats:  What potential is there for your business to be damaged? Are there any industry or economic trends? Could your competition change strategies and harm you? Do any obstacles to success stand in your way?

Once you have completed the SWOT analysis, wrap this section up by talking about your own competitive strategy. Given your industry, the competition, and your own SWOT analysis, what decisions are you making to position the company to succeed?

Readers of your business plan definitely need to know how you’ll be marketing and selling your product or service.There are going to be three key elements of your marketing plan.

Customer Segmentation

• Demographic information – age, gender.
• Psychographic profile – what do they care about? What motivates them? What do they value? Where do they get their information?
• Socioeconomic profile – income, lifestyle preference.

Describe your target audience in great detail. The more you know about your customer, the easier it will be to market to them.

Advertising and Promotion Plan

After building a strong customer profile of your target audience, you should know what your customer cares about. Think about how your business fits into that, and strategize how you’re going to market to them. Use their demographic and behavioral information to determine the most appropriate channels to focus on.

Your brand should seep into all aspects of your business – the website, advertisements, and even the tone of communications with customers. Whatever strategies you have for these elements, make sure to lay them out.

Finally, include your company logo and slogan, if they already exist. If not, you should begin to think about them and use the rest of this section as a guide.

Sales Distribution Plan

How exactly do you plan on getting your goods or services into somebody’s hands? Do you plan on hiring a sales staff or will you handle it all yourself initially? Do you plan on doing inbound or outbound sales? What does the sales process look at each step of the marketing funnel?

You’ll also need to think about and discuss pricing. Discuss your pricing strategy and why it’s a good value for your customers. If you are going low or moderately priced, discuss how you can stay profitable and remain differentiated from the competition. If you are a luxury brand, discuss why somebody will be willing to pay more for your business than the competition.

Lastly, consider distribution. Are you going to allow customers to purchase directly from you? Will they have to go through distributors? Do you have any retail partnerships to leverage? These are important decisions that have a profound impact on a business.

Organizational and Operational Plan

Production Process

Here are some ideas of what you’ll need to outline:

• Raw materials – how much do they cost? Do prices fluctuate? Is supply limited in quantity or how quickly it can be obtained in a pinch?
• What machines, technologies, etc., do you use for production? What costs are involved in these? Are you renting or do you own them?
• What is your estimated daily output?
• How easy is it to scale up or down as necessary? How does this impact the cost per unit?
• Which methods of quality control do you employ, both pre- and post-production?

If you’re a service business, you might not have any physical inventory, but your employees should be considered as your supply. After all, without them, you won’t be able to provide your services to your customers. What strategies do you have to recruit and retain the best talent possible? Can you scale quickly through recruiting and training, overtime, or an increase in part-time help?

You should also look back at your sales distribution plan and consider the logistics of shipping any physical products. How often will orders be fulfilled? Do you have the ability to rush orders if necessary? How will returns or incorrect shipments be handled in a way that keeps everybody happy?

Here are the components you must include in your business plan’s financial information:

Forecasted Sales

Use all of the marketing data you’ve put together to determine what a reasonable sales forecast looks like. Project your sales for a period of two or three years, going one month at a time. Include seasonality whenever applicable. As you forecast sales, include exactly how much revenue you expect to earn from those sales, and the total direct cost of those sales. You’ll be able to use these figures to determine revenue and gross margin, which you should use to compare to industry and competitive standards.

Projected Expenses

Fixed costs are going to stay the same whether you sell one widget or twenty. For example, rent, electricity, insurance, marketing costs, and payroll (with the exception of commission and bonuses), will mostly stay the same no matter what sales look like.

Variable costs, on the other hand, will vary by each unit sold. This includes the cost of materials, shipping, coupons, taxes, etc. Most of this should already be covered in your forecasted sales report, but make sure that nothing is overlooked.

Make sure to consider that as you scale, some fixed costs may become variable. As sales increase, you may have to hire more employees, or move into a bigger office. Keep this in mind by always referring back to your forecasted sales and estimating your business needs as best you can.

Balance Sheet

Everything comes together on your balance sheet. This includes your projected sales and expenses, but also deals with assets and liabilities.For example, if you take out a loan, you’ll need to include the capital in your assets and the repayments, including interest, in your liabilities. Non-monetary assets, such as the property and machinery must also be included.

You can find a sample balance sheet here .

Cash Flow Statement

Month by month, you’ll track exactly how much cash you expect to leave your hands and how much will come in. Keep in mind that not all sales are paid fully right away. Consider how many sales will be paid in full at the time of sale, how many will be paid in 30 days, 60 days, or go completely delinquent.

Once you have your cash flow statement completed, run some quick analysis. Compare your projected expenses each month to the projected cash coming in each month. For any months that project to have a negative cash flow, ensure you have enough money on hand to cover the difference.

You may find two examples of completed cash flow statements here and here .

Customer Lifetime Value

Customer Lifetime Value is an estimate of exactly how much each customer you acquire will be worth total. A simple way to calculate this is by determining how many purchases a customer makes before churning, and multiplying it by the average amount of their purchase. In other words, how many purchases will they make before moving on from your business, and how much will those purchases be worth?

Let’s take a look at a real-world example. Let’s assume you’re running an oil change business, and you know your average customer gets three oil changes per year. With premium options and add-ons, your average sale is $38.50. Each customer spends an average of three years with you before churning (perhaps they have moved away or found another service they prefer).

In this example, your expected CLV would be $346.50. You know each average customer will make 3 purchases per year, for 3 years, at $38.50 each. 3 x 3 x $38.50 = $346.50, which is your CLV.

Why is CLV so important? Let’s take a look at unit economics.

Unit Economics

The formula for cost of acquisition is simple. Divide your total marketing spend by the number of customers you have acquired through all marketing channels. If you spend $25,000 across all marketing channels and acquire 1,000 customers, your average cost per acquisition is $25.00.

Tracking your marketing expenses isn’t the tricky part. Attributing each user to a specific campaign, however, can be. If somebody walks into your store after seeing a TV ad, for example, it can be hard to properly attribute them. Digital campaigns are a bit easier, as there are typically tracking links that make everything easy to calculate. You’ll have to do your due diligence and make your best-educated guesses here, using industry standards whenever necessary and possible.

You should also take the time to break out your unit economics into each marketing channel. This allows you to track which channels are performing well and which ones aren’t. If Facebook is attracting lots of customers but you’re spending so much that your cost of acquisition is higher than expected CLV, you might actually need to stop spending money there.

It’s important to be very clear about exactly how your business has been funded so far. This includes what you have received through investments, series rounds, or personal loans. You will also need to mention any personal funds that you have put into the business, and how much you have saved that you are willing to put into it in the future.

Once you have discussed the funding your business has received, it is appropriate to lay out exactly how much you’ll need. Make sure to also discuss exactly what any loans or investments will be used for and how that spending will be tracked.

Business Plan Resources

Business plan samples.

To reinforce everything we’ve discussed above, let’s take a look at some sample business plans that have already been put together for your review. We’ll discuss some key takeaways from each plan, helping you consider how your business is unique and what you’ll need to emphasize.

Coffee Shop Business Plan

A coffee shop is a nice, simple business to start our samples with. A coffee shop requires a small storefront, and the location is critical. Most people will gladly stop in for a nice cup of coffee but are unlikely to drive miles out of their way for one. Notice that because of this, the sales forecast is relatively stagnant, even after several years.

Click here for the sample business plan.

Restaurant Business Plan

A restaurant business plan will be similar to a coffee shop, but is a little more involved. Start-up costs are higher as it requires a larger storefront and a larger variety of equipment. Variable costs are higher as a quality meal costs much more than a cup of coffee. The sales forecast shows more growth, as people are more willing to travel for a good meal than they are a simple cup of coffee.

Food Truck Business Plan

Let’s consider a third food-based business to really drive home how businesses that appear similar will have important differences. Food trucks have a much different fixed cost structure than a coffee shop or restaurant, as they don’t have a physical location. Seasonality and location will have a huge impact on salespeople won’t want to stand outside for a burrito when it’s cold and snowy outside. With a much smaller staff, a food truck is also more likely to be open for lunch only, or closed a couple days per week.

Startup Business Plan

It’s good to take a look at a general startup business plan to get an idea of how to estimate costs, sales, etc. This sample plan is a take-out pizza joint. Notice that trends are important, as the business plan notes their market is a growing area and they are aiming to fill a niche for low to middle-income families, which comprise the majority of residents in their service area. They use a mixture of studies and geographic data to make conservative estimates, giving potential investors confidence that the business can be profitable if the strategies are successfully executed.

Photography Business Plan

A photography business is a great example of a company that is minimal to the extreme. Mostly, you will be relying on your own skills and experience. Minus initial equipment and the cost of your own time, expenses are minimal. Still, you see that it’s important to have a strong plan in place so that you understand how to position your services and who exactly you’re aiming to serve.

Business Plan Tools

Here are a variety of tools that make both writing a business plan and getting your business off the ground much easier:

If you want to quickly build your idea into a business plan to validate its value or just to get started, LivePlan is perfect. The business planning process is made simple, as you simply need to answer questions and are given plenty of examples, videos, and tutorials along the way. You can even use LivePlan to collaborate with partners or investors, testing ideas on the fly and seeing its impact on your business’ health.

Click here to take a look at LivePlan.

Rocket Lawyer

When you’re starting a business, it’s extremely likely you’ll need quick legal help. You might need advice on licensing, permits, or zoning. Or perhaps you want to discuss how to structure your business as an LLC. Rocket Lawyer can help. You’ll have access to their services for a monthly fee that’s less than a cup of coffee each day. There’s an even option to help incorporate your business by filling out a couple of quick forms.

Click here to take a look at Rocket Lawyer.

Like LivePlan, StratPad offers a cloud-based chance to build your business plan and strategy on the fly. StratPad offers a demo for their services and if you’re looking for funding will even match you up automatically with a financial institution that makes sense for your business. Our suggestion is to take a look at both LivePlan and StratPad and select the one that you like best.

Click here to take a look at StratPad.

If you’re looking for a simple way to create a professional business plan without all the bells and whistles, BizPlan is perfect for you. You’ll be able to create a stylish, professional business plan using intuitive drag-and-drop templates. Financials are easy to create using a user-friendly dashboard.

Click here to take a look at BizPlan.

A typo can derail your business plan and make you look sloppy and unprepared, no matter how much effort you put into it. Grammarly is a world-class spell checker that also checks for many of the most common grammatical error for free. There’s even a browser-based version that you can use no matter where you are. For a fee, you can subscribe to Grammarly Premium, which provides an even more granular check.

Click here to take a look at Grammarly.

