Top Business Ideas For MBA Students: If you’re an MBA student with some spare time on your hands, there are tons of business ideas out there to choose from. In fact, there are so many that it can feel overwhelming!
Top Business Ideas For MBA Students
But fear not – we’ve got the best 12 business ideas to help you find one that fits into your schedule and your budget while giving you the freedom to explore your passions. Check them out below!
1) Start a Recruitment Firm
As an MBA student, you’re probably somewhat familiar with recruiting. You know that companies often need help finding specific types of people, and job seekers are constantly looking for new opportunities. That’s why starting a recruitment firm may be an ideal business idea for MBA students.
Recruitment firms essentially do just what they sound like they do—find jobs for candidates and hire employers. How much time you want to spend on recruitment is up to you, but since a lot of recruiters also maintain close ties with their school’s alumni network, it could open up some good networking opportunities too.
2) Work as an Assistant
When you’re looking for business ideas, it helps to have business experience. The best way to do that is to get a job in an industry that interests you and one day you can spin off a business idea based on your experience and networks.
One of our favorite ways to get work experience if you don’t already have it is by working as an assistant for someone with an established company or business – not only does it give you insight into how things work on a professional level, but also how they’re run from a day-to-day perspective. An added bonus? Many assistants become trusted confidants and advisors when their bosses are deciding what new business venture to take on next.
3) Launch a Mobile App
By 2022, two-thirds of all web traffic will be from mobile devices. In other words, if you’re not making your business app-friendly, you’re missing out on a huge market opportunity. If you want to learn how to start a business that can offer an app as part of its service, be sure to check out these 7 tips for getting started with mobile apps.
Even if your business isn’t ready for an app just yet, understanding how they work will help you get there in no time. Write down any questions or concerns that come up during and after learning about starting a mobile app business; ideally, your startup checklist should have no blank spaces when it’s finished! Be specific and detailed; fill in every row on every page and leave no area unchecked!
4) Create Merchandise From Your Brand
If you have a brand that people like, creating merchandise is an easy way to turn your personal brand into a moneymaking business. Not only can you create unique products specific to your brand, but they can be a great lead generator as well; when someone sees something with your logo on it and wants to buy it, they’ll probably search for your website.
If you don’t have an established business yet, it’s still possible to create custom merchandise and host a branded giveaway contest. You can then leverage those leads with other marketing strategies (like social media advertising) to boost awareness of your brand.
5) Write an E-Book
Making an e-book is a great way to help you work through your business idea, formalize your thoughts and get feedback from your peers. With an e-book in hand, you can show more conviction when talking about your idea. Even better, if it’s a niche subject that others in your field are unaware of, you can use your e-book as a tool to network with those who may have expertise or connections in that area. Put simply: If you want people to listen to what you have to say, write something they want to read first.
6) Become an Influencer
Entrepreneurship is all about building influence, whether that’s in your industry or among a wider audience. Even if you’re not interested in starting your own business, it can be worthwhile to understand some of these strategies and take advantage of them while you build your career. One of our favorite books on startups, The Lean Startup, talks about a strategy called minimum viable engagement.
What it means is you don’t focus on finding just one place to promote your product—you get out there and find multiple ways to start conversations with people who could be interested in your idea or product.
7) Get Sponsored by Brands That You Love
To make money with an app, you have to have users. And one of the easiest ways to get downloads is by attracting brands that want your audience. This is also a way that some developers make residual income from their apps, meaning they can continue to earn even after they’ve moved on.
The best part is, if you get in on it early enough, you could benefit from some big-name sponsors before everyone else has caught on and started doing it too. Even though getting sponsored by large brands might not be realistic for most college students working on a side project, there are still several options out there like paid reviews and affiliate marketing (basically being paid per lead generated) that are worth looking into.
8) Rent Out Private Spaces
According to Flexslide, becoming a room host can net you up to $250 a night. That’s not exactly Marriott-level money, but it’s a pretty solid chunk of change if you have extra space in your home or on your driveway. Whether that means renting out an extra bedroom, offering up storage space for other people’s belongings, or providing parking for their vehicles.
