If you are student you will not only want to make some extra cash to pay for your living expenses, you will want to think about how you are going to earn a living when you graduate.  Getting a job in the field you want isn’t always easy because there are so many other graduates looking for the same jobs.

So what do you do?  Well, you can take a more proactive approach and set up your own company.  There are many things you could do and if you search for business ideas for college students you are bound to find something that appeals to you.

The obvious thing to start considering is what skills you have.  If you have being studying art, there’s no point in trying to set up a business offering accountancy services.  That would be silly.  No, you want to concentrate on your strengths.

Not only will you want to think about your business idea, you will want to think about making everything legal and above board.  So this means you should come up with a business plan to lay out exactly what you plan to do and what expenses are involved.  Yes, this is very boring but it’s a must.  Especially if you are looking for any kind of small business loan.

Sometimes you even need a business plan when opening up a business bank account.  You will also want to have financial accounts set up to calculate your profit and loss for tax purposes.

Then there’s the issue of insurance.  This is especially true if you are working with the public.  What would happen to you if you cut someone’s tree down and it fell onto their car and totally wrecked it?  You’d really want to have insurance if this were to ever happen to you.

So although the idea of setting up a business sounds fun and exciting, it can actually be very boring because there are so many other things to think about.  Perhaps this is why the majority of people are not self-employed and would rather work for someone else.  No matter how much they might complain about it.