Today we are going to take a look at 4 Ways to Generate Income During COVID-19
Ways to Generate Income During COVID-19
More than it just being a health crisis, the COVID-19 pandemic has affected hundreds of millions of people on an economic level. With businesses around the world on the brink of bankruptcy, many people have been impacted in detrimental ways. Some have had their work hours reduced, many have had to make adjustments to accommodate their company’s financial issues and some have lost their jobs entirely.
However, despite the economic fallout caused by COVID-19, people still have to make ends meet. That is why now, many families have had to regroup and find practical yet creative ways to manage their finances and generate an income. Now more than ever, they need to find alternatives on how they can put food on the table.
You may be thinking, “With social distancing and stay-at-home orders in place, our options are limited!” Well, let me be the first to tell you that your options aren’t as limited as they seem! There are many things you can do from home for some extra cash.
So, to help you get started, I’ve come up with a list of methods you can follow to generate an income.
And whether you’re looking for a way to replenish whatever you’ve lost due to the pandemic, or simply trying to supplement your income in order to boost your savings and prepare for whatever may come next, these methods may just be able to help you out!
Purchase A Profit Generating eCommerce Store
It would be ideal to invest in a growing industry like eCommerce, especially in the current times, where contactless transactions are ideal and much more practical. Where you have models like private-label and dropshipping that make it easier for anyone to get started. However, building your own store and establishing your own market will take some time and require a lot of effort.
Online stores have taken the world by storm, mainly due to the convenience that it brings to everyone. As not everyone has the time to shop physically, eCommerce stores provide customers with the option of shopping just through browsing on their phone and clicking Add to Cart.
This tip is if you have some spare cash that you could use as capital, you may want to purchase a profit-generating eCommerce store instead. Websites like Flippa and Empire Flippers auction off businesses that are making significant monthly profits.
This option, although admittedly more costly than building your own eCommerce website, has proven to be the quickest way to success. Aside from already having its established audience, pages on this site will already be indexed on search engines, thus helping you garner more organic traffic to your site.
Once you’ve purchased a website optimize your content so that your page appears on top of the search engine results pages. This way, you get more online traffic and your store can earn more money! You can also set up new marketing processes like email newsletters to increase your brand loyalty and engagement.
Dip Your Toes In Affiliate Marketing
Affiliate marketing involves an individual making income for promoting and effectively selling a product or service. Every conversion from your website or link is equivalent to a certain amount of money, which will be then released as commission.
It is important to note, though, that finding the right niche is crucial in this line of business. To find the right niche for you, you will have to consider a few factors, including:
- The profitability of your niche
- How well you can write or talk about it
- What your market wants or needs
If affiliate marketing is something that interests you, be sure to invest some time into finding the affiliate network that best suits you.
In the time of COVID-19, promoting online courses can be a great way to make an income. Nowadays, people are looking to empower and invest in themselves by learning new skills and gaining new knowledge.
There is no denying that working in the freelance or gig economy in the time of the pandemic can mean lots of lost job opportunities and some financial hardships. However, that is not always the case.
Think booking clients during the pandemic is impossible? You might want to try out the following strategies:
Bid for gigs online
There are many freelancer websites you can check out and join. There, you can bid on as many job listings as you can until you develop a steady stream of business. You can also try your luck on social media freelancer groups for leads.
Find out where your skill is needed the most
Pivot your talent to an industry where you are needed the most. Target companies in sectors like healthcare, food delivery, and social media among many others.
Offer Flexible Payment Schemes
It’s no secret that most of us aren’t doing as well as we’d like financially. Negotiate a payment scheme that will be beneficial to you and your potential clients.
When you’re working as a freelancer, build a comprehensive portfolio showcasing all of your skills and capabilities. This way, you can get more clients in the future.
Ways to Generate Income During COVID-19 – Offer Consulting Services For Your Areas of Expertise
If selling actual products or services is not your thing, then why not sell your skills? Individuals and companies are always on the lookout for people with skills who can conduct training and make assessments to improve their processes and performance.
To become a consultant, figure out what you have to offer. Find out your expertise that businesses can use to change, improve, and advance. This can be a subject that you excel at, your own profession, or even your passion/hobby. While a license or certification isn’t always required, it is best to consult for something you are an expert in and can provide valuable knowledge for.
As a consultant during the pandemic, you can work from home to serve your client’s needs. This, in turn, means you could easily tackle several work opportunities at the same time, provided that you are not legally bound to one company only.
Ways to Generate Income During COVID-19 is a feature post