The pandemic has put a major crimp in your ability to earn money and secure your financial future. With the new norm, it’s important to know where we can find the best financial resources. Recovery from COVID-19 in the months to come will require a comprehensive approach and some out-of-the-box thinking. Thankfully, there are many ways to earn money online if you choose to stay at home, and we’ll explore some of the most promising below.
Financial Resources 101: Starting an Online Business
Should you start a business during a pandemic? It might sound crazy, but it may be an amazing idea. That’s particularly true if you’re starting an online business.
With more people spending their days at home and the need to social distance growing with each infection, there’s never been a better time to try. What business, though? It could be anything at all, really.
Make sure that it ties in with your talents, skills, and knowledge. Often, you can translate your existing skillset into an online job, like offering accounting services to your own clients or becoming a freelance writer. Check out one of the best startup business books to learn important new skills like leadership, the habits of success, the role of the right morning ritual in your business growth, and how to build and launch a company.
What business ideas are really hot for 2020, though? It’s been a weird year, and COVID-19 isn’t helping matters. You might just find that some of the more traditional business ideas aren’t good options for the current environment. Instead, consider one of these listed below:
- SEO Consultant—now more than ever, companies need to build online visibility, but that also means competition is increasing. An SEO consultant delivers vital help to boost a company’s online presence and build success.
- Small Business Consultant—do you have a lot of business knowhow? If so, you can put that to work in an online business and help other business owners grow and thrive.
- Social Media Consultant—again, with social distancing, lockdowns, and remote work now the norm, creating a robust online presence is essential for business success. A social media consultant can help a company connect with its audience through Facebook, Instagram, and other platforms.
- Niche e-Commerce—there’s no point in competing with Amazon, but that doesn’t mean you can’t see success as an eCommerce retailer. You just need the right niche!
- Affiliate Marketer—there’s never been a better time to become an affiliate marketer. You can earn a commission for each item sold and create passive streams of income to support yourself and your family.
Explore Your Online Work-From-Home Options
If you’re one of the millions of Americans who have found themselves without a job during the pandemic, there’s good news. You can find online work-from-home options that allow you to earn even during the lockdown. There are tons of online job boards where you search for remote positions. Some of the better-known options include:
With the three sites listed above, you’ll need to make sure you have your resume/CV all polished and ready to go. If it’s been a while since you took a look at your resume, now’s a great time to go through and modernize it, too. Keep it to two pages maximum, and lead off with the strongest information to catch a hirer’s eye and keep them reading.
Of course, those sites are focused on jobs in general, and you’ll find more in-person positions than you will remote positions. Instead, you might decide to use sites like Upwork to offer your skills in a freelance capacity. Sometimes these can turn into long-term jobs or even permanent positions.With that being said, make sure you know how to avoid burnout when working from home. On the surface, remote work might sound ideal, but there are tons of challenges you won’t take seriously until you’ve had to deal with them day in and day out for a while.
Flex Your Stock Acumen
While the stock market is still swinging wildly, you can make money with it if you know your stuff. You’ll find plenty of tools to help you understand how to buy stocks online and build a robust portfolio that helps ensure success.
Whether you choose to go with a standard stockbroker, use a robo advisor, or take a DIY approach, stocks can help you build your net worth. However, remember that there’s a lot of risk with stock investments, and in the current environment, a buy and hold approach might work best, which means day trading is probably not the right idea if you’re looking for financial stability.
Save Money to Earn Money
In some cases, earning extra money might come down to saving money where you can. Making a paycheck stretch farther could require cutting extras here and there. That can be tough if you’re stuck at home with Amazon and other retailers beckoning. The good news is that you can probably slash a lot of unnecessary expenses from your budget and make each dollar go a little further.
Sure, you can look at buying cheaper food from the grocery store. You can eat rice and beans if you like. However, more creative ways can save you (and possibly save you more money). Think about banking online to reduce fees, tools to help you create a more accurate budget for the family, or cut interest fees on credit cards. Money-saving apps can do all this and more, helping you find the financial light at the end of the tunnel.
More Than Keeping Your Head Above Water
With the financial resources we touched on above, as well as the tips, tricks, and strategies outlined, you should be in a better position to make smart financial decisions regarding your income. Whether you’re going for a career change, want to finally start that business you’ve been dreaming about, or find a position where you can work from home, now’s the time.