Profit – Making Summer Plans Part 2
One of this blog’s most popular posts came ages ago about making summer plans, and it inspired me to start my own web projects which has proved invaluable. So I hope these summer plan making posts do the same. In part one I covered things to do to increase your marketability (on paper) during the down economy when paid internships are all dried up. Volunteering, unpaid internships, and traveling. Well, those are all fine and dandy to pass some time, but now to explore opportunities to profit and make some real money with your entrepreneurial drive.
Trade: Stocks are in a trader’s environment right now. I’ve been reading up the last year or so and have taken some losses and learned some lessons. The market is all over the place. I’ve been kicking myself for watching every financial go up 60% the last week or so, but it’s a bear market rally, so there will be some more chances again soon. After the DJIA drops another 600 points, maybe park some money in the markets if you want to make a decent return in the medium term.
Start your own projects:Easy for online entrepreneurs. No website is ever complete, so taking sites to a new level can always be done, or expanding your website portfolio with new sites within your vertical niche can always occupy a lot of your summer.
Get Serious – offline business:
Low Cost Structured niches unsatisfied:
A lot of uncertainty in the brick and mortar business world right now with consumer spending, etc. However, with businesses for sale or leaving, a niche may be unsatisfied now, and who better to launch a small business to take advantage of this than a college student. Keep your eyes open for popular businesses that are failing due to poor management or too much overhead, and develop a much lower cost structured business to satisfy the market’s demand. This could be prime opportunity. I’m still trying to figure out some attractive niches though myself in my market, and in undoubtedly changes based on your locality.
Buy distressed businesses:
This probably seems out of the realm of a college student, but realistically, it’s not. Distressed businesses are probably at pretty good valuations and owners may be antsy to get out. A great place to start your due diligence is at BizBuySell.com, the leading online broker. I’m sure this seems like a long shot as a ‘novice’ businessman since you a) don’t have the cash and b) don’t have the credit . But, where there’s a will, there’s a way. Asking your rich contacts for financing, along with getting some new SBA loans benefiting from the Stimulus, it’s not a completely unrealistic opportunity for driven college students looking to make a career for themselves. If revenues > costs, you may be in business.
The key, I believe, will be focusing on low cost structured businesses that offer great value to customers no matter which type of business or project you get going. Think Little Caesars. Consumer spending I believe will remain down even after the economy picks up and there seems to be enough premium retailers and services in the market already.
Share your thoughts!!!