Can You Diversify Your Income With Gig Economy Work During Covid-19?
The COVID-19 pandemic has hit the world hard. Many people have died of respiratory complications due to the virus, and countries continue to record new cases. To try and control the virus, many nations have taken quarantine and work-from-home measures.
However, the global economy will suffer. Small businesses, especially those that offer traditional services, suffer the most. Some are firing a portion of their workforce or reducing hours. If you find yourself in the group of people suddenly unemployed and unable to leave your house for job interviews, then look for other options. Now is the time to take advantage of what the gig economy has to offer.
The gig economy is the industry of freelancers and people who independently work on projects. Although many freelancers have also suffered due to the lockdown, the industry has opened other opportunities for new businesses. For example, photographers may have lost some of their projects because parties and events are canceled, but smaller stores now hire freelancers with photoshop experience to help cater to the online market. The following are different ways you can diversify income sources during the COVID-19 pandemic.
Almost all retail stores and restaurants closed their doors to minimize community transmission risks. Many are now suffering great losses that could mean bankruptcy in the long run. If you are affected by this, one good option to turn to is e-commerce. Many retail stores and restaurants are going online to salvage their businesses.
Businesses now online generate job positions and even maintain their employees by allowing them to work from home, while restaurants are turning to the delivery space. Users of delivery apps shot up by about 200 percent last month. This means many people are not risking going outside and having more things delivered. Take advantage of this. If your clients cannot come to you, take your product to them.
Exploit your Skills
If you are a professional or own a business, you must have skills or products. The idea here is to identify your strongest skills and make money with them. There are a few ways to do this: you can write an ebook about a topic and sell the end product, offer online tutoring sessions on a particular subject, or make video courses and post them on social media.
Another way to take advantage of your skills is consulting. For example, if you are a photographer, you could offer consulting services to online stores. Or, if you are a restaurant owner that already offers delivery services, you could offer consultation to other owners to help them recharge their restaurants. Depending on your expertise these gigs are well-paid.
Turn to Social Media
If you have a social media presence, either a personal account or for your business, there are many ways to monetize your position. There are brand partnerships where companies pay you to promote their products. You do not have to be famous to make this possible, brands will pay influencers with as low as 1,000 followers. Another option is affiliate marketing, which consists of you promoting a product and getting a commission for purchases made by others. And lastly, if you have or want to start a YouTube channel, monetize it with ads.
Enter a new market
Take advantage of all your new-found free time and learn a new skill. There are a lot of industries that are suddenly growing, like delivery service, communication, and management tools for remote teams. Companies in those sectors are hiring people now. And even though the lockdown will not be implemented forever, the working force may embrace changes and lots of companies will keep their working remotely models. Learn new skills with ,online coding bootcamps from software engineering to digital marketing, anything is possible. You could find yourself in a new job and market in just six months.
Seek extra help where needed
While you attempt to work independently and become part of the gig economy, you will realise that there are numerous things that need to be handled. Some of these things may not be your forte or could actually take away your focus from what you are good at. But they still need to get done, things like tracking invoices, following up on payments, managing inventory, customer service or editing videos that showcase your skills. When it comes to augmenting your skills with some extra help from outside, nothing works better than virtual assistance. You could use it flexibly and based on your need to help you take off.
Contact the GetFriday Business / Marketing Consultant for a free consultation on how to use Virtual Assistance to help your online business survive and thrive through this crisis.