There are more than a dozen sharing economy apps (some of which charge as much as 40 percent per transaction) that can help make room-sharing easier and more lucrative. Here are just two options for Airbnb hosts: BorrowMyDoggy and DogVacay.
If you have an accounting degree, consider starting a small business as an independent accountant. You’ll be able to use your skills for tax preparation, audits, and financial statements to earn money working for both local and national businesses. A good approach is to create a niche business that focuses on providing services that meet the specific needs of local businesses.
Make sure to check out which bookkeeping methods are allowed in your state. The more familiar you are with industry-specific rules and regulations, the easier it will be to form lasting relationships with clients who’ll keep coming back again and again.
Copywriting is a critical skill for every entrepreneur and business leader. There’s no way around it: If you want to grow your company, you have to learn how to write better copy. You need it if you want to sell more, generate leads, connect with potential customers on social media, or get more clients in any other way. From ad copy and sales pages to emails and landing pages, copywriting is an essential part of successful business ownership.
Even if you aren’t planning on becoming a professional copywriter in your own right, there are ways you can still improve your skills in creating compelling content that sells—and there are also plenty of places online where you can learn (or polish) these skills without shelling out big bucks for business school.
Human Resource Services
People are your most valuable asset, which means that recruiting and retaining talent should be a major focus for any growing business. Finding new employees can be difficult—particularly if you’re operating in a tight labor market—so it pays to invest in services that can help you optimize your hiring process. You might want to look into using an applicant tracking system (ATS) or outsourcing some of your HR needs to an external firm that provides integrated staffing solutions.
Your ATS will allow you to store and organize your application materials, while also ensuring that every candidate receives equal consideration throughout the process. An outsourced recruiter should provide better efficiency and effectiveness while allowing you to spend more time on key organizational activities like strategic planning or handling customer issues.
Growing companies need extra support to handle increased demand. That’s where a contract manufacturer can help. Contract manufacturers handle a range of functions and provide additional services, like inventory management and warehousing; all for an agreed-upon price per unit. This can be especially helpful for small businesses that don’t have these resources in-house or want to get involved in a new market without starting from scratch. Use these business ideas for MBA students as your guide!
Event Planning Service
The popularity of social media makes it much easier to build an audience today than ever before. Since most people these days are likely to attend at least one event per month, why not create a business focused on planning and managing them? Many social media influencers or hobby bloggers may be happy to turn over event management to someone else. If you’re good at networking and like organizing, that could make for a pretty interesting business model.
Travel Management Services
If you’re passionate about travel and have an eye for detail, then you might consider starting a business that offers services to travel companies. There are several businesses to be built around managing travel, including vacation planning, insurance, documentation, and customer service.
One of my favorite examples is Flightfox – in an interview with Matt Magner (Co-Founder) he describes how they take customer service to another level by offering extra airline loyalty points for their most loyal customers as well as allowing users to search for flights based on happiness ratings of flight attendants. With good customer service being at a premium today it is clear that travelers do not want just any ol’ airline…but one that provides great customer service from A-Z!
Did you know that a typical small business owner in metropolitan areas like New York City spends about 200 hours cleaning their own business? And did you know that small business are often referred to as mom-and-pop operations? So it makes sense that cleaning services are a good business idea for MBAs. Whether it’s maids or janitorial services, there’s definitely potential.
The most significant thing to keep in mind here is how much time and energy your service will save your clients. Doing more with less time and effort means higher profit margins and greater customer loyalty, which means exponential growth down the road!
Also Read: Top Business Ideas For Fashion Designers
As you can see, starting a business is not easy; however, it can be very rewarding. The key to success is always determined by how much effort you put into your new idea. A lot of people think that having a great idea will bring them instant success; however, they are very wrong.
There are thousands of people that have had great ideas, but never accomplished anything with them because they were too lazy to take action. Keep in mind that entrepreneurship is not just about having a great business idea, it’s also about working hard and making sacrifices to make your dream come true!