6 Side Hustles Students Can Start in 2024 @aliabdaal
Key Takeaways Summary:
Introduction
In this video break down six side hustle ideas for students, although I'm hoping these will apply even if you're not a student. The first law of making money is to provide value to people who can pay for that value.
When you understand the laws of making money, you won't need to watch videos about how to make money on the Internet.
Why are we even talking about this?
Alia Doll makes videos about productivity, health, sleep, relationships, dating, and other topics, but she enjoys making videos about side hustles and passive income because they have completely and utterly changed her life.
People lost their jobs during the pandemic and realized that reliance on a single source of income is not a particularly anti-fragile way of living. If you enjoy your job, great, but for most people, an extra $2,000 a month would be welcome.
If you can get one or two extra sources of income every month, you can live life on your own terms.
When I was 13 years old, I started doing side hustles with web design and private tutoring. I was making between five and twenty dollars an hour.
When I was in medical school, I started a company that helped people get into medical school, and this side hustle made me around 40 000 dollars a year, which meant that I didn't have to worry about money while I was at university.
While I was a student and working full-time as a doctor, I started a YouTube channel and the business around it. When the channel started making so much money, I decided to quit medicine and go all in on the channel.
How do I make money as a side hustle?
The first law of making money says that you make money when you provide value to people who are delighted to pay for that value. There are broadly three vehicles for providing this value: services, products, and content.
In this video, I'm going to talk about side hustle ideas for content creators and service providers.
We want our side hustles to give us flexibility, be fun, and generate some kind of finance. If we can find the thing that feels like play to us but looks like work to other people, we are way more likely to enjoy it and be sustainable.
People like me recommend side hustles that are enabled by the internet because you can work whenever you want, have fun, and attract buyers from all around the world.
I'm going to be showing you lots of examples of people who've done this sort of side hustle thing, and you can learn from their example and apply it to your own life.
Side hustle idea number one is to be a writer, and this fits very nicely into the content branch of what we're trying to do here.
Side Hustle 1
Jack Reigns started a newsletter while he was a student at Columbia Business School, and now he charges fourteen hundred dollars per ad. He makes five thousand, six hundred dollars a month by writing on the internet as a side hustle.
Jack is following the classic content model of a writer by writing things regularly and building an audience of people who are interested in his work. He then starts to monetize by selling sponsorships for his work to companies.
This is how writers are making money on the Internet, and Nicholas Cole has written a book on how to make money as a writer.
Writing as a side hustle is really easy, and the barrier to entry is very low. All you need is a computer or a phone with an internet connection, and you can start writing from anywhere in the world.
A, B, and C would love to hop on a quick 20-minute call with you to ask you a few questions.
What do you say?
If someone like Jack were reading this, they would probably think you're pretty cool.
I have a weekly newsletter that I write every week, and it's called Sunday Snippets. You can check it out completely for free in the video description, or you can go to Alibabel.com on Sunday and sign up there.
Trading212 is a fantastic app that allows you to invest in stocks, shares, and funds in a commission-free fashion, and they have a bunch of really cool features, which is why I personally use them to manage a portion of my portfolio.
Trading212 is a new app that allows you to invest in U.S. stock market index funds from Europe without having to pay foreign exchange fees. They will also pay you interest on any uninvested cash you have.
Side Hustle 2
The second hustle idea is to be a content curator. Eduardo Morales grew his Instagram account from zero to over a hundred thousand followers in less than two years and now makes three thousand, five hundred dollars a month.
Eduardo made over $3,500 on his Instagram account before starting Pinlord, the repost account where I curate and sell enamel pins. He had no experience building a social media or online business and wasn't particularly social.
I'm not telling you this example to say go and make an Instagram account and try and grow 200 000 subscribers selling enamel pins.
Alex and Books is a guy who has built his own Twitter, Instagram, and LinkedIn accounts by curating insights and summaries from books that he has read. He doesn't really create anything, but he can monetize through whatever means he wants.
Content businesses are generally J-curve businesses, which means that at the start, you're kind of in the negative because you've put in time and effort into doing this thing. For example, YouTube is a content business.
Feel Good Productivity is a Jacob business because it looks like a J. You have to put in this period of negative money, and then you hit an inflection point, and the hope is that it will then go into the positive.
If you want to make money quickly, you should start a non-j-curve business, which is a business that lets you make money basically immediately without having to invest time, money, and effort into the thing, and it's not getting your return just yet.
The crucial determining factor in sales is the friction of the sales process.
A supermarket is a very low-friction sales process, as you just walk in, pick up the thing, and walk out. Alternatively, buying something on Amazon is a very low-friction sales process, as you just go on the website, buy something, and it arrives at your door.
A high-friction sales process is when a business has to try and convince someone to part with their money. A web designer has a high-friction sales process because they need to go out and find clients.
Side Hustle 3
Side hustle Idea number three is to be a thumbnail designer for YouTubers. This is a very reasonable way to make money through the internet in a way that's fun, freedom, flexibility, and financial.
Dill Tomah began designing thumbnails for Youtubers while still in school and now charges over 250 dollars for a single thumbnail. He has multiple huge YouTuber clients and is probably making a stupidly insane amount of money.
A man started off doing thumbnails on Photoshop as a side hustle and now makes several thousand dollars a month doing thumbnail design as a service.
Matt Brighton, a part-time YouTuber Academy alumni, made over ten thousand dollars designing thumbnails for other Youtubers. He talks about how you can provide a service to someone who is willing to pay.
A lot of people email us saying that they can design our thumbnails, but most of them are not very good. If you want to land a YouTuber client as a thumbnail designer, just recreate some of their thumbnails and do a better job than what their current thumbnails are.
Side Hustle 4
I was in my Ph.D. program, and I was waiting on a few people when I checked Mark's website and saw that he was hiring again. I thought it was too good to be true, and I sent a cold email to Ryan Holliday to land the job.
A good cold email can make it easy for someone like Ryan Holiday to say yes, and Billy has been working with Ryan for quite a while. If you are a good researcher, you can provide this service to people who are willing to pay.
Side Hustle 5
A remote sales rep is someone who answers phone calls and makes money by selling a company's product to customers. A 20-year-old student in the Netherlands got an internship with Sean Puri and now sells ads for Milk Road daily. He's basically being a remote sales rep, selling sponsorships on this newsletter, and probably getting a cut of the sponsors that he sells.
If you like talking to people and think you might be good at selling things, you can make tons of money as a remote sales rep.
Side Hustle 6
For students or anyone else, side hustle idea number six is to become a web designer. It's ridiculous how few good designers there are out there and how much startups are willing to pay for designers.
If you want to do it as a side hustle initially, learn the skill and be good because people will pay you for it.
Chris Mrreck taught himself how to code and built websites using free tutorials on CodeCad, and now he's earning over three thousand dollars a month. I'm pretty sure he could be earning way more than three thousand dollars a month if he went off upwork and tried to find clients directly.
Henry, who had no background in coding or web design, taught himself the skills over six months and became so good at it that he was getting paid over ten thousand dollars a year to design websites.
You've watched this video for a very long time now, so I would love it if you could leave a comment. What did you take away from this video, and what action point are you going to take as a result of watching this video?
In this video, I talked about content and services as a way of making money on the internet, but I didn't really talk about products. In this video, I am going to break down a few different product ideas.
Video Source: https://youtu.be/-ZscZv-IMyI?si=Is3uUkOk_rhwhkks