Millions of people have lost their jobs amid the COVID-19 pandemic. Losing a job is a major life stressor and will affect your physical, mental, emotional, and financial well-being. It will impact your self-esteem and can lead to depression, irritability, substance abuse, anxiety, and even suicide.
It’s a setback that may take you a bit of time to bounce back from. With high unemployment and very few job opportunities to choose from, the road to recovery could be challenging. Though the market is competitive during this time, don’t give up hope. Keep looking because you do need that steady income to feed your family. There could be times when you will feel frustrated and hopeless so it is important to recognize what you can and can’t control during this process. Understanding what is in your control can help you redirect your thoughts, energy, and actions towards that positive outcome you envision.
Aside from your job hunting activity, one idea that you can explore is to find ways to make money by tapping into your entrepreneurial skills. The internet makes it possible for us to create new income opportunities without leaving our homes and there’s opportunity to generate cash flow without the need to invest more time. Exploring these ideas will be good for your mental well-being and keep your mind active and engage so you will be ready for when your next job interview opportunities arises.
#1) Consider Freelance Work
Freelance work opportunities have become very popular across the globe, particularly during the pandemic when most are stuck at home. If you have specific skills like marketing, graphic design, writing, editing, book-keeping, translation, transcription, among others, consider creating a profile to promote and sell your services online.
Some key sites you can check out for freelance services:
These opportunities extend beyond your home boundaries and even beyond your country. With access to the entire globe you can market your services to other countries and work on the projects at your convenience. You have opportunity to be working at night at your convenience while the other side of the world is in daylight mode.
#2) Sell Your Old Things
If you have items in your home that are in good condition but not something you would ever use. Perhaps its party flatware, a chocolate fountain, a vintage mixer or blender that works, old toys – you can make extra money by selling those things online.
Check out what other similar products are being sold for so you price it according to market value and you get the most return.
You’re probably well aware of many of these channels but here are some marketplace platforms to consider:
#3) Start a YouTube Channel
Youtube is a perfect idea of how to make passive income from home. If you have a skill or passion that can capture people’s interest, you can monetize it by creating a youtube channel.
If you love cooking, you can teach people how to cook various meals. If you know how to create jewellery or if you have skills for drawing you can share your tips and create a how-to video. It’s not a quick money making scheme and takes a bit of work and investment of time and content planning but if you have the passion, show it to the world. Get subscribers to your channel and see what you can do.
In the meantime, some great resources to consider when planning your youtube channel:
- Read Google Youtube to get a better understanding of how to set up your channel
- Find out just how much money people are making money on YouTube
- Get ideas on the various ways people are creating revenue on YouTube
If you feel comfortable in front of a camera and have some expertise to share, consider sharing your knowledge, skills and experience to help others through your Youtube channel.
#4) Create a Blog or Website
If you are a writer, consider creating a blog (just like the one you’re reading now). You can monetize your website through affiliate programs. If your blog is SEO friendly, you should be able to gain traffic without having to spend too much on advertising.
Through these affiliate programs, you will make a percentage from sales coming from your site. Sign up for affiliate programs that make sense for your audience. The goal is to get as many conversions from the traffic you generate from your site and into your affiliate partner sites who will then make the sale and give you a commission. There are a large number of affiliate programs to sign up with but to get started, here are some resources to read.
- How to Start a Blog
- Find a niche for your Blog
- Choose a hosting service for your blog
- Choose a blog layout from a list of free blog templates
- Learn more about generating blog visitors organically
- Generate income with affiliate programs
Consider whether this path is going to be worth your investment and time. You will need a lot of content for your blog to generate the traffic you need to be successful at monetizing your blog channel. If this is something you can do over time because you love to write, this business idea would make sense.
#5) Sell Craft on Etsy
If you are crafty and can sell your handmade products online, you can potentially make money on Etsy. Etsy is a renowned platform where artists can sell things like handmade jewelry, handmade clothing, digital prints, party décor, vintage, among others.
To learn more about creating an account on Etsy, here is a link. As you set up your online business, keep in mind that you will need to think about packaging and shipping as operational costs that will eat into your profit. So before you start to price out your products, ensure you have considered the costs of your supplies, shipping, packaging and other operational costs related to running your online storefront.
Online Opportunities are Endless
Aside from creating a blog, selling your unwanted goods and selling your freelance services online, there are other ways you can make extra income during COVID. Consider virtualizing regular face-to-face activities (like tutoring) into the cyber domain. Consider writing an ebook, recording a podcast, providing online coaching, selling your craft on Etsy to generate revenue. The secret is to tap into your skills and creativity and use them to replace your lost income or generate future passive income.
These are not all quick money making ideas, but by leveraging the lockdown to start something new that requires little capital investment, may be a good idea to set you up for long term success.