April 20, 2024

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Smart money moves: Exploring Side Hustles For Students Seeking Passive Income

By Jewel Chilaka Onyinyechi, Latifat Ajetunmobi and Eiyegbeni Esther 

Life as a student can be an adventure filled with new friendships, gaining knowledge, attending events, and personal growth. But financial challenges also accompany this journey. For most students, concern over the prices of textbooks, daily expenses, and the rise of goods going higher is not far from their minds. To tackle these financial problems, many students turn to side hustles–a trend taking the campuses by storm. 

What are Side Hustles? 

According to Cambridge Dictionary, a side hustle is a piece of work or a job you get paid for in addition to your main job. Also noted as ‘side gigs,’ they are part-time jobs students can engage in alongside their school work. They allow students to earn extra money, gain experience, and develop skills while in school. 

Why should you, as a student, consider a Side Hustle? 

Student life can be expensive, and many people are constrained by their finances. You might have heard the term ‘SAPA,’ which is often used to describe feeling financially challenged. It is no secret that being a student means making budgets and managing your resources. 

Side hustles provide financial freedom, a means to reduce dependence on parents. It also involves gaining experience that might be useful in your resume. They also test entrepreneurship skills, which allows students to explore business ideas. 

Exploring Side Hustles ideas 

AFFILIATE MARKETING and COST PER ACTION (CPA): Picture this, you visit a newly opened restaurant and have a great experience there. After you share this dining experience with your friends, they visit it and even place extra orders. Though unpaid, this simple word-of-mouth recommendation is similar to affiliate marketing. You’ve effectively influenced others to patronise a business, adding more customers. 

Imagine doing the same thing online, where you already have an audience. Platforms like Fiverr, Amazon, or Jumia have opportunities for people to participate in their affiliate marketing programmes. The first step is having a niche, a topic you know will resonate better with your online audience. 

DROPSHIPPING: It is a business model primarily used by e-commerce retailers that do not stock the inventory. For instance, you visit a clothing store with myriads of cargo pants and purchase a few pairs for yourself. Before leaving, you get the seller’s contact. Upon reaching your hostel, your friends express interest in the cargo pants. You reach out to the seller, who gives you the price of three thousand naira for each pair. You add one thousand and five hundred to each pair, making it four thousand and five hundred naira. 

The magic of dropshipping lies in the fact that you never physically handle the product. Instead, you act as a middleman, connecting buyers with sellers. That way, you get a commission. In the online space, you can create advertisements and connect customers with sellers using platforms like Facebook ads. You can place orders on behalf of customers, input their delivery information, and ensure that they receive their purchases directly from the seller. It is an easier way of making a commission. 

LEARNING A HIGH-EARNING SKILL: Skills like sales copywriting, web design, UI/UX design, email copywriting, IT skills, and more are high-in-demand skills and can lead to well-paying opportunities.  

USHER/MODEL SIDE GIGS: As an usher, your role involves attending events and ensuring attendees have a pleasant experience. This entails guiding guests to their seats to address their needs throughout the programme while earning a fee. Furthermore, venturing into modelling can also be a rewarding side hustle. You can specialise in hand or face modelling for shows, adverts, or product campaigns. These roles can also enhance your CV. 

CONFECTIONARIES: You could offer to make snacks or finger foods, like toast bread, for reduced prices within the hostel. 

VLOGGER/BLOGGER: Whether you’re a vlogger on YouTube or a blogger going into trending topics, this is a side hustle that has the potential to generate finance. As a vlogger, you engage with your audience and hone your video editing skills. For bloggers, you can share your opinions on subjects that resonate with your audience. Later, you can monetise your blog by accepting paid advertisements or brand deals. 

INFLUENCER: It all starts with creating captivating content with captions that align with your target audience. Doing this can also attract brands and businesses looking to collaborate with influencers.

FREELANCING: This form of self-employment allows you to work on different tasks and gives you the freedom to work from anywhere. Whether it’s writing, graphic design, or digital marketing, freelancing has a lot of opportunities. 

E-COMMERCE: This is another field for students to generate income. Platforms such as Shopify, Etsy, and Wix allow you to create personalised landing pages to showcase products to prospective clients. Like affiliate marketing, this side hustle lets you connect buyers with sellers and generate additional income. 

In conclusion, side hustles allow students to achieve financial independence, develop skills, and explore their passions while still in school. Whether you’re looking for a way to make money or begin an entrepreneurial journey, there’s a side hustle for you. 

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