Many university students, especially those from less privileged backgrounds, face financial struggles. The costs of meals, transport, hostel fees, and study materials can be overwhelming. However, running a small business while studying can help ease these financial burdens. Here are some ideas and advice on managing a business alongside your studies.
Business Ideas for Students
One way to earn money is by selling items such as shoes, clothes, bedding, and cosmetics. Macklean Byansinza, the founder of Itoto Cosmetics, started her business while studying for a bachelor’s degree in Development Studies at Makerere University in 2003. She bought T-shirts, underwear, bed sheets, and dresses from Owino Market, then washed and ironed them before selling them in hostels and offices. “The profits were motivating. I would buy an item at 15,000 shillings and sell it for 30,000 shillings or more,” she recalls. This venture also helped her make connections, leading to her first formal job at World Vision as a data entrant.
Similarly, Angella Asiimwe, now an international human rights lawyer, sold second-hand clothes to support herself while studying law at Cavendish University.
More Business Options
Donna Keirungi, a Warden at Makerere University, mentions that some students make and sell snacks, art pieces, jewelry, and crotchet items. Others run mobile money businesses. Another profitable venture is selling print-on-demand goods, such as T-shirts, caps, and mugs with custom designs.
Buying snacks from wholesalers and selling them at a profit is also a good option. Freelance work like editing, illustration, research, graphic design, and marketing can be done remotely, allowing students to market their services on social media and earn money.
Balancing Studies and Business
While running a business, it is crucial to prioritize your studies. Keirungi emphasizes that the main reason for being at university is to be a student. Therefore, students must manage their time effectively to ensure their business activities do not interfere with their academics. “Students are guided by rules and regulations. Running businesses in places like rooms, which can easily inconvenience others, is not allowed,” she adds.
Advice for Aspiring Student Entrepreneurs
Asiimwe advises students to thoroughly research their chosen business and maintain financial discipline to avoid spending their capital. She also stresses the importance of balancing time between studies and business activities to ensure academic performance does not suffer.
By carefully managing their time and resources, university students can successfully run small businesses, easing their financial burdens while gaining valuable entrepreneurial experience.
