6 Side Hustles Students Can Start in 2024
TLDRThe video discusses six side hustle ideas for students, emphasizing the importance of providing value to earn money. It covers various methods, including writing, content curation, thumbnail design, research assistance, remote sales, and web design. The speaker shares personal experiences and examples of individuals who successfully turned these side hustles into significant income sources, highlighting the potential for flexibility, enjoyment, and financial gain. The video also touches on the concept of J-curve businesses, where success may take time, and the importance of understanding how money-making works to achieve financial freedom.
Takeaways
- 💡 Side hustles provide value to people who can pay for it, which is the fundamental law of making money.
- 🤔 Understanding the principles of making money allows you to apply them to your own skills and context, rather than just copying others' ideas.
- 🌟 Side hustles can significantly change your life, offering financial freedom and the ability to live on your own terms.
- 🛠️ There are three main vehicles for providing value: services, products, and content.
- 🎯 Side hustles should ideally offer flexibility, be enjoyable, and generate a reasonable return on investment.
- 📝 Writing as a side hustle has a low barrier to entry and can be monetized through sponsorships and consulting.
- 🖼️ Content curation is different from content creation; it involves curating existing content for an audience.
- 📈 Content businesses often follow a J-curve model, where there's an initial period of investment before profitability.
- 🔍 Research assistance is a valuable service for content creators and authors who need help with their work.
- 📞 Remote sales reps can make money through commission-based sales over the phone or Zoom calls.
- 💻 Web design remains a highly sought-after skill with significant demand and lucrative pay for skilled designers.
Q & A
What is the first law of making money mentioned in the video?
-The first law of making money mentioned in the video is that you make money by providing value to people who can pay for that value.
Why does the speaker emphasize the importance of understanding the skill of making money?
-The speaker emphasizes this because understanding the skill and laws of making money allows individuals to apply these principles to their own skills, life, and context, potentially leading to financial success and independence from a single source of income.
What are the three broad categories for providing value in the video?
-The three broad categories for providing value are services, products, and content.
What are the three 'F's that side hustles should ideally fulfill according to the video?
-The three 'F's are flexibility, fun, and finance. Side hustles should provide flexibility in terms of time and location, be enjoyable so they don't feel like work, and generate a reasonable return on investment over the long term.
How did the speaker's first side hustle, web design, impact their life?
-The speaker's first side hustle in web design helped them make their first few hundred dollars on the internet and was the start of their journey towards financial independence and entrepreneurial success.
What is the significance of having multiple income streams as highlighted in the video?
-Having multiple income streams is significant as it provides financial security, freedom, and the ability to live life on one's own terms without being tied to a single source of employment.
What is the example of a side hustle related to content creation discussed in the video?
-The example of a side hustle related to content creation discussed in the video is Jack Reigns, who started a newsletter while being a student and managed to earn a significant income through sponsorships.
How did Eduardo Morales grow his Instagram account 'pin lord' and monetize it?
-Eduardo Morales grew his Instagram account 'pin lord' by curating and selling enamel pins. He managed to reach over a hundred thousand followers in less than two years and earns three thousand five hundred dollars a month from the business.
What is the difference between a 'J curve' business and a 'non-J curve' business?
-A 'J curve' business involves an initial period of investment with little to no return, followed by a potential inflection point where the business starts to become profitable. A 'non-J curve' business, on the other hand, allows for immediate earnings with less initial investment and a more steady growth trajectory.
What is the role of a remote sales rep and how can one succeed in this role?
-A remote sales rep is responsible for selling a company's products or services over the phone or through Zoom calls. To succeed in this role, one should enjoy interacting with people, be persuasive, and have a good understanding of the product to effectively educate potential customers and close sales.
How did Chris, the web designer, transition from learning the skill to earning a significant income?
-Chris transitioned from learning web design through free tutorials on Codecademy to earning a significant income by first practicing for free for friends and family, then finding clients on Upwork, and eventually building a portfolio that led to high-paying clients, including the speaker who paid him over ten thousand dollars per website design.
Outlines
🤔 Introduction to Side Hustles and Philosophizing
The speaker introduces the topic of side hustles, emphasizing that there is no magical way to make money. They stress the importance of understanding the value exchange principle in making money. The speaker shares their personal journey with side hustles, starting from web design at 13 to YouTube channel which made over a million dollars a year. They explain that the goal is not just money, but the freedom it brings, and the ability to live life on one's own terms. The speaker also addresses criticism about their focus on money and side hustles, justifying their passion for the topic with the transformative power it has on one's life.
