(Continued from Part I of this series).
…Many young and first-time entrepreneurs start their business assuming they’ll need startup capital in the form of outside funding, but the truth is that there are many great, profitable business ideas that require almost no money to begin. Look into affiliate, drop shipping, and reseller programs, where you may not need to worry about inventory or shipping, and instead will take a percentage from everything you sell. Coupled with a good website and online marketing campaign, these programs can land a solid income for you, and are virtually infinitely scalable.
If your business grows into more than a hobby or a dorm-room venture, consider legally forming an entity to protect yourself from possible lawsuits, name violations, and tax trouble. The easiest and cheapest to set up is a sole proprietorship, for which you’ll most likely need to register a legal business name (called a D.B.A. for “Doing Business As”). The cost to do this varies in each state, but is usually very trivial ($16 in Texas). A more structured yet also more expensive route to take is to set up a limited liability company, or LLC, that lets you share some of the legal and tax benefits of larger corporations. Many law firms offer to handle the paperwork and processing for a few hundred dollars. If you plan to hire employees, you’ll need an Employee Identification Number (EIN) and you’ll need to be very familiar with the state and federal laws governing wages and other concerns.
While this article is nowhere near complete, it should serve as a good jumping-off point for your own venture. Be sure to check into your college or university’s rules regarding soliciting products/services on campus, but be aware of the many opportunities in and around your school for making money that can be scaled and profited from. Finally, check out the huge database and resource center here, and visit our forum to discuss these and other ideas with students, small business owners, and even CEOs.
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