Even though the economy is pushing itself to catch the same pace that was before the outbreak of COVID19, it is not so easy for people to get back to the track. Many companies are going under losses and they have made their staff redundant.
Thankfully, some companies are out there that have been able to withstand the pandemic crisis. Unfortunately, not all the unemployed can fit in them. COVID19 has brutally shattered the economy and it would be silly to say that soon the economy would recuperate from this hit.
When you do not have enough cash coming in, you have no other way except dipping into your savings to make ends meet. Since savings are not limitless, you cannot rely on them for a long time. If you want to cover all of your expenses, you have to make sure that you have enough money regularly flowing in.
Unemployment rate is extremely high and it would be very quick to say anything about the improvement in the overall situation. Whether you are on a pay cut or you have been laid off, the ultimate goal is to keep the wolf from the door.
Of course, you can turn to lenders in the UK in case of financial emergencies, but loans cannot help you in the long run. Even though you are eligible to apply for unemployment benefits, they are not a long-term solution.
During COVID19 pandemic, you will have to consider other ways to make money. you will have to think out of the box – whether you should start your own business ort grab a part-time job. Here is how you can make money when you cannot apply for benefits:
Use your skills
Now is the time when you need to identify your skills. Find out what you are good at. It is not necessary that you need to find work in your field. For instance, if you are a marketing manager, it does not mean that you need to keep your focus limited to marketing sector only.
A marketing person may have skills at cooking, writing, teaching etc. If you have a flair in writing, you can start a blog. If you are a language expert, you can provide online classes to students. During COVID19 crisis, students are turning to online classes.
This is the best time to earn money by providing online classes. You can also conduct yoga classes. Well, whether you work as a blogger or vlogger, it is not a sure-fire moneymaker, but it can pay off in the long run.
Whatever the niche you choose, make sure you research properly to know what people want. These methods will help you earn money through sponsored posts and affiliate marketing provided it has a certain number of audience.
Look for remote work or a part-time job
Remote jobs are being popular during COVID19 pandemic. As you know that physical distancing is a must, companies are allowing people to work from home. However, there are some roles you cannot perform being away from your workplace.
If you have lost your job, you should find a part-time job that can do remotely. Part-time jobs can help you tide over until you land a full-time job. This time part-time jobs can help you bring in money quickly because the hiring process is faster than full-time jobs.
Make money on your own
You can also think about making money on your own. It does not necessarily need to be treated as your business because you may treat it as a side source of income. All you need to do is to identify your skills and hobbies that you want to use to make money.
Take a paper and pen and note down what your hobbies are. You must have some interests you would want to pursue. It is not set in stone that you need to establish a hard-core business. This time your goal should be how you can make money smoothly, not how far you want to take it.
You do not need to make it a long term or a permanent source of income. You can treat it as your part-time business or a side gig unless you land a new full-time job. Whatever the business you run, you will have to research the market, for instance:
- How will you market your product?
- How will you grab the audience?
- What will be the pricing strategy?
Make sure that you create a proper plan. Even a small business needs proper research.
Making money can be quite hard during COVID19 crisis, but you cannot sit back in hope that the economy will recuperate soon. You should keep trying finding a part-time job or if you think you can turn your hobby into a money making source, you should immediately get it off the ground.