Over a quarter of university students are starting their own business

Currently, there are over 450,000 students running or planning to run a business whilst studying at university, with a third wanting to turn this into a full-time career after they graduate.

With 26% of students running or planning to run their own business whilst carrying out their studies, of those who have already started, the average turnover is an impressive £11,408 per annum, equivalent to a collective £1 billion, a 32% increase from the £913 million turnover recorded in 2016.

The data, compiled by Santander Universities to support the launch of their eighth annual Entrepreneurship Awards, shows that technology-based solutions (27%) and arts or crafts (17%) are the most common type of student venture. These are followed by: clothing and textiles (nine per cent); administration and business services (nine per cent); tutoring (eight per cent) and charity, voluntary or social work (seven per cent).

The survey revealed that the most common reason for students starting a business or joint venture is financial motivation (60%). This is closely followed by the desire to pursue a hobby or personal interest (59%) and the intention to gain work experience (32%). For one in four (23%) students, the decision to start their own business was influenced by the need to pay off their student loan.

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When asked about future plans for their business, 33% of respondents expected to pursue it as a career when they graduate. Over half (52%) said they would continue the business as a second job or hobby once they finish university and nine per cent said the business would continue with guidance from others. Just four per cent said they would close it down.

Matt Hutnell, Director of Santander Universities UK, commented, “Student entrepreneurs play a key role in shaping the UK economy now and will continue to do so in the future. It is encouraging to see that so many students are inspired to start a business whilst at university, from developing software to designing and selling clothing.

“We are continually impressed with the ambition and skills demonstrated by student entrepreneurs who are driven to create their own opportunities and successfully juggle running a business whilst also keeping up with their studies. At Santander we take pride in supporting and encouraging these young business leaders who challenge themselves to invent, innovate and create ideas. We are committed to nurturing their talent and ultimately help them to achieve their entrepreneurial goals.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use CashPlus free of charge for the first year, saving you £69.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.