As the novel coronavirus continues to spread globally, uncertainty looms in the world of business. Many startups have shifted focus from scaling-up to simply surviving as most large companies are downsizing their workforce to cut losses. While many organizations have been compelled to embrace remote-working, others have sent emails to their employees notifying them of their decision to furlough all nonessential workers for the time being.
The global lockdown necessitated by the threat of the coronavirus contagion has led to astonishing job losses shoving the world economy into a deep recession.
On the flip side, every cloud, they say has a silver lining. Working from home saves a great deal of time and people can now spend more hours at home with loved ones and less time in the usual daily commutes to and from the workplace. All thanks to the information revolution. With the internet, most business communication can be done through email, chat, and other electronic means.
If you are one of those who have been laid-off from work, granted a leave of absence or you simply need to augment your income during the lockdown, here are some ways you can make money online without necessarily coming in contact with anyone.
15 legit ways to earn money online during the lockdown
Do paid surveys
You can join a survey site online and fill out consumer surveys and questionnaires for money. These surveys are used by companies as research. You could complete surveys on any topic, for example, your grocery shopping habits or your use of technology.
Become a freelance writer
If you’ve got writing experience, you could get some freelance writing work with a number of publications and websites. Take a look through popular job sites like Seek or the jobs section on LinkedIn for thee roles. Keep in mind these roles aren’t always advertised, so you might be better off emailing the company directly and asking if there’s any online freelance work available.
Invest in the stock market
Share trading can a lucrative business if you’re willing to take on a little risk. During these times, a lot of the market is expected to crash – which may be a good time to get in. There are also a few stocks that may even perform well.
Thanks to trading platforms such as IG or SelfWealth, you can trade stocks from your own living room online. For a less risky stock market alternative, you can invest in exchange-traded funds (ETFs), to access multiple company stocks in the one trade. Just remember, while there’s plenty of money to be made, there’s also plenty to lose in these times.
Write and sell e-books.
If you’re an expert in an area that is of interest to a large audience, consider penning a book and self-publishing it through Amazon. For example, do you have a lot of knowledge about the stock market and investing? Do you know a lot about cooking, and have a bunch of your own recipes to share?
Become a social media influencer
If you’ve got a decent social media following (maybe you have a few thousand Instagram followers?) some brands would be keen to pay you to post about their products. Try approaching a few smaller brands first, and make sure they align with your existing content. For example, if a lot of your Instagram posts are images of you at the snow skiing, a small ski gear band would be a good place to start.
If you have a website or blog, affiliate marketing can help you earn some money from referring products and services via your site. The affiliate site will give you a personalized link to place on your various sites, and every time a sale is made through that link you earn a small portion of the profit.
Start an eCommerce Store
Do you have a product you have created or do you sell products for other people or companies? Websites like Shopify have made it easy to build an eCommerce site to sell products on. Creating and selling goods you know and are passionate about is a good way to start. That’s because there’s likely to be other people out there who love it as well.
Think of some of the things people might want during this time to keep them occupied whilst at home e.g. plants, candles, games, sound systems, etc. You could even pivot your focus sell digital products like E-cards, E-books, online training.
Start your own podcast.
Podcasts can be a great way to build an audience and make money online. Every day it seems like there’s a new podcast that appeals to a specific niche. It can be difficult to make money quickly, but if you build up a big-enough audience over time you can attract advertisers.
Become a virtual assistant
Lots of online businesses need help with different tasks, from graphic design to something as simple as replying to emails. Virtual assistants can be a great way to make some extra money online in your spare time.
At the moment, only 5% of books get turned into an audiobook format. You might be able to earn extra cash recording audio versions of books, from science fiction to popular biographies.
Sell Stock Photos.
If you’re a fan of photography, you can make extra money by taking pictures and selling them online. Stock photographers sell their images to stock photo companies like Shutterstock and get royalties every time someone uses their image.
If you’ve got a certain skill set, or you have a niche hobby or passion that others might be interested in, try posting some videos to YouTube. For example, if you’re really into fishing, you could try posting some videos with tips and tricks for catching the best fish. Once you’ve built up a bit of an audience, you can start to make money through advertising.
You can tutor students online in a range of topics, from maths or English to computer science or a foreign language. Sites like LearnMate allow you to register to become an online tutor in the subject area of your choice.
Create and sell images
Stock photos have become big business online, and sites like Alamy are set up to help you sell yours. They post your pictures in their virtual store and share a percentage of any sales with you.