Best startup ideas for students in 2024: First step towards your dream business
Are you a student looking for an idea for building a startup? Then, you are at the best place. In 2024, the word entrepreneurship is not only limited to trained professionals. Students also dive into startups with innovative ideas, exploiting minimal resources and creating profitable businesses. With the best startup ideas for students, one can gain valuable experience and earn money while studying at school or university.
The rise of startups in India has created a very aggressive platform for student entrepreneurs, especially with initiatives like Startup India supporting young talents financially. Even if you are starting with zero budget this blog will cover a range of startup ideas for students and the best ways to turn these ideas into profitable businesses.
The Rising Trend of Startups in India: The Growing Appeal
Building a business at a young age has numerous benefits. Young students have time, creativity, and the ability to take risks without hesitation. According to a survey by NASSCOM in 2023, over 10% of startups in India were founded by individuals under 25 years of age, with many of them being students. This number is expected to rise in 2024 due to increased exposure to digitalization and social media.
For students starting a business can give them an opportunity to build practical skills, understand cash flow, and create something that can be scaled further. Let’s explore why startup ideas for students are thriving and which industries are ripe for innovation.
India as the new startup hub: Why startups are thriving in India?
India has now become a global hub for startups due to the increased internet penetration, the Startup India initiative, and access to various funding opportunities. In 2022, the Indian government reported that more than 90,000 startups were recognized by Startup India and this number will eventually rise.
Startup India offers financial support, tax benefits, and networking opportunities which makes it easier for the students to launch their startups. With success stories like Zomato, OYO, and Chai Sutta India has proven that we can make business giants. These startups started small but with the right guidance and the right team, they grew into Billion-Dollar companies. For students in India, this is the best time to explore business startup ideas that can eventually scale to global levels.
Ideation: Which startup is best to start?
- Identify your passion– Every human being has a skill set such as writing, coding, drawing, or marketing. First of all, identify the skill you are good at and what you enjoy the most. This skill set can be a foundation for your business.
- Identify the problem– Passion when combined with problem-solving ability makes a successful business. Try to look around and identify a problem that is common but untouched by other people. If that problem can be solved and scaled, then you are good to go.
- Market Research– Before executing any idea, it is very crucial to research the problem you have identified. Tools like Google Trends and SEMRush can help you understand the interest of the public in your startup model and gauge their attention as well.
- Low Investment Options– Every business that is being started from scratch, needs a very minimum amount of investment or a zero-cost setup. Therefore look for small business startup ideas for students that require minimum capital, such as blogging or online retail store.
- Scalability– Once you have finalized your idea, try to make it scalable so that it can grow beyond your university or local area. Also, a scalable business can help you make a great team and attract investors down the line.
Best startup ideas for students in 2024
Freelancing Services
- Set up Cost– To become a freelancer you would need a laptop and an internet connection as a basic. It would cost around 0-400$ monthly.
- Profitability– Initially it takes time but with consistency and planning, one can earn around 500-5000$ monthly.
Online Tutoring
- Set up Cost– Online tutoring or building your educational brand requires a laptop and some good teaching skills. If you are teaching on an educational platform then you might have to pay some fees that would cost 50-60$ monthly.
- Profitability– You can earn around 20-100$ per hour and you can make some extra money by selling formula charts, tutorials, and guides.
Dropshipping Business
Dropshipping is a way of running an E-Commerce store without holding any inventory. As a student, you can market and sell products online, take orders and the supplier ships the product directly to the customer. This is a perfect startup idea for students with a very limited budget.
- Set up Cost– Setting up an online E-Commerce can cost you around 200-500$.
- Profitability– Your profit can vary from moderate to high depending upon the product selection.
Print on-Demand Business
This business is good for those students who are good at designing. For this, you have to collaborate with a print-on-demand company, which can print your designs. You can set up a website where you can take orders for mugs, T-shirts & wallpapers and the company will handle printing and shipping.
- Set up Cost– Setting up an online store along with a collaboration with a print-on-demand company would cost around 100-300$.
- Profitability– The profit remains moderate as it highly demands sales and effective marketing and a cut has to be given to the print-on-demand company.