Business Plan Templates

Now that we have an idea of everything you need to include in your business plan and which tools you’ll need to get started, it’s time to get started. Here are some websites with sample business plan templates you may use to make writing the perfect business plan a bit easier:

• Score.org has a variety of business plan and financial statement templates, including ones for both start-ups and established businesses.
• Microsoft Office’s website has many valuable business plan templates, including a checklist and PowerPoint Presentation templates for pitching your business plan.
• The S. Small Business Administration allows you to create a business plan with a free account that you can download and distribute as a PDF.
• Santa Clara University provides a 15-section business plan that can be downloaded one section at a time or all at once.
• Law Depot offers a business plan template tailored for you. Simply answer some quick questions and your template is instantly ready to download.

How to Write a Business Plan Conclusion

In the end, a business plan is a highly unique and personalized document. A business plan that is right for your business won’t be right for any other business in the world. By closely following the outline and strategies above, however, you’ll have a great base to begin crafting your own perfect business plan.

Bibliography:

• Berry, T. 15 Reasons You Need a Business Plan. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/83818.
• CBM Group. What Is The Right Tone And Writing Style For A Business Plan? Retrieved from http://www.cbmgroup.co.uk/blog/business-plan-writing/what-is-the-right-tone-and-writing-style-for-a-business-plan.
• Discover Business. How to Write a Business Plan. Retrieved from https://www.discoverbusiness.us/business-plans/.
• Fontinelle, A.How To Write A Business Plan. Investopedia. Retrieved from http://www.investopedia.com/university/business-plan/.
• Franklin, B. The Three General Types of Business Plans. Business Power Tools. Retrieved from http://www.businesspowertools.com/2016/06/management-2/the-three-general-types-of-business-plans/.
• Gregory, A. Comprehensive Business Plan Outline for Small Business. The Balance. Retrieved from https://www.thebalance.com/a-comprehensive-business-plan-outline-for-small-business-2951557.
• Gregory, A. How to Conduct a SWOT Analysis for Your Small Business. The Balance. Retrieved from https://www.thebalance.com/swot-analysis-for-small-business-2951706.
• Hazlett, M. Basics of Unit Economics. Medium. Retrieved from https://medium.com/@markhazlett/basic-of-unit-economics-79f1d6cae085.
• Investopedia. Porter’s 5 Forces. Retrieved from http://www.investopedia.com/terms/p/porter.asp.
• Johnson, J. How to Write a Cover Letter for a Business Plan. Small Business Chronicle. Retrieved from http://smallbusiness.chron.com/write-cover-letter-business-plan-43209.html.
• Katz, A. Determining the Best Legal Structure for Your Business. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/236450.
• Kolowich, A. How to Write a Business Plan: A Bookmarkable Guide (With Examples). HubSpot. Retrieved from https://blog.hubspot.com/marketing/how-to-write-a-business-plan.
• Lavinsky, D. Marketing Plan Template: Exactly What To Include. Forbes. Retrieved from https://www.forbes.com/sites/davelavinsky/2013/09/30/marketing-plan-template-exactly-what-to-include/#1ddaeeb43503.
• My Own Business Institute. Session 2: The Business Plan. Retrieved from https://www.scu.edu/mobi/business-courses/starting-a-business/session-2-the-business-plan/.
• Parsons, N. How to Write a Business Plan [Updated for 2017]. Bplans. Retrieved from http://articles.bplans.com/how-to-write-a-business-plan/.
• PESTLE Analysis. What is PESTLE Analysis? A Tool for Business Analysis. Retrieved from http://pestleanalysis.com/what-is-pestle-analysis/,
• Robbins, S. Why You Must Have a Business Plan. Entrepreneur. Retrieved from https://www.entrepreneur.com/article/74194.
• Ronick, D. 10 Business Plan Dos and Don’ts. Inc. Retrieved from https://www.inc.com/articles/201104/business-plan-dos-and-donts.html.
• Ronick, D. 10 Things A Business Pitch Absolutely Does (And Does Not) Need. Business Insider. Retrieved from http://www.businessinsider.com/10-survival-tactics-for-a-successful-business-plan-pitch-2011-4/.
• Shopify. The Ultimate Guide to Business Plans, Chapter 3: The Company. Retrieved from https://www.shopify.com/guides/businessplan/the-company.
• Wasserman, E. How to Write the Financial Section of a Business Plan. Inc. Retrieved from https://www.inc.com/guides/business-plan-financial-section.html

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Startup Dreams: 20 Business Ideas for College Students

College is a time for exploring new activities and discovering what interests you. It’s also an excellent opportunity to contemplate your future career path. Starting your own business is one way to stand out from your peers while gaining invaluable experience. However, devising a unique and viable business idea can be challenging, especially when balancing lectures, exams, and other commitments.

That’s why we’ve created this post to offer college students ideas and guidance on launching their unique businesses. We will explore various industries, providing practical tips and resources to help you achieve your entrepreneurial aspirations. Whether you’re a business major or keen to explore your creative side, this post aims to inspire and empower you to embark on your entrepreneurial journey with the best business ideas for college students.

Business Ideas for College Students Starting Their Own Startups

For college students, initiating a business venture can be both challenging and rewarding. It offers an opportunity to sharpen your skills, gain valuable experience, and potentially make a societal impact. With the rapid advancement of technology and the widespread use of the internet in modern society, college students have more opportunities than ever to start their businesses.

This post delves into inventive business concepts tailored for college students eager to launch their startups. We’ll provide practical advice and essential tips to help kickstart your entrepreneurial journey, whether you’re contemplating a social media marketing agency or an eco-friendly product venture.

Hiring a digital marketing service is a strategic move once you’ve started a business. These services can effectively promote your business online, leveraging tools like SEO, social media marketing, and email campaigns to reach a wider audience.  Are you an aspiring entrepreneur in search of inspiration? Or perhaps you’re looking for innovative ideas? Either way, we’ve got you covered. Keep reading to discover exciting business ideas that you, as a college student, can pursue.

Virtual Event Planning

The rise of remote work and virtual meetings has increased the demand for skilled virtual event planners. As a college student, you might already possess the necessary skills for this field, such as organizational and communication abilities, multitasking, and familiarity with internet technologies. By leveraging these skills, you can establish a virtual event planning business, catering to organizations, enterprises, and individuals seeking impactful online events.

To start, you’ll need essential equipment like high-speed internet, a reliable computer, and a quality headset/microphone. Familiarize yourself with virtual event planning tools like Zoom , WebEx , or GoToWebinar . Then, develop a professional brand and marketing strategy to attract clients. With the growing need for virtual event services, college students have ample opportunities to earn income, gain valuable experience, and thrive in the event planning and management sector.

Dorm Cleaning Service

Launching a dorm cleaning service is an excellent entrepreneurial opportunity for college students. This idea addresses a common issue among many students: maintaining a clean dorm room. As the owner of a dorm cleaning business, you can provide a valuable service that allows fellow students to concentrate on their studies and social lives, without the stress of cleaning their living spaces.

Starting this business is relatively straightforward, with low initial costs. You’ll need basic cleaning supplies and a business license. Market your services by distributing flyers on campus, going door-to-door in dorms, or using social media platforms.

As your client base grows, consider hiring fellow students to help with cleaning. This expansion will enable you to handle more clients and grow your business. You can also offer additional services for a fee, like laundry or organizing.

This business idea has great potential for scalability. If successful at one university or college, consider expanding to other campuses or even different cities. With effective marketing and branding, you can establish a thriving and profitable business that offers a much-needed service to college and university students.

Also Read: From Novice to Pro: 80 Digital Product Ideas That Sell

Starting Your Own Tutoring Service

Launching a tutoring service can be a profitable venture for academically-inclined students who enjoy teaching. To start, create a business plan that details your services, pricing structure, and marketing strategies. Reach out to potential clients through social media and word-of-mouth referrals. Attract new customers and stand out from the competition by offering initial sessions for free or setting up referral incentives.

As your business grows, prioritize client needs and feedback to build a reputation for quality education and individualized attention. Tutoring services are in high demand due to the growing need for personalized education. Starting your own tutoring business can provide valuable experience in both teaching and entrepreneurship, along with the opportunity to earn additional income. By leveraging your academic achievements, you can help other students reach their educational goals and build a rewarding career.

Delivery Service

If you’re seeking a flexible way to earn extra income, consider starting your own delivery service. With just a car or bicycle, you can deliver a variety of items, such as food, groceries, or other goods, to people in your local area or on your college campus.

Begin by collaborating with existing delivery apps like Uber Eats or Postmates, or promote your services independently by posting flyers around town or on social media platforms. Whether you have a few hours in the evening or want to work weekends, this can be a great way to make money on your schedule.

By providing a reliable and swift delivery service, you can build a loyal customer base and become the preferred delivery provider in your community. With dedication and hard work, you may even expand your delivery service into a full-time business!

Voice-Enhancement App

Consider an app that transforms voice messages into something extremely intriguing, going beyond typical speech upgrades to provide users with a variety of fascinating capabilities. Imagine integrating it with your existing messaging software, such as iMessage, to add artistic effects, clip audio files, or experiment with other entertaining features in your voice messages.

Having a co-founder with strong expertise in coding and software development is critical to making this happen. The exciting part is that this venture doesn’t demand a large, expensive office; it could be developed and launched directly from a college dorm room. Alternatively, you could turn this idea into user-friendly software that everyone can enjoy.

Given the increasing popularity of audio communication—whether typing out texts, sending frequent voice messages, or using voice-activated devices like Amazon Alexa—this concept holds a lot of promise. Validating this idea might pave the way for the next great social enterprise.

Online Additional Courses To Improve College Learning

Developing online courses complementing college curricula can be an outstanding way to aid students in their academic journeys. By offering alternative perspectives, these courses can make the material more accessible and easier to grasp, especially for students who may struggle in conventional classroom settings.

It’s crucial, however, that the content you create is original and not merely a copy of existing college courses. Plagiarism can lead to legal issues, so it’s important to present the material in a unique and personal manner.

Students interested in these online courses could pay per class or opt for a package deal if multiple courses are offered. Having skills in video editing and course creation is beneficial to produce high-quality content that effectively engages and educates students.

Online Service To Transcribe Documents In Multiple Languages

Starting an online multilingual document transcription service is an innovative business idea for college students proficient in their native language and the language of their study country. This idea is especially relevant for international students studying in non-English speaking countries.

To begin, all you need is a computer and internet access. Set up a website where individuals or businesses can upload documents in one language to be transcribed into another. Offering this service online streamlines the process, eliminating the need to handle physical documents.

There are several benefits to this business model. It offers the flexibility to work from anywhere at your convenience. As the business grows, you can employ more students, allowing you to accept more clients and expand your services. Plus, as an online service, you have the potential to cater to a global clientele, making it a truly international business opportunity.

The Lucrative Print-on-Demand Merchandise

The print-on-demand industry has surged in popularity, especially among students and young entrepreneurs. The ease of collaborating with artists and suppliers to print designs on a variety of items, including t-shirts, phone cases, and more, has significantly increased the demand for personalized products.

