Instead of living on paycheck to paycheck, you can learn to diversify your income during hard times such as the covid-19 economic downturn. No doubts, making money doesn’t come that easy, especially when you are looking for extra means of income to augment your lean paycheck. But, it is possible when you learn how to.
According to Policy Link organization, more than 12 million full-time workers in the United States are living in poverty. And, according to a CareerBuilder’s study, long before the outbreak of the pandemic, nearly 80 percent of the entire workforce population lived from paycheck to paycheck.
So, if you belong to that population and you are sick and tired of scratching your head on how to pay your bills, starting a side business online could be the way out of this dilemma.
Tip #1: Become a Part-time Freelancer
The flexibility of freelancing makes it a less burdensome way to earn more income compared to being tied down to a full-time employment. The flexibility comes by being able to choose the clients you work with, as well as the hours that best suit your schedule. This makes it an ideal side income earning avenue.
According to a study conducted towards the end of 2019, 57 million individuals in the United States were taking advantage of freelancing to augment their income and establish their own businesses. Skilled freelancers generate $28 per hour, which is more earning per hour compared to over 69 percent of the overall workers in the country. This report was published by the CNBC.
Even for just any type of unskilled or semi-skilled service, you can also offer the service on a freelance basis, as long as you have clients. You can use job boards and freelance sites to find clients for the freelance service or job you want to do.
Once you have a skill that can provide solution for potential clients, you can be sure of earning meaningful income and ultimately building a business with freelancing.
Tip #2: Choose the Right Business
In diversifying your income during uncertain times, you need to choose a business or niche carefully. You should consider your areas of passion when choosing a niche. Choosing your area of passion helps you not to give up too quickly even when things seem shaky at the beginning. Whether you believe it or not, there’s always a trying time in business, especially the start-up phase when you need to win the trust of clients and customers before making sales.
Finally, if you choose to invest some of the income from your present job into established ventures, make sure you do it wisely and carefully. You should consider getting expert advice before delving into such investment.
Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams