06/ 28/ 2006
Instead of going to work for someone else next summer, learn how to strike out on your own. If any of the following criteria applies to you, you might want to consider putting the books away for the summer and becoming a business owner.
Your school credits are caught up. If you need to attend summer school, carefully consider whether you'll also have time to pursue your entrepreneurial interests. Summer school classes are usually shorter and therefore move at a more rapid pace than fall and spring classes. On the other hand, there are many professors who lighten the load for summer and give students the opportunity to get some easy credits. If you're planning to do both, make sure you talk to students who have taken the classes for which you've signed up, so you have a realistic idea of your time constraints.
You're unsure if you want to become a business owner. If you're still trying to decide whether or not you want to work for someone else or go it alone after graduation, a seasonal business is a good way to learn the ropes of owning your own business. Even if you decide to mow your neighbors' lawns, you'll still get the taste of being in business for yourself. After all, you'll have to advertise with fliers and phone calls, decide on your rates, schedule your appointments, and so on—all the types of juggling activities that are part of being a small business owner. If this goes well for you, it will be a good indicator that you'll be ready to move onto a bigger business after you finish school.
You've noticed services your neighborhood is lacking. If you go back home for the summer, what sort of establishments do you and your friends complain there aren't enough of? Are there any services that you could fill? You have the advantage of being very familiar with your hometown and having lots of connections there that could help you get a business off the ground.
However, you might have it even easier if you stick around campus. A lot of businesses that cater to college students pack it in for the summer, neglecting the market of summer dorm residents. Talk to your friends who have stayed on campus for the summer, and figure out if you can offer anything they are missing. You might have an easier time breaking into your business during the off-season, too. For example, if you want to open a business that promotes events, summer is an easier time to break into that market, as your school will likely be planning something on a lesser scale than homecoming or graduation events.
You have talents you have been neglecting during the school year. Let's say that you like to design T-shirts, but you just don't have time in between writing papers and studying for tests. Summer is the perfect time to test out your talents in the marketplace. You'll have time not only to make the products, but take them around to shops and craft shows. If it turns out that there is a demand for your products, you will have time to make more in advance, so that you won't be trying to fill orders and register for fall classes at the same time.
Finally...
If it sounds like you're a good candidate to become a summer business owner, the most important thing you can do right now is to plan ahead. Set aside time during the semester to work on your business plan, estimate your expenses, and figure out what you'll need to do to be up and running by June 1.
