The coronavirus has gutted the US economy. If you are one of the millions of Americans whose personal finances have taken a blow, either due to complete job loss, reduced income, or business revenue — don’t give up! The economy will right itself; it always does. But, even before then, those with entrepreneurial spirit among us have always found ways to turn adversity into opportunity!
Here are five creative ways to make money during the pandemic and maybe even start a new business.
1. Capitalize on businesses boosted by the current climate
During the early days of the outbreak, savvy business owners adapted and pivoted to meet new customer demands to make money during the pandemic. Examples would be breweries and distilleries selling hand sanitizer or clothing manufacturers producing masks. Now, six months out, there are still businesses that can thrive due to the pandemic. Examples are cleaning services, e-learning apps, entertainment apps, virtual nannies, etc.
Now is a great time to declutter your life and sell some stuff you may not need. Have a coin or comic book collection you have been saving for a rainy day? It’s pouring! Now is the time to part with some of your most saleable pieces. Whatever it is that you may be able to sell, with more people at home on their computers, sales on eBay and Amazon are booming.
3. Do chores/run errands for others
There are many staying at home due to fear of contracting COVID. This is particularly true of the elderly, who may not want to leave home even to do simple errands and necessary tasks like grocery shopping or walking their dogs. If you are out of work, a great opportunity is to get paid to run errands for shut-ins. You could even offer special services like picking up and dropping off dry cleaning or becoming someone’s personal shopper. If done right, you can easily make a couple of grand each month.
4. Online surveys and focus groups
With the arrival of the pandemic, marketing focus groups have all but disappeared, but that does not mean companies stopped paying for your opinions. Sites like Survey Junkie, Swagbucks, or Vindale Research pay you to take surveys online. They usually only take a couple of minutes to complete, and they are incredibly easy to boot. The downside? The pay isn’t all that great, usually between $3 to $35 per survey. But, right now, any extra income could help!
5. Revisit your budget and optimize your monthly expenses
Like looking through your home for stuff you do not need to sell for extra cash, now is also the time to get your financial house in order and cut back on recurring expenses you do not need. Cancel any subscription services you can live without. Ask yourself, “do I really need the top tier service my cable company provides?” etc. Look for anywhere you can trim the fat of your monthly budget. While it’s not exactly a way to make money, it is a way to increase passive income.
Have you had to come up with some creative ways to make money during the pandemic that we have not mentioned here? Can you share the details below?