Monday, October 13, 2014

12 Tips For Starting a Business in College | Re-Post

This month, Her Campus is celebrating its fifth birthday. It's now the number one global community for college women and college marketing firm — and its founders got there with no money, no experience, and absolutely no business education, all while still in college. Here's how they did it.

























1. Follow your passions (and ignore the haters).
If you do what you love and immerse yourself in industries you're passionate about, you'll be the best 
person to see where holes exist that you can fill. The three of us met as undergrads at Harvard while 
working on a student lifestyle-and-fashion magazine that we transitioned online. While some of our 
fellow students thought our site was "fluffy," we realized we had hit on something that had huge 
potential, and we got the idea to launch Her Campus. We knew we could bring it to that full potential, 
because we were passionate about serving college women — and nobody else was engaging that 
demographic in that way at the time.
2. Create a killer team.
It's very difficult to start a successful company all by yourself, from a skills perspective (no one person 
possesses all the skills needed to run a company), a time perspective (there are only so many hours in 
the day!), and a morale perspective. Starting a company is tough and comes with lows only a 
co-founder can dig you out of. It's important to find co-founders whose skills complement your own 
and whom you absolutely love to be around!
3. Pump out a business plan.
When Harvard's business-plan competition came around, we decided to use the competition to turn our 
ideas into a reality. Entering a business-plan competition is a fantastic way to force yourself to flesh out
 your idea and to give yourself a hard deadline. It doesn't matter if you win the competition (although 
it's certainly nice!), because the exercise of writing a business plan is so valuable in itself. We won the 
Harvard business-plan competition and got free office space as part of the prize, which became the 
very first Her Campus office.
4. Find good mentors.
We knew pretty much nothing about any aspect of business, so we set out to find mentors who did.
 Whether it was going to hear relevant speakers at Harvard or connecting with anyone and everyone we
 had met through past internships, we made a point of networking like crazy. While being young can 
absolutely be an advantage, being young also means you're way behind the competition as far as 
knowledge and skills go, simply because you don't have the experience that more seasoned people do.
 Seek out people you admire, and be ballsy about meeting them, introducing yourself, and following 
up, because it will pay off. Find mentors in a variety of areas you know you'll need help with (for 
example, web, marketing, and fund-raising), and make a point of asking for advice from them when 
you run into something you haven't seen before.
5. Put the pressure on yourself.
We spent the summer after winning the business-plan competition living together in a tiny, horrible 
apartment in New York City, each holding internships while working on Her Campus on the side in 
order to launch that fall. We had a completely crazy few weeks and nights leading up to the launch,
 including a last-minute all-nighter, but we did it and HerCampus.com went live on Sept. 16, 2009.
 Give yourself a deadline, and find a way to hold yourself to it, like we did with preprinted flyers!
 Otherwise, you can spend forever planning and researching and literally never launch — or a 
competitor will beat you to it.
6. Associate yourself with big names.
Our first client, Juicy Couture, signed on to advertise with us before the site had launched, thanks to 
Windsor's repeated cold calls to their marketing department! The money we gained from that sale was 
more than enough to cover our initial start-up expenses, so we were profitable before the site had even 
launched. Even more valuable than the advertising dollars we got (which were still pretty minimal) 
from Juicy Couture? The name recognition that came along with it. Once you have one big name 
onboard, that brand's competitors will take notice and want to work with you too. Our first advertisers, 
although not high-paying, allowed us to create powerful case studies that showcased our unique 
marketing capabilities and made Her Campus look legitimate by association with these big names.
7. Use whatever resources are available.
During our senior year at Harvard, we tapped into every possible resource we could to get our business 
off the ground. We had free office space through the business-plan competition and free legal help 
through a program at Harvard Law, and we had friends of ours writing for us for free. The business 
was going well enough that by halfway through that school year, we had decided to pursue Her 
Campus full-time after graduation. It didn't matter that we didn't have investors, capital, or many 
resources. We took advantage of what we did have access to in that year to allow our business to grow.
 Most colleges have resources that can help you; you just need to be resourceful and dedicated about 
seeking them out!
8. Fake it 'til you make it.
Over that first year out of college, Her Campus continued to grow, and we were lucky to be named to Inc.magazine's 30 Under 30 Coolest Young Entrepreneurs, among some other key press mentions.
 Regardless of the internal state of things, we promoted the heck out of every piece of press we got, 
every new advertiser we signed on, and every new partnership we secured in order to portray the 
image that our business was on fire. There can be lots of ups and downs and uncertainties when you're 
running a startup. However, it's critical to make everyone on the outside think you're doing amazing, 
even though you know that on the inside, things can feel like they're on the verge of falling apart at 
any moment.
9. Frugality is key.
Even after we graduated and the company started making a little more money, we stayed practical 
financially. Keeping your money in the business allows you to hire more people and invest in resources
 that will lead to much larger dividends for you long-term. This mind-set is one that we still adopt 
today even now that the business is doing much better financially, because once you start to just spend,
spend, spend, you're no longer running a lean business and you're poised to drive your business into 
the ground.
10. Exercise self-discipline.
As time went on, the business started to run more and more smoothly. Our traffic and campus-chapter 
numbers kept climbing, our editorial system ran like clockwork, and brands were consistently reaching
 out to us, wanting to advertise. At that point, we needed to give ourselves a schedule and deadlines so
 we could be sure not to let the business stagnate and coast. As an entrepreneur, you don't have a boss,
 so it's on you to make yourself work (at least!) a full workday every day and to hold yourself and your
 cofounders accountable.
11. Show patience and perseverance.
Over the next few years, our traffic, campus chapters, and revenues all continued to grow, we brought
 on bigger and bigger clients, and we hired our first employees. But there will always be ups and
 downs, even once your business is well off the ground. There were months when we had to defer our
 salaries, instances when huge projects and partnerships completely fell through, and times when
 something we put a lot of effort into totally bombed. And when things are going well, you can't get too
 comfortable in your success or else things will stagnate. You have to keep challenging yourself,
 creating more work for yourself, always looking toward what's next, and continuously setting higher
 and higher goals for yourself and for your company as a whole.
12. Start today!
Five years after we launched, Her Campus now has more than 250 campus chapters, more than
 3.5 million monthly readers, and our own beautiful office. Our last tip is to start today. You'll always
 be busy, and you're only going to get busier and have more "real" things to worry about as time goes
 on, so just get started on your idea now and let the momentum carry you forward! And don't think that
 you can't do it just because you're still in school or because you're not a business major or because you
 don't have enough in savings — because you can! But if you wait around forever just thinking instead
 of actually doing, you'll never get started. Just start now! We can't wait to see what you accomplish.

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