One of the things that we learned during the recent pandemic was that it pays to keep all of your financial options open. As the virus began to sweep across the land, countless people who had been working 40 or more hours a week for years suddenly found themselves with little to no income. With the lockdowns and quarantines, entire industries simply stopped operating and quickly shut down. As more and more people were restricted to home, customer counts and revenues simply dropped off the financial cliff.
Without a second revenue stream, people were at the mercy of their one and only job. It became apparent that having a side gig was critically important, in two ways. First, the extra revenue allowed you to build up a nest egg that would be much appreciated during difficult times. Second, being nimble enough to create a side hustle that was in demand increased the likelihood that you could make money even during a severe downturn.
Sign Up with a Meal Delivery or Ride Sharing Company
When the pandemic hit, services related to the hospitality industry and to public transportation saw dramatic reductions in customer and passenger count. At those moments in time, driving for a ride-sharing company was not going to generate significant earnings each month.
Yet, if you looked at other options in the marketplace, we saw that meal delivery services were soaring. Many people were looking for some of their favorite foods to be shared with their family in the comfort of their own home. As a freelance driver, it’s important to make sure that you have uber insurance that covers the type of work that you do. You’ll want to talk with an independent agent to see what options and policy coverage is available.
Become a Virtual Assistant
Another route you can take toward creating financial security is to become a virtual assistant (“VA”). These individuals offer a variety of professional services to sole proprietors, entrepreneurs and small businesses. Depending on their skills and experience you might see a VA providing technical services like graphic arts or website development, or find them focusing on marketing and social media management.
If the VA has a background in administration, they could pitch their services as an executive assistant responsible for keeping emails, appointments and customer contact going. A sharp virtual assistant will often position themselves as an expert in a specific industry and develop clientele within their chosen niche.
Create and Sell a Specialty Food Product
One of the big trends associated with the pandemic was related to home and hearth. Individuals and families were big on nesting, and growing your own food and sourdough bread baking became hot memes. With all the time at home, though, a sense of deep boredom settled in at times.
Enterprising vendors found that if they came up with creative food products that brought some deliciousness and joy to people’s lives, they had a potential for big sales. Best of all, many states have rules for cottage industries that allow certain food items to be prepared from a home kitchen.
To truly safeguard your finances, you need to make sure that you have a secondary income that can carry you though troubled times. By investing in developing a side hustle you’ll be making sure you always have a fallback option that can generate revenue when you need it most.
