At a time when the health crisis affected millions of jobs, looking for side hustle ideas can help you make ends meet. One reason why people are trying to get side gigs is that companies are also struggling. The current economic situation has forced industries to work in a very challenging landscape. This is the reason why businesses are closing down their doors.
Some states are able to get ahead and allow businesses to start opening up. But operations are quite different from before. Not a lot of people are coming out and foot traffic is down. This is one of the biggest reasons why physical stores are forced to let go of people, operate with shorter hours, or close completely.
CNN even shares that first-time unemployment claims breached 30 million in the first few weeks of stay-at-home orders. This goes to show you how much the health crisis has affected people. This is why side hustle ideas are in demand nowadays. A lot of people are trying to find ways how they can augment their monthly income.
Why you need it
One of the most obvious reasons why you need a side hustle is financial need. At a time when a lot of businesses are closing down their doors, a side gig can mean can give you food on the table. It can help keep the heater on and water running. Making ends meet is now even tougher with job closures. But there are other reasons for a side hustle.
Keeps you on track with your goals
There are times where side hustle ideas can help you stay on track when it comes to your short and long term financial goals. You could still have a job and regular pay but a side gig can give you the chance to continue moving forward with your plans. You might have set your sights on saving for a downpayment on a house for this year. Extra money coming in can help you stay on track while your regular pay goes to your basic needs.
Gives you peace of mind
Financial stress is a real problem now more than ever. As the pandemic took away a lot of jobs, people are left to wonder how they will make ends meet. This results in a lot of consumers feeling the stress in with their money. Having a side gig helps you address this concern. The money coming in gives you a certain sense of security in the middle of this pandemic.
Keeps you busy
You might not be too worried about your finances but the free time on your hands could throw you off your routine. This is one of the reasons why you need to look into side hustle ideas. They can keep you busy and productive. This can also give you the chance to put time into your hobbies and even earn money from them.
Side hustle ideas
Now that you have an idea of why it is important to have a side gig in the middle of this crisis, the next step is to identify opportunities. Here are a few of the ways you can get a side hustle going.
Sell items online
A lot of people have started selling items online to make ends meet during the pandemic. A lot of people started selling items they have around the house. They looked for what they no longer use and sold them online. What you do not use might be something other people need. This is always a good start if you want to sell online.
For one thing, this helps you get used to selling items online. Since you are selling items you know about, it is easy to sell them to other people. You can describe them thoroughly and maybe even identify people or groups who might be interested in them. Be careful though that you do not sell things you actually need. You could end up having to buy an even more expensive replacement.
Once you get a feel of how to sell online, you can start looking for products or items to sell. You can create what you sell, look for a manufacturer to resell, or even dropship items. You can choose to sell items you know something about or choose an industry close to your heart. This is definitely one of the side hustle ideas you need to consider at this time.
Look for online work
You might say that selling is not your strong suit and it is not for everyone. Though some of the richest people in the world are into selling, it does not really work for everyone. Since a lot of people are still asked to shelter in place, you are stuck at home looking for a side hustle. One option you have is to look for online work.
If your company allows you to work from home, take advantage of it. But if you are on furlough or even let go, you can look for online work as a side hustle. You need to identify your strengths and existing skill set before you go looking for online work. But do not discount the fact that you can learn new things and acquire new skills.
You can then start looking for work online by visiting reputable sites, to begin with. Another option is to reach out to people you know works online and ask for their recommendations. They might know some companies that are hiring online workers. This is a good time to tap into your professional network to identify job openings you can apply for.
Start an online business
Another one of the side hustle ideas you can explore is putting up your own business. You might think it is not the time to start with a business of your own. Consumer behavior is radically different because of the health crisis. The supply chain might have been disrupted and pricing could be a lot different from what it was before.
But you might be surprised that there are big businesses that thrived even after being set up after a challenging time. Take Airbnb and Uber which both came out after the 2008 Recession according to BBC. There are times when downturns in the economy make businesses tougher. You just need to understand the landscape and adapt accordingly.
One of the biggest changes ushered in this pandemic is it pushed the need for a cashless society. Online transactions are now more prevalent than ever with people stuck at home and buying necessities online. A lot of stores and brands have shifted the majority of their operations online. You can pattern your business to adapt to this change. You can try and carve your space into this industry or look for a way to support the industry. Maybe a delivery service since a lot of packages need to be delivered?
How to manage your finances
Once you are able to bring in extra funds from your side hustle, you need to pay closer attention to your finances. To make that extra money work to your advantage, remember to look into these things.
Create a household budget
This is a must for every household. It is one of the most important financial tools you will ever need. With the pandemic still limiting a lot of people’s finances, having a budget can give you the chance to make informed financial decisions. At any given time, you know how much you can afford to spend on a particular item. This can keep you out of debt and make sure you spend your funds wisely.
When you are managing a tight budget, your expenses are usually the first ones to get the ax. This is because the effects are immediate making it the go-to step in trying to free up funds in your budget. With your budget, take a look at your expenses and determine the items you can do away at the moment. Then try to find ways to lower down some expenses such as cooking your own meals or even a DIY approach with some home repairs. Just make sure that you do not go over your head with the work. You might end up doing more damage and hiring a contractor for the job.
There are a lot of side hustle ideas that you can consider at a time when the health crisis might have impacted your finances. You just need to keep at it especially if you do not succeed the first time.