6 Side Hustles Students Can Start in 2023

17 Nov 2023 (1 year ago)

Introduction (0s)

Side hustle ideas for students are applicable to non-students as well.
There is no magic way to make money; success comes from providing value to those willing to pay for it.
Understanding the skill of making money allows for the application of principles in various contexts.
This leads to the possibility of teaching others about making money in the future.

Side hustles are discussed because they can change lives and offer financial freedom.
Having multiple income streams can provide anti-fragility, particularly important during job market instability.
Side hustles can unlock the ability to live life on one's own terms.
The speaker shares personal experiences with side hustles from web design at age 13 to a YouTube channel generating significant income.
Pursuing side hustles is encouraged, not out of greed, but to create an alternative stream of income.

Money is earned by providing value to those who are delighted to pay.
Three vehicles for providing value: Services, Products, and Content.
The video will focus on two Content and four Service side hustle ideas, omitting Product-based side hustles for another discussion.
Ideal side hustles should offer flexibility, fun, and finance.
Side hustles should leverage the internet for geographical independence and a potentially global customer base.
Aiming not to directly replicate others' success but to learn from their principles and apply them to one's own unique skills and circumstances.

Writing, particularly newsletters, is a viable side hustle for students.
An example provided is Jack Reigns, a student from Columbia Business School who started a finance and travel newsletter.
Jack has tens of thousands of readers and charges approximately $1,400 per ad, with four newsletters a week totaling $5,600 monthly income.
He also earns from consulting calls, charging $300 for a 45-minute session.
Writing online has a low barrier to entry; platforms like Substack and Beehive offer free accounts.
Reaching out to established writers with genuine interest and showing one’s work can lead to mentorship opportunities.
Consistency in content creation is vital for success; example given is the video host's own weekly newsletter, Sunday Snippets, with about 400,000 subscribers.
Once earning from side hustles, investing is advised, promoting Trading 212, a commission-free investment app with features like pies (asset baskets) and multi-currency accounts.

Becoming a content curator is different from being a content creator; it involves showcasing work others have created.
Eduardo Morales grew his Instagram account, Pin Lord, to over 100,000 followers, curating enamel pins, generating $3,500 a month.
Success like Eduardo's requires understanding the platform and long-term effort, in contrast to expectations of quick returns.
Alex and Books curated book insights, built a following, and monetized without creating original content.
Content businesses like YouTube are J-curve businesses, with a period of investment before reaching a profit inflection point.
Non-J curve businesses, often service-based, can generate immediate income without the initial negative investment phase.
Low-friction sales processes are more likely to be J-curve businesses, while service businesses often have high-friction processes involving client interaction and persuasion.

A profitable service-based side hustle is thumbnail designing for YouTubers.
Example: Dill Tomah turned thumbnail design into a full-time job, charging up to $250 per thumbnail with a significant monthly income.
Matt Brighton made over $10,000 on Fiverr by designing thumbnails for YouTubers.
To attract YouTuber clients, improve their existing thumbnails, matching their brand style.
There is high demand for thumbnail designers; the key is to develop and offer quality design skills.
Being a research assistant is another side hustle, particularly for authors and content creators.
Drew Bernie became Mark Manson's research assistant by spotting a hiring opportunity and demonstrating compatibility with required skills.
Billy Oppenheimer secured a position as Ryan Holliday's research assistant through an effective cold email that made it easy for Holliday to say yes.
Content creators and authors often require research assistance, offering opportunities for those skilled at internet research and analysis.

Being a remote sales representative involves selling products to customers via phone or Zoom.
Companies pay commissions for each product sold by a remote sales rep.
An example given is Wouter Tuijnman, a Dutch student who offered thumbnail advice, landed an internship, and sold $250,000 in ads in 60 days.
This role suits people who enjoy engaging with others and have a talent for sales.
Unlike traditional on-location sales roles, remote sales can be done while studying or working from home.
Specific training for remote sales rep positions is available through various online resources, but not covered within the video.