Platforms like Shopify simplify launching a print-on-demand business. This model allows products to be produced only when ordered, reducing the need for extensive inventory management. Students can leverage Instagram influencers and other social media platforms to promote their businesses effectively. Print-on-demand has emerged as a profitable and sought-after business model, providing a fantastic opportunity for entrepreneurs to start their ventures with minimal upfront investment.

Starting A Home-Based Food Catering Business

For culinary enthusiasts looking to turn their passion into a profession, starting a home-based food catering business is an excellent choice. One of the key advantages of this venture is the ability to tailor your investment to the scale of your desired setup. You can start small, gradually expanding your customer base by serving neighbors and friends, and grow as you gain more experience.

To promote your business, consider creating a website and joining networks that offer home delivery services. Additionally, social media and digital marketing tools can be powerful ways to advertise your services and reach a broader audience.

Overall, starting a home-based food catering business can be a deeply rewarding experience for those who love cooking and sharing their culinary creations with others.

Also Read: How to Start a Blog and Make it Successful in 2024 – A Guide for Beginners

Starting A College Research Paper Writing Service

Launching a business that offers research paper writing services to college students can be a profitable venture for those with strong writing skills and a knack for research. The concept involves creating a website where students from various colleges can request research papers and make a deposit payment for the assignment.

As the business owner, you would operate from your dorm room and charge a fee for your writing services. Many students are willing to pay for well-crafted papers, as these can significantly impact their grades.

However, it’s important to be aware that some colleges and universities have policies that may prohibit students from using such services. To navigate around these restrictions and further develop this business idea, collaborating with other students might be a viable option.

App Developer

If you’re an aspiring app developer looking to monetize your skills, creating your own app and charging a fee or offering in-app purchases is one way to do it. It’s essential to ensure that your app provides substantial value to encourage users to pay.

Another route is to offer your app development services to businesses on a contractual basis. You can generate a steady income by creating bespoke apps for various clients, and this approach also allows you to broaden your experience by working with different organizations and designing apps for a range of industries.

Participating in online forums and attending conferences can help you stay current with the latest app development trends and technologies. By continuously honing your skills, you can become a sought-after app developer and significantly boost your earning potential.

Certified Fitness Instructor

As a college student with a passion for fitness, becoming a Certified Fitness Instructor offers a lucrative business opportunity. You can conduct fitness sessions for fellow students eager to improve their health and wellness, either on campus or online. 

Gaining a certification not only validates your expertise and skills in fitness but also helps in attracting a broader clientele. Consider charging per session or offering package deals for multiple sessions to accommodate students’ budgets. With dedication and effective marketing, this venture can turn your fitness passion into a profitable business.

Email Marketing

For students with strong email composition skills, starting an email marketing business is a profitable and cost-effective idea. Despite the rise of various digital marketing tools, email marketing remains a crucial and powerful strategy for many organizations. Utilizing platforms like Upwork and PaperPerHour, students can showcase their email marketing prowess and acquire clients.

As a niche marketing field, email marketing allows students to start with minimal costs and incrementally increase their rates as they build their reputation and client base. With the right expertise and strategy, email marketing can offer significant growth opportunities for student-run businesses in the digital marketplace.

Specialized Virtual Assistant Services For College Professors

For college students, offering specialized virtual assistant services tailored to college professors and educators presents a unique business opportunity. While the virtual assistant market is competitive, specializing in academic-related tasks can set you apart. This specialization can include grading, preparing presentations, and handling other tasks unique to the academic world.

Focusing on these specific needs, college students can establish a niche in the virtual assistant industry, providing essential support to professors who often struggle to find assistance with their specialized tasks. Operating from home or a dorm room, this business model is not only convenient but also addresses a critical demand in the academic community.

Starting A Business As A College Admission Consultant

Having navigated the college application process successfully, you can leverage your experience by starting a business as a college admission consultant. This role involves providing personalized guidance to high school students to enhance their chances of getting accepted into their preferred colleges and universities.

Targeting affluent families willing to invest in your advisory services can be a strategic approach. Your pricing structure could include an initial fee for your services, with additional charges for each successful admission. With the appropriate software and tools, you can offer your services online through email and video consultations. This business idea not only allows you to share your expertise and skills but also offers the potential to generate additional income.

Providing Companionship To Seniors

With the senior population rapidly increasing globally, and in some areas being the fastest-growing age group, businesses have an opportunity to cater to this demographic. One way to do this is by setting up a senior companion service, focusing on areas with a high concentration of elderly residents.

In this venture, you can offer your time and companionship to seniors, either individually or in groups, for a fee. To reach potential clients, consider marketing your services within the local community. Additionally, you can assist seniors with tasks and errands they or their family members may not be able to manage. 

By hiring more students to work different shifts, you can expand the service and increase its availability. This business not only provides a valuable service to the elderly but also enables young students to connect with community members while earning an income.

Building A Successful Textbook-Sharing Service

Creating an online marketplace for college students to buy and sell used textbooks is a concept that holds appeal for many. While starting and running such a business can be challenging, it has the potential to be quite lucrative if executed properly.

A significant challenge to this model is the initial shortage of textbooks. This scarcity means that if there is a high demand for books, you might struggle to meet the supply, which can be costly. Therefore, it’s crucial to accumulate a substantial collection of textbooks before launching the business. 

Additionally, consulting with professors to determine if older editions of textbooks are acceptable for their courses is a smart move. This strategy can broaden the range of books you offer, making the service more appealing to students.

Turning Handwritten Notes Into Digital Text

This service is dedicated to converting handwritten notes into digital formats, including Word documents, Excel spreadsheets, and PowerPoint presentations. Catering to those who prefer in-person interactions, a proficient typist collects the hard copy notes directly from clients, adding a personal touch to the service. The pricing model is based on a per-word charge.

The service providers can establish a revenue-generating fee structure based on the volume of transcription. They charge a specific rate for every word transcribed from handwritten notes into digital text. This service is particularly useful for individuals seeking to digitize their handwritten notes for better organization, ease of access, and convenience.

Unlike purely online businesses, this service involves direct client engagement, requiring the physical collection of original notes. If personal interaction and face-to-face communication appeal to you, this business model could be an ideal fit. Meeting clients to collect their notes offers an opportunity to build personal connections and deliver customized services according to their specific needs.

Service for Plant Care in Dorm Rooms

Struggling to keep plants alive in your dorm room? Our Dorm Room Plant Care Service offers a convenient solution for students who love the idea of having plants but find it challenging to care for them.

We take care of the distribution and watering of plants, ensuring they stay healthy and vibrant in your dorm space. Plus, you have the option to rotate the plants periodically, according to your preference, whether it’s every few weeks or months. We understand that the costs associated with plants, pots, soil, and other supplies can be a hurdle in establishing this service. That’s why we suggest seeking financial support from your educational institution to help offset these initial expenses and make plant care more accessible for students.

Convenient Electric Scooter Rentals on Campus

Tired of the daily trek to classes on campus? We’ve got a solution to make your campus commute more convenient and fun! Introducing our electric scooter rental service, designed specifically with students like you in mind. We have strategically placed racks of electric and manual scooters around the campus, making it incredibly easy for you to rent a scooter whenever you need one. Whether you need a quick trip or a longer ride, our scooters are available for both per-minute and one-time rentals, ensuring you can get to your classes quickly and efficiently.

While investing in a fleet of scooters requires a significant initial outlay, this business model has potential beyond just our campus. With aspirations to expand to larger campuses, this concept has the potential to evolve into a more extensive enterprise with substantial profit opportunities. So, keep an eye out for our convenient scooter rentals and get ready to change the way you navigate campus.

Furniture Lending Service

Many college and university students invest in bespoke furniture for their dorms, only to dispose of or sell it a year later at a fraction of the cost. The problem lies in the furniture’s poor adaptability to various spaces and the time constraints students face when trying to sell it. This results in significant financial waste for both students and parents.

Here’s a practical solution: a college business concept that tackles this issue by offering dorm furniture rental. The idea involves collaborating with local furniture stores around schools to create personalized furnishings for each room. Students would pay a reasonable monthly or annual fee for the furniture they need, rather than making a one-time purchase.

To spread the word, implement an effective online advertising strategy on platforms such as Facebook, Instagram, or Google. This ensures that students are aware of the service before they arrive at school, providing them with a more financially sustainable and convenient alternative to investing in expensive, one-time-use bespoke dorm furniture.

Care Package Subscription Service

Launching a subscription service for care packages can provide comfort to students moving away from home for higher education, as well as to their parents. This service allows parents to send care packages to their children throughout the year. Filled with a variety of delicious and comforting food items, these packages aim to alleviate homesickness and offer a much-needed morale boost to recipients.

To keep costs down and support local businesses, the company can partner with local grocery stores and suppliers. However, considering many families are willing to pay a premium for this service, the subscription rate may be higher than that of other subscription box services. This business model offers a unique way to bridge the distance between students and their families, making it a meaningful and potentially profitable venture.

New Graduate Employment Consultation Service

Transitioning from college or university to the workforce can be daunting, particularly for those whose degrees don’t align directly with available job opportunities. Many recent graduates end up taking jobs unrelated to their fields of study. However, there’s an opportunity to address this issue with a new service aimed at helping recent graduates find employment related to their areas of study.

The introduction of this service would greatly benefit the university, enhancing its reputation as an institution that supports its students and alumni. This service could offer various packages, including guidance on crafting effective resumes and cover letters, conducting mock interviews to sharpen interview skills, and providing tailored advice for securing jobs in specific industries. A one-time fee could be charged for accessing these services.

By offering this service, the university demonstrates its commitment to helping graduates navigate the job market. It enables recent graduates to explore career paths that align with their degrees, increasing their chances of a successful professional life and making meaningful contributions to their fields.

How Do I Attract Students to My Business?

As a business owner aiming to attract student clientele, it’s crucial to understand your target audience and their values. Begin by conducting market research to pinpoint the needs and preferences of students in your area. Utilize this data to craft a marketing plan that resonates with their interests and motivations.

Secondly, leverage social media platforms like Instagram, TikTok, and Snapchat, which are popular among college students. These platforms offer an economical way to reach a broad audience. Also, consider collaborations with student organizations or influencers to widen your reach and enhance credibility.

Lastly, offering student-focused discounts, promotions, or loyalty programs can be highly effective. These incentives encourage students to choose your business over competitors, fostering brand loyalty and spurring word-of-mouth referrals, a potent tool for attracting new patrons. Employing these tactics can help you draw students to your business and establish a robust customer base.

In conclusion, college students possess the unique ability to generate innovative business ideas that can evolve into profitable ventures. To succeed, students need to identify a market need or problem and develop a distinctive solution or product to address it. Leveraging their academic knowledge and passions, they have the potential to create impactful businesses in fields like technology, healthcare, sustainability, and social impact.

