Multiple Streams Of Income To Make More Money
The novel Covid-19 pandemic has brought the world to a grinding halt, with reports of about 33.5 million people signing up for unemployment benefits since the lockdowns began in the U.S alone some 8 weeks ago.
If you are part of the bulk majority who are unable to work from home or amongst those who have experienced some form of pay-cut, then you can get more distraught with the ongoing pandemic. So, while health experts work hard to find solutions, you need to bother about yourself and how to make money during the pandemic.
It’s no secret that different industries have plummeted this period, there are discussions about it all over social media, making money can also appear difficult if you don’t know where to look. However, there are many booming sectors at the moment.
Just like a seesaw, while some sectors are holding their breath and waiting out the pandemic, some others are booming and that is where you should look if you want to make money. These 10 sectors listed here are suitable for people across different skill levels so that no one is left out.
1. Delivery services that hire during the pandemic
As you can expect, now that people are staying at home, there is higher traffic for delivery services companies. This is great because not only will you be making money; you will be helping people stay safely at home. Currently, companies that deliver essential items are in higher demand, so you should focus on providing meal and grocery delivery services.
Companies like Doordash, Ubereats, Grubhub, Shipt shopper, etc. are on the look-out for new hires, you can also look at bigger e-commerce platforms like eBay, Amazon, Walmart, and so on.
You can choose to make deliveries or employ delivery services to serve your customers. Delivering for each of these companies, you make approximately the same base pay of $12 to $18 per hour, however, you get tips that add up eventually. Food and grocery companies like Dominos, Pizza hut, and many more are in need of delivery drivers and you can start working within hours of applying for these jobs. In this list, you can see companies that need delivery services, all you need is to reach out and you can start making money before you know it.
2. Open an online store
Just because people are not leaving their homes to troop into your store does not mean they stopped needing your products, and services. Businesses that were heavily dependent on face-to-face interactions have taken a huge punch with the pandemic, which makes it a great time to go online. You can reach new customers when you move online, and you can help your old customers find you with ease.
You have options when it comes to sell products online; you can do it on social media, you can sell on a website or open an online store. It is possible to build an online store using traditional websites builder like Wix or WordPress. But, there are specific e-commerce platform for online store such as shopify, woocommerce, and bigcommerce.
Like any business, you’ll have some fees but much less compared to a traditional store. If you do not plan to sell your own product, dropshipping may be the fastest and less expensive way to build a profitable online store.
In order to have your e-commerce running, you will have a few steps to follow:
– Choose a niche
– Select your web hosting and buy a domain name (your website’s name and your brand)
– Find a website builder or an e-commerce platform
– Start building your online store: connect your domain name, select a theme, add a logo, create legal pages, shipping, etc.
– Choose products: products research is one of the most important steps of your success, there are many products research tools than can help you in the process.
– Add products to your store: title, product description, prize, pictures, GIF, video, …
– Set up a payment gateway: Stripe, PayPal Express Checkout, Payline, …
– Go live and promote your store: paid ads, social media, blog, …
At the end, the success of your online store depends on how you deal with marketing, the products, the user’s experience on your website, your customer service.
You should look up other businesses like yours to see how they engage and boost their visibility, it will help you stand up to the competition. If you are a complete beginner in building an online store, many online courses can help you during your journey.
3. Create an online tutoring/course
You can decide to trade time for money by being an online tutor and getting paid per hour. A tutor generally makes from $8 up to $50 an hour with an average hourly wage of around $18. The amount of money you make can vary depending on the subject, the public, your experience, and your level of expertise.
For example, a rich family would be willing to pay $100 an hour to have a good math teacher at home. An opportunity that is often overlooked is to create an online course. Building a course can be challenging since you have so many pieces to assemble together:
- Decide a topic to teach about
- The demographics of your students
- Web hosting and domain name
- Find a platform: Udemy, teachable, …
- Create content: text, audios, videos and put together a curriculum.
- Taking care of fees to create and host the course
- Payment system and prize
- Customer service
- Promotion and marketing, and more
However, if you are an expert in any field, you should give this a serious thought. This is a scalable business and some people are making millions selling online course. If you have knowledge and experience in any field that can benefit others, you should consider creating your own online course.
Using social media platforms such as YouTube, Instagram, Facebook, Pinterest, and other social media can help to promote and sell a course. If all this process seems overwhelming, you can discover, how to create professional course content on teachable.
4. Apply for community response jobs
While some industries are drying up, there is an increasing demand for community response staff. If you are trained in health-related fields, in particular, you can help communities during this pandemic, and you might be what employers are looking for.
