6 Side Hustles Students Can Start in 2023

6 Side Hustles Students Can Start in 2023

Introduction (00:00:00)

  • 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.

Why are we even talking about this? (00:01:03)

  • 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.

How to make money as a side hustle? (00:04:04)

  • 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.

Side Hustle 1 (00:06:34)

  • 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.

Side Hustle 2 (00:11:06)

  • 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.

Side Hustle 3 (00:16:59) & Side Hustle 4 (00:19:27)

  • 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.

Side Hustle 5 (00:21:12)

  • 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.

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