Whether you are studying for that degree online or on campus, the truth is that the bulk of your time is spent on academics. That’s a fact. Unfortunately, unless you are independently wealthy, even if you have a full ride including meals, you will need some kind of income. While some students try to work part time, others seek online endeavors to bring the money in. Is that entrepreneurial spirit coming out these days? If you are trying to start a business, even if it’s an online eCommerce business, there are some very important things to consider.
Table of Contents
1. Registering to Do Business in Your State
The first thing you will probably want to do would be to register your business in the state in which you intend to operate. At this point, it would probably be where you live. If you are studying at the University of Delaware, Wesley College, Delaware State University, or any other school, you may want to list a virtual address in Wilmington when registering your business. This way you can work from home, the college library, or even McDonald’s with free Wi-Fi but still have a legal address in the state where your company is registered.
2. Register as an LLC
The other aspect of registering to do business is the type of company you register as. Most people prefer registering as an LLC, Limited Liability Company, over Sole Proprietorship, Partnership, or a Corporation of any kind. The reason for this is that your personal assets are safe if your business is sued or found at fault of payments, for example. It’s safer for you while your funds are already limited but is also safer at later points in life too. An LLC protects your personal assets, plain and simple.
3. Choose a Business with Flexible Hours
There is one other really important thing to consider. Since your education should take priority at this point in your life, choose a business where you can set your own hours. For example, if you want to set up a math tutoring service for high school students, you will need to be available afternoons and early evenings. What if those hours don’t work well with your class schedule? Even distance learning has videoconferencing and certain live lectures you may need to attend, so keep flexibility in hours a priority.
The best aspect of setting up an online business is that you probably have everything you need. You probably have a good quality laptop, if not an SFF (Small Form Factor) desktop for your dorm room. Also, you probably have stable internet connectivity and office equipment like a multifunction printer. Choose a niche you are well-acquainted with, so your research time is minimal. As one final note, make sure you have a payment platform contracted so that you can get paid for your services or merchandise. That is something you’ll need to do when you set up a business website. But even that is easy with user-friendly WordPress templates. You have the tools you need so now go out and make that money!