Graduate With a Profit : Make Money While in School

EVERY year, at EVERY high school and college, students graduate. And also, EVERY year, there is a monopoly at EVERY institution. If you are a soon to be graduating student, you are basically forced into buying the “proper” graduation attire from your university bookstore or affiliate company that is on CONTRACT with your school. Notice no where that I mentioned the word “competition.” Why? Because the university acts in their best interest to get students to buy their attire from the university bookstore. Granted, there may be some off-campus stores that sell them also, but the prices are still $35.00+ for everything.

Keep in mind that the majority of all students who buy their caps/gowns will only use it once. I still have my high school graduation cap and gown in my closet — collecting dust — with zero value (some people have sentimental value, but for me, I think green, and sentimental value doesn’t have a net worth of anything.) This means that everyone will pay $35+ to use it ONE TIME!

**KEY NOTE: University graduation happens TWICE A YEAR! (December and May).**

New Scenario:
Start a side business that rents them to students!

1. Gather a team of 4 or so friends. This way you can spread out “drop-spots” to target more people instead of having one central location. **Note: You will most likely have to do all of this off-campus because there is NO WAY the university will endorse this — it is in direct competition to their monopoly bookstore.**

2. Each “drop spot” will need the following supplies

• 1 Folding table
• 1 Large Sign/Poster/Banner
• 1 Collapsible Tent (Optional — strictly for possible rain and increase visibility)
• 1 Cash box/envelope to hold money/change
• 5+ plastic bins (to store used graduation apparel) - various sizes
• 1 laptop with wireless internet connection (Optional) **Some people may want to pay with credit card. If you setup an easy PayPal shop before, you now have access to instant credit card processing. Increases sales a lot! Strongly recommended)
• Contracts for people to sign - one copy for them, one copy for you.

3. ADVERTISE ADVERTISE ADVERTISE - as much as you can WAYY BEFORE graduation. This is going to be the hardest part because as highlighted before, your competing against the bookstore which is essentially, the university itself. The registrar’s office will almost certainly NOT give you the home addresses to parents (worth a try though). The on-campus post office will charge you for each direct-mail to on-campus students. Additionally, there is no way you are going to be able to get a mass-email using the university’s database.

What to do?

1. Create a facebook group with a catchy phrase. Invite ALL of your friends. Have your other 3 partners invite ALL of their friends. Have as much information as possible in the facebook group, or have a link to an external website. The people that join the facebook group are essentially a newsletter - keep them updated often. Send them detailed instructions on where you will be located, when, hours, prices, etc
2. Approach as many student clubs as possible. HIT UP GREEK LIFE!! If you can get a Fraternity or Sorority on board, that will help you a lot and they will naturally talk it up with their other friends.
3. **Submit a story to your school (and local) newspaper** — Most likely the best way of advertising. People like stories rather than advertisements. Plus, if it is in the paper, it will often end up on the paper’s online website as well where people can email the link to parents.
4. Contact University Public Relations and ask if they can help publicize. Universities really DO like entrepreneurs, because if successful - they can use YOU as a marketing tool. “Mike McCoy did XYZ while in school, made $XYZ profit, and we supported him.” Public Relations / Press Releases are also sent to local newspapers, radio, tv which can help you as well if they accept it.

NOTE: In order for this entire thing to be successful, you are going to need to have an INVENTORY first. Remember that people typically wear their attire only once. This is the point of the drop locations - if people know that they can exchange their attire for $10, they are atleast getting SOMETHING back. Then you turn around and rent them for $15 — or whatever numbers you want.

START THIS EARLY IN YOUR COLLEGE CAREER! Perfect for underclassmen that have a good ammount of time left in school. You are going to need to start this early in order to build up an inventory. With graduation only happening twice a year, you try to get as many “buy backs” for cheap in the December graduation, and then buy more back in Spring, but also try to rent. It will take at least a year to be completely successful, but once it gets going — it a continuous business, with very little effort.

Let me know how it works out, any suggestions and such! Good luck!