During a global outbreak, you might find it impossible to apply for a job position and get accepted or just simply earn money. However, to resolve your case, starting an online business may be the only and effective way to gain money as a student. Now that we are all comfortable at our homes, we tend to overlook some of the hobbies that not only keep us productive but also allow us to gain profit. And a possible method to prevent yourselves from scrolling excessively through social media and straining your eyes from the bright screen is starting an entrepreneurial business!

Personal Business

Before diving right into your business plans, consider whether you intend to create a personal or marketplace business. Personal businesses primarily require one’s ability to possess independent, creative, and knowledgeable skills. If you don’t feel that you have the confidence or strength in these skills, don’t fret. Eventually, as you progress through your mini entrepreneurial journey, you will encounter both successes, as well as minor difficulties. Most often, those who prefer personal business plans, typically run their own website online. Starting a business website is not that different from creating a blog page. However, the content is what diverges the gap even further between the two. 

Senior Charisse Liu has recently opened her own personal clothing business and blog in “June, after [she] was done with AP tests and had time to kill. [She has] always wanted to document [her] progress, but up until recently, [she] was really scared to do so. But boredom struck, and [she] thought, why not?” 

Though running your own business may be time-consuming, it’s a great way to kill off extra time while also being productive. If these descriptions do not suit best with how you intend to make money, there is an alternative way, and that’s the e-commerce marketplace! 

What is Marketplace Business and Marketplace Apps

Using the marketplace method involves lots of communication and marketing knowledge. In this business setting, you either resell old items or sell handmade products. However, your business is likely under the control of an app or a company. Some well-known and common marketplaces include Amazon, eBay, and Etsy. For teens who plan to resell clothes or handmade items, Mercari, Depop, Poshmark, and Thredup are some of the popular marketplace apps. 

Consider What You’re Passionate About

Now that you have decided which business setting is suitable for you, it is time to gather ideas for your store’s items. This step, in particular, is imperative and recommended for people who plan to sell homemade items such as books, accessories, and clothing. 

Charisse advises, “I’d recommend to just go for it. I was always scared that people would make fun of me or that my page would flop, but surprisingly, I’ve gotten a lot of really good feedback. I think that as long as you’re passionate about whatever you want to do, people will see that and support you.” It’s all about the passion Charisse says. If you enjoy sewing, selling clothes and bags is probably best for you. For those who love crafting, selling jewelry and mini accessories would suit them best. Or if you are passionate about writing and journaling, publishing a book could earn you a ton!

Gaining Skills Through Starting a Business

It’s not necessary that you acquire professional business skills to start a small business. Starting a business as a student often involves trial and error and requires your passion and commitment. Don’t overthink the possible failures that could occur during your entrepreneurial journey. For example, you may find yourself having trouble gaining sales at the beginning of your business. One definite tip to keep in mind when deciding the prices of each item is to consider possible taxes or fees. When using marketplace apps to sell your items, you should be aware that these apps typically take around 10-20% of the profit you make, which is more than the California’s tax rate! Poshmark, for example, acquires 20% of your earnings on just one item when the price is over $15. For prices under $15, Poshmark takes a flat rate of $2.95. When running your own business off a website, you also want to consider that payment apps like Paypal, Venmo, and Zelle take money from your earnings. Typically, when these payment apps are associated with business affairs, they are more than likely to tax fees on every bundle/item you sell. They all have a similar payment fee when you send or receive money from a consumer or anyone.

Sophomore Jessie Palma, who has recently started her small jewelry business during quarantine, says, “Yes, there are skills you gain as a small business owner. I thought that all I had to do was make the necklace, package, and deliver them. But no, I had to learn how to promote, profit, decide on reasonable prices, manage shipping costs, and save up for a website domain I pay monthly.”

Overall, you are only a student discovering new ways of earning money to either save yourself from college debt or feel lavish in general. As you continue to explore the business world, you will start to notice that you build on not only your communication skills but also your marketing knowledge.

Balancing Time Between the Business and School

High school is notorious for keeping students busy with tremendous loads of homework and assignments. And with the addition of managing a small business, it can get overwhelming. However, to efficiently manage time between your small business and school, you can acquire both organization and motivation skills. 

Jessie says that though school just started a few weeks ago and assignments have not been too heavy, she recommends, “I still would make a schedule. The whole week is dedicated to school, so I would only put my focus on school work. On the weekends, I would catch up with my business and incoming orders!” 

On the other hand, Charisse, a senior catching up with college apps and other school assignments, explains, “I set aside certain hours of the day to focus on school and my small business. A normal day consists of some hours of school work, as well as a few hours of sewing, listing, and blogging. The rest of the time, I would spend more on catching up with college apps and homework.”

Regardless of your skills and abilities with managing a small business, you can always start minimal and grow big as you begin to understand and discover fundamental skill sets of entrepreneurship. Simply put, starting a small business only requires your passion, devotion, and responsibility. Always bear in mind that you’re a student constantly making mistakes and eventually learning from them.

Graphic courtesy of FLIPBOARD.COM