How I Made My First $10,000 as a Student

Introduction

• Made my first $10,000 (£10,000) as a second-year medical student.
• Transformative experience: changed university life and financial perspective.

Financial Independence

• Prior to this, had no personal funds.
• Making this money introduced me to online income.
• Following this, revenue increased significantly year by year.
• Led to several million a year in revenue and profit.
• Independently earning provided a sense of empowerment.

Importance of Earning Money Independently

• Asking parents for money is different from earning it independently.
• Empowerment and confidence from self-earned money.
• Encourages students and others to find ways to earn independently.

The Goal: $10,000 a Month

• Don't be intimidated by the figure; it's achievable.
• Shift from scarcity mindset to understanding the potential of higher earnings.

How to Make the First $10,000

Two Primary Ways to Make Money

1. Selling Products (Goods).
2. Selling Services.

• Focus on providing value that people or businesses can pay for ($10,000 worth).

Working Backwards from $10,000

• Example: Made £10,000 in a day by teaching a course on getting into medical school.
• Charge a small amount to a large number of people or a larger amount to fewer people.

Selling to Individuals vs. Businesses

• Harder to sell to individuals than businesses.
• Example: 5 clients paying $2,000 is often easier and more efficient.

Finding Business Clients

• Find services to offer that businesses would find valuable.
• Common services: copywriting, web design, graphic design, software consulting.

High-income Skills

• Focus on skills you're good at, enjoy and are in demand.
• Example: Web design and social media management.

Web Design Case Study

• Easier to find businesses willing to pay $2,000 for a website.

Social Media Management

• Approach local businesses (e.g., coffee shops, restaurants).
• Offer to manage social media as many businesses struggle with it.
• Start by offering services for free to get testimonials and case studies.

Creating a Client Base

• Start with free services for testimonials.
• Ask clients what they would pay for these services.
• Use referrals and network to gain more clients.
• Gradually increase prices as you prove value.

Scaling the Business

• Offer valuable services that exceed what you charge.
• Businesses perceive value differently and are willing to pay higher amounts.

Final Tips

• Combine skills, enjoyment, and market need (Venn diagram).
• Learn and improve skills if you feel lacking.
• Social media management is a good entry point for students.
• Use earnings wisely, potentially invest in services like Trading 212 (sponsorship mention).

Overcoming Fear of Charging High Prices

• Shift mindset from consumer to provider.
• Practice pitching services and aim for small rejections, leading to success.
• Value provided to businesses can justify higher costs.

Continuous Improvement and Networking

• Start small, improve services, and increase client base/prices over time.
• Leveraging network and referrals for new opportunities.

Conclusion

• Making $10,000 as a student is achievable and can change your financial perspective.
• An important realization is overcoming imposter syndrome and charging appropriately.
• There's a wealth of information to learn high-income skills and provide value.
• Anyone can start and build a successful service-based business online.

Additional Resource

• Book: Feel-Good Productivity for more tips on being productive in an enjoyable way.