Not only are more hands needed in hospitals, but there is also a need for professionals that can work outside the hospitals with smaller communities as well. A quick search on Indeed or community health network will show you different postings for community response jobs, just check if your community or anyone close to you is listed.
You might be required for contact tracing and primary health services and other temporary services as well. The great thing is that you do not need a high skill level to apply for these jobs since most of them require diplomas or entry-level qualifications.
5. Online training (in particular in sport & wellness)
Similar to putting together an online course, you can set up online training. Look out for areas where people might be interested in this pandemic. Topics like health and safety, sports, wellness, and so on., are hot right now. Gyms are closed, most training centers are shut down but people still need to stay healthy and fit, athletes need to maintain fitness after the pandemic.
If you have useful information on this, then you are useful to a large population. They need you, and you need to make money. You can put out multimedia training materials and sell them online, or you can harness a social media platform that would pay you for the traffic you generate.
Platforms like YouTube especially should be seriously considered. What you need to do is; have a strategy, put out useful material that people will need, afterward market it aggressively so that you can make money from traffic. You have options like a fitness challenge, yoga, something on parenting, or useful lifestyle tips that will help people work, and be productive from home.
You can also target specific demographics like parents and pet owners. The great thing about this is that you can always upgrade it to an online course, and you will continue earning even after the pandemic.
6. Create a blog (long term project: around 2 years) to get consistent income
Even though you are bothered about making money now, blogging is something that can run long-term. If you are one of those that have considered starting a blog but never did for any reason, you should do it now. Creating a blog is the easy part; you can have that running in less than an hour.
Creating content is time-consuming and it takes time to rank on google. Nevertheless, if you stay committed long enough, you should be able to generate consistent passive income in less than 2 years.
Some tips are to help you start your blog are; organize your thoughts and ideas about your blog, figure out the host platform as well as other technical details, and monetize your blog. Know that you might not start to earn immediately, so think of this as a long-term investment you can do alongside any of these other suggestions.
You should consider a niche blog site rather than an authority site. For example, it is easier to rank on google for “weight control for 5K runners” than “how to lose weight”. When you niche down, you can easily imagine your ideal visitor and generally, you will be writing about less competitive keywords.
You can find below the outline of building a successful blog:
– Choose a niche: not too competitive, enough search volume, you are passionate about, you have knowledge or experience on this topic, …
– Find web hosting and purchase a domain name (your website’s name)
– Create your blog using WordPress, Wix, or any website builder: connect your domain name, select a theme, add a logo & favicon, create legal pages, etc.
– Find the best topics to write about: keywords tools, google search suggestions, browsing social media, … are some ways to come up with new ideas.
– Create content: Length, unique content, good grammar, user experience, tittle, keywords choice, addressing/solving an issue are some important points to take into account while writing a blog post. A lot of studies disagree on the exact length for a good blog post. But a well-written blog post from 1,600 words to 2,000 words tend to perform well.
– SEO: on page SEO like keywords, tittle, image name, using headings, tags, description, …
Off page SEO like connected the post to any social media account, backings from authority site like Quora, medium, reddit, and so on.
– Monetization: when you begin to see consistent traffic it is time to think about placing ads or affiliate links on your website. If you have targeted traffic and a great offer you can expect to make a full-time income from your website.
Don’t expect to see a significant number of visitors under 30 blog posts unless you are writing on topics with hardly any competition and decent search volume. Let’s say you are a good blogger have about 70% of his blog posts with 500 monthly views. It is about
10 500 monthly visitors. If you are an affiliate with good converting offers (2% of your visitors buy through your links), an average commission of $20, then you can expect to earn around $4 200 per month.
As a beginner, you can try to learn every by yourself or to take a step-by-step course on blogging to speed up the process and avoid many rookie mistakes.
7. Cleaning industry
The cleaning industry has never been more important than it is right now, in the face of the pandemic. Sanitizing surfaces is a priority, so the cleaning industry has witnessed a boost in demands. It’s not just the regular cleaning services anymore, everyone needs to be more careful, and meticulous, particularly with public spaces.
That means that there is a great opening for employment in the cleaning industry for people who have managed to stay updated on their unique requirements this period. Although you’ll be on the frontline of the fight against the virus, the cleaning industry has about a 75% demand increase for cleaning services.
However, companies are looking towards drawing contracts with cleaning agencies rather than with individuals because of the need for professional quality. Therefore, you are more likely to be hired by a cleaning agency than as an individual.
8. Social media influencers (Instagram, YouTube, Pinterest, Facebook, …)
Since everyone is at home, you will notice that their social media accounts are more active than they used to be. It is a great time to set yourself up as a social media influencer and improve your engagements. Considering that brands will be more serious about their social media presence and online marketing, influencers are in high demand.
