Are you a college student with an entrepreneurial spirit?
Do you have a business idea that you just know is going to take off?
Is the money required to launch it all you’re missing?
If so, don’t worry. Even if you’re flat broke, you can secure the money you need to fund your business.
3 Creative Methods of Funding Your Business in College
While there are plenty of traditional methods for getting your company off the ground (e.g. borrowing from your parents, taking out a business loan, etc.), don’t overlook these three creative ways that are proven to work.
1. Use a Student Loan to Cover Your Living Expenses
If you’re like most college students, your living expenses take up a large portion of your overall budget.
Wouldn’t it be nice to free up some of that money so you could put it toward your entrepreneurial dreams?
One really easy way to do this is simply by using your student loans.
Despite what you may have heard, you can pay for your living expenses with your loans. This includes major expenditures like:
You’re not strictly limited to using that money for tuition and fees.
2. Take on Relevant Freelance Work
This refers to anything from writing to marketing to coding and much, much more.
As you probably already know, starting your own business takes more than just a good idea. Perhaps you’ve already begun to develop some of these talents.
Freelance work is an excellent way to further refine those talents – which you’ll need for your business – and get paid to do so. While it will mean putting in extra hours every week, you’ll be a much better entrepreneur for it and, of course, you’ll find a consistent source for funding your company.
3. Pitch Your Fellow Students
College is the perfect time to begin expanding your network.
However, far too many students look outside the college when they do this. They forget all about their fellow students.
If you need help funding your business, now’s the time to begin networking on campus. Pitch your idea to other students and see if they’d be willing to invest. Obviously, most college students aren’t extremely wealthy, but you might be surprised about the kinds of opportunities you find.
Furthermore, you’ll get lots of practice with one of the most important tools in the entrepreneur’s toolbox: pitching. Better to fail at this with your fellow students – including your friends – than later on in life when the stakes are much higher.
Act Now Before Someone Else Does
The world is full of entrepreneurs, many of whom may have the same idea – or, at least a similar one – as you do.
That’s why you need to take action right now. Start by using money from your student loan and then explore what kinds of freelance jobs are available and who around you might want to become an investor.
The sooner you do, the sooner you can launch your business before someone else does.