Meet John, a college student who, a few years ago, had financial difficulty. But he made the decision to take matters into his own hands and begin hustling rather than simply accepting his situation.
At first, he drove for Uber just three days a week, earning at least $3200 a month. Then he discovered the Roadie app, which enabled him to pick up many orders simultaneously and make about $10,000 over the course of a year.
When the pandemic struck, John realized he had to change course, and he began working concurrently for DoorDash and Postmates, bringing in an impressive $5,000 per month. John even launched his own rental company, renting out electric scooters and earning an additional $1000-$1500 per month.
So what can we learn from this? Anyone can succeed financially if they have the right attitude and work ethic. Finding and seizing opportunities is the key to success. You can accomplish it if John can!
Advantages of having a side hustle in college
With tuition, books, and daily expenditures stacking up, college life may be challenging. However, there is a way to lessen the financial burden while also acquiring useful experiences and skills. By doing a second job while in college, that is.
We’ll look at the various pros and cons of having a side business while in college.
Earning extra income
College tuition can be pricey. The cost of living, textbooks, and tuition may add up rapidly. You can lessen your financial stress and earn a little extra spending money by engaging in a side hustle.
However, having a side hustle can also help you learn new skills, gain experience in various industries, and create a network of contacts that may be useful in your future career. These advantages go beyond the financial ones. It’s a fantastic chance to explore various passions and interests while also making some extra money.
Skills and experiences
Having a side job while in college is a great way to supplement your income, but did you know that it may also give you priceless skills and experiences that will help you in the future?
The following are some important abilities and encounters that doing a side job while in school might help you gain:
Time management skills: Outstanding time management skills are necessary to juggle classes, assignments, and a side business. You’ll be better prepared to handle the pressures of full-time work and other duties later in life if you develop this talent at a young age.
Customer service skills: Having a side hustle will provide you plenty of opportunities to contact clients, whether you’re driving for Uber, delivering food for DoorDash, or operating your own business. You will be able to build great customer service abilities, which are highly valued in various industries.
Networking opportunities: You might be able to network with other experts in your industry, depending on the kind of side business you have. Making contacts in this way can be a terrific approach to open doors for prospective future employers.
Entrepreneurial experience: In the event that you choose to launch your own side business, you’ll obtain important entrepreneurial expertise. This covers everything, from creating a company plan to managing funds to marketing your goods or services.
Financial management skills: Running a side business requires you to effectively manage your revenue and costs. You’ll develop useful money management abilities that you can use throughout your life if you do this.
Misconceptions About Balancing School and a Side Hustle
As a result of widespread misconceptions, many people are deterred from even trying to balance education and a side business. However, it is more than possible to succeed in both areas with good time management and organization.
We will dispel these myths and inform you of the reality of juggling a side business and college. The following are a few of the most widespread myths:
You won’t have any time for schoolwork: While it’s true that running a side business takes time and effort, it’s critical to keep in mind that effective time management is essential. You can make sure you have adequate time for both schooling and your side hustle by making a timetable and ranking your tasks.
Your grades will suffer: Although it’s a common worry, it’s not always the case. Actually, according to some studies, students who work part-time earn higher GPAs than those who don’t. This is probably because getting a job gives you important time management skills.
You’ll be too tired to focus on anything: It can be challenging to balance school with a side business, but it’s crucial to keep in mind the advantages of making extra money and obtaining useful experience. You can reduce fatigue and maintain concentration on your objectives by practicing good self-care and time management.
It’s not worth the effort: Even though juggling school and a side gig can be difficult, the advantages outweigh the drawbacks by a wide margin. You’ll be able to supplement your income, get experience, and develop useful skills like time management, organization, and communication.
John’s journey to making $60k per year
We’ll examine John’s strategy for earning more than $60,000 a year while still a student more closely. We’ll go over the various side businesses he engaged in, his time management techniques, and the methods he employed to be successful.
Uber
John’s first move towards financial independence was joining Uber, a ride-sharing service that allowed him to work just three days a week and yet make a respectable income. He discovered that working during periods of high demand for transportation might increase his pay.
Additionally, he offered first-rate customer service, which generated more tips and positive reviews and increased his likelihood of obtaining repeat business. John was able to significantly improve his financial situation by earning $3200 each month by using these straightforward methods.
Roadie app
After his success with Uber, John was eager to find other ways to make more money. That’s when he found the Roadie app, which let him pick up multiple items at once and make more money.
John quickly realized that the key to making the most money with Roadie was to optimize his routes so he wouldn’t have to drive back and forth between places.
He also made sure to talk to his customers well so that he could give them great service that would earn him more tips. By using the power of the Roadie app, John was able to make around $10,000 in a year.
DoorDash and Postmates
John was aware that he needed to look for new ways to make money when the pandemic struck. He used DoorDash and Postmates, which allowed him to keep earning money while following the rules of social seclusion.
He discovered that working for two delivery firms concurrently would allow him to make an amazing $5,000 per month. He discovered effective time management techniques for juggling his side jobs and schooling.
Rental Business
The business zeal John possessed didn’t end there. In his college town, he observed a need for reasonably priced, environmentally friendly transport options.
He then established his own rental company and began lending electric scooters to his fellow students and neighborhood residents. John swiftly established a website, set up social media accounts, and started marketing his firm thanks to his expertise in online marketing.
