You may have heard of this proverb. This powerful concept is certainly suitable for youth. This can be implemented to train our younger generation to earn and become independent. The perception of people in majority countries like Pakistan is to feed their children till their graduation. This approach is quite burdensome for many families. Everyone uses this formula: Study hard, graduate, and climb the corporate ladder.
But now this formula is failing and there is a need for students to become more critical in their thoughts and work on their entrepreneurial skills so that they are no more financially dependent on their parents. They have to be ‘self-starter’ because entrepreneurs stand out. And don’t have to wait for the opportunity. They don’t need instructions to perform their task. These self-starters turn an idea into a reality. They define their own rules. So now rather than spoon-feeding our students, we should enable them to stand on their feet. The focus should be on creating an entrepreneurial mindset in students.
Students often struggle with a completely open process. They rush into creating something new without thinking about planning or purpose, and then they’re disappointed with the results. They have a tough time getting started. All they need is guidance to step into it and excel.
GUIDE TO DEVELOP INCOME STREAM DURING STUDENT LIFE
- Assess your skills
What are you good at? What are you passionate about? Take a quick inventory, and research the ways others have used those skills to build income streams.
- Assess your time, money and effort.
Time is a tricky one because it’s our most limited resource. Trying to make more money or create passive income can be a trap because it usually requires you to learn new topics or new skills, and that can be a time suck. Are you fully committed? Current work, family, and social activities eat up a lot of time. If you don’t have much time, you’ll need to lean more towards investing or getting someone else to do the work for you.
- Ideate and choose
Go through various opportunities available online that you can access easily and have resources for. We have created a list of a few ideas that may help you.
BUSINESS OPPORTUNITIES PROVIDED BY SOCIAL MEDIA
Social media is a platform where people from all over the world can connect and interact with each other. It has gained a lot of momentum in the past few years. As almost everyone has a smartphone with them, it becomes easier for them to use social networking sites. Everyone will have at least one account in any one of the social media websites. Social media plays a key role in everyone’s life. Students are also using social media extensively. It also helps students to start their business. Talking about the business startups the student can opt for, here are some of the ideas grouped in major categories which student can adopt using social media.
TECHNOLOGY RELATED BUSINESSES
- Mobile App Developer
App development has a great demand in the market these days, almost every business requires its app. Adopting this as a part-time business will benefit the students.
- Web Developer
Website development is one of the business in the market which has constant demand and always in the need to upgrade and improvement. Thus you can work in this domain and try new things to enhance your business opportunities.
- Smart Home Contractor
Modern smart home solutions remotely control all the appliances in your house ranging from bulb to the refrigerator. Because the possibilities are virtually endless, it takes someone who understands the industry to come up with the best solutions possible.
ARTS AND MEDIA BUSINESSES
- Content Writing
Another business idea suitable for students is content writing. As this can help them engage their ideas and writing to the people. Social media provide them this opportunity as it’s great for people who know a little bit about everything.
Blogging is also among the online earning platforms. There are over a billion websites and blogs, and over 200 million are active. Good knowledge of SEO is essential, as is creating excellent content. Students, along with studies, can easily opt for this for their part-time earning.
- YouTube Stardom
YouTube is the third largest site in the world, so there’s no surprise that video is becoming one of the main communication mediums for businesses of all types and sizes. If you have video filming or editing knowledge, it won’t take you long to build your clientele. It is quite helpful for students to take their studies along with this.
- Handmade Crafts
As merchants switch their sales to e-commerce, online marketplaces for handmade goods, like Etsy and ArtFire, make it extremely easy for artisans who can produce a steady supply of quality handmade products, such as crocheted blankets or unique painted glassware. If you have a unique craft, selling your products on an e-commerce site is a good way to earn income while you’re at home, doing what you love.
- Graphic Design Artist
Graphic designers are always in demand from small businesses to large multinationals. Starting a graphic design business can allow you to tap into this great opportunity. With studies, students can easily create graphic design content and earn part-time.
HOSPITALITY AND FOOD SERVICES BUSINESSES
- Event Planning
An event planner uses his or her organizational skills to organize an event like a wedding or a trade show. You can facilitate people with your creative skills and start your own social media page or website.
- Organic Food Catering
Organic food catering is such a popular and lucrative niche in the catering business that it deserves to be mentioned on its own. Students with great cooking skills can go for this business.
- Guided Tours
Starting a guided tour business can be a growth opportunity. You can use it to make extra money during the summer, or it can be the start of a much larger business that employs other people to work as guides. Consider setting up a website that enables people to book tours online.
- Online Teaching
The success of Khan Academy, a non-profit educational organization, has proved the effectiveness of online teaching and paved the way for talented educators and their students. You can even start creating online content besides your studies.
- Online Course Creator
If you have any skill at all that you think people might be interested in, nothing is stopping you from giving it a go. All it takes is a web camera, capture software, and basic editing skills.
- Language Teacher
Language teaching has been the go-to way of making money on the side for students. The Skype and internet access facilities available these days enhance this opportunity.
PERSONAL SERVICES BUSINESSES
- Career Coaching
The millennial generation faces a much tougher job market than any generation before. There’s no doubt that many will feel clueless about which direction they should take to maximize their chances of having a bright future ahead of them. A career coach can do his or her work either from an office or via the internet.
- Online Fitness Instructor
Modern fitness instructors should consider exploring the online space and, perhaps, recording a series of educational videos and posting them online.
These are a few examples that can give you an idea for your startup. Do some more research and then make a decision. You should also check this if you are interested in working in FIVER.