5 Ways to Earn Extra Income in the Time of Corona

Extra Income

Many have lost their jobs during the COVID-19 pandemic. The World Bank reports that we may experience the worst economic recession since World War II. In these uncertain times, many have had to look for ways to earn revenue.

It’s reassuring that just because we lose our jobs doesn’t mean we lose our skills, talents, and creativity. In an increasingly global and digital world, there are many ways to earn a living outside of the more traditional jobs. Here are five ways to earn some extra income in the time of a pandemic.

Leverage your skills.

If you are an artist, a musician, a writer, a photographer, a carpenter, a plumber, a graphic designer, or speak foreign languages, you are at an advantage. Everyone has something to offer, and there will always be demand for different sets of skills; you just need to know where to look and how to market yourself.

If you feel confident enough, you can also start an online course for your skill or talent. There is no limit to the number of people you can teach online.

Market your skills online.

Create an engaging portfolio, and don’t be afraid to promote your work on social media and other websites like Fiverr. Find a way to make your CV and online presence stand out from the rest.

Join online groups that were created for freelancers and make connections with people who are in the same boat. If you have a good relationship with your former boss, ask them to connect you with people who might need the services you offer.

Be on the lookout for jobs that require your specific skill set. Send in your resume and portfolio even if you feel underqualified for the job.

Start a small business.

There is no better time than now to start a small, home-based business since it doesn’t require huge capital to start. And with everyone spending the majority of their time inside their homes, there is a huge demand for various essential goods and services delivered right at their doorstep.

If you love cooking, design a unique and healthy meal plan for students who are doing online classes or employees who are working from home, then deliver those meals to their homes. You can eventually expand to creating meal plans for families who don’t have time to prepare their food. If you’re a baker, sell some delectable cakes and pastries and cutely market them. You can also think of well-loved drinks and snacks and give them a new twist.

If you can do yoga or other exercises, create an online class for people who want to start working out.

With limited air travel and trade restrictions, flowers are scarce during the pandemic. So if you’re into arts and crafts, create some paper bouquets that customers can give to their loved ones on special occasions.

Be imaginative and believe in your abilities!

Look for smart franchise-style businesses.

While many businesses are still contending with the effects of COVID-19, there are also many success stories of companies that have cleverly found a way to survive. From convenience stores to pizza joints, many franchise-style companies found a way to thrive even with the dire state of the economy.

Look for franchise-style businesses that cater to the world’s specific and current needs. Many people have become sick, and some hospitals have found themselves at full capacity, giving rise to home healthcare franchise opportunities. Delivery services are also one of the fastest-growing industries due to most of the world being on lockdown.

Some businesses are smarter than others, and you need to take advantage of what is currently on high demand by taking a slice of the pie.

Make some clever investments.

Investments

Perhaps the most obvious income stream is investing. While it’s true that the COVID-19 situation has made investing seem like a riskier undertaking, there are some clever investments you can make as the pandemic opened up various investment opportunities.

Look into some tech stocks. With the majority of the world’s workforce and student population staying home and in constant use of the internet and their devices, tech companies have found themselves in a consistently upward trajectory.

Research about cryptocurrencies. Bitcoin Lab CEO Tetsuyuki Oishi believes that cryptocurrencies such as bitcoin are a good investment for various reasons. One of which is that the stock market may lose its appeal after the coronavirus crisis. Another reason is that cryptocurrencies have very little correlation with traditional investments and their uncertain future.

There are many ways to create multiple streams of income, but it will take some time, a dash of creativity, a little grit, and a lot of hard work. Don’t give up or be discouraged if results don’t come right away—Rome wasn’t built in a day.

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