Many students run small businesses on campus: food, fashion, hair, printing, design, phone accessories, tutoring. A business can teach you more about money and people than any course, but only if it is planned well and does not damage your studies.
1. Choose a business that fits your life
Ask yourself three questions:
- What problem can I solve for students or staff? Look for things people complain about or travel far to buy.
- What skills or resources do I already have? A skill-based business, like design, tutoring or hair making, needs little starting capital.
- How much time does it need, and when? Choose something you can run around your lectures and exams.
2. Test the idea before spending much
Start small. Make a few samples or offer the service to ten people, then ask for honest feedback. Take pre-orders where you can. If people will not pay at a small scale, a bigger launch will not fix that. Testing cheaply protects your money.
3. Price properly
Many student businesses look busy but make no profit. Work out your cost per item: materials, packaging, transport and a fair amount for your time. Your price must be above that cost. Example: if a snack pack costs you ₦600 to make, including packaging and transport, selling it at ₦700 gives ₦100 profit per pack. Selling 50 packs a week gives ₦5,000 profit, not ₦35,000. Know the difference between sales and profit.
4. Keep simple records
Use a notebook or spreadsheet to record every sale and every expense, with dates. Keep business money separate from your personal money, ideally in a separate account. At the end of each month, calculate: total sales − total costs = profit.
5. Market yourself well
- Use WhatsApp Status, a WhatsApp Business catalogue and Instagram with clear photos and prices.
- Ask happy customers to recommend you. Word of mouth is powerful on campus.
- Be reliable: deliver on time and keep promises. Your reputation is your best advert.
6. Follow the rules
Check your hostel and university rules about trading. Some halls do not allow cooking or selling in rooms. Food businesses must be hygienic. As your business grows, consider registering a business name with the Corporate Affairs Commission (CAC).
7. Protect your grades
- Set business hours and stick to them.
- Pause or reduce operations during exams, and tell customers in advance.
- If your grades start falling, scale back. You can grow the business after graduation; a poor degree class is much harder to fix.
8. Avoid common traps
- Selling on credit to friends who never pay. Collect payment on delivery or before.
- Spending profits instead of restocking.
- Borrowing heavily to start. Grow from profit where possible.