Starting a business while you’re in college will not only provide you a steady income, but it’s also an opportunity to learn skills that will benefit you after graduation.
Starting a business is not only doable, but has the potential to explode into something huge. Just look at these millionaires under the age of 25 that have done huge things in business while most of us were still living up college life.
If the Better Know a Young Millionaire series has inspired you to let your entrepreneurial spirits flow, but you’re still having trouble pinpointing a business idea, here are some big business ideas for you.
Develop Social Network Integrated Games
Social media games have exploded. In fact, this is now a billion-dollar business.
If you can develop a game that integrates a social network into it, you have a viable business opportunity. Many of the social network integrated games make money by charging for a full version of their games, displaying advertising, or asking consumers to pay a small fee or wait a certain time to get to the next level of a game.
Think about it: how many people do you think pay to get to the next level of Candy Crush? I’ve never done it, but the thought has definitely crossed my mind a time or two.
Here are some fun facts:
- Candy Crush makes about $850,000 per day!
- FarmVille earns approximately $113 million per year.
In comparison to what these games earn, the cost to create them looks like pennies. Easily accessible, games are here to stay.
Turn Freelancing into an Outsourced Business
When it comes to freelancing, you can do pretty much anything your heart desires. However, the downside of freelancing is that like a day job, you’re still trading time for money which limits your income.
With a freelance business you can start by offering your own services. As you build your client base you can slowly outsource the work. After you work on building a solid reputation for your company you can outsource more and more of your work while increasing your prices.
With time you can turn your freelancing into a full-fledged business and hire on more contractors or employees as you see fit.
Here are some freelancing ideas for you:
- Web design
It’s very easy to get started freelancing and the startup costs are virtually non-existent. If you’re able to build a solid reputation for yourself and continually market your services, you won’t have a problem finding clients.
Another industry expected to steadily grow over the next several years is e-books.
If writing a book is on your to-do list, now is the time to get started. With e-books you don’t have to worry about shopping publishers and hoping that you get a break. You simply write your book and upload it to one of the many, many e-book platforms out there today.
However, you do have to perform some research to make sure there’s going to be a demand for your book. You’ll also have to make sure that your book gets in front of the right eyes, so some marketing will be involved.
The good thing about e-books though, is that after you create your book and upload it, you can enjoy passive income. Many new authors earn thousands of dollars per month off of their e-books. And, you can too if you’re willing to put in enough work upfront.
Develop Smartphone Apps
If you’re a developer, you have a ton of opportunity in front of you.
Smartphone apps make people’s lives easier. And, since most people are almost obsessive with their smartphones, you’ll have a huge customer base if you can come up with a good idea.
Although the most used apps are Google Maps, Facebook, and YouTube, just about any app that makes a person’s life a little easier is being downloaded.
Make Your Idea a Reality
If you feel like you have a brilliant idea, don’t push it aside. Research it, test it, and if it seems worthwhile, go for it.
There are many young entrepreneurs who have turned their ideas into realities and have reaped the rewards.
- Emily Newman saw a need for nice wedding dresses with a lower price tag and started OnceWed.com, a site where secondhand wedding dresses are sold.
- At age 18, Catherine Cook created the website MyYearbook.com and now has a net worth of around $30 million.
- At 28 years old Andrew Mason founded Groupon and his net worth is now hovering around $200 million.
While you may not be the next Mark Zuckerberg, you can start a lucrative business while still in college. It’s been done over and over and will continue to be done in the future.
What’s holding you back from starting your big idea?