Within a few months of buying a fleet of electric scooters and setting up a rental system, he was earning an extra $1000-$1500 per month. In addition to being a source of revenue, his rental business allowed him to gain invaluable expertise in customer service, operations, and marketing.
Challenges John faced and how he overcame them
We’ll examine more closely John’s obstacles to pursuing his side businesses and how he overcame them. Although it can be exciting, starting a side business is not always easy. It’s crucial to be ready for the many challenges you may encounter along the way.
Challenges
Time management was one of John’s main problems. It can be challenging to balance work and extracurricular activities with his studies, and John occasionally feels like he is over-committing himself.
He also had to learn how to deal with rejection and failure because not all of his side businesses were successful.
The toll that side jobs may take on one’s body and mind was a further barrier. It might be exhausting to be on your feet all day or drive for hours, and it can be challenging to find time to relax and refuel when you’re working nonstop.
Overcome Challenges
John discovered how to make realistic goals and prioritize his time in order to overcome these difficulties. He created a timetable and followed it religiously, designating certain hours for studying, pursuing his side projects, and taking breaks.
He also acquired the ability to bounce back from setbacks, realizing that they are an inevitable part of the process and using them as a chance to improve.
John was careful to take care of himself in order to deal with the emotional and physical toll. In addition to finding interests and activities outside of work and school that he enjoyed, he made sure to get adequate sleep and exercise.
Starting a successful side hustle in college
Are John’s experiences motivating you to launch your own side business while you’re still in college? Here, we’ll go over several pointers and ideas that can get your own side business off the ground.
Tips for starting a side hustle
A side business can be a great way to supplement your income while developing skills and experience that will help you in the long run. But where do you even begin? I’ve personally found the following advice to be useful:
Identify your strengths: What do you excel at? What interests you? Spend some time thinking about your interests and skills and how you might be able to make money from them. If you have a talent for writing, you might establish your own blog or provide freelance writing services to companies.
Research your market: It’s crucial to conduct market research before starting your side business. Who could be your future clients? What price range will they accept for your goods or services? You may better adapt your service to your target audience’s demands if you are aware of who they are.
Start small: It’s easy to get carried away and want to accomplish everything at once, but the best strategy is frequently to start small. Concentrate on one good-quality product or service, and then expand from there.
Be flexible: Prepare yourself to be adaptable and flexible as you launch your side business. As you gain more market knowledge, you might need to change your pricing strategy or pivot your offering.
Set realistic goals: Setting reasonable goals for your side business is crucial. How much money do you hope to make? What number of hours a week are you prepared to put into it? You’ll be more motivated and able to maintain focus if you have clear goals.
Time management and balancing priorities
Making and following a schedule is one of the keys to effective time management. Set priorities for your obligations and plan your time accordingly. Allocate specific time slots for studying, pursuing your side business, and unwinding. It’s also crucial, to be honest with yourself about how much you can actually get done in a day, week, or month. Avoid overcommitting and burning out.
Learning to say no is a crucial element of time management. While it may be tempting to accept every opportunity that presents itself, there are times when prioritizing and concentrating on what’s most crucial is necessary. Be picky about the side jobs you take on and pick ones that fit with your objectives and passions.
Making time for self-care and taking care of oneself are equally vital. To keep energized and focused, be sure you obtain enough sleep, exercise, and nutritious food. Also, don’t forget to take breaks and socialize with loved ones so you can refuel.
Fears and hesitations
It can be intimidating to start a side business in college, especially if it’s your first one. You may be considering whether it is even worthwhile or whether you have the time and resources to devote to it. But believe me when I say it’s not as scary as it seems.
We’ll talk about some frequent apprehensions and reservations about beginning a side business while in college.
First of all, a lot of people are concerned that they won’t have the time to balance a side business with their academic obligations. Although college can be demanding, there are ways to effectively manage your time. One piece of advice is to design your side business around your class and study schedules first. Additionally, search for jobs that permit flexible scheduling, like delivery or freelancing work.
Another worry is that you lack the expertise or experience necessary to launch a side business. But in actuality, you don’t have to be an expert to begin. You can make use of your current skills or pick up new ones as you progress. Additionally, pursuing a side hustle can help you acquire new skills and gain experience that will be beneficial to your future career.
The fear of failing is one prevalent hesitancy. It makes sense to be concerned about putting time and effort into a project that might fail. However, it’s better to try and fail than to never try at all because failure is a necessary part of learning. Starting small and testing the waters before fully committing can also help reduce the risk.
Finally, a lot of people are concerned about the financial aspects of beginning a side business. It’s true that there can be some upfront expenses, like buying supplies or marketing gear. However, there are also a lot of affordable and even free options available. For instance, all you need is a laptop and an internet connection to launch a blog or YouTube channel.
Conclusion
Earning additional income while attending college can bring about a variety of positive outcomes, including improved financial security, expanded intellectual capacity, and invaluable life experiences.
It is entirely possible to earn a considerable amount of money while still keeping up with schooling if you put in the effort to do some research, plan ahead, and remain dedicated to your endeavors.
Keep in mind that your academic pursuits should take precedence, and look for a side job that utilizes your unique set of talents and interests. You shouldn’t let normal concerns and hesitancies prevent you from working towards achieving your monetary objectives.
If you adopt the right mindset and strategy, you may succeed as John did and earn more than $60,000 a year even while you are still in school. So today is the day to start looking into your options and making the first move in the direction of achieving financial independence.