🎯 Understanding the 'How' of Side Hustles
The speaker delves into the 'how' of making money through side hustles, outlining three main vehicles for providing value: services, products, and content. They explain that a service business involves providing a service to someone willing to pay, a product business involves creating and selling a product, and a content business involves creating free content that is monetized through platforms like YouTube. The speaker also discusses the importance of delighting the customer and the flexibility, fun, and financial return that a good side hustle should provide. They highlight the benefits of internet-enabled side hustles, such as global reach and the potential for creating multiple income streams.
📝 Side Hustle Idea #1: Be a Writer
The speaker presents the first side hustle idea of becoming a writer, using the example of Jack Reigns, who started a newsletter while studying at Columbia Business School. Jack's newsletter, focused on finance and travel, has grown to tens of thousands of readers, allowing him to charge for ads and make additional money through consulting calls. The speaker emphasizes the low barrier to entry in writing as a side hustle, the potential to reach a global audience, and the importance of providing valuable content. They also share their own experience with a weekly newsletter, 'Sunday Snippets,' and encourage viewers to reach out to successful writers for advice and mentorship.
🖼️ Side Hustle Idea #2: Be a Content Curator
The speaker introduces the second side hustle idea of content curation, distinguishing it from content creation. They highlight Eduardo Morales, who grew his Instagram account 'Pin Lord' by curating and selling enamel pins, and Alex Books, who curates insights and summaries from books across social media platforms. The speaker explains that content curation can be a profitable business model, especially when one has a large enough audience to monetize through various means. They also discuss the J-curve nature of content businesses, which requires a significant investment of time and effort upfront with no immediate returns, but the potential for substantial success in the long run.
💡 Side Hustle Ideas #3-6: Diverse Opportunities
The speaker presents a range of side hustle ideas, including thumbnail design, research assistance, remote sales representation, and web design. They share success stories such as Dill Tomah's thumbnail design business and Matt Brighton's experience with Fiverr. The speaker also discusses the high demand for research assistants among content creators and authors, and the lucrative opportunity in remote sales. Finally, they touch on the enduring demand for skilled web designers, sharing the story of Chris Mrreck, who taught himself coding and now earns significant income from web design. The speaker emphasizes the importance of providing value and the potential for these side hustles to become substantial income sources.
🚀 Conclusion and Call to Action
The speaker concludes the video by reiterating the potential of side hustles to change one's life and the importance of taking action. They encourage viewers to share their takeaways and intended actions in the comments, emphasizing the futility of watching such content without applying the learned lessons. The speaker also mentions that they will cover product-based side hustles in a future video, inviting viewers to look forward to it. They thank the sponsor, Trading212, for their support and wrap up the video with a call to action for viewers to engage and reflect on the content shared.
Mindmap
Keywords
💡Side Hustles
💡Value Creation
💡Financial Freedom
💡Content Business
💡Service Business
💡J-Curve Business
💡Non-JCurve Business
💡Monetization
💡Flexibility
💡Remote Sales Rep
💡Web Designer
Highlights
The video discusses six side hustle ideas for students, emphasizing the importance of providing value to make money.
The speaker shares personal experiences with side hustles, starting from the age of 13 with web design.
Side hustles can change lives, offering freedom and an alternative stream of income.
There are three vehicles for providing value: services, products, and content.
Side hustles should ideally offer flexibility, be fun, and generate finance.
Writing as a side hustle involves building an audience and monetizing through sponsorships.
Content curation is different from content creation; it involves curating existing content.
Examples of successful content curation include Instagram accounts and summarizing book insights.
Content businesses often follow a J-curve model, requiring an initial investment of time and effort.
Service-based businesses tend to be non-J curve, allowing for quicker financial returns.
Thumbnail designing for YouTubers is a viable side hustle, with high demand and willingness to pay.
Research assistants are needed for content creators and authors, offering a valuable service.
Remote sales reps can make money through commission-based sales over the phone or Zoom.
Web designing remains a high-demand skill, with startups willing to pay well for quality design work.
The speaker's YouTube channel started as a side hustle and now makes over a million dollars a year.
Trading212, the video's sponsor, is highlighted as a platform for investing in stocks and shares commission-free.
The video concludes with a call to action, asking viewers to share their takeaways and intended actions.
Transcripts
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