Moreover, resources such as networking, mentorship, and access to incubators and accelerators can play a crucial role in helping students transform their ideas into successful enterprises. Through their creativity, dedication, and hard work, college students can turn their entrepreneurial visions into profitable businesses that positively impact the world.

Why should college students consider starting their own business?

College students often have fresh, innovative ideas and a unique perspective on the market. Starting a business allows them to develop critical skills such as leadership, problem-solving, and critical thinking, while also providing a potential income source.

What are some areas where college students can develop innovative business ideas?

Students can utilize their academic expertise and interests to create businesses in technology, healthcare, sustainability, social impact, and more. They can also identify market problems or needs and devise unique solutions or products to address them.

How can college students turn their business ideas into reality?

Students can make their business ideas a reality by conducting market research, formulating a business plan, and seeking mentorship and networking. They can also leverage incubators and accelerators to help launch their ventures.

What challenges might college students face when starting their own business?

Challenges may include a lack of experience, limited financial resources, and balancing academic commitments. With determination, dedication, and support, these obstacles can be overcome to create successful businesses.

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How to Start a Business As a College Student

A s thousands of students graduate this year with their undergraduate and graduate degrees, the internet is collectively exploding with advice listicles on topics ranging from the best cities to find a job and how to create a post-college financial plan .

Right behind these seniors are three years’ worth of students who will be following in their graduation footsteps—in the near future, that is. Until then, many startup owners argue that college is the best time to be an entrepreneur.

Universities offer up an abundance of resources to students, including startup competitions, advisors, and tech labs—it’s truly an incredible time for aspiring entrepreneurs! If you’re planning to be a post-grad small business owner (or even start one during your time in school), here’s what you can do to get ahead on the entrepreneurial track.

5 ways college students can prepare for business ownership

1. start making business contacts.

No matter which school you enroll in, keep the phrase “your tribe is your vibe” in mind.

Just like in life, it’s important to surround yourself with people who are as motivated and driven as you are. Evaluate the school environment, get a feel for the kinds of people who go there, and then, start connecting with them. Get to know fellow classmates in your classes and build relationships with them.

Also, take the time to expose yourself to new opportunities like extracurricular activities on campus and internships to further reach out to new contacts. The relationships you establish now will become ones you will carry with you for life, enabling you to create your own inner network of professionals that you'll one day be able to call on for help.

2. Build rapport with your professors

Just as much as you’re making the most of your time in school with your coursework and relationships with fellow classmates, you should also focus on establishing rapport with the faculty. Get to know your professors as much as possible. Pick their brains about questions you might have about marketing, product management, and finance. Remember to stay in touch after graduating, too. Keep them posted on your small business journey and stay connected via social media and networking platforms like LinkedIn.

3. Draft a business plan

A business plan is often considered to be one of the most daunting documents an entrepreneur can put together, but it is actually one of your startup’s greatest assets. Once you know what product or service you will be selling, your business plan will provide an objective evaluation of your company. Here’s a quick look at the must-haves of this document:

• Executive summary: A basic description of your business.
• Business description, concept, and strategy: An in-depth look at what makes your business unique, and its overall goals.
• Industry analysis: A thorough look at your competition and their offerings.
• Market analysis: A glimpse at your target audience and what they need.
• Organization and management: Profiles of team members that work at your business.
• Financial projections: Your financial numbers, including a projected cash flow, profit and loss, and break-even analysis.
• Financing request: Outline of the funding required from investors.
• Appendix: Documents like industry studies, trademark registrations, and letters of incorporation, to name a few.

4. Build your credit

College students may be the last individuals that need to be told to stick to a budget, but it’s crucial that they pay attention to their credit. According to a study of millennial small business owners by Wells Fargo, 14% of millennials with small businesses get started using a personal credit card instead of taking out a loan.

Because of their young age, size of their businesses, and annual revenue, many, unfortunately, do not qualify for the same kind of financial assistance given to established business owners. College students and graduates alike who may be funding their startups on personal credit need to make sure they establish strong credit early on by never missing monthly payments and by paying off debt.

5. Pitch potential investors

As I mentioned earlier, your business plan should include a financing request required from investors interested in your business. Learn to get comfortable with pitching people with your business while you're in school. Many universities will hold pitching competitions for startups where students can deliver presentations in front of a panel of judges and audiences can vote on pitches they like the best as well as critique them.

Above all, use your college years to take risks and learn as much as you can about your business. As a college student preparing for business ownership one day, you have nothing to lose, but everything to gain in how much you keep learning along the way.

RELATED: How to Launch a Successful Startup While Still in College

Top 20 Student Business-Plan Competitions

Say you have an awesome idea for a startup, something with real potential. There is, however, a pretty big problem: launching a business isn’t cheap, and as a student or recent graduate, it’s difficult to finance a business on your own. But, your idea is good. So what happens next? We’ve compiled a list of the top competitions aimed at current college undergraduates, graduate students, recent alumni, and high school students from all over the world to not only help you test your business model against what your peers are doing (and gain meaningful experience in the process), but also transform your idea into a reality.

1. High School Utah Entrepreneur Challenge

Hosted by the Lassonde Entrepreneur Institute at the University of Utah with sponsorship from Zions Bank, this competition is targeted at high schoolers with big ideas.

• What you need : A business idea that includes the following: a problem, a proposed solution, a targeted audience/customer and a prototype.
• Who can apply : Any Utah high-schooler aged 14-18. Teams are not required but can include up to 5 members.
• Where: This year’s events are expected to be virtual due to the COVID-19 pandemic.
• What you could win : Prizes vary in amount and type based on award received.
• 2020-21 Deadline : Apply by Feb. 17, 2021.
• Website : https://lassonde.utah.edu/hsuec/

2.  Blue Ocean High School Entrepreneurial Leaders

A global, virtual pitch competition for high school students aimed to provide feedback, advance ideas, and launch students’ futures.

• What you need : A 3-5 minute pitch for a big idea.
• Who can apply : Any student currently in high school.
• Where: This is a virtual event conducted through video submissions.
• What you could win : The grand prize winner receives $1,000, with other awards receiving up to $750. There are also opportunities for high schools to receive grant money, too.
• 2020-21 Deadline : Apply by Feb. 19, 2021.
• Website : https://blueoceancompetition.org/

3.  Get Seeded

Designed to help get ideas off the ground, this two-part milestone grant funding program seeks out students with measurable goals and helps fund the entrepreneurial process. This program is managed by the Lassonde Entrepreneur Institute at the University of Utah and sponsored by Chad and Kristen Anselmo and doxy.me.

• What you need : A startup with short-term measurable milestones (prototyping, marketing, etc.) that can be achieved within 30-90 days.
• Who can apply : Any college student in Utah.
• Where: The University of Utah in Salt Lake City, Utah, though location is subject to change due to the COVID-19 pandemic.
• What you could win : There are two grants opportunities: a microgrant of up to $500, and a Seed Grant for $501-1,500.
• 2020-21 Deadline : Regular grant intervals. See website for details.
• Website : https://lassonde.utah.edu/getseeded/

4. TechCrunch’s Startup Battlefield

A competition for early-stage startups to receive equity-free prize money, as well as general investors and media attention.

• What you need : A mid-stage startup with clear ideas and product or service in the development stages.
• Who can apply : Anyone with a startup idea is invited to participate.
• Where: The first round of competition is regional, and is subject to change due to the ongoing COVID-19 pandemic.
• What you could win : Global competition winners receive $100,000 in prize money.
• 2020-21 Deadline : Application dates have not yet been updated, as they vary by region.
• Website : https://techcrunch.com/

 5.  Hatch Pitch

Hosted with SXSW in Austin, Texas, until 2016, this is a competition focused on startups with information technology angles.

• What you need : A company in which the founders retain some portion of ownership, as well as a product or service that launched sometime in the past 2 years (or within 6 months after the Hatch Pitch event.)
• Who can apply : Anyone who meets the above criteria. There is no specific age limit or education requirement.
• Where: Houston, Texas, though location is subject to change due to the COVID-19 pandemic.
• What you could win : Winners can receive any amount of funding based on investors’ interest. All contestants receive active coaching and mentoring, as well as publicity for their concepts.
• 2020-21 Deadline : Applications are received on a rolling basis.
• Website : https://www.hatchpitch.com/apply-full-form

6. Rice University Business Plan Competition

A virtual three-day competition that accounts for pitches, feedback, and judge interaction, designed to give entrepreneurs real-world experience.

• What you need : A business in the seed, startup, or early growth stages
• Who can apply : Any full-time or part-time U.S. graduate students. Teams must have at least one graduate student and a faculty advisor, but only students can present.
• Where: Rice University in Houston, Texas.
• What you could win : The grand prize winner receives $125,000 in equity capital from a Houston investment group as well as $20,000 in cash and about $80,000 in services. This includes a year’s worth of office space.
• 2020-21 Deadline : Apply by Feb. 2, 2021, for the April 5-9, 2021 competition.
• Website : https://rbpc.rice.edu/

7. New Venture Championship, University of Oregon

This virtual competition attracts students who want to “create something extraordinary,” and can bridge the gap between a market need and a real solution.

• What you need : A business majorly owned by students that has a faculty advisor, looking for seed capital.
• Who can apply : Teams of 2-5 students who created, manage, and own their ventures and who are allocated at least 50% of the startup’s equity. At least one member of the team is required to be enrolled in a graduate program from any field.
• Where : Portland, Oregon.
• What you could win : Up to $50,000 in prize money is up for grabs. If you don’t make it to the top round, you can still compete in a lightning round for prize money during the finals.
• 2020-21 Deadline : Applications are due by Feb. 14, 2021, to compete in the qualifying round (Feb. 15 – March 20).
• Website : https://business.uoregon.edu/nvc/details

8. ClimateTech & Energy Prize @ MIT

A competition aimed at any student who wants to change the way we handle energy.

• What you need : A business focused on one of four categories: Generating Energy, Delivering Energy, Improving Energy Usage or Energy for Developing Economies.
• Who can apply : University teams from across the United States.
• Where : Cambridge, Massachusetts.
• What you could win : The top two teams in each category go on to compete for a $100,000 Grand Prize and other monetary prizes.
• 2020-21 Deadlines : Applications due on Feb. 5, 2021.
• Website : https://cep.mit.edu/intro

9. Baylor Business New Venture Competition

Hosted by Baylor University, this two-track competition is nationwide.

