College Income: The Best Time to Start a Home Business?
Posted by Will Byrd on Thu, Mar 03, 2011 @ 10:23 AM
When he was 25 years old, Aaron Patzer started the website Mint.com. Garrett Camp created the now acclaimed StumbleUpon while he was a graduate student. Ben Cathers, now in college and opening a third business, was a mere 12 years old when he successfully launched his first Web marketing and advertising firm.
It's never too early to start a home business, and launching a successful start-up on a college income is not only possible, but has been done time and time again.
Unemployment is an epidemic that is laying siege to the economy as a whole, leaving many working people without jobs, but also leading to more students without a college income.
Unemployment rates for those under 20 years old has reached as high as 21.5%, resulting in more and more young people entertaining the idea of starting a home business of their own. In fact, in 2006, there were 492,000 people younger than 25 who were self-employed, according to the Small Business Administration.
Now is a fantastic time for college entrepreneurship and start a home business! Especially if your target audience is teens or college students, being in the same demographic gives you an advantage that older entrepreneurs could only beg to be granted by the stars.
Advantages to college entrepreneurship and starting a home business are plentiful. You have the opportunity to learn about the mechanics of business as you go. Firsthand experience is invaluable, and provides knowledge that is unmatched in any other job you might take.
Of course, there are some hurtles with college entrepreneurship that you'll have to clear. Balancing a business with a college schedule can take careful planning, and some time to get accustomed to. Lack of experience will likely lead to unexpected obstacles that you will have to overcome, and may result in more effort required to earn the trust of some customers.
Additionally, with little college income and without credit history or collateral, securing a business loan can be very difficult for a college student starting a home business. If you aren't yet 18, you won't legally qualify for a loan, which means you may have to search for funding elsewhere.
There are solutions for all of these issues, though. You may encounter obstacles, but clearing them will help you grow and will result in a stronger business. Additional funding, if needed at all, can be secured elsewhere. Another option is to find a co-signer whose support may improve your chances of receiving a business loan.
The best part about starting a business now, though, is that time is on your side to kick off your college income. You are young, and your business has time to grow.
A home business can help boost your college income now, but if you take steps to create a truly solid business, it could even result in complete financial security in the future.
To learn more about college entrepreneurship, I strongly encourage you to read the eBook, "The Power of College Entrepreneurship and College Income: A Practical Guide to Leveraging Your Experience." It expands on what is discussed here, and will guide you toward creating a successful business as a college student.
It truly is the best time to be an entrepreneur and jump start your college income.
