The coronavirus pandemic has had a serious impact on the economy as a whole. Several business owners are trying to find ways to keep their businesses afloat and make money during COVID-19. Things such as the stock market crashing, financial companies deferring payments, companies laying off employees and having to freeze hiring has truly created a global economic crisis.
Many small business owners and entrepreneurs have had to halt their businesses in order to be in compliance with the shelter-in-place laws that have been set into place. This in turn has caused several businesses to lose an enormous amount of money, making money anxiety an all-time high.
As a business owner, you may be thinking, “how can I still make money during these times.” We know how fearful these uncertain times can be, and money should be the last thing you should have to worry about. We found it important to share with you, five ways you can make money as you cut unnecessary spending out of your budget and still find a way to have a reliable stream of income during this pandemic—keep reading to find out how.
5 Ways to Make Money During COVID-19
Cut out unnecessary spending
If you’re a small business owner trying to find ways to preserve your stream of income, it’s important to cut out unnecessary spending during these times. Cutting out spending money on things you would normally spend more money on before this became the new normal is what you’ll have to put into place until life resumes back to how it used to be.
Create a new financial budget for your business during this time, and find out what you can cut out for now until you are able to add it back into your budget.
Shift your audience’s focus to your online presence (buying products)
Several brands have websites and products attached to their business that they are able to sell to their audience. During this time, find creative and informative ways to shift your audience’s focus to your businesses online website. Bringing them to purchase your products, which in turn will bring in another stream of income.
Trading stocks and investing online are two of the best things you can do during this pandemic. There are several online brokers that will allow you to set up your account.
After adding a little money, you can research a few companies you are interested in investing in. Be sure to keep in mind there are online courses and YouTube videos you can watch to get you up to speed if you’ve never traded stocks before—now is the perfect time!
Apply for corporate grants
If you’re a business owner that has employees and you’re trying to find ways to make sure you are still able to pay them, applying for corporate grants are extremely beneficial.
Facebook in particular is launching a program that will allow up to 30,000 small businesses eligibility for a $100M in cash grant and ad credits. Although grants can be challenging to qualify for, they are still worth doing the research because you’ll never know if you qualify unless you try.
Tap into your talents
At a time like this, everyone is looking for some kind of entertainment—social media is the perfect place for that. Connect with your audience by providing them with how-to tutorials, cooking tutorials, beauty and fashion tutorials or anything else that may apply to your business.
If you’re looking to tap into your talents outside of your profession, take a look at how the world around you has changed during this time, and see how you can match the new needs and normal with your skillset.
If you found these tips helpful, share with us in the comments how you plan on implementing them into your everyday routine!