Want to make a little extra money or turn your hobby into a profitable business? With these low-investment business ideas you can try your hand at creativity, resilience and entrepreneurial spirit in university.
Research conducted by Santander indicates that one in 10 students in universities is running their own business while pursuing their studies. And nearly one fifth plan to continue working on their business after they graduate.
The growing popularity of the side hustles within the college student community is evident to discern, but how can you take advantage of this growing trend?
Before we go into the fun stuff and explore some of the most successful business ideas for college students, we’d like to give you a few practical suggestions to help you in starting your own business. If you’re unclear about the legal and tax obligations, or simply want additional information about becoming a small business owner If you’re in need of help, we’re here.
How to begin a side hustle – 5 crucial steps
Create a plan for your business – consider the problem that your company will be able to address for consumers. If you’re only starting modestly, your business strategy will be developed over time. It can help you get maximum benefit from your creative ideas by analyzing possibilities, identifying potential difficulties, and organizing your marketing strategy.by link entrepreneurship ideas for students website
Understand your tax responsibilities – you’re entitled to a PS1,000 tax-free trade allowance before you are required to notify HMRC about your earnings for any one tax year. If you’re earning more than this, you’ll have to register as self-employed – this is advantageous because you’ll be eligible to claim back tax for certain expenses related to running your business.
You can protect your business by obtaining insurance that protects your business from ordinary risks like accidents injuries, and legal expenses. For example public liability insurance can protect your company in the event of a person becoming sick or injured because of your company. Find out more about the types of business insurances you could require, and then why.
Plan your budget. It’s an excellent idea to establish budget both for your personal life as a student and your business. By having a budget for your business, you track your income and expenses, which can help you make plans for the future. If you’re just beginning your own business, it’s a nice idea to save the money you earn and put it in a savings account to invest in the business or putting it towards training courses for your career that you’re interested in.
Secure financing and finance – although the options we offer below are reasonably inexpensive to start and running, there are the initial costs for materials or tech, so you’ll need to figure out how to finance this. You can think about crowdfunding or even a look through the finance and assistance offered by the government to determine whether you’re eligible to receive any grants.
Chat to your university careers service as they’ll have loads of resources and tools to help you get started as an entrepreneur. You can also check out our in-depth guide for starting an enterprise.
Business ideas for students in the university
Are you in search of inspiration? Here are some of the most popular side-business concepts you could begin when you’re at university. If you’re looking to make it your full-time career after you graduate it’s important to be aware of those strengths, the values and what you enjoy the most.
1. Selling on eBay
You’re able to sell anything on the internet, but it’s vital to think about what’s going make the most profits. You can collaborate as a wholesaler and purchase the items you’d like selling, for instance, you could sell vintage clothes or even homemade items.
Consider what’s in fashion currently and test some of your own products with a specific on your student group. For more ideas look over our guide to finding an item to sell on the internet.
2. Design and craft-related products
If you’re artistic and looking for a new venture that can begin by establishing your residence at university, why not try starting an enterprise in the field of craft? A popular idea is jewelry making, candle making, or selling frames of your own.
The good thing is that this is something that you can do from the comfort of your own home. You are also able to get out and around by running your own craft stand at local markets. It is inevitable that your university will offer events for craftspeople, especially around the holidays So keep an eye out for such events on campus.
According to Student.com 20% of students earn income from tutoring. And why shouldn’t they? If you’re further along in your college career You could assist first-year students in your particular field or even assist children in school in how to do their GCSE Maths or English.
The best part is that you don’t require much to setup, just your knowledge and any specific material on the subject. And if the past year has taught us anything, you can offer this in the form of an online service.
4. Influencer on social media
A lot of students are earning money from their homes by promoting brands on their social media pages in return for cash. If you’ve built a fan base and an active audience Brands may be interested in working with you to become an influencer.
You don’t necessarily need thousands of followers, you just need to find your niche and agree to publish a few posts each week.
5. Create your own YouTube channel
Get yourself a camera, sound equipment, and a beautiful background and you could be the next big vlogger. Fashion vlogging, makeup tutorials Travel vlogs as well as makeup tutorials all popular trends on YouTube. It is possible to document your experiences, struggles, as well as the experiences of students.
Making money with YouTube may take some time and effort, however, when you begin to see your viewing figures go up there is a chance to earn money through advertising revenue or channel membership.
6. Dog walking
If you’re passionate about the love of animals and desire to spend more time with dogs, you could use your time between lectures to offer dog walking.
A guidebook for dogs walking includes everything you’ll need to do to get started, right from your training and the licenses you’ll require to finding new customers and figure out what you’ll charge. Check out our guides to jobs that work with animals for more ideas.
7. You can become a freelancer
Freelancing is a great way to earn a little cash, however, with some determination and network, you could turn it into your full-time job. Copywriting is a popular service that many firms are looking for help for writing blogs and news articles, as an example.
Other popular freelancing options include photography and graphic design. Whatever your expertise, freelance work can be a low-risk means to begin building your customer base and discover your area of expertise.
8. Business in food and drink
If you’re someone who has a passion for food, then why not showcase your food creations to the masses by creating a food and beverage business? You could start a cake or baking business from your kitchen and then sell at market stalls around campus. You could also deliver food, give cooking classes or work towards opening your own food truck.
There are laws and regulations about selling food to the public . They also require the information on allergens. Make sure you check guidance of the Food Standards Agency and register your business with the local authority within the timeframe of 28 days.
9. Student removals business
Although starting a removals company could seem like a costly choice, you could begin small and experiment with. hiring a van for just a couple of hours or by using an urban car club is very affordable and can be arranged last minute. This means that you can call in student movers prior to any financial outlay.
Bear in mind that most students require assistance to the beginning and ending of the term, which means you’ll likely be busy in the months of June, July and September but fairly quiet throughout the year. It’s great for making time for your business around your studies though.
If your side-business takes off, you could think about the possibility of leasing or buying an office van.
10. Event and party planning
The university life is known for its social gatherings and night out. If you’re enthusiastic about the idea of bringing people together and wish to showcase your talents it is possible to start your own event and party organizing business.
Event planners are in charge of organizing the event’s venue, food, drink, decorations, and music. You’ll need professional communicator who can establish relations with a group of suppliers. It’s also beneficial to have experience with managing events prior to going it alone, but there are plenty of opportunities to improve these skills at the university. For instance, you can join the Student Union and be involved in the organization of student nights and other events on campus.
11. Be a tour guide
If you’re a knowledgeable resident of your college town, you could be able to work as a tour guide in conjunction with your studies.
Striking the balance between fun and entertainment is a crucial aspect of being the tour guide. Can you offer something unique that tourists can enjoy and discover? Food tours from independent restaurants to walking tours of cool street art , or chauffeured punting tours to Cambridge or Oxford – there’s plenty of suggestions to look into.
If you’re thinking of how you can become the next tour guide and get started selling your services, Airbnb Experiences is a perfect platform for connecting with those that are in the area for holidays.