Students may not have much spending power, but they can still be a profitable niche market. Like any consumer, students have certain desires and needs that have to be filled. If you live in a student area – or you’re a student yourself looking for a side hustle – it could make sense to take advantage of the market on your doorstep. Below are 7 business ideas that could be ideal for aiming at students.
Many universities are able to provide accommodation for students, but in many cases it’s not enough to house every student. Sophomore students may be expected to find their own accommodation. This is where the need for student accommodation comes in.
If you own property in a student area, renting it out to students could be a good business decision. You can invest in digital marketing for property to help attract new tenants each year. Some universities may even be able to help with marketing under the condition that your property meets certain requirements.
Not all student accommodation is furnished. For students that need furniture, it could be an idea to set up a furniture rental business. This allows students to rent out furniture for the duration of their study before giving it back.
Such furniture could include desks, chairs, beds, sofas, wardrobes and TV stands. You will need a building to store all of this furniture, which could be the one big cost to factor in.
It’s no secret that students like their takeaway meals. Setting up a takeaway restaurant or a delivery service could be a way of tapping into this market.
Nowadays, it’s not just food that you can provide via delivery service – you could provide everything from drinks to printer ink to sanitary products. You simply need to know how to market your business to get it out there (this could include promoting your service on social media and getting featured on Deliveroo).
Students are reliant on their phones and laptops. Setting up a tech repair store with discounts for students could be another great business idea.You’ll need a shop in a convenient location. You’ll also need to be prepared to spend money on marketing (especially if there are other tech repair stores in the area).
A lot more students are now travelling overseas. There could be lots of foreign students at your local university. Some of these could benefit from the translation of research papers or study notes – if you’re fluent in another language, consider whether you could make money with a transcription service aimed at these students.
You may be able to work with the university to advertise your services. Make sure to set up social media pages and a website too.
Textbook buying and selling
Students are having to constantly buy new textbooks. You may be able to create a business buying textbooks of old students and selling them to new students. The reading lists for subjects may change from year to year. You may be able to work with the university to get information on reading lists.
While some students may have a clear idea of the career they want and how to get it, many others may not have a clear career goal or may not know how to land the perfect career.
You may be able to pick up work as a career coach offering personalised advice to individual students. This could be a particularly great avenue if you have experience in recruitment.