If there’s anything the COVID-19 pandemic has taught us, besides the life-saving importance of personal hygiene, then it’s the need to have a steady stream of passive income. The global economy still continues to struggle under the burden of the pandemic, unemployment is at an all-time high, and many hardworking Americans severed from their corporate lives still find it difficult to earn a decent living.
Luckily there’s no shortage of innovative ideas because we’ve looked at the situation and come up with ten smart businesses that you can start right now to earn that sweet sweet cash.
Take a look:
By grinding everything to a halt, the pandemic didn’t just stop people from earning money; it also stopped them from spending money. So if you were a professional photographer, teacher, music, dance or fitness instructor, or even a chef, know that your customers are still willing to pay for your services.
Just because your customers are locked-in doesn’t mean they’ve stopped craving your services. So, set up your home office, studio, gym equipment, and your kitchen, if home cooking is your niche, and begin offering those classes online.
Instead of burning precious time on Netflix re-watching James Cameron’s ‘Avatar’ for the seventh time, why not try being a virtual assistant? At the least, your corporate skills won’t rust away in Pandora since you’d be putting them to good use by helping your clients resolve issues with their business, conduct email and social media marketing, write blogs, or offer outstanding customer support.
With a lot of free time on your hands, this is a perfect time to zero down on your niche and start creating content for that blog, podcast, or YouTube channel you’ve been dying to start but couldn’t quite make out time for.
Freelancing has seen a massive spike this year. Lots of industries need skills, whether it’s consulting, advertising, content marketing, publishing, or software services. Although the world may be locked down, these companies, to meet their goals despite the pandemic, outsource jobs to skilled professionals, like you.
To get started, you could sign up on major freelance sites like Freelancer, Fiverr, Upwork, or you could easily create your website and offer your services there at a competitive price.
Edit or Write a Book
Thanks to the virus, many people have returned to the pure bliss of getting lost in a great novel. And if you’re an author, this is a great opportunity to finally publish that story you’ve always wanted to tell.
With a little publicity, you could be the next big thing. But if you’re feeling rusty, or a little lazy with a pen, why not consider editing books for other aspiring authors?
Wasn’t what you expected right? The gaming community was completely online long before the pandemic struck, so it was virtually unaffected. Streamers saw their viewer base shoot through the roof without running ads.
So, start your streaming career today because if you spend over three hours a day on a video game, you might as well get paid for it.
Stock Market Investing
If stocks were your thing before COVID struck, then you don’t need anyone to remind you to take advantage of every opportunity the market throws your way.
With global recession likely knocking on our doors, the stock market is a great means of not just earning passive cash, but also actively planning your future. So make sure you take advantage of the dips and dives of the market.
As companies cut down on full-time staff, and focus on outsourcing these opportunities, your web development skills could come in handy. With everything going digital, who knows, it might even become a full-time source of income for you, even after the pandemic.
With the pandemic shining its Blacklight on our hygiene, the queues unbearably slow, and essential items almost exhausted, it isn’t a bad idea to take your health, and livelihood, into your hands and start making and selling your own homemade hand sanitizers and nose masks.
E-commerce has been a powerhouse of the modern economy, and if your business was all brick and mortar, then this is a solid wake up call to take it online. Walmart’s sales rose a shocking 97% during the pandemic, all thanks to the fact that it had a solid online presence. Don’t even get us started on Amazon.
Your business cannot afford to miss this opportunity because even after the virus, E-commerce would still continue to grow, so it’s never a poor investment on your end.
Business ideas are the first step to setting up your passive income stream, but one way that can guarantee that it doesn’t sink, in our already flooded world of business, is to make sure it has a solid name, and Squadhelp can help you get the perfect one for your business.