Social media influencing
If you feel that content creation is your passion and you also have a growing following based on social media, then social media influencing can be one of the most profitable startup ideas for students. The only thing you have to do is create highly valuable content on a particular niche like fashion, sports, technology, or business.
- Set up Cost– You would only need a mobile phone and some editing tools so the setup cost would shrink to 0$.
- Profitability– Once you have established your social media presence, the profits can be high.
Affiliate Marketing
Affiliate marketing involves promoting products other than companies on your social media or personal blog through a referral link. Whenever someone buys the product from your link, you get a commission on it.
- Set-up Cost—If you already have a website, then you just need a good amount of traffic. If not, you need $50-100 to set up a website, and then you can put up your affiliate link.
- Profitability– The amount of profit highly depends upon product selection and the amount of traffic your social media handle gets.
Handmade Crafts(Etsy store)
For those with a knack for creativity, selling handmade goods on platforms like Etsy can be a profitable business idea for students at home. The most popular items that can be sold are jewelry, candles, and home decor items.
- Setup Cost—The setup Cost for this startup model varies between $50 and $200, depending on the material selection and sales funnel used to attract customers.
- Profitability– Moderate profit which highly depends upon sales.
Mobile car wash service
If you have a deep love for automobiles, then door-to-door car washing services can be the best startup ideas for students. Students studying in a university can easily expand this business by offering their services to senior or junior students. Apart from that you can set up a team of 5-6 students and hire a small place where people can get their vehicles washed.
- Set up Cost– For door-to-door services, you will need cleaning supplies that would cost around 100-200$ and if you are hiring a place then this would increase up to 300$.
- Profitability– You can charge up to 30-70$ per wash.
Baking Business
If you love baking and baked desserts are your passion, then baking can be the best startup idea for students. You can set up a website or a clout kitchen to showcase your customized cakes, pastries, or cookies. Apart from that you can take orders for college parties and events.
- Set up Cost– The setup cost would range from 100-200$ for ingredients and packaging.
- Profitability– The profit is high, especially with customized orders.
Mobile App Development
For tech-savvy students, developing simple mobile apps can turn into a profitable business idea for students in the university. You can gather information on types of digital problems faced by students and teachers and develop applications accordingly. You can sell these apps on platforms like Flutter and React Native.
- Set up Cost– If you are good at coding then it would take no cost to set up.
- Profitability– A single app can turn into a full-blown startup depending upon the app’s success.
Online fitness coaching
If you are passionate about fitness, and you think your knowledge can transform other peoples’ bodies, then online fitness coaching can be an excellent startup idea for students. The best way to execute it is to offer virtual exercise classes, training programs, and nutritional guides. And eventually, you can form a team or a company specializing in fitness programs.
- Set up Cost– If you are offering your services through Zoom then you might have to pay the platform fees, so the cost would lie between 10-100$.
- Profitability– Moderate to high depending upon the customer retention rate.
Virtual assistance services
This is one of the easiest startup ideas for students as it requires minimal set-up cost. You can offer administrative services like email management, appointment scheduling, or social media management to small businesses or entrepreneurs.
- Set up Cost– This startup model requires no money to set up.
- Profitability– Depends upon the number of clients you are handling and you can charge 15-30$ per hour.
Podcasting
If you love discussing ideas and meaningful conversations then podcasting is your game. Podcasting has become increasingly popular these days due to social media platforms. You can host podcasts on technology, spirituality, sports, or entertainment and as you start gaining audience, your podcast could become a profitable business.
- Set up Cost– The setup for a podcast would cost around 100-300$.
- Profitability– Initially the profit would be less but will grow with the audience.
Resume writing services
While finding a job the most important role is being played by an excellent resume. But a vast number of students cannot make their CVs. This is a gap that can be filled by those who are good at writing CVs. If you are very good at profile designing, then you can offer your services and set up a lucrative business out of it.
- Set Up Cost– It will take 0$ to set up this business.
- Profitability– If you develop a good following then you can charge up to 500$ per project.
