Life is very unpredictable as this year has shown, with the Coronavirus outbreak taking the world by surprise - and the future is still uncertain. The pandemic resulted in massive layoffs and spiraling unemployment rates due to the closure of business and States locking down. This got the whole world rethinking about business strategies and ideas to avoid being short on cash in a time of crisis. Are you worried about the effects of unforeseen events on your business? In this contributing post, here are 5 useful ways you can continue to make money during a crisis.
Sell Products Online
Online store owners were favored during this crisis since everybody was home, and most things were bought online. Even before COVID-19, many people were running online businesses and making a good profit. According to Statista, e-commerce sales are expected to reach about $2 million by the end of 2020. Being a part of the success of e-commerce is as easy as it is connecting your computer to the internet. You can sell t-shirts you've designed, some homemade crafts or old reusable items from your home that are still in good condition on eBay or other sites.
Be a Digital Marketer
Online shopping has also opened the door to other supporting online services like digital marketing. If businesses are selling online, they might as well be marketing online. During this crisis, digital marketers are in high demand, especially those into email marketing, Search Engine Optimization (SEO), Search Engine Marketing (SEM) or Pay Per Click (PPC) and social media marketing. In a crisis, having digital marketing skills will go a long way into making you good money.
Digital marketing is still in high demand, and paid ads are making lots of cash for businesses. Many businesses had to hire digital marketers to handle their online marketing to attract new customers to their online goods and services. As a digital marketer, you are required to use the necessary digital marketing strategies to gain customers.
Make Money on the Stock Market
During a crisis, the stock market suffers. Stock prices plummet, and if you are good at playing the long game, you can buy stocks at their lowest prices and wait for future gain. Although buying and trading stocks during a crisis seem to be a risk, it also comes with rewards. When the market crashes, there are opportunities for people to purchase. However, this will depend on whether you are fortunate enough to be financially secure and have extra cash. Make sure you have debts paid off, an emergency savings set up, and working on your retirement account before buying individual stocks.
Do Side Gigs
In a crisis, you never know what will happen. You might be worried about losing your job, or taking care of unexpected household expenses. There is a long list of side gigs that you can do to make extra money. If you're an actor, you can learn to do voiceover or narrate audio books from your home studio. You could do deliveries for a local food business or supermarket to households that can not visit these stores. As schools are usually closed during such difficult times, many parents are forced to homeschool their kids through online tools. You can be an online tutor for kids and tutor them on subjects you are knowledgeable in. If you're a writer, photographer, graphic designer, or have other useful skills; you can sell them online for extra cash. Websites like Fiverr, Behance, and Upwork list remote jobs that you can do. If you have a useful skill, you can sell it on any of these platforms for extra money.
During the COVID-19 lockdown, people had to stay indoors, and no one knew when the ban would be lifted. For this reason, households stocked their fridges for sometimes months. Even though essential services were allowed to operate, some grocery stores were out of stock and had to close down. Foodstuff was in short supply, and prices had risen so high. This shows that starting a small farm in your community would be a profitable business during a crisis. If you have some land or a spacious backyard, you should begin to cultivate some produce.
With these tips, being faced with a crisis will be less difficult. Although your financial situation may not be ideal, know that there are other options available to you. The good thing is, even in the absence of a crisis, these are still great ideas. We hope another pandemic does not take us by surprise, and if it does, we should be well prepared financially and able to handle it.