The 9-5 is no longer appealing.
As the UK continues to see a shift in what people are prioritising when looking for a job, research from social media platform Pinterest reveals that ‘side hustles at home’ has increased in search by 690% this year alone.
In light of this, and for European Freelancers Week, Fresh Student Living has looked into the increasing trend of the student side hustle and the growth of the student entrepreneurs.
Driven by a combination of passion and practicality, and as a response to decreased stability offered in the job market, research reveals that 3 in 10 full-time employees are planning to leave their jobs by the end of 2019, and just over a quarter of Brits (26%) want to start a business at some point.
Almost half (46%) of those aged under 35 are aiming to start a business in the next few years. However, of this age group, studies show generation Z are paving the way and most likely to start a business compared to any other age group, with 16% aiming to be self-employed this year, failing that quarter of this age group said they still planned to start a business in the next few years. This was closely followed by Millennials with 1 in 5 saying the same thing.
Although flexibility is important at all ages, young people continue to opt for the freedom that comes with it when seeking employment, while their older counterparts aspire to have a better work-life balance, and in some cases believe their careers are shaped by their employers.
Where Are Most Young Business Owners Based?
Despite assumptions of London being a business hub, the highest percentage of young people looking to start their own business in 2019 are located in Northern Ireland, at 18%, while only 13% are in London and 10% in the West Midlands.
The Rise of the “Side Hustle”
Many business or freelance jobs start of as a project, or ‘side hustles’, on the side, and is particularly popular with students as it could help with income. The side hustle is the new way many people, particularly those studying go about starting a business, and in 2017, UK workers generated £72bn for the UK economy through their side hustles, accounting for 3.6% of the country’s GDP.
Research conducted by a division of Santander dedicated to funding small businesses and students also found that student entrepreneurs in the UK have a turnover of £1bn.
Unsurprisingly, 50% of people who start a side hustle do so because they need the extra money, although many start a side hustle to follow their passions or explore a new challenge.