Mark Zuckerberg and Bill Gates are renown billionaires, and they started their startups while in college. According to a CT Corporation survey, 20% of college students start a business while in college. If you are thinking about starting a business while in school, you will need discipline, planning, and a lot of wisdom. 

Balancing studies and entrepreneurship is not easy; it takes a lot of work. But that is what running a business is all about–going above and beyond to provide a product or service that solves a problem and makes money. We have compiled five strategies for starting a successful business in college to steer you in the right direction. Here’s what you should do.

Come Up With a Business Idea

People won't buy from you because they want to support your business; they will buy your product or service because it solves their needs. Brainstorm and come up with ideas that mend a gap, address a pain point or provide something customers need. Are you offering a service that solves a problem or does your product make people’s lives better? Whatever the business idea, it should be original and address a problem.

Identify the Target Market

Before launching your product or service, do extensive research to identify your target customers and how your business fulfills their needs. Niching down will also help you determine how to test the product or service and how to stand out from competitors, if there are any. Additionally, knowing your target market will come in handy during marketing because you won't waste advertisement money on the wrong audience.

Create a Business Plan

Once you confirm your idea is viable and scalable, it's time to launch the business. Make a detailed business plan. Introduce your value proposition, business strategy, goals, visions, and other nitty gritties of the business. Don't write a complex plan, just make it detailed enough to convince investors. Here are some tips to help you craft a good business plan.

Acquire Funding

Starting a business in college is not easy because you have limited funding options. Some investors may see you as a 'yet to mature' entrepreneur, and banks may not give you loans due to lack of collateral. Fortunately, it's not all doom and gloom. You have various options such as government grants, college resources, help from parents, and short-term loans. You may be eligible for auto money title loans if you own a car. These loans offer quick cash, which you can repay as soon as your business picks up.

Test Your Product

According to Forbes, approximately 90% of startups fail before taking off. Two of the primary reasons these businesses fail is failure to test their prototype or ask for feedback from customers. Before you think about developing a product or starting a service, test the waters by giving free samples, offers, or free services. If the customer feedback is great, you can execute your idea. Don’t give up because of negative feedback, instead, improve the product features until you perfect it.