5 Ways to Make Extra Money During Coronavirus
by Lina Martinez
As coronavirus continues to affect businesses and workplaces, many people need to make extra cash. If you’ve lost your income or your hours have been reduced, you might find your bills mounting as your income decreases. By making extra money, however, you can overcome the financial difficulties wrought by COVID-19 and prevent your debts from building up as the effects of the pandemic continue.
For innovative ways to make extra money during coronavirus, check out these top tips and side hustles now:
1. Become a dropshipper
People are shopping online more than ever before, particularly when many local stores are closed due to the virus. By becoming a dropshipper, you can make extra money without significant setup costs. As a dropshipper, you won’t need to store stock or launch a physical retail location. In fact, you won’t even need to purchase stock in order to get started, which means you can start your new business with very little capital.
Instead, you’ll simply buy a product from a cheaper supply every time a customer orders it from you. As you won’t need to order anything until a customer makes a transaction, you won’t have to invest in buying stock. Furthermore, items can be dispatched directly from the supplier to your customer, so you won’t have to package or ship goods either. Essentially, you’ll be the middleman or lady and be able to use your online marketing prowess to sell goods and make a profit.
2. Sell your stuff
Online marketplaces are great platforms to sell items you no longer need or use. From clothes and baby paraphernalia to toys, games consoles, and household items, there is a market for everything when it comes to secondhand or preloved goods.
However, the internet isn’t the only way to sell your stuff. You can get quick cash for junk cars and scrap metal from local buyers, for example. If you’ve got an unused vehicle on the driveway or an automobile project that you’ve never got round to, selling it could be a great way to boost your funds.
3. Become an online tutor
Being an online tutor gives you a flexible way to generate extra income and you can even fit your new role around your existing working hours or family commitments. Although some platforms require you to have a teaching qualification, others don’t, so there are plenty of opportunities available. If you have an undergraduate degree in a particular field, for example, this could enable you to teach school-aged kids online.
Of course, it isn’t just children that are using the internet to learn and enhance their skills. Many adults are also on the lookout for tutors so that they can develop their skills before re-entering the workforce. If you have professional experience or knowledge, you could put it to good use by teaching others and make some money at the same time.
4. Start affiliate marketing
If you’re active on social media, you might already have a significant number of fans or followers. If so, you already have what it takes to become a successful affiliate marketer. By featuring a link to a product on your blog, for example, you could earn a commission every time someone purchases the product via your link.
Alternatively, if you have a substantial online following, consider whether influencer marketing would be right for you. There is the potential to make a significant amount of cash by promoting, advertising or endorsing products, brands, and services, so this could be a fast and effective way to reinstate your cash flow during coronavirus.
5. Launch a freelance career
Although many businesses are reducing staff numbers and letting people go, they still require skilled personnel to undertake tasks. In times of economic uncertainty, many companies rely on freelancers, rather than full-time employees. By joining freelance platforms, you can accept projects on an ad hoc basis and use your skills to generate a decent income. Whether you choose to be a freelancer in the short-term or long-term, it offers the potential to broaden your career and increase your income.
Starting a Side Hustle
A side hustle is an effective way to make money but it’s also a great way to generate an income from doing something you enjoy. If you have a particular hobby or you’re knowledgeable about a particular subject, think about how you can capitalize on it. When you can make money from doing something you love, you’ll have all the motivation you need to work a few extra hours in order to supplement your income.