Have you recently lose your job when businesses collapsed due to the pandemic? Or are you short of money because you took a salary cut? With fewer jobs in the market and hundreds of applicants for each, your new job options are limited.
It's time to get out of your comfort zone and explore ways to earn money while working from home or under severe limitations. Start by asking: What can you do? How to do? Where? How much can you earn?
Rent your time. Did you realize that renting your time for money is the basis of all formal employment? Apply the same principle to self-employment or earn small amounts from multiple clients, by carving out pieces of your time.
The easiest thing is to complete tasks for other people as a freelancer. You can find clients and assignments on websites like Upwork and Freelancer, where you'll need to set up a paid account. You can get more continuity by keeping the time working with a new or friend company and providing services like data entry, remote customer service, or prospect registration.
The best version of renting time is to sell a skill. List the skills in which you are better than an inexperienced employee. Now look for individual clients, massive platforms, or small businesses that will pay for any of your skills.
You will be paid for a substantial time commitment or result to translate documents or content from another language, transcribe records, or assist small businesses with accounting entries. If you like diversity and have more time, be a remote office assistant for busy founders or small business owners as you can handle multiple small tasks. Even a routine skill like cooking meals can make money if you set up a tiffin service.
Move up the value chain with deep knowledge and communication skills. You can share your experience as a mentor, counselor, or teacher. You are paid a periodic retainer or on an hourly basis. With experience, you can target business owners for money or a part of their business. As a financial or marketing professional, you may consult a company about a project or problem.
Coaching or consulting works best when you generate leads through referrals within your network. Instead, consider teaching online, teaching individually, or through platforms like Vedantu and WhiteHat Jr.
Leverage your money to generate income through your financial education. Use your money better than a savings account by learning about mutual funds and growth stocks or dividends. Instead, invest to create and sell products through e-commerce marketplaces like Amazon or Flipkart.
You can also sell your creations through vendors like Meesho or Shop101, where you can take advantage of your existing catalogs without investing any money. If you are comfortable, consider lending money to a family member's business where the money is safe and you pay a higher monthly interest. With an increased appetite for risk and a greater investment of time, consider lending money through a P2P lending platform like Faircent.
You can also benefit from your creativity by going online. If you love photography, upload high-quality photos to photo sites like ImagesBazaar, where you get paid when people download your creations. Do you like making videos? Use video sharing platforms like Youtube.
If you are a writer or blogger, build readers through blogs or platforms like Medium. You also earn by creating mission-based content: baking cakes, custom painting, and online music lessons. You can learn how to build a following on social media and target the big league. As an influencer, you can earn money through ads, sponsored posts, and brand endorsements.
Any tech-related skill is good enough to motivate you to keep going. If you can code or are willing to learn, there are individuals and small businesses that require your services to run a website, automate tasks, or create part of a solution where they lack the hands of technology. If you are good at using social media, you can help with strategy and effort or branding. Learn Affiliate Marketing to earn commission by generating traffic or sales through your client's site or your own website. In each space, start with independent platforms, then tap your own network to add new clients.
The biggest boost to your income comes from using two multipliers. The first is your ability to communicate. Explore and take advantage of the connections between diverse situations and people to find a new solution or form a team that can find a new solution. Voila! you are an entrepreneur. Find tasks, projects, or internships that accelerate the learning of new skills depending on the scope of the problem or the type of people involved. Even if you work for free, it creates cash flow and wealth in your future!
HOW TO LOSE MONEY FASTER
First of all, stop losing money faster than you are making it. Idle at home? You may get all kinds of tips on the stock market or the next big thing for consumers. Instead of buying bluechip shares or a trusted base technology for a new business, you are investing in the hottest stocks or the most expensive technology and losing a lot of money.
Do you believe shopkeepers’ maths and pay bills without verifying them? If not, why give your money to someone who promises to return 10 times in 10 months with your efforts and your money? Do your own math and bet your money on yourself. Don't let your mind fool you into the temptation of easy money.
I felt lucky. I took a loan. I lost everything in online poker. Or maybe something illegal. Without the time commitment from work to keep you busy, there are more emotional ups and downs. This could lead to risky behavior related to money, time, or health. Stay strong by spending time communicating a lot with friends and family.
Fear of the future and temporary cash conflicts can lead to bad long-term liabilities. It's okay to choose something that meets your current needs as long as you can walk away when a better long-term option comes along. Don't lock yourself in with someone or something too quickly until you are sure of an immediate and future return.
Opportunity knocked on the door but I didn't hear him, because he was wearing headphones! Without the need for a forced commute to work and socializing in your office, it's easy to spend weeks at home and get into the shell. When you stop meeting people or seeking human contact, you lose job opportunities and kill future income.
Source: Economics Times
Also Read: When COVID vaccines will be ready? Govt reviews progress of trials