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.
How to Make $10,000 Per Month as a Student With an Online Business
💡 Service based businesses with either high perceived value or leverage through hiring allow you to make recurring income each month.
💰 eCommerce brands force you to reinvest most profits back into inventory, whereas service businesses let you keep more cash flow.
📈 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.
👣 Business growth tends to happen in bursts and plateaus. Stick it out through the flat periods and growth will come.
💸 Making $10k per month is just the beginning. Equally important is keeping that income baseline and continuing to grow.
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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.
Give It Time - Be patient and think in terms of years, not months. Building profitable income streams takes consistent work over long time horizons.
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.
Synergistic Scaling - As you grow your own income and hire team members, aim to build complementary service offerings that create leverage.
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.
Build Your Brand - Provide so much value that clients don't think twice about paying you premium rates. Become the authority in your niche.
Wealth Compounding - Once you cement $10k per month, continue expanding your services and client roster. Wealth grows exponentially over time.