How to Make $10,000 Per Month as a Student With an Online Business

Summary

The key to making $10,000 per month as a student is to choose the right online business model that generates recurring revenue, set a multi-year timeline for hitting your income goals, and once you reach $10k per month cement that as your new financial baseline. Avoid risky models like trading and focus on service based businesses with high margins.

Timestamped Highlights

πŸ’‘ Service based businesses with either high perceived value or leverage through hiring allow you to make recurring income each month.
πŸ’° eCommerce brands force you to reinvest most profits back into inventory, whereas service businesses let you keep more cash flow.
πŸ“ˆ Start with a business model that gets you to $10k per month first. Then you can scale towards 8 or 9 figures in revenue with future businesses.
⏳ Making even $4k per month through an online business at 21 years old is incredible. Have longer term timeline expectations.
🎯 It took me 3 years from 2014 to 2017 of hard work to hit $10k per month. With all the resources available now, it may be faster.
πŸ‘£ Business growth tends to happen in bursts and plateaus. Stick it out through the flat periods and growth will come.
πŸ’Έ Making $10k per month is just the beginning. Equally important is keeping that income baseline and continuing to grow.

Key Insights

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Freedom Business Model - Provide high value services to clients that free up their time or solve pressing problems. This lets you make recurring income.
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Give It Time - Be patient and think in terms of years, not months. Building profitable income streams takes consistent work over long time horizons.
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Hit Your Mark, Then Double Down - Getting to $10k per month is an amazing accomplishment, but real wealth comes from making that your new normal baseline.
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Synergistic Scaling - As you grow your own income and hire team members, aim to build complementary service offerings that create leverage.
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Recur Over Risk - Subscription and service based business models give reliable cash flow. Whereas trading, ecommerce, etc tend to be higher risk for less reward.
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Build Your Brand - Provide so much value that clients don't think twice about paying you premium rates. Become the authority in your niche.
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Wealth Compounding - Once you cement $10k per month, continue expanding your services and client roster. Wealth grows exponentially over time.
This blog is a summary of a YouTube video "Do THIS to Make $10,000 as a Student - YouTube" by Iman Gadzhi