• What you need : A business in one of two competition tracks: Internet and Consumer Technology and Non-Internet and Consumer Technology Companies. Internet and Consumer Technology companies must aim to impact one of the following industries: Internet Services, Internet Security, Info Tech, Software Cloud, Mobile Tech, Mobile Apps, Mobile Commerce, Web/e-Commerce, Social Commerce, Social Networking, Social Media, Social Gaming, Video Gaming.
• Who can apply : Current students or recent alumni (within the last 15 months) in teams with 2-4 members.
• Where : Baylor University in Waco, Texas.
• What you could win: All prizes are in cash and range from a grand prize of $60,000 to $1,500 for second and third-round winners.
• 2021-2022 Deadlines : Dates have not yet been updated for the following year. The 2021 competition can be streamed from Mar. 25-27, 2021.
• Website : https://www.baylor.edu/business/newventurecompetition/

10. Innovation World Cup Series

This is a global competition split into categories where participants connect and compete in a convention setting.

• What you need : A business that is involved in the internet of things or wearable technology in the fields of Home, City, Lifestyle, Industrial, Transportation, Healthcare, and Retail.
• Who can apply : If you are 18 or older and in no way affiliated with Navispace, the host, you can apply.
• Where : Munich, Germany.
• What you could win: Prize pool of $500,000, with networking and exposure included
• 2020-21 Deadlines : Applications are open now, and due by Sept. 22, 2021.
• Website : https://www.innovationworldcup.com/13th-iot-wt-innovation-world-cup/

11.  Utah Entrepreneur Challenge

A business-model competition for all college students in Utah. This competition is hosted by the Lassonde Entrepreneur Institute at the University of Utah and sponsored by Zions Bank.

• What you need : A business model of any type.
• Who can apply : University students currently enrolled in Utah colleges.
• Where : The University of Utah in Salt Lake City, Utah, though location is subject to change due to the COVID-19 pandemic.
• What you could win : Grand prize is up to $40,000 in cash, with additional prizes, like Best Speed Pitch, ranging in dollar amounts
• 2020-21 Deadlines : Applications close on Feb. 8, 2021.
• Website : http://lassonde.utah.edu/uec/

12. Postcode Lottery Green Challenge

One of the largest sustainable entrepreneurship competitions, participants compete with international entrepreneurs for the best green business plan.

• What you need : A business must have the potential to reduce greenhouse-gas emissions by a measurable amount, should be developed enough to execute should be realizable as a usable product or service within the next two years.
• Who can apply : Anyone 18 years or older whose business is located in Germany, Great Britain, the Netherlands, Norway, or Sweden.
• Where : The finals are hosted in Amsterdam, where you will present your idea to the jury (reasonable expenses covered for one person).
• What you could win : Grand prize winner receives €500,000. Second place receives €200,000, and other finalists receive €100,000.
• 2020-21 Deadlines : Dates have not yet been updated.
• Website : http://www.greenchallenge.info/entry-criteria

13. University Startup World Cup

This competition is hosted and organized by a Danish non-profit, Venture Cup. Their mission is to establish connections among student entrepreneurs internationally, as well as teach and advise young people about the world of business.

• What you need : Preferably, a business that fits into one of the following categories: Healthtech, Greentec, Fintech, Hightec & Robotics, or Information Communication technology. However, if your idea is cool enough, they’ll accept anything.
• Who can apply: Only student startups may enter. Therefore, all teams must have at least one person who is a student, faculty member, or recent graduate (within the year they’re applying). However, if you’re looking for team members, Venture Cup can help connect you to people with similar ideas.
• Where: The location is not certain due to the COVID-19 pandemic.
• What you could win : Grand prize is $15,000.
• Website : https://venturecup.dk/uswc/

14. Get in the Ring  

One-on-one, regional, and global face-off between startups that takes place in a literal ring.

• What you need : A “high potential” startup that is 8 years or younger with an innovative and scalable business idea or model.
• Who can apply : Anyone with a business fitting the above-described model.
• Where : The beginning stages of the competition are regional, and vary based on your location. Finals are hosted in a different location internationally every year. Travel cost to finals is covered.
• What you could win : GITR offers immense exposure for your business by placing you in a ring where you “battle” other entrepreneurs using your business pitch in front of investors and businesspeople. Grand prize winners receive a seat at the table with hand-picked advisors and investors, and title.
• 2020-21 Deadlines : Dates vary by region.
• Website : https://getinthering.co/gm2021/

15. U. Pitch

This national competition brings university students from all disciplines together to contend for the best 90-second pitch.

• What you need: A company or idea to start a for-profit company with headquarters in the U.S.
• Who can apply : Current university students or graduates within the last six months.
• Where : 100% virtual.
• What you could win : Up to $10,000 in prizes and cash.
• 2020-21 Deadlines : Applications open in the fall of 2021. You can sign up to get notified here .
• Website : https://futurefounders.com/startup/upitch/

16. Cartier Women’s Initiative Awards

This competition brings women from six regions of the world to showcase their ideas.

• What you need : A for-profit startup with at least one year of revenue.
• Who can apply : Only women may apply for this competition.
• Where : Finalists attend awards week in Singapore, where the final round commences.
• What you could win : Grand prize is $100,000. All runner ups receive $30,000.
• 2020-21 Deadlines : Application deadlines have not yet been updated.
• Website : https://application-form.cartierwomensinitiative.com/new-application

17. G-Startup Worldwide  

This is a global competition that supports young entrepreneurs in the early stages of a startup with funding and a network of investors.

• What you need : A product that is making a positive impact, showing traction in the market, and is involved in AI, Mobile, IoT, Wearables, FinTech, Cyber Security, Smart Cars, AR/VR, Space, Robotics/Drones, Education, Enterprise, Health, AggTech, or Social and eCommerce.
• Who can apply : Any startup meeting the previous requirement that is registered as a company.
• Where : First rounds are regional. Finalists compete in Silicon Valley.
• What you could win : Winners of regional competitions receive cash prizes, travel opportunities, and networking invites.
• Website : http://g-startup.net/

18. Axel Springer Plug and Play

While competitive, this 100-day program is more of an accelerator than an out-right competition. They require 5% equity in exchange for participation.

• What you need : A business model for digital entrepreneurship.
• Who can apply : Anyone with an early-stage company and a Pitch-Deck.
• Where : Location varies. Check the website below for more details.
• What you could win : €50,000, valuable time to pitch in front of investors, and experience.
• 2020-21 Deadlines : Deadlines vary based on location and stage of company.
• Website : http://www.axelspringerplugandplay.com/#home-section

19. Citizen Entrepreneurship Competition

Inspired and promoted by the United Nations, this competition takes place through three stages of online submission and selection.

• What you need : Innovative ideas and projects with a societal impact. Must involve one or more of the United Nations’ 17 Sustainable Development Goals .
• Who can apply : Anyone aged 13-29 (or 30+ in the Adult Citizen Entrepreneurship category).
• Where: Winners are invited to the Summit in Berlin in October of every year.
• What you could win : Recognition at the Summit and the UN’s acknowledgement.
• 2020-21 Deadlines : Applications open in Spring 2021.
• Website : https://www.entrepreneurship-campus.org/about-the-competition/

20. CodeLaunch

Annual seed accelerator for people and groups with ideas for “apps” who are seeking seed funding. Entries are submitted online.

• What you need : Any software ideas are taken, even just having an idea for an app is acceptable.
• Who can apply : Anyone that fits the previous criteria.
• Where : Finals are hosted in Texas, dates change every year and might be impacted by COVID-19.
• What you could win : Applicants chosen to attend CodeLaunch pitch day compete in front of judges poised to invest. Overall winner receives custom software design, development, and/or website development, hosting services, and a partnership with Code Authority. Winners may also judge the following year’s competition.
• Website : https://www.codelaunch.com/

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About the author: jacqueline mumford, 2 thoughts on “ top 20 student business-plan competitions ”.

Thanks Jacqueline for this comprehensive list. I wish I had this information 15 years ago. Had a great idea, pitched it to some venture firms and was turned down and saw the same idea skyrocket to the top two years later when someone else came with the same idea and presented it in a much more convincing way to the investors.

The Draper Competition for Collegiate Women Entrepreneurs is another event that provides microfinancing for undergraduate women-led ventures. Total cash prize pool is $100,000. http://www.smith.edu/draper

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The 20 Best Business Plan Competitions to Get Funding

Business plan competitions can provide valuable feedback on your business idea or startup business plan template , in addition to providing an opportunity for funding for your business. This article will discuss what business planning competitions are, how to find them, and list the 20 most important business planning competitions.

On This Page:

What is a Business Plan Competition?

How do i find business plan competitions, 20 popular business plan competitions, tips for winning business plan competitions, other helpful business plan articles & templates.

A business plan competition is a contest between startup, early-stage, and/or growing businesses. The goal of the business plan competition is for participants to develop and submit an original idea or complete their existing business plan based on specific guidelines provided by the organization running the contest.

Companies are judged according to set criteria including creativity, feasibility, execution, and the quality of your business plan.

A quick Google search will lead you to several websites that list business planning competitions. 

Each site has a different way of organizing the business planning competitions it lists, so you’ll need to spend some time looking through each website to find opportunities that are relevant for your type of business or industry.

Finish Your Business Plan Today!

Below we’ve highlighted 20 of these popular competitions, the requirements and how to find additional information. The following list is not exhaustive; however, these popular competitions are great places to start if you’re looking for a business competition.

Rice Business Plan Competition

The Rice University Business Plan Competition is designed to help collegiate entrepreneurs by offering a real-world platform on which to present their businesses to investors, receive coaching, network with the entrepreneurial ecosystem, fine-tune their entrepreneurship plan, and learn what it takes to launch a successful business.

Who is Eligible?

Initial eligibility requirements include teams and/or entrepreneurs that:

• are student-driven, student-created and/or student-managed
• include at least two current student founders or management team members, and at least one is a current graduate degree-seeking student
• are from a college or university anywhere in the world
• have not raised more than $250,000 in equity capital
• have not generated revenue of more than $100,000 in any 12-month period
• are seeking funding or capital
• have a potentially viable investment opportunity

You can find additional  eligibility information on their website.

Where is the Competition Held?

The Rice Business Plan Competition is hosted in Houston, TX at Rice University, the Jones Graduate School of Business.

What Can You Win?

In 2021, $1.6 Million in investment, cash prizes, and in-kind prizes was awarded to the teams competing.

This two-part milestone grant funding program and pitch competition is designed to assist students with measurable goals in launching their enterprises.

Teams must be made up of at least one student from an institution of higher education in Utah and fulfill all of the following requirements:

• The founding student must be registered for a minimum of nine (9) credit hours during the semester they are participating. The credit hours must be taken as a matriculated, admitted, and degree-seeking student.
• A representative from your team must engage in each stage of Get Seeded (application process, pre-pitch, and final pitch)
• There are no restrictions regarding other team members; however, we suggest building a balanced team with a strong combination of finance, marketing, engineering, and technology skills.
• The funds awarded must be used to advance the idea.

