This is Day #3 of Money Triage, a special 5-day series about dealing with financial uncertainty. In today’s post, we’ll explore new opportunities to make money.
In yesterday’s exercise, we identified resources we can draw from during a money crisis–both the tangible assets and the intangibles such as:
- Your training
- Your education
- Your experience
- Your special talents and gifts
- Your tutoring abilities
- Your technology skills
- Your physical skills
While none of us really knows exactly how we will be affected by the economic fallout from Coronavirus – COVID-19, we can take action now to identify and pursue opportunities to offset a drop in income.
Here are some strategies:
Supplement Your Income
If you experience fewer hours or lower pay, a decrease in business income, or some other reduction in income, here are some ways you may be able to earn money from home:
- Teach an online class. Sites like Udemy, Teachable and Skillshare connect teachers and learners.
- Offer outside home improvement services like exterior painting, lawn care, landscaping, fence repair, etc.
- Do remote freelance work. Sites like Upwork, Freelancer and Fiverr connect freelancers with jobs.
- Offer consulting services.
- Become a virtual assistant through sites like Upwork, Indeed.com and Remote.co.
- Offer online tutoring for students. Sites like Skooli, Tutor Me and Tutor.com connect teachers and students.
Find New Opportunities
If you lose your job or your business closes, here are some industries that are currently expanding:
- Home delivery services for food and home goods.
- Touch-free products and technology.
- Videoconferencing products.
- Team communications software.
- Online education and remote learning.
- Medical device manufacturing.
- Entertainment and gaming.
- Home health care
If you know of other industries currently experiencing rapid growth, please post a comment below and I will add it to the list.
Find a New Job
Demand for essential goods has skyrocketed, and some companies are adapting rapidly. According to a recent report, these companies are all adding tens of thousands of jobs in the U.S. and actively hiring:
- GE Healthcare
- Dollar General
- Pizza Hut
- Papa John’s
If you know of other companies actively hiring, please post a comment below and I will add it to the list.
4 Steps to Take Now
In the coming days, we can take positive steps to prepare and take advantage of opportunities.
- Update your resume and LinkedIn profile.
- Reach out to contacts in your industry.
- Brush up on any needed technology or job skills.
- If you qualify, apply for unemployment now. The US stimulus package will provide additional resources for unemployment recipients.
How About You?
How are you doing this week? Has the COVID-19 crisis affected your financial situation, and if so, how are you coping? I’d love to hear from you in the Comments section below or over at the Money Diet Community Group.
Stay safe and be well,