Jessica Kelly founded her business whilst studying at Chester University

The number of university students starting their own businesses has risen, according to new figures released today. One in 10 students are currently running a business alongside their studies, up from one in 16 in 2018.

The research commissioned by Santander UK show that an estimated 480,000 university students currently run or plan to run a business whilst at university, the most budding student entrepreneurs averaging a turnover of over £411.67 a month – almost £5,000 a year.

University students are undeterred by the prospect of having to run a business post-pandemic with 64 per cent saying they are going to keep their businesses going after university. Nearly one in five (17 per cent) say they plan to turn their business into a full-time career when they graduate whilst nearly half (48 per cent) will keep it as a second job.

Starting their own enterprises could be an effective way of side-stepping the turbulent post-COVID job market as over three quarters (77 per cent) of third year students are concerned their employment prospects will be limited once they graduate. Students also referenced the desire to pursue a hobby or interest (33 per cent) and a lack of money (16 per cent) as two of the main reasons to start their own business venture.

In the wake of the Covid-19 pandemic, more than four in 10 (43 per cent) university students are rethinking their careers.

The study suggests this may have had a knock-on effect on the view of their career prospects, with over half of students – 55 per cent – admitting they have a ‘plan B’ in case their top career choice does not work out, with six in ten – 60 per cent – looking to work in roles which have a clear sense of purpose and means they can “make a difference.”

Jessica Kelly

Jessica studies Global Entrepreneurship and Business Management at Chester University, and is from Delamere in Chester.  She founded her business, The Goat Tree, after a summer business trip to Morocco. The Goat Tree is an argan oil co-operative which produces sustainably sourced 100% argan oil with no additives.

• Jessica will reinvest profits back into forming education systems to help Moroccan women who cannot read or write as well as animal welfare.

• Jess has spent the last 12 months refining her product from an industry perspective and took this year to secure licenses. When restaurants closed due to Covid-19, temporarily paused.