The business plan competition will be hosted in Salt Lake City, UT at the Lassonde Entrepreneur Institute at the University of Utah.

There are two grants opportunities:

• Microgrant up to $500
• Seed Grant for $501 – $1,500

Global Student Entrepreneur Awards

The Global Student Entrepreneur Awards is a worldwide business plan competition for students from all majors. The GSEA aims to empower talented young people from around the world, inspire them to create and shape business ventures, encourage entrepreneurship in higher education, and support the next generation of global leaders.

• You must be enrolled for the current academic year in a university/college as an undergraduate or graduate student at the time of application. Full-time enrollment is not required; part-time enrollment is acceptable.
• You must be the owner, founder, or controlling shareholder of your student business. Each company can be represented by only one owner/co-founder – studentpreneur.
• Your student business must have been in operation for at least six consecutive months prior to the application.
• Your business must have generated US $500 or received US $1000 in investments at the time of application.
• You should not have been one of the final round competitors from any previous year’s competition.
• The age cap for participation is 30 years of age.

You can find additional   eligibility information on their website.

Regional competitions are held in various locations worldwide over several months throughout the school year. The top four teams then compete for cash prizes during finals week at the Goldman Sachs headquarters in New York City.

At the Global Finals, students compete for a total prize package of $50,000 in cash and first place receives $25,000. All travel and lodging expenses are also covered. Second place gets US $10,000, while third place earns US $5,000. Additional prizes are handed out at the Global Finals for Social Impact, Innovation, and Lessons from the Edge.

Finish Your Business Plan in 1 Day!

The collegiate entrepreneurs organization business plan competition.

The Collegiate Entrepreneurs Organization Business Plan Competition (COEBPC) exists to help early-stage entrepreneurs develop their business skills, build entrepreneurial networks, and learn more about how they can transform ideas into reality. It also offers cash prizes to reward entrepreneurship, provide an opportunity for recognition of top student entrepreneurs around the world, and provide unique opportunities for networking.

To compete, you must:

• Be a currently enrolled student at an accredited institution
• Have a viable business concept or be the creator of an existing business that generates revenue.

If you are among the top three finalists of the business plan competition and successfully receive prize money, you will be required to submit a class schedule under your name for the current academic semester. Failure to do so will result in the forfeit of the prize money.

All competitions are held online. The finalist will receive a trip to the International Career Development Conference, where they have an opportunity to win additional prizes from CEO’s sponsors.

• First Place – $7,000
• Second Place – $5,000
• Third Place – $3,000
• People’s Choice Award – Collegiate Entrepreneur of the Year – $600

MIT 100k Business Plan Competition and Expo

The MIT 100K was created in 2010 by the Massachusetts Institute of Technology to foster entrepreneurship and innovation on campus and around the world. Consists of three distinct and increasingly intensive competitions throughout the school year: PITCH, ACCELERATE, and LAUNCH. 

• Submissions may be entered by individuals or teams.
• Each team may enter one idea.
• Each team must have at least one currently registered MIT student; if you are submitting as an individual, you must be a currently registered MIT student.
• Entries must be the original work of entrants.
• Teams must disclose any funding already received at the time of registration.

Hosted in Cambridge, MA at the Massachusetts Institute of Technology beginning in October through May of each academic year.

Top finalists will have a chance to pitch their ideas to a panel of judges at a live event for the chance to win the $5,000 Grand Prize or the $2,000 Audience Choice Award.

20 Finalists are paired with industry-specific business professionals for mentorship and business planning and a $1,000 budget for marketing and/or business development expenses.

The 10 Top Finalists participate in the Showcase and compete for the $10,000 Audience Choice Award while the 3 Top Finalists automatically advance to LAUNCH semi-finals.

The grand prize winner receives a cash prize of $100,000 and the runner-up receives $25,000.

Florida Atlantic University (FAU) Business Plan Competition

The FAU business plan competition is open to all undergraduate and graduate student entrepreneurs. The competition covers topics in the areas of information technology, entrepreneurship, finance, marketing, operations management, etc.

All undergraduate and graduate students are eligible to participate.

The business plan competition will be held at Florida Atlantic University in Boca Raton, Florida.

• First prize: $5,000 cash
• Second prize: $500 cash

Network of International Business Schools (NIBS) Business Plan Competition

The Network of International Business Schools (NIBS) Business Plan Competition is designed to offer an opportunity to develop your business plan with the guidance of industry experts. It provides the opportunity for you to compete against fellow entrepreneurs and explore big ideas.

• Participants must be the legal age to enter into contracts in the country of residence.
• Participants may not be employed by an organization other than their own company or business that they are launching for this competition.
• The plan should be for a new business, not an acquisition of another company.

The Network of International Business Schools (NIBS) Business Plan Competition is held in the USA.

There is a cash prize for first, second, and third place. There is also a potential for a business incubator opportunity, which would provide facilities and assistance to the winners of the competition.

Washington State University Business Plan Competition

The Washington State University Business Plan Competition has been serving students since 1979. The competition is a great opportunity for someone who is looking to get their business off the ground by gaining invaluable knowledge of running a successful business. It offers a wide range of topics and competition styles.

• Any college undergraduate, graduate, or professional degree-seeking student at Washington State University
• The company must be an early-stage venture with less than $250,000 in annual gross sales revenue.

The Washington State University Business Plan Competition is held in the Associated Students Inc. Building on the Washington State University campus which is located in Pullman, Washington.

There are a wide variety of prizes that could be won at the Washington State University Business Plan Competition. This is because the business plan competition has been serving students for over 30 years and as such, they have offered more than one type of competition. The common prize though is $1,000 which is awarded to the winner of each class. There are also awards for those who come in second place, third place, etc.

Milken-Penn GSE Education Business Plan Competition

The Milken-Penn GSE Education Business Plan Competition is one of the most well-known competitions in the country. They have partnered with many prestigious institutions to provide funding, mentorship, and expertise for the competition.

Education ventures with innovative solutions to educational inequity from around the world are encouraged to apply, especially those ventures founded by and serving individuals from marginalized and historically underrepresented communities.

We encourage applicants working in every conceivable educational setting–from early childhood through corporate and adult training. We also welcome both nonprofit and for-profit submissions.

The competition is held at the Wharton School of the University of Pennsylvania.

All finalists receive $1,000 in cash and $5,000 in Amazon Web Services promotional credits.

Next Founders Business Plan Competition

Next Founders is a competition geared towards innovative startups with a social impact, looking to transform society by addressing key global human needs. The competition inspires and identifies energetic, optimistic entrepreneurs who are committed to achieving their vision.

Next Founders is for Canadian business owners of scalable, high-growth ventures.

Next Founders is held at the University of Toronto.

You could win up to $25,000 CAD in cash funding for your new business.

Hatch Pitch Competition

The Hatch Pitch competition is one of the most prestigious business competitions in the US. The winners of the Hatch Pitch Competition are given access to mentorship courses, discounted office space with all amenities included, incubators for startups, tailored education programs, financial counseling & more.

The competition is for companies with a business idea.

• The company’s product/service must have launched within the past 2 years, or be launched within 6 months after the Hatch Pitch event.
• Founders must retain some portion of ownership in the company.
• Received less than $5 million in funding from 3rd party investors.
• The presenter must actively participate in Hatch Pitch coaching.

The Hatch Pitch Competition is located at the Entrepreneur Space in Dallas.

The grand prize for this business plan competition is access to resources like incubators and mentorships that could prove invaluable in bringing your startup company to the next level.

TechCrunch’s Startup Battlefield

The Startup Battlefield is a business plan competition that is sponsored by TechCrunch.  It awards the winner $50,000. There are two different rounds to this competition:

• First Round – 15 companies from all of the applicants that submitted their business plans for this round.
• Second Round – Two finalist companies compete against each other at TechCrunch Disrupt NY’s main stage.

At the time of the application process, companies must have a functional prototype to demo to the selection committee. In selecting final contestants, we will give preference to companies that launch some part of their product or business for the first time to the public and press through our competition. Companies that are in closed beta, private beta, limited release or generally have been flying under the radar are eligible. Hardware companies can have completed crowdfunding but those funds should have been directed to an earlier product prototype. Existing companies launching new feature sets do not qualify.

TechCrunch’s Startup Battlefield is held at different locations.

The Startup Battlefield rewards the winner with $50,000. In addition, the two runner-ups get a prize of $5,000 each.

New Venture Challenge

New Venture Challenge is a competition hosted by the University of Chicago. There are 3 main categories that will be judged:

• Innovative Concept – Arguably the most important category, this focuses on uniqueness, originality, and suitability.
• Market Fit/Business Model – Are you solving an actual problem for your target market? Does your project have the potential for profit?
• Presentation – Did you make a compelling, impactful presentation? Did you clearly communicate your goals and vision to potential investors?

You can find  eligibility information on their website.

The New Venture Challenge competition is held in Chicago, IL.

Finalists are awarded:

• First Place: $50,000 equity investment and access to industry mentors and other resources.
• Second place: $25,000 equity investment and access to industry mentors and other resources.
• Third place: $15,000 equity investment and access to industry mentors and other resources.

New Venture Championship

The New Venture Championship is hosted by the University of Oregon and has been since 1987. The championship brings new ventures and innovative business ideas to life and the competition offers plan writing as a service to those who need it.

The University of Oregon New Venture Championship is open to university student teams with 2-5 members that have at least one graduate student involved with their venture. Students should be enrolled in a degree program or have finished their studies in the current academic year.

The New Venture Championship hosted by the University of Oregon is held in Eugene, Oregon.

Every business plan has a chance of winning a cash prize from $3,000 to $25,000 and additional benefits like plan coaching and office space rental.

Climatech & Energy Prize @ MIT

The Climatech & Energy Prize @ MIT is a competition that focuses on companies that are involved in the area of energy, environment, and climate change.

• Participants must be a team of two or more people.
• At least 50% of formal team members identified in the competition submission documentation must be enrolled as half-time or full-time college or university students.

The Climatech & Energy Prize @ MIT is held in Cambridge, MA.

The grand prize winner receives $100,000 and other winners may receive other monetary prizes.

Baylor Business New Venture Competition

This competition has been offered by Baylor for the last 20 years. It is designed to help aspiring entrepreneurs refine business ideas, and also gain valuable insights from judges and other entrepreneurs.

Must be a current undergraduate student at Baylor University or McLennan Community College.

The Baylor Business New Venture competition will be held at the Baylor University, Waco, TX.

The grand prize winner will receive $6,000. There are also other prizes given out to the other finalists in each category which are worth $1,500 – $2,000.

13th IOT/WT Innovation World Cup

The 13th IOT/WT Innovation World Cup was organized by the 13th IOT/WT Innovation World Cup Association. It was organized to provide a platform for innovators from all over the world to showcase their innovative ideas and projects. The competition aimed at drawing the attention of investors, venture capitalists, and potential business partners to meet with representatives from different companies and organizations in order to foster innovation.

