If you’re considering either opening or purchasing a new business, one of the most important things to consider is location. Often times a business will choose their location based on what type of products or services they will be offering, but occasionally it makes more sense to choose your business model based on the location that you have available. This can be for a number of reasons, but typically it is due to stumbling onto a great deal on a location or the need to change business types in an existing location. The demographics of any type of area can dictate different business models, but for this example will take a look at opening a business on a college campus.
Though there are some negative connotations when it comes to opening a business that caters to the college-aged crowd, it is actually one of the best opportunities that exist. The best part about a college campus is that you can rely on the same age group frequenting your business for several decades to come because it is very rare for a legitimate school to uproot and switch locations. Many of the best colleges in the United States were founded over a century ago, and old buildings are seen as historic rather than decrepit.
With all of that said, you definitely need to choose the perfect business to cater to college kids if you want to stand the test of time and make a profitable business. The key factors that you need to consider are the tight budget that many college students need to live on as well as choosing a business plan that won’t go out of date over time. Here are a few ideas that are sure to be your most profitable options.
Everybody needs to eat, and college kids eat more than pretty much anyone else. Not only that, but they usually are tight on time in-between classes so being able to grab a good meal on the fly like a quality sandwich is sure to go over very well. If you can manage to offer delivery service for your sandwiches, that can generate you even more cash because you will be headed to the campus on a regular basis.
Bar or Nightclub
After their homework is done (or sometimes in its stead), many college kids like to head out to their favorite bar or nightclub to wet their whistle. The key here is to offer low prices on your drinks and entertaining gimmicks such as nightclub sparklers attached to bottles and live entertainment. However, there are a few things that you’ll need to watch out for including underage drinking and intoxicated college kids starting fights. As long as you have the right security and ID processes in place, your college bar or nightclub will be a smashing success.
Coffee is the lifeblood of many college kids, and having access to free internet will have them lined up around the block. There is nothing better than a delicious cup a coffee to inspire a college student as they work on their thesis, so capitalizing on this market can be very profitable. Just make sure there aren’t too many other coffee shops in your area otherwise the competition can be too steep to make any money.