6 Side Hustles Students Can Start in 2024

Summary

This video offers six side hustle ideas for students seeking flexible, enjoyable ways to earn extra income. The host emphasizes the importance of providing value and discusses the concept of 'J-curve' businesses, where initial investment is needed before profit. Examples include writing, content curation, thumbnail design, research assistance, remote sales, and web design. The video is a call to action, urging viewers to apply the principles to their own skills and contexts to unlock financial freedom and diversify income sources.

Takeaways

• 💡 Side hustles are not about finding a 'magical' way to make money, but understanding the principle of providing value to those who are willing to pay for it.
• 💼 The speaker emphasizes that making money is a skill, and mastering it allows one to generate income from various sources rather than relying on a single job.
• 🏆 Side hustles can lead to significant life changes, as they have for the speaker, who transitioned from traditional employment to a YouTube channel generating substantial income.
• 🌐 The internet provides a platform for side hustles with flexibility, fun, and financial potential, allowing one to reach a global audience.
• ✍️ Writing as a side hustle involves creating content regularly to build an audience, which can be monetized through sponsorships and consulting.
• 📚 Content curation is another form of side hustle where one compiles and shares valuable content created by others, like Eduardo Morales with his enamel pin business.
• 🎨 Design skills, such as thumbnail creation for YouTubers, can be a lucrative side hustle, with high demand and the potential for significant earnings.
• 🔍 Research assistants provide valuable services to authors and content creators, which can be a profitable side hustle for those with a knack for research and analysis.
• 📊 Remote sales reps can make money by selling products over the phone or on Zoom, earning commissions on sales, and this role suits those with strong communication skills.
• 💻 Learning web design can be a profitable side hustle, with a high demand for good designers and the potential to earn substantial fees for designing websites.

Q & A

What is the primary message the video aims to convey about side hustles?

The primary message is that side hustles are not about finding a magical way to make money but understanding the principle of providing value to others who are willing to pay for it. It emphasizes the importance of side hustles in creating multiple income streams for financial freedom and flexibility.

What is the 'first law of making money' as mentioned in the video?

The 'first law of making money' is making money by providing value to people who can pay for that value.

Why does the video creator emphasize the importance of understanding the skill of making money?

The creator emphasizes this because understanding the skill allows individuals to apply the principles to their own skills, life, and context, potentially leading to creating their own income streams without needing to rely on others' side hustle ideas.

What are the three broad categories for providing value as a side hustle mentioned in the video?

The three broad categories are Services, Products, and Content.

Why does the video mention that side hustles have changed the creator's life?

The creator shares personal experiences where side hustles provided financial freedom, allowed for the purchase of a flat, and eventually led to quitting full-time medicine to focus on a YouTube channel that was initially a side hustle.

What is the significance of the 'J curve' in the context of side hustles discussed in the video?

The 'J curve' signifies that some side hustles, particularly in content businesses, require an initial period of investment without immediate returns, followed by a potential steep rise in income once an inflection point is reached.

How does the video define a 'non-j curve business'?

A 'non-j curve business' is one where the individual can start making money almost immediately without a significant initial period of investment without returns.

What is the importance of the friction in the sales process when considering a side hustle?

The friction in the sales process determines whether a business will follow a J curve or non-J curve trajectory. Low friction often leads to J curve businesses, while high friction can lead to immediate income but may require more effort in sales and convincing potential customers.

What are some examples of side hustles for students provided in the video?

Examples include becoming a writer, content curator, thumbnail designer, research assistant, remote sales rep, and web designer.

How does the video suggest one can become a successful thumbnail designer?

The video suggests learning the skill, offering services on platforms like Fiverr, and reaching out to potential clients by recreating their thumbnails to demonstrate the value one can provide.

What is the role of a 'remote sales rep' as a side hustle according to the video?

A remote sales rep conducts sales calls or Zoom meetings to sell products or services, earning a commission on each sale. It requires good communication skills and the ability to convince customers about the value of the product or service.

How does the video suggest one can become a successful web designer as a side hustle?

The video suggests learning the necessary skills through free tutorials or courses, starting with small projects for friends and family, and then moving to platforms like Upwork to find clients. Building a strong portfolio and engaging with the design community on social media can also help secure high-paying clients.