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Essential Guide for Starting a Business From Your College Dorm Room

When it comes to college life, it is a lot of fun, but also a lot of work. When you factor in the costs of it all it can really add up. Working alongside studying can be needed for a lot of students, which makes the juggle of student life very real. As a result, it is easy to see why so many people look to start businesses from their college dorms.

College Goals

In fact, businesses like Facebook were started right there at Harvard University, so why couldn’t you potentially do the same? Another example of a college dorm business being a huge success is the founders of mobile-scanning app (Scan), who sold their app to Snapchat for $54 million. This was done at college in Utah by a group of three friends. But how could you do something like this on your own? Here are some tips that might help you to get a college dorm business up and running.

Think carefully about who you go into business with

If you have an idea that you think could really work, then you need to think very carefully about who you share this with, as well as who you want to go into business with. If the business is a success, then the people that you work with will be a part of that, as well as getting a financial slice of it too. You should think about who could add value to the business, who you can work well with, and who you trust.

Write your plans down

Business plans are the main maps to follow as an entrepreneur. As a result, you will need to write out exactly what you plan to do as a business. Describe the product or the service that you will create or offer, and then describe how it will differ from other businesses or how it will provide a solution to a problem. Note down costs, profit margins, and how you will pay for costs like advertising or marketing. At the same time it is a good idea to think about what you want to gain from this. Do you plan to just sell your business to the highest bidder once you have shown it to be a success, or are you just looking for a sideline as you go through college? Knowing the answers to these kinds of things will help you to decide what kind of business you need to have.

Look at University resources

There may be some business competitions that you are able to run on campus, but even if that isn’t the case if you don’t win, then you should look into what resources your university has for this kind of thing. Are there mentors or people you could pitch to for capital, or how about a larger workspace than your college dorm to put together a prototype? Your particular university might even have some grants in place that you can access to get your business up and running. Using social media is a big part of this too, so connecting with university alumni could all be part of that.

Make it legal

If you want to really get things going with your business then it needs to be a business that is registered and legal. Choose a company name and register it, and depending on what your business does, you could also look into copyright and trademarks, particularly if you have a product that is unique. You should also register the business as a company, which is important for tax purposes, as soon as you start to make money. If you don’t want people to know what the business was created in your college dorm, then it could be a good idea to look at an online business address service so that on anything official, the address is not based at a university but at a completely different location. When you do this kind of thing it sets your business apart as being really professional, right from the start.

Use Technology

One of the biggest problems that small startups face is funding. The good news is that there is a range of technology that you can use to help you to cut costs that you can take advantage of as a small dorm-room business. For example, startups in pharmaceuticals can now use algorithms to test different compounds, rather than having to spend money investing in a lab, which would have been what would have happened a couple of decades ago.

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