How to Start a Business as a Student

As a student, the journey of starting a business might seem like a stressful and difficult task, because it is going to be combined with the rigors of academic life. Especially in a country like Nigeria where lecture time can be from 8am to 6pm on most days.

However, the truth is that being a student can actually be an advantage when it comes to launching your own business venture. As you will both be solving problems through the value that your business provides and making money for yourself.

In this article “How to Start a Business as a Student”, we will walk you through the steps, strategies, and secrets to not only balance your academic commitments and your business aspirations but also excel at both.

Here is how you can start a business as a student:

1. Idea Generation and Research

Starting a business in Nigeria as a student begins with this crucial step: idea generation and research. This phase lays the foundation for your entire venture by shaping your business concept and ensuring it meets real-world needs. Here are 12 unique business ideas for intending students entrepreneurs to consider;

  1. Tutoring Services: Only Offer tutoring services in subjects/courses you excel at and partner with those that excel in other subjects/courses.
  2. Laundry and Dry Cleaning: Provide convenient laundry and dry cleaning services for fellow students and lecturers who are too busy to do their own laundry.
  3. Event Planning: Organize small events, parties, or gatherings for students on and outside of campus.
  4. Healthy Snack Delivery: Prepare and deliver healthy snacks and drinks to fellow students based on their orders.
  5. Customized Merchandise: Create and sell customized merchandise like T-shirts, mugs, and phone cases featuring popular quotes, designs, or college logos.
  6. Tech Support and Repairs: Offer technical support and repair services for laptops, smartphones, and other electronic devices.
  7. Mobile Phone Repair Services: Offering phone repair services for common issues like screen replacement, phone unlocking, and battery replacement is lucrative in a student environment
  8. Graphic Design Services: If you’re skilled in graphic design, provide design services for posters, flyers, and other promotional materials for student organizations and events.
  9. Fitness Coaching: Become a fitness coach and offer workout plans, nutrition advice, and personal training sessions to help fellow students stay in shape.
  10. Delivery Services: Partner with local restaurants or shops to provide delivery services for food, groceries, or other items to students on campus. More like a dispatch rider.
  11. Interior Design Services: Offer interior design services specifically tailored to student budgets.
  12. Gaming and Sports Viewing Center: This is a great business idea, especially in a typical Nigeria student environment where both gaming and sports are popular forms of entertainment

Additional Sources for Business Ideas for Students:\

An additional tip for choosing the right business to start as a student: Your business idea should align with students’ needs above your personal interest.

Once you have a preliminary idea, the next step to take is to research its demand, your target market (obviously mainly students), and the competition.

2. Crafting a Simple Business Plan

It is time to document your research, and that document is called a business plan. The business plan act as a compass guiding you through the entrepreneurial terrain.

In addition to your market research data, other key elements are to be factored into your business plan. They are;

  1. Business Goals
  2. Value Proposition (Explain what sets your business apart from the competition)
  3. Marketing Strategy
  4. Financial Projections (an estimation of your business revenue, expenses, and profits within an expected period).
  5. Operational Plan, and
  6. Risk Assessment

Remember to keep your business plan simple as possible.

3. Building a Strong Online Presence (Optional)

If your business requires an online presence, you may want to focus on building a strong online presence. In today’s digital era, establishing a robust online presence is no longer a luxury—it’s a necessity, especially for a student entrepreneur in Nigeria whose business evolves around the online space.

Here is how to build a strong online presence for your business as a student:

  1. Create a Professional Website
  2. Active Social Media Profiles
  3. Showcase Your Products or Services (if you are into buying and selling)
  4. Engage with Meaningful Content and with Your Audience
  5. Build a Brand Identity
  6. Use Online Advertising to Reach a Wider Audience
  7. SEO Optimization
  8. Stay Up-to-Date with Trends and Technologies that could benefit your business’s online presence.

Those strategies are only for those students who are into online business.

4. Networking and Collaboration

The value of networking and collaboration cannot be overstated especially doing a business as a student in a student environment in Nigeria.

Engaging with fellow student entrepreneurs, local businesses, and industry experts will open up a world of opportunities that can elevate your business to new heights.

You can begin your networking and collaboration by;

  1. Actively engaging with other student entrepreneurs.
  2. Establish relationships with local businesses within your school environment where your business is situated or with other businesses that complement your own business.
  3. Seek out established professionals in your field and learn from them.
  4. Share Knowledge and Insights (Networking isn’t just about taking—it’s also about giving).
  5. Partner with fellow entrepreneurs or businesses on joint projects.

By forming meaningful connections, sharing ideas, and partnering with others, you’re tapping into a wellspring of innovation, support, and growth. Remember, success isn’t solely about what you know—it’s also about who you know and how effectively you leverage those connections.

5. Balancing Academics and Business

Simultaneously pursuing your academic aspirations while nurturing your business venture is a remarkable feat that could turn out bad if not properly managed. To succeed in both realms, you’ll need to master the art of balance.

Here’s how to effortlessly and effectively manage your time to harmonize your studies and business pursuits:

  1. Create a structured schedule by allocating specific time blocks for attending classes, studying, working on your business, and personal activities.
  2. Prioritize tasks by determining which tasks are time-sensitive, which tasks have a high impact, and which tasks can be postponed.
  3. Don’t overcommit to tasks that could lead to burnout or compromised performance in either academics or your business.
  4. Plan ahead by taking advantage of tools like calendars, planners, or productivity apps to plan your days and weeks in advance. This prevents last-minute rushes and ensures a smoother workflow.
  5. Eliminate time wasters in habits or activities that drain your time without yielding significant results.
  6. Don’t neglect your well-being. Allocate time for relaxation, exercise, and leisure activities.
  7. Stick to the Schedule by using a time block strategy that helps you stay focused and prevents tasks from bleeding into each other.
  8. Communicate your schedule if necessary with peers, family, or friends. Let them know your availability so they can respect your commitments.
  9. Periodically review your schedule to determine if it’s effective or needs adjustment.

In addition to balancing your academic and business together, you should know that; there will be times when academic or business will take longer time than delegated. Those periods are called “Periods of Grace”.

And It is okay to occasionally prioritize one over the other as long as it is not a consistent pattern.

KEY STEPS:

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Final Thoughts on Student Entrepreneurial Journey in Nigeria

This entrepreneurship journey as a student in Nigeria is a bold and unique blend of academic pursuits and business aspirations, where every step taken has the potential to shape your future in remarkable ways.

From generating innovative ideas to crafting a strategic plan, building an online presence, networking, and managing your time effectively, each aspect contributes to the tapestry of your success.

Remember, your journey is not without challenges, but it is in overcoming these challenges that you’ll discover your true strength.

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I am Eghosa Kester Igbinigie, the owner of StartBizEasy.com and Richnuggets.com. As a business enthusiast, writer, and speaker, I hold a degree in Business Administration (BSc) and own several successful businesses

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