How I Started a Business in College

When people ask how I started a business in college, I often don’t know how to respond because I don’t even know how I did it. Of course I made mistakes a lot of them- but I also learned a lot along the way.  Will say I had a business plan I was working on for over a year before I decided to make it reality.

The first step is to make a business plan, including a name, budget, target audience, how you are going to reach that target, and what your product will be. When starting a boutique it is extra difficult because there are millllllllions out there on instagram, so you have to think about how you are going to be different and stand out. Also make a content plan, who will model, take the pictures, locations, accessories, etc. 

You also need to think about the business side; how will you have your inventory kept, hiring an accountant, staying on budget, pricing, etc.

Next is the launch – think about the date, how are you going to announce it? How will you drive people to your website and get sales? Are you going to do an opening sale, offer a free goodie, or do a giveaway?

Steps:

• Choose the best ecommerce for your product- I used Shopify
• Purchase a domain – Godaddy has been the easiest for me to navigate
• Choose a Business structure – LLC I think is the best option – purchase on legal zoom
• Seller’s permit or EIN number – purchase on legal zoom
• Find wholesale vendors – I suggest going to market in Chicago, or searching for brands online. 
• File taxes every month through your state. 

 If you are looking to start a business of your own I would love to meet up or have a phone call to help you out. Depending on what you are needing help with, whether it is advice, or help creating your plan. I may charge a small fee depending.

The best way to succeed is to have a plan, and to be fully committed. I paid for courses through Boutique Hub, connected with other business owners, and was always looking for ways to improve. Some things I suggest is to really focus on the taxes/budget side, that is where I struggled the most and suggest hiring a good accountant to help you.

I hope you learned something here, and it may inspire you to follow a dream. I always wanted to open a boutique, and I am so glad I am able to say I did. I have considered doing a reboot, but we will see where life takes me. Remember, chase those dreams – nothing is impossible!

xo, Lauren