Let’s not sugarcoat this: the past few months have been devastating. Even if you haven’t personally experienced a tragic loss of a loved one or your businesses, the economy right now has still probably impacted your finances.
As a consequence, you may be scrambling to find new sources of income. If you are looking for sources of income to hold you over until things pick up, you’re in luck. There are plenty of ways to make money during this current pandemic.
If you’re one of the lucky ones who came out of this unscathed, you could use the extra money to pay down your debt or place a little into an emergency savings account.
1. Capitalize on businesses boosted by the current climate.
During the early days of the pandemic, savvy business owners adapted and pivoted to meet new customer demands. Examples would be breweries and distilleries selling hand sanitizer or clothing manufacturers producing masks.
Unfortunately, the ship might have sailed on some of these new business ventures. Case in point: There are many distilleries now stuck with an inventory of unsold sanitizer. And, the mask market has become fiercely competitive.
However, there are still in-demand businesses that you could launch. These include:
Cleaning services. During the lockdown, this might not have been a viable option. However, as more places are reopening, janitorial service are highly in demand.
E-learning. Traditional educational institutions have gone viral. In fact, even if it doesn’t stick, it’s anticipated that in India alone there will be 10 million additional enrollment by 2021. Additionally, the pandemic has also reignited interest in massive open online courses (MOOCs) and webinars.
Entertainment. Even prior to the pandemic, immersive games, VR and dating apps were trending upward. So, if you have an entertaining app idea, there’s still room for you to enter into this market.
Pharmaceutical and medical devices. The coronavirus definitely put a spotlight on this industry. But, because of an aging opportunity, there are still opportunities for you to start a medical supply or care business.
Virtual healthcare. Speaking of health, 2020 has put virtual healthcare front and center. In fact, it’s expected to reach $3.44 billion by 2027.
Logistics. The outbreak has without question disrupted the supply chain. As such, there might be an opportunity for you to help solve this problem.
Contactless technology. Innovations like automatic sanitizers to voice-activated have technologies have become increasingly popular in order to prevent the spread of germs.
Electronic transfers. For years, I’ve been championing contactless payments like digital wallets. Besides the flexibility and convenience, they don’t contain germs like notes and coins.