Two things are on most people’s minds right now: the coronavirus and their finances. COVID-19 cases continue to rise as medical researchers scramble to develop a vaccine. Meanwhile, experts predicted that the British economy has shrunk by as much as 10% for the first two quarters due to the pandemic.
Regardless of the actual number, the financial effects of the coronavirus pandemic can be felt across the UK. Though the unemployment rate remains the same, the BBC reports that 9.4 million workers have been furloughed from their jobs. That means only a portion of their usual wages is being paid by the government, which may not be enough to cover monthly expenses.
As the pandemic drags on, earning an income is still a necessity. People still need to pay their bills and purchase goods and services to survive. There may not be a lot of openings for full-time employment right now but there are many ways to earn a side income from home. These are five of them:
Take up freelance jobs:
Before the first outbreak, the gig economy was flourishing in the UK. And while the pickings might be a bit slimmer today, it can never hurt to look at opportunities to do freelance work.
According to MoneySupermarket, business and marketing, creative work (writing, design, multimedia), and social media are in-demand skills. Technical work like translation, accounting, website and software development are also trending. If you have any relevant skills, sign up for freelancing platforms such as Fivesquid, Skillbox, or PeoplePerHour. These sites can connect you to UK-based businesses looking to outsource short-term work.
Sell products online:
If what you can offer are products instead of services, you can also set up your own small business online. Sign up for e-commerce platforms like Etsy or Shopify. Or better yet, make your own Instagram account to market and sell your products. It can be anything you know how to make well! Food, beverages, or crafts can make for a small yet profitable side business.
Start trading:
Trading can be a bit intimidating if you’re not familiar with how financial markets work. However, all of these can be learned online or in apps and you can make demo trades to practise.
Take, for instance, the foreign exchange or forex market. Forex traders make money by selling currencies higher than they bought them. It’s simple enough to learn and you can do so through various trading platforms. FXCM highlights how opening a forex trading account only takes a few steps and can be done anywhere in the world. The great thing about forex is that you’re not limited to your own currency — you can buy and sell any currency pair. If you have an aptitude for finance and numbers try trading forex, stocks, cryptocurrencies, or other assets to make a profit.
Become a virtual assistant:
That said, all the above require a specific skill or knowledge. If you’re more of a jack-of-all-trades individual, you might make a good virtual assistant (VA).
The Balance explains that VAs provide support to their employer. Their tasks range from clerical or administrative work like calendar management or paperwork to technical support including web design or marketing. All of these jobs are done remotely, meaning you can still prioritise your safety while earning extra income.
It’s hard to say how long the pandemic and its financial consequences will last. However, making money in this context is not impossible. In fact, you don’t even need to leave the house to make a few extra quid. Check out the resources mentioned above and start supplementing your income today.