With every passing year, investment in higher education is becoming increasingly difficult. With trends showing an increase in enrollment for emerging certifications like CFA and CIMA with marginal drops in MBA enrollments, it clearly indicates the market condition on the preference of families.
With the rise of SEO and Digital Marketing tech, a new trend has risen where certain individuals while in college have started hosting their own website related to content to drive traffic including people who are looking for research related content on hot topics like Cryptocurrency etc. Such websites earn through their registration on Google Adwords and their student owners are able to pay for their college fees through the revenue earned.
Such ideas are the main theme of discussion of this article: Current generation undergraduates have started coming up with their own websites or firms with a simple objective of earning quick bucks while in college.
Following a few cases will give you an idea for your college life funding. Check out https://www.journalreview.org/small-business-ideas-for-college-students for more ideas on making money for college university students.
Idea #1: Friends of Environment
While I was in college doing MBA, I was invited by one of my friends who initiated a startup involved with creating innovative useful commodities out of waste. He invited people to bring clothes and materials of their choice to him while his team would help them make backpacks using the discarded material given to them at half the market value the backpack demands in the market.
After a year’s toil which included discount schemes, they were able to earn a hefty income through outside orders and were later given funding by the college’s Startup incubator. Not only did they save the environment, but they also saved their parents’ money and got a lifetime’s worth of gold in return.
Idea #2: Cleanliness is Godliness
With the above slogan in mind, Kristin Hadeed started her initiative called “Student Maid” for the purpose of earning quick bucks while in college. With the passing of time, she gained clients and started enrolling fellow students in the initiative.
When asked on what drove her business, she says that it was the early stage trust her first set of clients had shown in her and referred her and her firm to other families. Tip: Trust of your clients and quality of service is important for long term success.
Idea #3: Books for Rent
Taking inspiration from his parents, one of my colleagues in B.Tech started his own rental bookstore at college to earn some quick bucks through books supplied by his friends. When asked, he told me that it was a partnership and whatever profit he is able to earn through the firm will be shared equally amongst his colleagues. He did manage to earn around Rs. 10000 and plans to expand to other colleges as well.
Tip: Before starting out, figure out books in demand in the market and accordingly set up your collection in order to earn maximize revenue. Also, keep Working Capital as low as possible in order to avoid bankruptcy.
Idea #4: Starting a Blog
With rapid regulatory development going on in India affecting work on Financial, legal sector as well as rise of new techs like RPA, Digital Marketing and Cryptocurrency, there’s never been a better time than now to set up your own blog (can be company based) to share your knowledge and passion of writing with people around the world. Just need to register on Google Blogger to set up your own account and start typing away.
The catch? Focus on early stage promotion to reach out to the maximum audience as well as maintain the authenticity of content in terms of plagiarism and should have USP which can help differentiate it from others. Do a survey on topics for which people desire guidance in order to generate an audience for ad revenue.
Similar concept works for video blog/channel on YouTube as Google AdWords has a policy of 4000 hours and 1000 subscribers in order for you to start earning. So, promoting your blog is going to be hard work.
Idea #5: Selling Waste Earns you Money
A friend of mine had started a firm while in College (again B.Tech) where people sold their plastic, paper, and another non-bio degradable waste to him in return for Paytm prizes which he managed to generate while working as a Campus ambassador for the company. He did have a commission agreement with the company.
Idea #6: Work as an Intern for Companies
There are certain websites where students need to register in order to enroll in internships with various companies or freelancing work. Rest assured, these websites don’t share your contact info with anyone apart from recruiters.
The only catch is that you need to have a good profile/portfolio for the kind of work you are willing to do and an optional letter of recommendation from your faculty in order to get work in companies as live projects, office work or work from home type jobs.
So these are some of the best options for students to earn not only a healthy stipend for their college expenses but also gain life experience and useful insights to help develop their passion as well.