There are a lot of people forced to make side gig adjustments as the health scare continues to spread across the country. The COVID19 pandemic is sweeping through the nation putting a lot of stress not only on the medical industry but the financial sector as well. A lot of people are trying to figure out how to make ends meet with the crisis still underway. The side gig economy is affected by the slowdown in the economy.
The pandemic has forced some states into lockdown and people are scrambling to get a few more supplies they are used to as they stay at home and weather the health crisis. This has caused disruptions at many levels from the nations’ economy all the way to people making sure they have the money they will use to get through and address the problem.
This is more challenging for people who need to go out and earn extra money from a side job. They would need to make several side gig adjustments to help them earn the money they need every month. People who need to have side gigs on top of their regular income to help them pay for their needs. CNBC shares that 3 out of 10 Americans need to take on another job to make ends meet.
With the pandemic, a lot of industries and business models are changing gears as they try to keep afloat in these trying times. When this happens, may companies are trying to adapt to work from home or decreased shifts especially when they belong to essential services needed at this time. This puts your side gig at greater risk especially if it is not part of what most people need at the moment. Here are a few ideas on how to keep your side gig from falling under.
Side gig adjustments for photographers
There are a lot of weekend photographers or even those that take on projects after their day job to help supplement their income. Photography is a hobby that can quickly turn into an income-positive venture in a matter of months. Most people do it for the fun and enjoyment it brings and as they progress and improve their craft, they start offering their services to people to photograph events or even from simple portrait shoots.
The problem now is that with the pandemic happening around us, your photography income could see a sharp decline. This is due to the fact that there are not a lot of activities are being canceled. This makes it difficult to get bookings for your photography events. Even clients that are scheduled for portrait shoots might not have the need for it at present.
One thing you can do, while you are on lockdown or quarantine as well is to take photos with the intention of selling them online. You can take photos and submit them online as stock photos. These are usually bought by agencies or business owners for their own content. Turnaround for your profit could take some time. However, once you get started, you get the opportunity to earn passive income on those images.
Selling baked goods
You also need to make side gig adjustments when you are selling baked goods to people. This is because the lockdown or quarantine prohibits people from going out unless necessary. Food is essential so you are in a little bit of gray area. If there is a way for you to purchase ingredients you need, bake and sell to people without compromising your health, then that is good.
However, what if you cannot buy the things you need to bake? Ingredients might not be readily available at these times since focus might be on essential needs. It is also possible that you will have a hard time bringing your products to your customers. These challenges can come up because the pandemic forces people inside their homes and in buying only the basic items they need.
One thing to help you bake and even put your name out there in your industry is to start creating online content. You can put together a recipe for people to try out. You can also create video tutorials while you bake. This creates an online following and you can also earn extra money from people watching your videos.
Graphic designers taking a hit
This pandemic will also hit the design industry. You would need to make side gig adjustments if you rely on it to earn extra money. When everything is closed down, not a lot of businesses will be needing your services for their marketing. There is a significant slowdown in several industries and spending for almost all aspects of their business is on hold.
It is possible that you could be connected with businesses working the frontlines then you could be in luck. If not, you can explore offering your services to businesses working the frontlines. This can be hospitals, grocery stores, and other essential establishments. Especially now that most businesses are down to a skeletal force, they might need an extra hand. Just be open to the possibility of receiving less because most businesses are operating at a loss.
One other idea you can venture into is creating tutorial content online. Graphic design is a great skill to develop and a lot of people would be very happy getting lessons online. If you can build an audience, you can start to offer e-books or even create sponsored content from other companies. It might take time to get some online traction but now is a good time to do it.
How to use the extra money you earn during these times?
When you are able to make side gig adjustments and continue to earn money during the COVID19 pandemic, you will find some extra funds in your budget. This is a much-needed elbow room you can use to your advantage at this time. Here are a few ways you can use the extra money you earn.
Strengthen your emergency fund
Your emergency fund will play a very crucial role in helping you get through this pandemic. Your finances might undergo an enormous amount of strain during this time. When this happens, your reserve funds will be your cushion when this happens. You need to make sure that you are able to strengthen your emergency fund with the extra money you get. This will help you if your income is severely affected by the pandemic.
Pay down your credit card bill
This idea might not make sense when you think about the first tip about the emergency fund. However, this makes sense when you are already running low on cash. The idea is that when you use your card, you gain access to credit your lender is giving you. Once you use that, you can choose to pay only the minimum amount. This helps you conserve whatever cash you have at home. This is important to know as Value Penguin shares that average credit card debt for Americans is over $5,000.
Hold on to your cash
If you are not too near your credit limit, you can also choose to hold on to your cash. Much like your emergency fund, you can simply hold on to your cash. This allows you quick access to it when you need to. Unlike your emergency fund, this is something you could carry with you. This is helpful in case you are out and need to buy extra items for the house. Your emergency fund is meant to help you cover your regular expenses. However, holding onto some extra cash gives you the ability to buy extra items when you need to.
You will find the need to make side gig adjustments while the COVID19 pandemic sweeps through the nation to help you sustain your income. It might bring in money quickly but they will eventually pay off and help you with your finances.