how I made my first $10,000 as a full time university student

Summary

At 21, a full-time computer science student in Singapore has built a successful online tuition business, earning five figures per month. He shares his journey from working a low-paying part-time job at Subway to becoming the owner of a thriving tuition center. His story emphasizes the lucrative potential of the education industry, particularly online tutoring, and how setting up automated systems can lead to passive income. Through mistakes and learning, he scaled his business quickly, offering valuable insights and a free guide to help others replicate his success.

Takeaways

• 😀 He is a 21-year-old full-time computer science student who earns over $10,000 per month through entrepreneurship.
• 😀 The speaker started his journey into entrepreneurship at 19 after realizing he wanted to earn more than a part-time job could offer.
• 😀 His first part-time job was at Subway, where he earned $750 per hour and found the work experience frustrating.
• 😀 He transitioned from working low-paying jobs to entrepreneurship by studying self-development and business books, including 'Atomic Habits' and 'Cashvertising.'
• 😀 His first business attempts failed, but he learned valuable lessons, eventually leading him to start an online tuition business.
• 😀 The online tuition space is highly lucrative, with rates starting at $25 per hour and scaling upwards. He personally charges at least $100 per hour for private tuition.
• 😀 His initial marketing efforts, including advertising his expertise in mathematics, quickly filled his schedule with students.
• 😀 He went from being a solo tutor to running a tuition center and is on track to earn six figures in the upcoming year.
• 😀 The speaker emphasizes the importance of building systems, such as online platforms and automation, to generate income passively, even while sleeping.
• 😀 He achieved his first five-figure monthly income within four months of starting his online tutoring business, and now runs a successful tuition center.
• 😀 The speaker encourages others to start teaching any skill in demand, whether academic subjects or specialized skills like music, as long as there is a market for it.

Q & A

How did you manage to earn over $10,000 per month as a university student?

I built an online tuition business, offering one-on-one tutoring in mathematics. By marketing myself effectively online, I quickly gained clients and scaled my business, allowing me to earn five figures per month while still attending university full-time.

What inspired you to start your own business instead of continuing with part-time jobs?

I was frustrated with part-time jobs, such as my first job at Subway, where I earned very little and had to work long, tiring hours. I wanted to build something that would offer more financial freedom, so I turned to entrepreneurship.

Why did you choose online tutoring as your business model?

The education industry offers significantly higher pay compared to part-time jobs. I realized that I could earn more teaching math online than working at a fast food job. Additionally, online tutoring offered flexibility, scalability, and the potential for passive income.

How did you market your tutoring services and gain clients?

I advertised my services online, showcasing my academic achievements and experience in mathematics. Within a month, my calendar was fully booked with students. I used a mix of social media, word-of-mouth, and online platforms to attract clients.

What was your starting hourly rate for tutoring, and how did it compare to your previous job?

My starting hourly rate was $50 per hour, which was already significantly higher than the $7.50 per hour I made at Subway. This was a huge leap in income, and it motivated me to pursue the business further.

How did you scale your business from solo tutoring to running a tuition center?

After gaining success with one-on-one tutoring, I expanded by automating systems, building a website, and managing a larger database of students. Eventually, I opened my own tuition center, which allowed me to scale the business further.

What role did automation and online systems play in your business success?

Automation was key to my success. It allowed me to manage student bookings, payments, and communication without needing to be constantly involved. This enabled me to earn money passively, even while I was sleeping.

What mistakes did you make when starting your business, and how did you learn from them?

I made a lot of mistakes in the early stages, from underpricing my services to mismanaging time and marketing efforts. However, each mistake provided valuable lessons that helped me improve my business strategies and ultimately led to success.

What advice do you have for university students who want to start their own business?

My advice is to take the first step, even if you don’t have all the answers. Entrepreneurship involves a lot of learning from mistakes. Starting an online business, especially in education, is a great way to earn money without sacrificing your studies.

Can people teach skills other than academic subjects, such as music or art, in an online tutoring business?

Yes, absolutely. You can teach any skill that’s in demand, such as piano, coding, or even art. The key is to ensure that the skill you teach has a market of people willing to pay for it, and you can use similar marketing strategies to attract students.