As summer winds down and the school year draws to a close, college students have a lot on their minds. Returning to campus, finalizing class schedules, and settling back into a routine can be overwhelming, especially as the costs of housing, tuition, food, and school supplies pressure students to budget accordingly. We're seeing more Gen Zers (ages 18-26), including students, managing their own living expenses by adding a side hustle. Actually, one last one Survey of banks found that 53% of Gen Z have a side hustle to earn extra income.

While Gen Z is turning to side hustles at a faster rate than other generations, there's more than spending money at play. According to a recent one Bank of America's Best Money Habits Survey52% of Gen Z reported they don't make enough money to live the life they want. In the next five years, many Gen Zers hope to improve credit, pay off debt, buy a home and start a family. Unfortunately, most are not on track to meet these goals, and nearly two in five feel they do not have enough income to reach their financial goals.

However, these goals are not unattainable. Learning to earn, budget, manage expenses, and save money while in college can make this transition easier.

Related: 22 ways for college students to make money on the side

Setting yourself up for success with a side hustle

Students can earn extra money in a variety of ways, from traditional gigs like tutoring, babysitting or waiting tables to more entrepreneurial ventures like starting a business.

By choosing to start a business while in college it's one of the best ways students can invest in themselves, their careers, and, of course, their finances. Of the many benefits to starting a business in college, one of the most appealing is financial independence. Having a source of income empowers students to manage their financial responsibilities and spending/savings choices.

Starting a business or taking up a side hustle while in college also teaches students real-world experience, putting them ahead of their classmates. Rather than waiting until after graduation, working students gain real-world experience and develop essential skills such as time management, budgeting and communication.

Entrepreneurial students they can also take advantage of the networking opportunities their university offers. Attending career fairs and joining clubs based on their interests connects them with peers, supervisors and teachers who can act as mentors.

College towns also have a diverse range of consumers. Depending on the target market, students can use the people around them as focus groups to learn more about their needs and determine how their business can provide the best solution.

Related: The “easy” side hustle he started in college netted him more than $1 million in revenue — and taught him 3 business lessons he still uses today

Becoming a student entrepreneur

So for ambitious college students looking to bring in extra income to maintain their lifestyle and save for the future, here are some tips for starting a business:

1. Do your research: Before taking any steps towards starting your own business, it is essential that conduct research. What does the industry look like? Who are your competitors? Does the market need it? The more information you have up front, the better off you will be when making business decisions.

2. Be passionate but realistic: Before you start your business, make sure your product or service is something you are passionate about. The process of starting a business comes with its fair share of ups and downs and is often a labor of love. Your passion is what will power you through the lows. In addition to being passionate, be realistic. When choosing a side hustle, consider whether and how you can manage that type of business at scale. For example, if you are selling a product, will you be able to maintain inventory and have time to keep up with order fulfillment? Also be realistic about the time you devote to your business, especially balancing it with school and extracurricular activities.

3. Develop a business plan: Planning is a key step to take before starting your business. Your business plan is a document that details the goals you have for your business and the steps you will take to achieve them. It should detail what your business will be, how it will operate, its revenue model and growth strategy. There are several free patterns available online that you can download and customize, including this one from THE RESULT.

4. Manage your money wisely: Starting a business often requires you to invest before you can make a profit. First, you need to consider funding sources to help run your business. Do you have friends, parents, teachers or mentors who would be interested in investing? Are there any grants you can apply for as a college student? Does it make sense to get a loan? Once you have decided how to finance your business, make a budget and stick to it. Track your company's performance, sales, costs and profits, and regularly update your budget as your business changes.

Related: 7 Reasons to Start a Business While in College

Although current economic conditions may feel overwhelming for Gen Zers during their college years, side hustles offer students a creative outlet and opportunity to build wealth while taking advantage of flexibility that may diminish once they enter the workforce after graduation. Whether they start a small business of their own or not, I encourage students to take their financial future into their own hands and never stop looking for opportunities that can help them achieve financial freedom.