Businesses are gradually reopening albeit with restrictions as an effort to reopen the economy. All the while the threat of the pandemic still looms in the background. As we settle into the new normal, business owners and individuals are finding themselves in a loss of income. Globally, unemployment rates are at a record high and service sectors that require human contact have taken the biggest blow.
In normal circumstances, once a job is lost it is difficult to look for another. Companies are scaling down, cutting costs and not looking to rehire. Even for those who are still employed find themselves working irregular hours or have received pay cuts. At the present time, it is difficult to determine when we will be in the clear. With whispers of dread and despair in the air, we must get creative with how we make our money.
Sit down, reevaluate your budget and be transparent with your expenses. If you don’t have a system in place to manage your monthly expenditure whether it’s a detailed Excel sheet or written down in a notebook, now is the time to be completely honest with yourselves so you can figure out where you have wiggle room and determine exactly what needs to be cut. It could be gym memberships or any other non-essential items from your monthly outlays.
Some companies are in need of temporary workers to keep up with demand. Grocery stores and delivery services may need your help as more customers orders are streaming in so people are able to stock up. But make sure that you keep safety in mind and your health a priority. Review personal protective guidelines before committing.
With social distancing measures in place, a lot of work has turned virtual. Tap into your skills and harness the many opportunities online.For example, many fitness professionals have begun to offer weekly paid classes on Zoom as people are unable to hit the gym. Do not fret if you are not a fitness guru, this is about truly reassessing what you are good at and earning income from your passions or skills. It could be writing, designing, photography, baking,transcriptions or even data entry. There are even opportunities to earn from testing sites or apps. Look for job postings on sites like Upwork.com or Freelancer.com. You can also cross promote on social media sites to gain new clients.
To expand the previous tip, as you know many businesses are now operating online and it’s no wonder that many hire virtual assistants to help keep them organized and complete administrative tasks. You can also choose to mentor or coach others for a sum. It could be teaching a class online for any particular topic that you have the expertise in or even tutoring students who are now forced to do their classes online.
You can take the step to finally clean out your closets and sell any items of worth. There are plenty of online marketplaces selling pre-loved items from clothing, shoes, bags and even household items. But another route would be to begin a reseller business. It allows you to resell products bought from manufacturers to customers. Though this requires a bit of capital to start out, the reseller drop-ship business model is affordable, making it a great option for new entrepreneurs. More people are spending their time shopping online and this is the perfect time to catch this wave.
This year has been both confusing and arduous for all of us.If you are concerned about work or want to re-skill, now is the perfect time to consider the options you have. This might just help you to make money during lock-down and it could be a long-term investment in your future.