The revolutionary Internet of Things and Wearable Technologies solutions from developers, innovative startups, scale-ups, SMEs, and researchers across the world are invited to participate. Eight different categories are available: Industrial, City, Home, Agriculture, Sports, Lifestyle, and Transport.

Only those submissions that have a functional prototype/proof of concept will advance in the competition, mere ideas will not be considered. 

The competition is held in Cleveland, Ohio also an important center for innovation and cutting-edge technology.

Win prizes worth over $500,000, connect with leading tech companies, speed up your development with advice from tech experts, join international conferences as a speaker or exhibitor, and become part of the worldwide IoT/WT Innovation World Cup® network. 

The U.Pitch is a competition that gives you a chance to share your idea and for the community of budding entrepreneurs, startup founders, CEOs, and venture capitalists to invest in your enterprise. It also provides mentoring by experts in the field.

• Currently enrolled in an undergraduate or graduate program
• Applicants may compete with either an idea OR business currently in operation
• Applicants must be 30 years of age or under

The U.Pitch is held in San Francisco, California.

Enter to win a part of the $10,000 prize pool.

At the core of CodeLaunch is an annual seed accelerator competition between individuals and groups who have software technology startup ideas.

If your startup has raised money, your product is stable, you have customers, and revenue, you are probably not a fit for CodeLaunch.

CodeLaunch is based in St. Louis, Missouri. 

The “winner” may be eligible for more seed capital and business services from some additional vendors.

New York StartUP! Business Plan Competition

The New York StartUP! is a competition sponsored by the New York Public Library to help entrepreneurs from around the world to develop their business ideas.

• You must live in Manhattan, The Bronx, or Staten Island
• Your business must be in Manhattan, The Bronx, or Staten Island
• All companies must have a big idea or business model in the startup phase and have earned less than $10,000

The New York StartUP! competition is held in New York, NY.

Two winners are chosen: 

•  Grand Prize – $15,000  
•  Runner-up – $7,500  

First, determine if the competition is worth your time and money to participate.

• What is the prize money?
• Who will be on the judging panel?
• Will there be any costs associated with entering and/or presenting at the competition (e.g., travel and lodging expenses)?

Once you’ve determined the worth of the competition, then shift to focusing on the details of the competition itself.

• What are the rules of the competition?
• Are there any disqualifying factors?
• How will you be judged during the different parts of the competition?

After conducting this research, it’s best to formulate an idea or product that appeals to the judges and is something they can really get behind. Make sure you thoroughly understand the rules and what is expected from your final product. Once you know what is expected from you, you’ll be able to refine and practice your pitch to help you move through the stages of the competition.

These competitions are a fantastic method to get new business owners thinking about business possibilities, writing business plans, and dominating the competition. These contests may assist you in gaining important feedback on your business concept or plan as well as potential monetary prizes to help your business get off the ground.  

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With Growthink’s Ultimate Business Plan Template you can finish your plan in just 8 hours or less!

College Business Plan

When you think of a college business plan , what is often the first thing you think about? The majority may say a business idea of setting up a college or a university for local and international students. Another may see it as a school that offers business as part of their academic course. What reason may it be or what idea you may have, it is always best to have and match it with a business plan. Making a college business plan will also matter and help you in the long run. With that, here are example templates you can download to start now. 

10+ College Business Plan Examples

1. college business plan template.

• Google Docs

2. Centennial College Business Plan

Size: 586 KB

3. Professional College Business Plan

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4. College Business Plan in PDF

Size: 122 KB

5. Developed College Business Plan

6. College Leadership Business Plan

Size: 167 KB

7. National College Business Plan

Size: 181 KB

8. Secondary College Business Plan

Size: 314 KB

9. Operational College Business Plan

10. College Business Operation Plan

11. Community College Business Plan

Size: 235 KB

What Is a College Business Plan?

A college business plan is a handy tool used in order to guide the user to better success and better roads. When you think of starting up a college, or adding a business course to a college, you will also need a business plan with it. A college business plan is seen as a means of gathering steps to making it work. May it be through a simple business plan or a complex one. Regardless, the main purpose of a college business plan is to gather steps or strategies to reach the main goal.

How to Create a College Business Plan

When you plan to make a college business plan, you think carefully about the steps that go with it. The most basic thing to see in a college business plan is the summary of your business and of course the marketing strategies. But these are not enough to make your business plan. To get a good idea, here are simple steps to create your college business plan.

Step 1: Always Plan Ahead

This may sound cliché but the most important thing to remember and to get started is to plan ahead . Do some brainstorming and get to know what you want in your business. This helps by making your college business plan better and can reap a better and positive result. Part of planning ahead is to plan for a title page, a title, or a goal you want to achieve. This can sometimes come off as the most difficult part of the entire business plan.

Step 2: Create Your Executive Summary

The next will be to create your executive summary . In this section of your business plan, you will be talking about your business, the timeline of your business, and any information that will help you explain about your business. Basically the executive summary gives you the opportunity to expound on your business and the description and nature of your college business.

Step 3: Discuss Marketing Strategies

Third step to your college business plan is to discuss marketing strategies . Marketing strategies help in maintaining your business goals. If you are not sure where to begin with your marketing strategies, you can always make a marketing strategies checklist . As this also creates ways in helping you figure out how to attract customers or clients to your business. They must also be practical for your business and your management team to do, or the whole marketing plan and strategies will be pointless.

Step 4: Check on Your Business Plan

From the first three steps to creating your college business plan, you may think that everything will be enough. You must be open to checking, updating, and reviewing your college business plan. The whole point of it is to make sure you are open to the ideas of updating progress reports you are going to be getting through the business plan milestones.

What is a business plan?

A business plan is a lengthy document that has a complete detail of how a business you plan to set up is recorded. The business plan is also seen as a tool or a roadmap to help you find out the best roads to setting up a successful business.

Why do you need to update your business plan?

The main purpose for updating your business plan is because every progress is important. Every single detail that may show positive or negative changes have to be reported in order to keep your business plan updated as well.

What factors are in a business plan?

The factors you need in order to complete a business plan are the most simple and basic things like:

• executive summary
• practical strategies and steps
• a practical timeline and milestones

When you think of a college business plan, you know for a fact that you will need to make the business plan in a practical manner. Your business plan must have everything that you need to make this a success. With that, download any of the examples to start your college business plan now.

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College graduation season is underway, and nearly 3.2 million students are slated to pick up their associate or bachelor’s degree diplomas this spring, according to the National Center for Education Statistics. When the cap tosses and festivities wrap up, it’ll be time for job applications, apartment leases — and student loan payments.

It can be challenging to navigate major bills and student debt repayment. This year, new payment plans may complicate matters further. 

Investing time now to research repayment options can pay off, says Emma Crawford, a certified financial planner and student loans expert at Perk Planning, a registered financial advisory firm in Madison, Wisconsin: “It's not easy, but it's worth it because it can save them a lot of money in the long run.”

If you’re leaving campus this year and starting your first full-time job, here’s how to prepare for impending student loan bills and a new financial reality.

Complete student loan exit counseling

If you have federal loans, you must complete mandatory student loan exit counseling when you leave school. The process takes about 30 minutes and can be done online at StudentAid.gov . Exit counseling will ask you to update your contact information, walk you through how much you owe and explain the basics of student loan repayment.

Many universities require students to complete loan exit counseling before they will post their official diplomas, Crawford says.

Private student loans won’t appear on StudentAid.gov. To check your loan amount and terms, including any exit counseling requirements, refer to the documents you signed when you took out the loan and reach out to your lender.

Get to know your servicer or lender

Federal student loan servicers act as intermediaries between borrowers and the Education Department. You were assigned a servicer when you first took out your loans. Your servicer’s customer service department can help you with individual questions about your loans and repayment options.

Your federal student loan servicer is listed on the right side of your StudentAid.gov dashboard. You’ll have to set up a separate account on your servicer’s website to manage your bills.

“Understanding who your servicer is is really important, because a lot of people don't know that they're not going to be paying on StudentAid.gov. They have to pay their servicer,” Crawford says.

Spend a few minutes logging into your servicer account and updating your contact information. Here, you can also enroll in autopay, so you don’t have to manually pay your student loan bill each month. Autopay also gives you a 0.25 percentage point interest rate deduction on your bills.

Choose a repayment plan

If you don’t pick a specific student loan repayment plan , your servicer will automatically place you on the standard repayment plan. This splits your total debt into 10 years' worth of monthly payments, plus interest.

The Education Department’s loan simulator will give you estimates for how much you could pay on various repayment plans, including how much forgiveness you could get. Take some time to go through the pros and cons of each repayment plan, and learn about how monthly payments are calculated, Crawford says.

The new income-driven SAVE repayment plan is a good fit for many recent graduates, who tend to earn lower salaries as they start their careers. Beginning in July, SAVE will cap undergraduate student loan payments at 5% of discretionary income.

If you’re unemployed or earn less than $32,800 (roughly $15 an hour) as a single household, you’ll qualify for $0 monthly payments and interest won’t build under SAVE — while also making progress toward loan forgiveness. However, this plan could extend your repayment period from 10 years to up to 25 years, depending on how much you owe.

Reach out to your servicer to switch repayment plans. You can also sign up for an income-driven plan like SAVE on StudentAid.gov/IDR .

Repayment options for private student loans vary by lender.

Prepare for your first bill

You have a six-month student loan “grace period” after graduation or dropping below half-time enrollment, during which you don’t have to make federal student loan payments. After the grace period ends, your first bill is due.

If you start a job before the grace period ends and your federal loans are unsubsidized, consider starting repayment anyway. Interest will accrue during the grace period, which could increase the total amount you’ll repay over time. But if you have need-based subsidized loans, there’s no downside to taking advantage of the grace period — interest won’t start building until after the six months end.

“Take advantage of that grace period to try and get your career up and running,” says Scott Stark, a financial coach and certified financial planner at Financial Finesse, a workplace financial wellness company. “Until you have a job and some income, it's just all about trying to keep your expenses as low as you can, trying to avoid getting into debt or getting into situations that you're going to be digging out of a hole.”

Some private student loan lenders offer grace periods after leaving school. Check with your lender for the specifics.

Plan your financial future

Student loan bills might be a major part of your financial life for the next decade or longer. But as a recent graduate, you should also check in with other parts of your financial life to set yourself up for present and future success.

During your grace period, try to save at least $1,000 for emergencies — and once you start your first full-time job, aim to put 10% to 15% of your income into a workplace retirement account, like a 401(k), Stark says.

“Your future self will be so thankful, because of the benefit of how much time you've got for that to compound,” Stark says. “That is an amazing opportunity to get things started on the right foot.”

