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Start Your Own Business to Kill Your Student Debt

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small businessSome people say that going to college is the key to a successful career, but I don’t necessarily believe that. The truth of the matter is, the transition into a professional career isn’t always a smooth one and that, “fancy” college degree doesn’t always translate into big earnings. The one thing that was, “big” when I was finished school was my student loan bill.

Instead of slaving away indefinitely in a job that made me miserable and waiting for the day I finally got that big promotion, I started working on a few side hustles/businesses. I dog walked, babysat and sold things online to make extra cash. I had big bills to pay and I wanted to pay them them off as fast as possible. The thought of still having loans when I was getting ready to send my own kids to college (I don’t even have kids) was terrifying.

So If you’re in debt, like I was, you might want to think of a few alternative ways to make more money. Starting your own business is a great way to make more money to pay down your debts (or save money!).  Here are a few things to take into consideration when you’re thinking about starting your own business.

What Are You Good At? What Do You Enjoy?

For me, it was important that my side businesses were activities that I actually enjoyed doing. Since you’re going to be effectively working two jobs (the full-time gig and your small business), you’re probably going to be pretty tired at the end of the day. If you choose something you’re passionate about, it won’t feel like work. You’ll also be less likely to quit or make excuses when you’re exhausted and overwhelmed (and you will be! I was!). When your business is something you’re passionate about, it’s much easier to stay motivated and excited about working long hours.

Getting Your Business Started

Don’t wait until everything is “perfect”. To keep yourself from pushing out your student loan repayment for 25 years, you should get started with your business right away. Starting a small dog walking or landscaping business when you’re in school is pretty “do-able”. If you pick a business that has inherently flexible hours (something you can do nights and weekends) you can continue working for yourself and making extra money once you graduate and start your full-time job. Some people think you need to have a huge amount of money saved or a fancy marketing plan to start a business. You don’t! I started several small businesses when I was in school and I didn’t pay more than $20 (to print business cards) to get my businesses started.

Making things to sell

If you’re not interested in starting a “service” type business like teaching piano lessons or shoveling snow, you can try selling things. If you have a passion for woodworking you can make and sell bookshelves or furniture. If you like sewing you can make and sell crafts and clothing on etsy. Or, if you know someone who’s really handy, you might want to see if they’d sell you their products and let you re-sell them. Flea markets and yard sales can be good places to sell handmade items (shipping a bookshelf would cost a fortune and you’d lose all of your profits).

Buying things to sell

Not everyone is good at making products, but that doesn’t mean you can’t be good at selling them. You might want to consider buying items in bulk and re-selling them. A guy I went to college with bought a ton of umbrellas for really cheap online. He then resold them around campus every time it rained. I don’t know how much that kid made, but I can only assume he did really well based on the volume of umbrellas I saw him sell.

If you do make your own products, or sell someone else’s, you will need a barcode printer from a company like Shopify. Simply print out the barcode, affix it to the products and you’re ready to get selling.

Selling Your Products Online

If you’re still intrigued by the idea of paying off your student loans through means other than your regular job, you can always try selling products online. Some websites will even do the marketing and shipping for you. Unfortunately they will also take a huge chunk of your profits. A better alternative is to set up your own store online. A quick Internet search yields you a bunch of options for setting up your own online store. With multiple templates and color schemes it’s not that difficult to set up a professional looking online store.

Increasing Your Revenue

No matter what your business idea is, stick with it! It takes time, patience and dedication to get a small business off the ground. It sounds counterproductive, but you might want to consider offering a few services or products to free. Word of mouth (face-to-face or virtual) is the best form of advertising. If you do a good job or offer a great product at a fair price, it won’t take long for your business to become popular. And the more popular your business becomes, the more money you’ll make to pay off those student loans!

Have you ever owned your own small business? Tell me about your side hustles/businesses

Image: Dean Meyers


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