Pet Care/ Dog Walking Services
There are many families who cannot go on vacations or suffer a lot of problems while vacating their homes as they have pets at home. If you are good at handling animals then setting up a pet care becomes a unique startup idea for students. You can make the business full-time by upgrading it to a pet grooming service. This can not only you to earn some extra cash but also make a proper operative business.
- Set Up Cost– This startup would require 10-50$ for marketing and a small setup to keep the pets.
- Profitability– You can charge up to 15-30$ for every hour.
Event Planning
Social gatherings and events play a major role in festivals and corporate sectors. If you are good at crowd-controlling and planning events, then event management can be one of the best startup ideas for students. Planning for weddings, corporate events or parties can turn out to be a profitable business.
- Set Up Cost– This business might require 100-300$ for marketing and team building
- Profitability– Once you have received some limelight, you can charge up to 1000$ for each event.
YouTube
Content creation is the new trend in 2024, and YouTube has become the most integral part of it. There have been numerous examples where YouTube channels with a proper niche like tech, sports, spirituality, or travel have turned into a profitable business. The major advantage of a YouTube channel is that monetization comes from Google AdSense, sponsorships, and Affiliate Marketing.
- Set Up Cost– Depending upon the niche it would cost around 100-500$ for microphones and editing software.
- Profitability– The profitability is high as your audience grows.
Language Translation Services
If you are bilingual or multilingual, you can set up your transactional services for translating videos, websites, or content for companies and individuals. It is a business idea for students with low investments as it only depends upon your skill.
- Set Up Cost– It requires 0$.
- Profitability– After you build a client base, you can charge up to 20-250$ per hour.
Digital Marketing Services
With most of the businesses in today’s world going digital, offering services like SEO, PPC or other marketing campaigns can be one of the best startup ideas for students. If you are really good at content marketing then you can set up a digital marketing agency that can cater to the needs of small businesses.
- Set Up Cost– 0-100$ for setting up a team or a website.
- Profitability– The best agencies in the market charge around 500-1000$ per project.
Coding Lesson for Beginners
With the rise in demand for tech skills, coding has made its place in the market as one of the most needed skills. If you are good at coding or understanding Data Structures well, then you can offer tutoring services to students and juniors in your college as well. Establishing a coding hub can be one of the business ideas for students in the university.
- Set Up Cost– The set up would cost 0$ as it is completely dependent on your coding skill
- Profitability– You can charge 20-100$ per hour as you grow your audience.
Photography Business
If capturing moments and recognizing angles is your hobby, then photography can be one of the best business startup ideas for students. Offering event or portrait photography services can be a great way to turn your passion into a profitable business.
- Set Up Cost– A good camera and editing software would cost you around 200-300$.
- Profitability– Photographers can charge 100-500$ per session.
Influencer Marketing Consulting
If you have grown your social media following to a huge level, then you can offer consulting services to small businesses to establish their digital presence. In 2024 a huge social media following can open up an earning source for students in the university through affiliate marketing and sponsorships.
- Set Up Cost– 0$
- Profitability– If you have a very huge following then you can charge 100-1100$ per client.
Podcast Editing Services
As we have discussed the idea of hosting podcasts above, so is the rising need for podcast editors. If you are good at editing and audio skills, you can set up a low-cost agency to cater to other podcast hosts to upgrade their video and sound quality.
- Set Up Cost– You would need 100-300$ for the editing software
- Profitability– You can charge up to 50-200$ per podcast session
Sustainable Product Business
As we have been consuming natural resources, there is an urgency to save nature and we need eco-friendly products. With sustainability becoming a major need, you can create eco-friendly products such as reusable bags, bamboo toothbrushes, or compostable packaging and it can be a great startup idea for students.
- Set Up Cost– You would require 300-1000$ for product development and marketing
- Profitability– As you grow your customer base you can earn huge amounts of profit.
How can I start a startup as a student?
- Idea Generation– Begin by brainstorming business ideas for students with low investments that match your skill and passion.
- Validation– Test your idea with a small group of people on social media to get useful feedback and tips for further improvisation.
- Create a business plan– Outline your business model, target audience, and revenue streams.
- Register your business– Depending on your location, you might need to register your business to operate legally.
- Launch and Market– Start small and use digital marketing channels like social media and email to grow your business organically.
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