Wednesday, August 1, 2012

Small Businesses Suitable for Students!

This article is for those students who are willing to start a business alongside their college education. Many students want to become independent these days. They want to support themselves. If they are business students like me, they might be willing to start their own business and learn the ups and downs of a business through a firsthand experience.

Since the nature and scope varies with every business, I have tried to classify them into broad categories, just to give you some ideas about what you can do alongside your study. The possibility and profitability of each business varies with time and place. So, I recommend you to analyze the costs and benefits of each business in your locality before deciding upon which business to start.

Here are the five major categories of small businesses you can venture while studying.

1. Agricultural businesses

This is one of my favorite categories and I would recommend everyone to try one of its kinds. The main advantage of agricultural business is that you can do it utilizing only your free time. Also even if you don’t reap much monetary profit these businesses are easy to start and they will provide you some good experience in the field. In the worst case scenario, you’ll be able to consume the crops yourself.
There are many cash crops for you to choose from: banana, mushroom, jackfruit, pineapple, lemon, aloe vera, papaya, mango, and so on. Also you can plant flowers. Why I don’t recommend rearing animals is because they require good deal of time frequently and regularly.

If you have your own land it’s good, otherwise, get a few yards of land in lease. Then get the plant you choose either from nursery or agricultural office, or anywhere you can get it from. And then plant it. Occasionally weed out the plants (can be done monthly) and water them (can be done weekly) depending upon the necessity.

Afterwards, stay back and watch the magic. When the crop ripens, you need to sell it to either a wholesaler or you might reach some retailers nearby your area. The second option needs a bit more work and is more rewarding too.

2. Online Businesses

This is the category where I am struggling. Given the hard work and dedication it requires, and the uncertainty it poses, I would not recommend it to you. Frankly speaking, if you want to earn good amount of money, then this too isn’t the right option for you. However, if you consider following benefits as worth pursuing then yes, this type of business might be the right one for you:

  1. Learning and working as if playing with information
  2. Learning some vital skills such as writing
  3. Good knowledge of how online businesses work
  4. The flexibility of time and physical location. You can do it anytime from anywhere.
  5. It can be a prestigious work (depends upon your place!).

The drawbacks of this type of business are health problems as a result of using computer for a prolonged period of time and low monetary reward (given the amount of work you have to do to be successful).

3. Giving Tuitions

How is to study well for yourself and give tuitions to your fellow juniors? You not only improve your studies but also earn a good income. Alternately, you can seek for a part-time job in a primary school. Why a job in an article of business? Well, first to learn teaching skills and give yourself more experience; and second to expose yourself towards a pool of your potential customers (students). You should note that tuition is mostly a seasonal business. So, doing a job in a school keeps you well updated about the exam schedule and the season of tuition.

Wherever you teach, you should create a good impression with your students. Be friendly and avoid formality. This will be the best thing to do if you are planning to become an academician (teacher or professor) in the future. If you want to become top personnel in your field then don’t forget to work hard like hell. The reward will surely be worth the time and effort you invest today.

4. Research

This might be less exciting and you might even think “how I will make money through research?” The first requirement for you to undertake research is your formal education on the subject. BBA students are generally taught a subject called “Research Methodology”. So, now it’s the time to capitalize on the knowledge you have on research. Furthermore, it’s not that unexciting as it appears to us at first, because research is a way of creating new knowledge because the existing knowledge couldn’t help to solve a specific problem.

First of all, do an informal survey on the problems that the businesses in your locality are facing. Then devise a research proposal outlining your idea. Now approach some businesses and offer them to do some research to solve their problems or to help them improve their productivity. At first, they might be wary about you but if you do a valid and useful research, then you’ll earn both money and experience.

Even your own college or university might release some fund for you to conduct a research if it finds your proposal impressive. After you conduct the research successfully and publish the result, you’ll certainly be recognized and approached by the people who are looking for the persons like you. So, it’s an excellent way of selling yourself.

5. Consultation & counselling business

There are many kinds of consultation & counseling business you can run, even virtually. Only what you need is a genuine idea to get started. You can give consultations to the local businesses about how to improve their productivity and so on.

Businesses need consultation in financing, investing, increasing productivity, marketing, and so on. Also they need to make business plans, forecast future sales, make various budgets, and such.

Also, individual people need consultation about further education, career options, lifestyle, food and nutrition, relationships, money management and stock investing, improving creativity and mental ability, and so on. You just need to identify the right niche to tap upon.

6. Others

Apart from these, you can start micro trading businesses like selling fruits, vegetables, popcorn, etc and so on. Also you can do production related micro businesses like making dolls, handicrafts, arts, paintings and so on. Also you can do your own research and find out which business has a good scope in your area. Please note that there might be other opportunities in your place. Find them and utilize them to your best.

1 comment:

  1. It's realy a fruitful idea.appreciate it.

    ReplyDelete