How to Make Money During The Pandemic
Covid-19 has caused tremendous job loss. As of September 2020, more than 32 million cases have been reported worldwide, and around one million people lost their lives. According to The Guardian, more than 40 million jobs were lost in the US as a result of Covid-19. The good news is, the economy is recovering, and people are going back to work. However, many Americans are still out of work. For those who have lost your jobs or are struggling with finances, there are many ways to make money during the pandemic. Tomeka Lynch Purcell, Money Mindset Coach of Credit Solution Services and loveyourscores.com shares her top secrets:
Freelancing
All you need is skill, a laptop, and internet connection. There is an ongoing transformation in the global job market, and employers are moving away from offering traditional 9-5 jobs and more towards hiring task-based skilled workers.
Some of the significant professions in freelancing marketplaces, like Fiverr and Upwork, are: Graphics and Design, Game Art, Digital Marketing, Search Engine Optimization, E-Commerce management, Writing, Video and Animation, Music and Audio, Programming, Tech and IT support, Market Research, Client Support, Career Counselling, and Teaching online.
Freelancing is how most work will be done in the future, and it is already on the rise. According to BusinessWire, Fiverr’s revenue growth in the second quarter of 2020 was 82%. According to experts, one of the primary reasons for this growth is people shifting to online jobs during the pandemic. In addition to this, active employers grew by 28%, implying that there are 300k additional employers on Fiverr looking for freelancers to get their work done. Moreover, average spending per employer has gone up by 18%, proving that there are more jobs for freelancers on Fiverr.
Start Your Own Business
Most of us think about starting our own business, but never take any action. This is because we get trapped in 9-5 jobs, get married, and due to the added responsibilities, we are reluctant to take this risk. It’s either the lack of time, resources, skill set, and motivation that stops us from following our dream of becoming an entrepreneur.
The pandemic can be seen as a blessing in disguise for those who were facing all these issues. Many people work from home, which means a lot of time is saved, previously utilized in dressing up, commuting to the office and back, or while stuck in traffic. You can use this extra time to start a side hustle and grow it into a full-time income. For those who lost their jobs, they can focus on launching their startups.
If you don’t know what kind of business you can start, you can simply read articles and reports about those sectors who are flourishing post-COVID-19. According to Adam Singolda, the CEO and founder of Taboola, he writes in his article for CNBC about those businesses which have grown post-COVID. As per Adam, there is 140% increase in home improvement products, 50% growth in pet products, 36% growth in home beauty products, 145% growth in the gaming industry, and a drastic increase in the downloads of home-workout apps. You can start an online store and start selling these products or you can go for drop-shipping.
Drop-Shipping
Drop Shipping is a retail business type where the seller is not required to stock the goods sold. When they receive the order, they can instantly purchase the item from a third party and ship it to the customer directly. This is one of the easiest and hassle-free forms of business, requiring the least effort to set up. All you need is to acquire customers who are ready to buy the products that you are selling.
The simplest way to reach customers is through digital marketing, including social media marketing, search engine optimization, search engine marketing, email marketing, e-commerce marketing, content, and influencer marketing. Facebook is one of the cheapest social media platforms to generate potential leads and offers unique customization and filters to promote your products to the right audience. Most of us are familiar with Facebook and can learn Facebook marketing within days. Drop-shipping offers substantial earning potential, and you can start your drop-shipping business from home.
Many Possibilities!
There are many ways to make money during the pandemic as long as you’re willing to put in the effort. In addition to this, there are still a lot of money-making options available to you. You can start your own Youtube channel, make videos related to your skills, teach something, create short video clips, or simply interview people who’ve already built a substantial following. If you are skilled in sales and business development, you can be a sales trainer or design a much-needed sales course and sell it online. If you are a doctor and unable to help your patients due to the pandemic, you can start an online medical consultation service. This pandemic may have altered your plans, but it also provided an opportunity to earn money in new ways that fuel your passions, leverage your skills, and provide an answer to someone else’s problem.