If your workplace offers a financial wellness counseling benefit, take advantage of it, Stark says. Some jobs even offer student loan repayment benefits , which can help you pay down the debt faster.

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High school and college grads: Here are some financial tips as you take your next steps

As we move through May, many high school and college students have accepted their diplomas along with adulthood. Sharing financial knowledge so these young adults are equipped to take on more independence and money management duties is a critical part of their transition from high school to college or from college to career.

Here are some of the tips we give Arvest customers to help them have financial literacy conversations with the young adults in their families.

Know budgeting basics

Establishing a budget is paramount. Outline your income and expenses, distinguishing between needs and wants. Tools like budgeting apps or spreadsheets can assist in tracking spending and ensuring financial goals are met.

Build an emergency fund

Unexpected expenses can arise at any moment. Aim to save at least three to six months’ worth of living expenses in an easily accessible account. Start small, but remain consistent in contributing to this fund. Consider setting up an auto-draft to deposit a small amount from each check into a savings account so you never see that amount in your daily-use checking account. A Forbes Advisor’s survey released in January found that Americans had four main regrets when it came to personal finance, and 13% of respondents regretted having little to no emergency fund.

Be mindful of credit card use

Credit cards can be double-edged swords. Use them responsibly by paying balances in full each month to avoid accruing high-interest debt. Monitor spending closely and be wary of overspending to maintain a healthy credit score. Remember, it’s not the amount you pay off each month, it’s the fact that you paid it off. Consider using the credit card for your gasoline or a small monthly subscription so it gets used and paid in full monthly. The Forbes survey also found that 15% of Americans regret taking on too much credit card debt.

Understand your student loans

Average student loan debt in the U.S. is about $37,000, but the average is a little less in Missouri at $35,397. Shop around and compare. Research loan forgiveness programs, income-driven repayment plans, and refinancing opportunities. Strive to pay more than the minimum to reduce interest payments over time. Be careful not to borrow more than is needed for tuition and basic living expenses and consider how much you’ll have to repay compared to your projected annual salary.

Invest in retirement early

Time is your greatest asset in building wealth. Take advantage of employer-sponsored retirement plans like 401(k)s, especially if they offer matching contributions. Even small contributions can compound significantly over the years. In the Forbes survey, having little to no retirement savings was the top regret. Don’t be intimidated by the thought of seeking professional guidance. Many bank accounts include some sessions with financial advisors.

Plan for major expenses

Plan meticulously for major expenses like buying a laptop or car. Save diligently and research thoroughly to make informed decisions. Try to spread out more expensive purchases to prevent going over your budget and draining your savings.

Protect your assets

Insurance is a crucial aspect of financial planning. Explore options for automobile, health and renter’s insurance to safeguard against unforeseen circumstances. Remember, it’s better to have it and not need it than to need it and not have it. The National Highway Traffic Safety Administration reports that car crashes cost Americans $340 billion in 2019, which is the equivalent of $1,035 for each of the 328 million people in the country that year. Repairs both for your vehicle and any others impacted on top of legal fees and fines can add up quickly, and without insurance you’ll be responsible for the whole amount.

Avoid lifestyle inflation

As income increases, resist the temptation to inflate your lifestyle proportionally. Instead, prioritize savings and investments to secure future financial stability. For example, when you get a raise, consider setting up an auto-draft to put the additional amount in savings or your emergency fund or set up an automatic bill pay to pare down a debt.

Be a lifelong learner

Utilize online resources, books, podcasts or workshops to expand your financial knowledge. Arvest created EmpowerED, a bilingual mobile-first financial education resource, to help consumers build financial health and confidence for themselves and their families. You might also consider seeking guidance from financial advisors for personalized advice.

Keep your digital house in order

Since more important documents can be stored digitally now, many of today’s graduates have the digital savvy to keep up with their files. Remember to keep tax records — like your W-2 from your employer — for at least seven years. Also, keep track of and review your statements for credit card, car and student loan payments. Store personal documents like birth certificates, social security cards, passports and transcripts in a secure location until you need them.

By implementing these financial literacy tips, high school and college graduates can lay a solid foundation for a financially secure future. With knowledge, discipline and perseverance, they can successfully navigate the complexities of personal finance and achieve their long-term goals.

Penny Lacy is the Springfield Region sales manager for Arvest Ban k.

Stress, confusion and uncertainty as borrowers navigate Biden debt relief plans

When student loan repayments began last October, Rachel Grace was faced with a painful financial choice: start making payments or drop her health insurance coverage. She chose her loans and has since been crossing her fingers that she stays healthy.

“We’re already all pinching pennies. It was that big health insurance cost every month that I thought was the one place where, at least for now, fingers crossed, I can do without so that I can tackle this loan payment,” said Grace, who is 39 and works in marketing communications in Nebraska. “Of course, that could change in an instant, and that’s scary.”

But this week, Grace got the news she'd been in financial limbo over for months — her federal loans were being forgiven, wiping out a roughly $300 a month payment, under a Biden administration plan to clear the loan balances for those who have been making payments for at least 20 years.

After the Supreme Court rejected President Joe Biden’s sweeping debt forgiveness proposal and a Covid-era pause on student loan payments expired , millions of borrowers have been faced with tough financial choices and a web of new debt relief plans and administrative delays that have left many in limbo over if and when their debt will be forgiven, said student debt counselors and borrowers.

“The road to hell is paved with good intentions,” said Betsy Mayotte, the head of the Institute of Student Loan Advisors, a nonprofit that provides free student loan advice. “I have seen a significant number of borrowers who have had relief, but on the flip side, because everything has had to happen really fast, it’s also caused some confusion for borrowers and it’s caused some bumps in the road.”

But the effects of that relief are starting to be felt by more borrowers like Grace, something the Biden campaign is working to capitalize on in the months leading up to the election.

Biden’s efforts to provide relief to student loan borrowers has been a top policy priority during his time in office. The Biden administration says it has provided student debt relief to 4.6 million Americans through more than two dozen different programs, including fixes to a pre-existing loan forgiveness program for public service workers, erasing debt for borrowers defrauded or misled by their school and expanding debt forgiveness for people with disabilities.

Last month, Biden proposed additional plans he said would reduce or erase the student loan debts for millions more as early as this fall, an Education Department official said.

But many borrowers have struggled to make sense of what all those initiatives mean for them or see the full benefits as some programs continue to be implemented, said Robert Farrington, who counsels student loan borrowers and is editor-in-chief of the website The College Investor.

“There is a firehose of announcements and new programs and so many various nuances to all of these things. There’s different repayment plans, there’s different forgiveness programs, different lawsuits,” said Farrington. “It’s hard for borrowers to even know what applies to them. It’s so confusing.”

Education Department officials say borrowers who believe they are eligible for debt relief but haven’t received it yet should contact their loan servicer or the department ombudsman ’ s office .

Amid the confusion, the Biden campaign has been seeking to show the real-world impact on borrowers who have received debt forgiveness in its pitch to voters for a second term, a campaign official said. Biden and other top administration officials have fanned out across the country to tout their efforts.

In one instance, Biden visited the home of a former school principal in North Carolina who had $90,000 in debt erased under the public service loan forgiveness program, a decades-old program the Biden administration has made changes to in order for more borrowers to qualify. A TikTok video of the visit made by the man’s son got millions of views.

Still, the majority of voters have said they disapproved of Biden’s handling of the student loan issue — with 44% approving, making it Biden’s strongest area among registered voters, according to an NBC News poll last month. In a separate poll by the Harvard Institute of Politics, just 39% of voters under age 30 said they approved of the job Biden has done on student loans. But like in the NBC poll, it was a higher approval rating than on other key issues.

The campaign official said it will take more time and aggressive messaging to get the attention of voters, whom the campaign believes are not yet paying close attention to the election. The campaign is also seeking to contrast Biden’s policies with those of former President Donald Trump, who has opposed student debt relief programs and actively sought to eliminate funding for them while president.

Rep. James Clyburn, D-S.C., a close Biden ally, said he expects tens of thousands of additional borrowers to see debt relief ahead of the election as Biden’s programs continue to be implemented, giving the campaign more opportunities to highlight the contrast with Trump’s opposition to such programs, he said.

“Who do you want to put in charge of that program?” Clyburn said in an interview with NBC News. “The guy who refused to implement it?”

Biden “has implemented the program that [Trump] tried to get rid of,” Clyburn continued.

But for the millions of borrowers not eligible to have their debt cleared, they have been required to make payments since October, creating an additional financial strain for many. Around 40% of borrowers who have resumed payments said they are cutting back on spending while 29% said they were reducing the amount they were saving, according to a University of Michigan survey released in January.

The survey found that borrowers who had lower incomes, less education and weaker income prospects were more likely to increase their use of credit to maintain their spending amid the resumption of loan payments.

Others have opted not to make their payments. Around 64% of borrowers who had payments due were current on their student loan payments as of the end of December, according to the Department of Education.

The Biden administration has said it will hold off until this fall on enforcing the harshest penalties for nonpayment, like reporting delinquent borrowers to credit rating agencies and using forced collections.

Mayotte said a number of borrowers she works with have been holding off on making their payments because they can’t afford them or have opted to use the money to pay down higher-interest debt or to invest in high-yield savings or investing accounts until the administration’s nonpayment penalties kick in.

Once that happens, the wider implications of the restart in payments could be felt, but so far it hasn’t appeared to have had a significant impact on the wider economy, according to an analysis by Wells Fargo.

For Grace, who took out around $40,000 in private and federal loans to attend a four-year public university in 2003, she said her monthly loan payments have been a heavy burden on her finances since she first started making them more than a decade ago.

At the start of her career, her loan payments amounted to more than 15% of her take-home pay, preventing her from being able to build up an emergency fund for unexpected costs, like a car repair, and causing her to rack up credit card debt. For years, she said, she had to work a second job on the weekends to cover her expenses.

But her financial picture drastically changed during the pandemic when the Covid payment pause began. Without that monthly loan payment, she said she was able to start building up her savings and pay off credit card debt. Eventually, she was able to buy her first home.

“Prior to that pause, things were pretty dire,” Grace said. “And so this gave me the opportunity to really finally start to catch up. It’s amazing what happens when you don’t have hundreds of dollars month after month going to this.”

Grace said she knew the payment would eventually restart and didn’t take on any additional monthly expenses. But with inflation driving up the cost of everything from groceries to utilities, the resumption of the payment was an even bigger strain on her budget than before.

When it came time for the payments to restart in October on the $10,000 she still owes, Grace was also making a decision about signing up for her employer’s health insurance plan for 2024. She opted to take the risk of going without health insurance to continue making progress on paying down her debt.

With her federal loan payment now forgiven, she knows what she will do with the extra next month.

“I won’t be going to Target with that money, I won’t be going on vacation,” she said. “I will be enrolling in health insurance.”

Shannon Pettypiece is senior policy reporter for NBC News digital.