7th July, 2020
Has the lockdown changed your career trajectory? Here are three new paths to consider taking that could see you make money at home in no time.
The coronavirus pandemic has had a seismic impact on how, where and if we work. Our economic futures have never been more precarious, and the business models set to rise to the top once this issue is dealt with have dramatically changed from predictions made just a few months ago.
This doesn’t mean you can’t make an impact with a new business post-coronavirus. Many of us are confined to our homes full time, working, learning, and picking up new hobbies.
Even if we’re looking at disadvantaged futures, there are lots of ways we can monetise our side projects and spot gaps in the market that will set us in good stead for a world without coronavirus.
Let’s take at how you can plan to make money post-coronavirus. The following ideas are perfect for getting started as a sole trader, but could be scaled up should you find there’s greater demand for your services than you first realised.
The e-commerce industry is one of a few that has been able to thrive throughout the coronavirus pandemic.
As stores close and the average consumer becomes more cautious about where they shop under even less-restrictive lockdown conditions, online shopping has only increased in popularity. This, coupled with a potentially difficult future for brick and mortar stores presents a clear opportunity to delve into the ecommerce market from home post-coronavirus.
One particularly good method of ecommerce to experiment with as a first-time entrepreneur is dropshipping.
If you’re unfamiliar with the practice, dropshipping is just like any other form of ecommerce, except products are shipped directly from the supplier to the customer, cutting out the need for business owners to invest in stock rooms or bulk-buy. These stores can be run through personal websites or through established platforms such as Amazon and eBay, which provides access to a large audience and reduces the burden of marketing.
Dropshipping is set to thrive post-coronavirus for a few reasons. It presents a less financially-risky avenue into e-commerce, as business owners simply need to invest time and money into a store platform and sourcing products. Secondly, cutting out additional delivery saves time and makes customers feel much more at ease about who has potentially handled an item before it is delivered.
This unique form of e-commerce fits into both pre-coronavirus expectations about online shopping and presents a quick, easy and cheap way to get started as an online retailer. For first-time home business owners, it’s worth at least dabbling in.
Living with coronavirus has gotten a lot of the world used to the idea of video communication. Long video chats on services such as Zoom and Google Hangouts have become the norm. It’s not just work meetings and pub quizzes that have moved online though, teaching has been forced to deal with the pandemic through these means.
Although Australian schools have opened to some degree, there continues to be debate around how safe this is, with the virus still a live issue. Consequently, universities, schools, and private tutors are continuing to offer lessons online.
Just because schools are open doesn’t mean this will become a redundant practice, after the worst of the virus there will still be room for virtual teachers worldwide.
Many students, especially international ones, will be looking for ways to catch up with the education the virus has caused them to miss. This creates a short window of opportunity for budding online tutors and teachers, who can help fill in these educational gaps in the coming summer and months after restrictions after lifted but life has not yet returned to normal. This is a low-investment opportunity too, as you will online need a stable video connection and knowledge of your chosen subject.
Some businesses will look at coronavirus as a fresh start, for both good and bad reasons. For some, it will present an opportunity to come with fresh, new branding, while others will literally be new businesses, set up in the ashes of existing enterprises that fell victim to the virus.
Of course, these businesses will need to promote themselves. The advertising budget is usually one of the first things to be slashed during economically difficult times.
As businesses try to bounce back they will be looking to invest in advertising to raise their post-coronavirus profile, however, not to the same financial extent as before. This is where an independent social media manager comes in.
Social media is still the best advertising platform in the world. If you have experience with it or a strong understanding of best practices, you can be an important asset to small businesses looking to rebuild in the shadow of the virus. This work is, once again, low investment, and something you will be able to run out of a home and with minimal cost on equipment.
Companies can cover the cost of tools or you can provide them yourself to make your business more appealing. Digital advertising was one of the most profitable industries in the tech world before the virus, and there is no reason to suggest there isn’t money to be made in it after it.
Making money at home has always been possible, but coronavirus has put the idea in a lot more people’s heads and opened up strong avenues to get started. The tools are there and space in the market exists for a new business with fresh ideas to thrive, virus, or not.