The covid-19 pandemic has badly affected economies all over the globe. On the other hand, it has also created opportunities for small and medium-sized businesses who know tactics to take advantage of this uncertain situation. This situation has also created business opportunities for business-savvy students who want to gain financial freedom. Financial freedom is a state in which students have enough savings, financial investments, and cash on hand to afford their desired way of life. Moreover, it also paves the way for students to pursue their preferred financial path.
Financial freedom also makes it more accessible for students to plan their future lives ahead of time without needing to rely on anyone.
Students can also save themselves from the burden of massive debt, monetary emergencies, and heavy spending that prevents them from achieving their life objectives. Moreover, financial freedom is also essential for their better mental and physical well-being. Since then, they don’t have to worry about their day-to-day and educational expenses. In this article, we will have a brief discussion about a few most straightforward ways for students to gain financial freedom
Freelancing & Financial Freedom
Freelancing is the best way to gain financial freedom in the current business environment. Freelancer or freelance worker are terms usually used for a person who is self-employed through freelancing platforms . This kind of person is not necessarily committed to a specific employer as he/she works on different tasks and assignments. The Freelancing industry is huge as it includes many growing industries such as content writing, social media marketing, software designing, web development, etc. However, initially, students face difficulties adjusting to the freelancing world since they don’t know how to identify their area of expertise. Therefore, it is highly recommended for students to get advice from experienced freelancers before jumping into the world of freelancing. After getting complete information about their expertise, students must polish their skills to earn in the highly competitive world of freelancing. Digiskills, Coursera, and Udemy are the three most reliable free learning websites that can improve freelancing capabilities. They offer useful courses for new and experienced freelancers.
After gaining complete knowledge or at least the basic idea about their favorite fields, students could try searching for work. Initially, students can get freelancing work from social media groups and pages such as those on Facebook. However, long-term work is only provided on websites like Upwork, Fiverr, PeoplePerHour, and Freelancer. Students can easily earn from $15 to $20 per day by working 3 to 4 hours.
Small business ideas & Financial Freedom
The demand for N5 masks, plastic gloves, surgical gowns, and face masks has increased during the Covid-19 pandemic since this medical equipment is mighty effective in preventing the spread of the novel coronavirus. The demand for these medical equipment has forced many small business people to set up manufacturing units. Students can easily collaborate with these manufacturing units and help them sell this medical equipment physically as well as online via social media platforms. Students can also take part in delivering these items in bulk to the places where they are required in large quantities such as hospitals and educational institutes.
Online tutoring & Financial Freedom
The online tutoring industry is overgrowing, especially after the outbreak of the Covid-19 worldwide as people are now forced to stay at home due to lockdown.
Therefore, people feel more comfortable and safe while studying at home.
According to the figure provided by Statista, the global tutoring market will reach $425 million in the year 2022. A group of students can start an online tutoring business by offering free seminars at their local libraries, schools, and recreation centers. In these seminars, they should provide free information about the benefits of online tutoring services for students during and after Covid-19. During these seminars, students can distribute business cards containing information regarding their teaching packages. These kinds of seminars could be beneficial for spreading their word. Moreover, they can also ask for their contact information for further correspondence.
Students can easily set up an online tutoring business by collaborating with a bunch of friends for some investment. It won’t cost much since they don’t need a regular workplace to start this business. However, the range of income depends on the subject’s complexity and the time consumed per day. If a single student pays $100 per month, then a group of 10 students will make it $1000 which is more than sufficient for 3-5 students working as a team.
Selling used items
Students can earn some easy money by selling their used items. They can earn $200-$500 easily by selling used items such as old books, tablets, laptops, jewelry, shoes, and clothes. Students can sell these items on various online selling platforms such as Olx, Amazon, and eBay. However, they must make sure that they are uploading clear and real pictures on these selling platforms. Moreover, students can use social media platforms, such as Facebook, Instagram, WhatsApp, and many others to efficiently market their used items and reach a larger audience who can buy their products. Most importantly, the items an individual is selling must be in good condition so that the buyers feel satisfied after purchasing the items and give their positive, valuable feedback.
Financial freedom is essential for students in terms of their physical as well as mental health. It makes them independent, bold, and confident. However, they must make sure that they do not disturb their study routine. Academics should be their number one priority, but they should also be able to manage work simultaneously. To do that, they need to make a proper schedule or keep a journal to maintain a record of their academic progress as well as earnings.