Above all you should keep in mind a few things:
- Helping people (achieving a big goal or any specific tasks)
- Am I bringing some value?
- Try to match your passion with people needs
- Be consistent
- Set up yourself to be reliable and trustworthy
- Promote only products you believe can help people
You need as an influencer to get your audience engaged with your content. You can start off by tailoring your social media content to appeal to a particular social group or niche. By doing this, you can later work with brands whose market is that group of people.
Many social media influencers make money with affiliate commissions, ads, and selling their own products.
9. Helping people to work remotely
There are more people are working remotely than there used to be, and this is all new to many of them. They have questions on how to improve their productivity, and what tools they need to start working from home. This means there is a demand for tools, and information that will improve the success of remote job operations.
This includes a higher number of people flooding to use applications like Zoom, Slack, Skype, and so on., you can target this demographic need by developing tools to the effect. Software designers and engineers are especially in demand by these companies above.
Or you can apply for the large job vacancies with Zoom and Slack that have opened up due to the pandemic. Soft tools are not the only things needed, hardware devices like laptops and phones are also needed.
You don’t have to sell these products; you can provide useful reviews and guides on the best ones to purchase. Build templates to boost productivity like a template to be used with excel can go a long way. Don’t forget the furniture and accessories.
At the end of the day, if you cannot provide any of these mentioned above, you can provide affiliate marketing services for those in the market already. The potential to monetize this need is wide, you might as well capitalize on it.
10. Affiliate marketing
The internet is one of the most important tools to make money right now, and many industries have moved their activities online so that they can reach customers. People who have an existing business online need to drive traffic to heir offer and one option is to seek out affiliate marketers. As an affiliate you will receive a commission for every qualified sales through your referral link.
As we have seen before many social media influencers are also making money with affiliate marketing. There are many ways to advertise and to get people buying through your links, for example:
- Email marketing
- Social media influencer
- Paid ads
- Classified ads
Basically, as an affiliate your role is to drive “targeted traffic” to a referral link. Looking to start your affiliate marketing career this pandemic? You should target sectors that already have a high demand such as the cleaning industry, health products, dating, gaming industry, household supplies, make money, etc.
Everyone can become a marketer but not everyone is going to make a full-time income. Although the concept is easy to understand, there are a few things that you should do to unsure a successful business (just like a social media influencer if you go for free traffic).
For people who have some money, paid traffic can assure a consistent income as long as you know how to run paid traffic and scale.
Most of successful marketer usually drive traffic to a landing:
landing page + free give away to capture email + email follow-up with an autoresponder.
This method is powerful because very few people are going to buy the first time they see your offer, the majority of the sales occur after being exposed 7 to 10 times to an offer.
It is possible to find products to promote by applying directly on some websites or an affiliate marketplace, for example:
- Amazon associates
A vendor (publisher, seller) host is a product on an affiliate marketplace to allow advertisers (affiliate marketers) to promote this product. Some affiliate marketplace like Amazon associate and ClickBank are beginner-friendly and others accept only experienced marketers. In most cases, you need to have a website to get accepted.
For some marketplaces, you may have to apply for each program individually. If you are new to affiliate marketing, I suggest you begin with ClickBank because you can have decent commissions and you will be automatically accepted in almost any program. If you want to start the right way, check out this course on how to make money with ClickBank.
11. Multiple streams of income
With this changing economy, it is risky to rely on one stream of income. For example, so many people working in the travel industry lost their job. Having a second or even a third stream of income is something everyone should consider.
But to be honest, this is not good to work 60 hours a week while trading your time for money. You will not have any time to spend with your family and to enjoy yourself. People who are working exclusively online are used to have multiple streams of income.
However, it is possible to have a day job outside your house and to build a second stream of income online. Let us have a look at two people who have succeeded in having multiple streams of income.
In this video from his YouTube channel
Wealth Hacker, Jeff Rose explains how he managed to build multiple streams of income and the challenges he had to overcome. Moving from flipping burgers at McDonald’s to making money from seven streams of income.
In this video from her YouTube channel IndyyGold, this young woman explains how she makes $700 a week delivering for DoorDash. This video has 2.4 million views and you can see there are ads running on her channel.
This is how you can create a second stream of income from YouTube while helping people at the same time. Most people are paid per hour or get a weekly/monthly paycheck. The problem with this model is you are limited by the number of hours that you can work.
Everybody had to start somewhere but if you want financial freedom to keep in mind that this monthly paycheck should not be your final goal. In order to successfully build multiple streams of income, you need to understand how people get paid in life and how millionaires make money.