How to Start a Business in School for Profit

Entrepreneurship isn't just for adults.

When you're in school you are constantly surrounded by a community, and your wants and needs often revolve around the people you spend the most time with. What can you create or update that will help solve the problems of your fellow students?

Figure out what you want to sell while you’re in school

If you are a young artist with more projects than you have room for, you can sell your photographs, pottery and art online! This gives members of your community a great way to support your work while giving you a chance to earn some extra money!

When I was in 7th grade, I had a pair of pants with a loose zipper. At that point an unzipped fly was the height of embarrassment, so I created a simple string and button solution for my pants. Just a few years later I saw someone marketing a similar idea on TV!

Most of us have a story like that. As a student you are constantly learning and seeing problems that could be exciting to solve. The time is now! Make this your moment!

Digital products

If you're not interested in the expense and hassle of shipping, digital products are a great way to sell a product online without much expense. Most of the people you know are more likely to purchase something online than in person, so selling digital products online is a great idea!

Teaching online

Your classes today are very different than they were just five or ten years ago. An online class like the ones from Think Olio teaches from the perspectives of academics in creative and forward thinking disciplines. You can focus on something unique about your learning experience or a subject you love, and share those lessons with the world!

Or if you have good study skills, you can tutor younger students in the subjects you excel in. Or start an online study group, and, if you are the best notetaker in your group, sell PDF guides!

Teaching classes online is a great way to start a business in school for profit.

Also, just because you're in school doesn't mean your business has to be about school.

I read a story the other day about a girl who started helping her mom with Pinterest marketing. She turned her services into a successful business and so can you. She also teachers her process online in an online class. You can do the same!

If you’re looking for more ideas, check out this list, it has over 50 businesses you can start in school.

Quick note: If you do start a business at school, make sure that your business doesn't break any school rules.

How to Start a Business While You’re in School

The money question

Where will the money for your business come from? Some startups need more money than others to get going.

Figure out how you feel about debt and learn debt management early. My first experience with debt was when my Grandpa lent me $2000 for a trip to perform in the Hollywood Christmas Parade. It helped me learn responsibility and accountability early on.

If you're starting a business there may come a time, earlier than later, where you need to go into a little debt to grow your business. Learning early on how to responsibly manage debt is a skill that will help the rest of your life.

If you already have the capital you need, you may want to set up a separate account for your business as it grows.

Work on your writing skills

Anyone running a business will do a lot of writing for marketing and customer services. You will also need some math skills if you plan to do your own accounting.

Put a business plan together

A simple business plan template can help you organize your ideas and give you a step-by-step plan to start your business in school so it doesn't seem like such a big project. Think about what your audience has access to and what they are willing to pay. Use this information to decide on pricing and marketing for your product.

If you're already a good student, approach your business the way you would a big class project. Do your research, get organized and really prepare before you start selling.

If you tend to be more spontaneous and rush into executing your great ideas, reach out to a friend early on who will help you establish benchmarks for your new business so it doesn't soar, then crash and burn.

Find a mentor

Mentors are important for entrepreneurs at any age. You may want to talk to parents or friends who are already in business to get advice on what works best for them as you start figuring things out.

Running your own business

Be sure to set aside the time you'll need to make your business successful. You'll probably need to carve out a couple of hours every day to respond to customer emails and promote your business with a blog or social media. You may also want to create an email newsletter. If you have some digital savvy, there is no limit to what you can do with your free time after school!

Slow is better than fast

When it comes to spending and growing your business, it’s good to be cautious. Remember that keeping your customers happy is a better strategy for running a healthy business than getting a lot of profit right away. Pushing too hard or fast can lead to taking on more responsibility than you have time for. That can damage the reputation of your business before it really gets going.

After you start selling

Be sure to share your products with your friends and family, and ask them to submit testimonials on your website if they like what they see!

Defining success

Your business doesn't have to make a lot of money to be a success. Your journey learning how to start a business in school will be an incredible experience no matter what your end result is.

Also, a business is also a great thing to talk about in your college applications and admission essays. For many college students, entrepreneurial projects make solid thesis projects that pay off after graduation.

Don't be afraid of what you don't know. Most of the best entrepreneurs in the world learned through making mistakes. Sometimes you have to make mistakes and take a risk to grow.