jacoblund / iStock.com
You don’t need a business degree to find out college is expensive. Just do a quick Google search for college costs and you will be stamped by articles about it. Average tuition and fees for the 2020-21 academic year for in-state students at public four-year colleges rose 1.1% to $ 10,560, CNBC reported last month, citing data from the College Board. For private schools, tuition and fees increased 2.1% to $ 37,650.
See: The 11 Best Lucrative Side Hustle Ideas: Earn More
Find: 94 Money Making Skills You Can Learn in Less Than a Year
To cover these costs, many entrepreneurial college students step aside.
Data from UK banking firm Santander shows that one in ten university students is running their own business to make extra money, the website Simply Business reported last week. And in true Gen-Z fashion, many take the social media or influencer route.
Before you start your own sideline, there are a number of things you need to organize. Here are a few things to keep in mind:
Write a business plan: First, think about how your sideline can benefit customers, then write a plan that can serve as a roadmap to find customers, meet their needs, and build your business.
Find out about tax law: Since you make money, you have to pay tax on the income. Depending on where you live, you may have to pay state, state, and local income taxes, even though nine states do not have state income taxes, according to the AARP. As a self-employed entrepreneur, you are responsible for keeping up with your income and expenses. You may also have to pay estimated quarterly taxes based on how much you are making.
Create a budget: This helps you keep track of income and expenses and plan future growth.
Receive funding: This only applies if you want to start a sideline that requires capital, e.g. B. the introduction of a moving service that may require you to rent a van and a moving van. If you need start-up capital, consider crowdfunding or apply for grants.
More: 21 Budgeting Tips for College Students
The story goes on
With that out of the way, now is the time to decide what type of sideline will best suit your needs and skills. Here are six ideas:
Social media influencer
This is a great way to make some extra cash without leaving your dormitory. All you need is a computer and some imagination. Student influencers are promoting brands on their social media accounts for money – but you need to build a large, dedicated fan base and find the right niche. The key is to post frequently, at least a couple of times a week.
This is a popular way for college students to make money. Simply Business cited data from Student.com showing that 20% of students have part-time jobs teaching other students. The benefit of this is that you have a built-in customer base right on campus, either from freshmen needing help with new material or other students who might need help in their own academic specialty.
More: 20 Jobs That Can Make $ 60,000 College
This is an ideal sideline for college students, especially when you are tired of sharing cramped living spaces and showers. A great way to do business early is to network with the adults on campus, e.g. B. with teachers and administrators.
This is another way to make extra cash with minimal setup. College students can monetize their channels by building a subscriber base and then generating income through ads or channel memberships. Popular YouTube trends include travel vlogs, fashion vlogs, and makeup tutorials, but you could also build an audience by chatting about college life.
Many college students (and even faculty) need to relax to cope with the stresses of academic life, but not many have the time to organize parties or events themselves. If you have good organizational and networking skills, becoming a party or event planner is a great job. The work itself is finding the right place and then organizing food, drinks, music and decorations. Good communication skills are a must, as is the ability to network and build relationships. A great way to get your foot in the door is to join the Studentenwerk and help organize events on campus.
Learn: 50 Ways to Live the Big Life on a Budget
Discover: 20 Things You Should Know To Save Money In Your 20s
Obviously, love for canines is a must have for this side gig. You also need to make yourself available to meet different customer schedules, which can range from early morning to evening. But with the right training and contacts – and licenses if required in your community – this is a great way to earn a stable income while playing sports at the same time.
More from GOBankingRates
Last updated: August 12, 2021
This article originally appeared on GOBankingRates.com: How College Students Can Build Successful Side Hustles