Some of the most successful web-based businesses in the past two decades have started in college dorm rooms. As a college student, you’re in a unique position: you’re at probably the most creative and innovative stage of your life, and you have the kind of freedom necessary to build a business.
 

Unfortunately, you’re also pre-career and probably don’t have access to limitless amounts of startup cash. And, while it doesn’t take that much capital to start a web-based business, you are going to need some. Not only that, a cash infusion can greatly multiply your efforts and speed up your growth, putting you exponentially closer to seeing your business succeed.
 

All of that means you need to be smart about your web-based business. You need to take advantage of every possible resource, and you need to be as efficient as possible with the resources you have.

 Here are some of the most important tips for bootstrapping your web-based business while in college:

Look around you.
Universities and colleges are tremendous resources for someone starting a web-based business. Here are just a few of the resources you may be able to tap at your school:

  • Workspace. Meeting rooms, computer labs, and libraries can all be valuable tools when starting a business. Some colleges even encourage this kind of entrepreneurship and offer shared workstations for aspiring enrepreneurs.
  • Mentorship. A university campus is usually ripe with mentors potential. Protip: look to successful alumni and the business departments first. Many of those folks have been where you’re at with a business, if not a web-based business.
  • Grants. Some colleges offer startup funding to students. For example, those in the MBA program at Columbia can receive grants from the $1 million Lang Fund.

Many of the resources you need for boostrapping your web-based business can be had without even leaving campus.

Create a solid business plan.
Just because you’re starting a business in a dorm room doesn’t mean you’re not starting a real business. All of the important elements that a “real-world” startup needs should be present in your college web-based business.
That means:

  • Doing market and industry research
  • Identifying competitors
  • Examining existing business models (both successful and unsuccessful)
  • Building a marketing plan
  • Making realistic sales projections


Fortunately, there are plenty of business-planning tools out there you can use to pull all of this information together.

Leverage free and open-source tools.
There are tons of open-source tools that will help you grow your web-based business. In many cases, these tools are just as robust as their commercial counterparts. You just need a bit of technical knowledge to implement them.

Content Management Software, shopping cart software, and even a number of automation tools can be found in the open-source world. Just be sure the tools you choose have sufficient community support, or you’ll find yourself spending way too much time trying to make them work.

Seek outside financing.
Because you’re in college, chances are few banks are going to be willing to make a business loan for your venture. You don’t yet have a proven track record of success.
Still, there are some financial institutions that specialize in loans and grants for younger entrepreneurs. Identify potential sources of capital like these, first.

Many students turn to family members for some startup capital. Others work side jobs, saving up money enough to fund their dream.

Get funding wherever you can find it. Just make sure you’re diligent – miserly, even – about how you spend it. Don’t let go of one dime that doesn’t grow your business.

Strike while the iron is hot.
There may be no other time in your life when you have the perfect combination of free time and inspiration to start a business. That means being dedicated to the project, though, and not being distracted by other things going on.

If you’re going to really give the college web-based business a go, then do it. Be dedicated to the task. Be willing to sacrifice just about everything except your academic training to make it work.

The success of your college web-based business is squarely on your shoulders. There are many obstacles that will get in your way. There are many things that can cause your business to fail.

Don’t let your business fail simply because you weren’t smart about it. Being able to identify and leverage every available asset is key to success not only now while you’re in college, but to the success of your business long after you leave those hallowed halls of learning.

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About the Author: Greg Muender is President of Ticket Kick, a California company that helps drivers get red light tickets, speeding tickets, and other traffic tickets dismissed by helping drivers through the trial by written declaration process. The company, which formally launched in 2010 after providing similar services since 2006, is the leading company in this space and growing rapidly.