There are several ways through which college students can earn money while studying. This is often done through running side hustles. Therefore, as a college student with a side hustle, you should develop ways to retain more money from your business. Here is how to get the most money from your side hustle as a college student.
Buy Items in Bulk
It is fairly cheaper to buy items in bulk compared to buying individually. In most cases, product suppliers are willing to negotiate prices with customers who buy items in bulk. Therefore, when shopping for items to use in your side hustle, or materials to make something you sell, you should consider buying them in bulk. Buying items in bulk means paying a significant amount of money, and you could spend more on the additional transactional charges. However, to save money when making such payments, you can opt to go for platforms like Green Payments, which does not charge the typical fees.
Negotiate with Vendors
Besides buying items in bulk, it would help if you negotiated with vendors to get better prices. As a student running a side hustle, you should have the skills to get the best supply deal with vendors. You can agree on a certain price for a start but adjust it as your business relationship with the vendor grows. When you become a regular customer, vendors will be willing to negotiate better prices. Most vendors will agree to reduce the product price rather than lose a regular client. Depending on the side hustle you are running, make sure that you get the best deals on product prices. This will help you retain more money instead of spending it on sourcing for highly-priced products.
Cut Unnecessary Subscription Costs
Most college students sign up for monthly services and rarely use them. It is understandable to make such mistakes; perhaps the deal was too good! Mostly, monthly subscriptions start with a free two-week trial, a strategy used to lure most people into signing up. What you may not always know is that when your free trial ends, your account gets debited every month. You can imagine how much you could be wasting if you have several subscriptions you need.
As a college student with a side hustle, you can lose a lot of money from your business on such subscriptions. Therefore, you should review and cancel all the subscriptions you rarely use. Besides, it would be best if you devoted more free time to running your side hustle. As much as you should find time to do your personal activities, devoting most of your free time to running your side hustle will help grow it. Most college students admit that they tried running a side hustle but failed because of lack of time, don’t be one of them!! Canceling subscriptions will help you save some money and create time for you to work on your business.
Avoid Unnecessary Spending
Now that you have a side hustle, you might be tempted to spend more. This shouldn’t be the case. Find a way to cut on your spending to retain more money from your side hustle. Avoid unnecessary costs like going on vacations and buying luxurious products; this can run down your business in no time. If you have to spend, it should be absolutely necessary. This will not help you retain more money but also boost your business. You can save the money or use it to expand your side hustle.
One unnecessary expense to be mindful of is paying expensive payment processing fees to accept payments from your customers. One size does not fits all when it comes to accepting payments. Seek out a payment processor such as Green Payments that offers competitive payment processing rates priced accordingly for your business. Green Payments also offers a payment processing program where you could pay virtually $0 in credit card processing fees on his cash discount program.
You should take advantage of your status as a college student to enjoy discounts on various products and services. College students can save a lot on food, travel, retail, and software. Several companies offer discounts to college students. Take advantage of such offers and save more money.
If you have any debts, pay them. This doesn’t refer to huge debts like student loans, but random loans you can owe a friend or an institution. Running a side hustle with debts will not yield the desired results. You will always be spending the little you get from your side hustle to settle such debts. This shouldn’t be the case. Find a way of clearing all debts for a better side hustle. Besides, you should also learn to manage your finances. Have a clear plan on how you will spend your money. Allocate a particular amount to settling debts and find a way to retain more. This will ensure you have operating capital.
Having a side hustle can be a bright idea for college students. This article has discussed several ways to retain more money from your side hustle and implement them for gradual growth!